Overview
Investment Strategy
The Fund is invested in a limited number of foreign common stocks selected on a value basis using fundamental research. The Fund portfolio is diversified to include traditional basic value stocks, but also includes stocks of companies with consistent earnings and emerging franchises when these issues are value priced.
Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration, the Fund also seeks some current income. There is no guarantee that the Fund will meet its objectives.
Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
| Share Class |
Symbol |
| Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | TGVAX |
|
139 | 885-215-657 | 5/28/98 | ||||
| B | THGBX |
|
399 | 885-215-616 | 4/3/00 | ||||
| C | THGCX |
|
639 | 885-215-640 | 5/28/98 | ||||
| Net Assets as of 5/31/09: $12.963 B | |||||||||
| Capital Gains Paid Annually: No 2008 Capital Gains Paid | |||||||||
| Benchmark: MSCI EAFE Index | |||||||||
Established in 1988, the Morningstar Fund Manager of the Year Award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus. To qualify for the award, managers must have not only a great year, but also must have a record of delivering outstanding long-term performance and of aligning their interests with shareholders'. The Fund Manager of the Year Award winners are chosen based upon Morningstar's proprietary research and in-depth evaluation by its senior analysts.
Morningstar Fund Analyst Picks are determined primarily based on information gathered and assessments made by Morningstar, Inc.’s fund analysts. The Analyst Picks are derived from an assessment of such things as the fund’s investment strategy, portfolio manager experience, fund expenses, Stewardship Grade and other pertinent information about the fund and/or its portfolio manager(s). Analyst Picks are intended solely for research/educational purposes and should not be viewed as a recommendation or an offer for sale by Morningstar, Inc. The Analyst Picks are not to be used as the sole basis for an investment decision. Investors should consult with a financial professional to determine what is appropriate for them based on their specific circumstances, investment objectives, and attitudes towards risk. The Analyst Picks are subject to change daily; they are updated regularly to reflect fund closings, manager changes, and other issues that arise; formal reviews are conducted every quarter. Morningstar does not guarantee the accuracy of the information used in making their assessments. A fund’s past performance does not guarantee future results.
Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2009, Reuters, All Rights Reserved.
The Fund rated a 5 for the 3-, 5- and 10-year periods among 240, 168, and 89 funds respectively.
Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.
Month Ended - 6/30/09
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -26.69 % | -2.36 % | 6.54 % | 8.00 % | 7.87 % |
| With sales charge | -29.98 % | -3.84 % | 5.56 % | 7.50 % | 7.43 % |
| B Shares (THGBX) | |||||
| Without sales charge | -27.27 % | -3.12 % | 5.70 % | N/A | 3.94 % |
| With sales charge | -30.88 % | -4.13 % | 5.38 % | N/A | 3.94 % |
| C Shares (THGCX) | |||||
| Without sales charge | -27.20 % | -3.07 % | 5.78 % | 7.15 % | 7.00 % |
| With sales charge | -27.93 % | -3.07 % | 5.78 % | 7.15 % | 7.00 % |
| Benchmark Index | |||||
| MSCI EAFE Index | -31.35 % | -7.98 % | 2.31 % | 1.18 % | 1.80 % |
Quarter Ended - 6/30/09
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -26.69 % | -2.36 % | 6.54 % | 8.00 % | 7.87 % |
| With sales charge | -29.98 % | -3.84 % | 5.56 % | 7.50 % | 7.43 % |
| B Shares (THGBX) | |||||
| Without sales charge | -27.27 % | -3.12 % | 5.70 % | N/A | 3.94 % |
| With sales charge | -30.88 % | -4.13 % | 5.38 % | N/A | 3.94 % |
| C Shares (THGCX) | |||||
| Without sales charge | -27.20 % | -3.07 % | 5.78 % | 7.15 % | 7.00 % |
| With sales charge | -27.93 % | -3.07 % | 5.78 % | 7.15 % | 7.00 % |
| Benchmark Index | |||||
| MSCI EAFE Index | -31.35 % | -7.98 % | 2.31 % | 1.18 % | 1.80 % |
The maximum sales charge for the Fund's A shares is 4.50%. The Fund's A shares carry a 30-day redemption fee of 1%. B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%, within seven years, 0.50%. There is no charge for redemption within the eighth year. C shares include a 1% CDSC for the first year only.
* Inception date for Class A and C Shares 5/28/98; Class B Shares 4/3/00.
Fund Operating Expenses
| Class A | Class B | Class C | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) |
1.36 % |
2.12 % |
2.09 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 3/31/09) |
1.39 % |
2.15 % |
2.09 % |
Hypothetical Growth of $10,000 as of 3/31/09 †
(Thornburg International Value Fund vs. MSCI EAFE Index)
† The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.
The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.
Attributes and Holdings
Top Ten Countries - 5/31/09
As a percentage of total equity holdings
 |
Banks | 13.2% |
|  |
Food, Bev. & Tobacco | 5.8% |
 |
Telecom | 10.4% |  |
Capital Goods | 5.2% | |
 |
Pharma & Biotech | 9.2% |  |
Energy | 4.4% | |
 |
Diversified Financials | 8.9% |  |
Insurance | 3.9% | |
 |
Software & Services | 6.9% |  |
Materials | 3.3% |
Morningstar®
Morningstar Rating™:
Overall Morningstar Rating among
604
Foreign Large Blend funds, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three-, five- and ten-year ratings: respectively,
five
stars,
five
stars, and
five
stars among
604
,
453
, and
242
funds, as of
5/31/09
1.
|
Top Ten Positions - 5/31/09
International Value Fund Holdings
|
Key Portfolio Attributes -
5/31/09
|
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The Average P/E Ratio is a position-weighted average which describes the relationship between the price of a portfolio’s various stocks and their earnings per share.
Beta is a measurement of the fund's market-related risk. The higher the Beta the more the fund's price is expected to change in relation to a chosen index.
1 To determine a fund’s Morningstar Rating™, funds with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a fund’s performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks including possible loss of principal. Investing outside the United States involves additional risks, such as currency fluctuations. Risks may be associated with investments in emerging markets, including illiquidity and volatility. Additionally, the Fund may invest a portion of the assets in small capitalization companies, which may increase the risk of greater price fluctuations. Funds invested in a limited number of holdings may expose an investor to greater volatility. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S. dollar adjusted basis. The index is calculated with net dividends reinvested in U.S. dollars.
