The Thornburg Value Fund sets itself apart from other equity value funds by redefining traditional value investing. We believe that value and growth go hand in hand, and find value in three kinds of holdings. The first is basic value - traditional low P/E ratio stocks. The second, consistent earners, are high quality firms with consistent growth. The third is emerging franchise stocks, which are rapidly growing firms that are considered favorably valued.
Holdings as of 12/31/2011
Basic Value Holdings
Ticker Company Name % of Portfolio 1605 JP Inpex Corp. 4.2% X United States Steel Corp. 3.7% 5423 JP Tokyo Steel Mfg. 2.9% XOM Exxon Mobil Corp. 2.8% SD Sandridge Energy, Inc. 2.7% MET Metlife, Inc. 2.6% HIG Hartford Financial Services Group, Inc. 2.6% APA Apache Corp. 2.2% BAC Bank of America Corp. 2.2% JPM JPMorgan Chase & Co. 2.0% GNW Genworth Financial, Inc. 1.9% CYH Community Health Systems, Inc. 1.6% PHM Pulte Group, Inc. 1.5% OSK Oshkosh Corp. 1.2% STSA Sterling Financial Corp. 1.2% ODP Office Depot, Inc. 1.0% GLW Corning, Inc. 0.7% OMX OfficeMax, Inc. 0.7%
Consistent Earners
Ticker Company Name % of Portfolio GILD Gilead Sciences, Inc. 5.0% GOOG Google, Inc. 4.8% HPQ Hewlett-Packard Co. 3.9% TMO Thermo Fisher Scientific, Inc. 3.8% SPLS Staples, Inc. 3.6% SCHW Charles Schwab Corp. 3.3% DOX Amdocs Ltd. 2.9% 9433 JT KDDI Corp. 2.9% GPS The Gap, Inc. 2.7% DELL Dell, Inc. 2.2% BBY Best Buy Co., Inc. 2.2% MSFT Microsoft Corp. 2.0% AAPL Apple, Inc. 0.9% AB AllianceBernstein Holding LP 0.4%
Emerging Franchises
Ticker Company Name % of Portfolio YHOO Yahoo!, Inc. 3.4% VAR Varian Medical Systems, Inc. 3.1% LTM Life Time Fitness, Inc. 2.6% LVLT Level 3 Communications, Inc 2.0% ALR US Alere, Inc. 1.8% WFR MEMC Electronic Materials, Inc. 1.5% ONNN ON Semiconductor Corp. 1.0% JNPR Juniper Networks, Inc. 1.0% BNK CN Bankers Petroleum Ltd. 0.6%
Bonds/Special Situations
CUSIP Company Name % of Portfolio 52729NBR0 Level 3 Communications, Inc. 0.5%
Cash 4.3%
The securities mentioned above are provided for the general information of Thornburg Value Fund shareholders. This information should not be interpreted as a buy or sell recommendation. It should not be assumed that the investments in the securities were or will be profitable.
It is probable that buying or selling in the Thornburg Value Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
Holdings can and do vary over time.
