Overview
Investment Philosophy
Thornburg International Value Fund invests primarily in foreign securities and normally will invest at least three-quarters of its assets outside the United States. Securities are selected on a "Value Basis" using traditional fundamental research evaluation methods. The fund will invest in a limited number of stocks. 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
Daily Prices as of 5/13/2008
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Net Assets
as of
4/30/08
$18.745 billion Capital Gains Paid Annually Tentative 2008 Capital Gains Distribution Schedule Fiscal Year Nov 21, 2008 Benchmark MSCI EAFE Index |
Fund Numbers
CUSIP Numbers
Inception Date
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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.
Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.
Month Ended - 4/30/2008
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | 10.40 % | 22.22 % | 23.82 % | 13.21 % |
| With sales charge | 5.44 % | 20.35 % | 22.68 % | 12.69 % |
| B Shares (THGBX) | ||||
| Without sales charge | 9.59 % | 21.26 % | 22.83 % | 9.70 % |
| With sales charge | 4.59 % | 20.46 % | 22.65 % | 9.70 % |
| C Shares (THGCX) | ||||
| Without sales charge | 9.63 % | 21.36 % | 22.91 % | 12.27 % |
| With sales charge | 8.63 % | 21.36 % | 22.91 % | 12.27 % |
| Benchmark Index | ||||
| MSCI EAFE Index | -1.78 % | 16.25 % | 20.42 % | 6.77 % |
Quarter Ended - 3/31/2008
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | 10.59 % | 19.01 % | 25.13 % | 12.71 % |
| With sales charge | 5.63 % | 17.20 % | 23.98 % | 12.19 % |
| B Shares (THGBX) | ||||
| Without sales charge | 9.79 % | 18.09 % | 24.10 % | 9.07 % |
| With sales charge | 4.79 % | 17.25 % | 23.93 % | 9.07 % |
| C Shares (THGCX) | ||||
| Without sales charge | 9.83 % | 18.16 % | 24.19 % | 11.78 % |
| With sales charge | 8.83 % | 18.16 % | 24.19 % | 11.78 % |
| Benchmark Index | ||||
| MSCI EAFE Index | -2.70 % | 13.32 % | 21.40 % | 6.26 % |
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 | |
| Total Operating Expenses |
1.29
% |
2.06
% |
2.01
% |
| Actual Annual Operating Expenses as of 3/31/08 |
1.25
% |
2.01
% |
1.97
% |
Hypothetical Growth of $10,000 as of 3/31/08 †
†The graph illustrates a hypothetical $10,000 investment in the Thornburg International Value Fund and how it compares to the performance of the MSCI EAFE Index for the stated time period. Returns reflect capital appreciation and the reinvestment of dividends and capital gains, if any, as well as all fees and expenses. Results reflect past performance and does not guarantee future results.
Index Source: MSCI
The Morgan Stanley Capital International ("MSCI") Europe, Australasia, Far East Index ("EAFE") is an unmanaged index of over 900 companies, and is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas markets included in the index on a U.S. dollar adjusted basis. The index is calculated separately; without dividends, with gross dividends reinvested and estimated tax withheld, and with gross dividends reinvested, in both U.S. Dollars and local currency.
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 - 4/30/08
As a percentage of total equity holdings
Morningstar Rating™:
Overall Morningstar Rating, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three- and five-year ratings: respectively, five stars and five stars among 557 and 459 Foreign Large Blend funds, as of 3/31/08 1.
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Top Ten Positions - 4/30/08
International Value Fund Holdings
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Key Portfolio Attributes -
4/30/08
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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© 2001-2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.Thornburg International Value Fund was rated against the following numbers of U.S.-domiciled foreign large blend funds over the following time periods: 557 funds in the last three years, 459 funds in the last five years. With respect to these foreign large blend funds, Thornburg International Value Fund received a Morningstar Rating of five stars and five stars for the 3- and 5-year periods respectively. Morningstar Rating is for the A share class only; other classes may have different performance characteristics.
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
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Investments 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. 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.
Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.
Thornburg International Value Fund was awarded the Standard & Poor's / BusinessWeek Excellence in Fund Management Award based on risk-adjusted total returns, assets of at least $100 million, a manager with at least five years' tenure and a minimum investment of less than $26,000.
