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 5/31/2010
Basic Value Holdings
Ticker Company Name % of Portfolio RIG Transocean Ltd. 3.5% ACE Ace Ltd. 3.1% 7203 JP Toyota Motor Corp. 3.0% JPM JPMorgan Chase & Co. 2.4% USB U.S. Bancorp 2.4% ETR Entergy Corp. 2.3% TRH Transatlantic Holdings, Inc. 2.2% MRO Marathon Oil Corp. 2.0% 8306 JP Mitsubishi UFJ Financial Group, Inc. 2.0% XOM Exxon Mobil Corp. 2.0% OGZD LI OAO Gazprom ADR 2.0% INGA NA ING Groep N.V. 2.0% COP ConocoPhillips 2.0% BA Boeing Co. 1.9% 5423 JP Tokyo Steel Mfg. 1.9% X United States Steel Corp. 1.7% DISH Dish Network Corp. 1.5% WFR MEMC Electronic Materials, Inc. 1.3% NCR NCR Corp. 1.1% CYH Community Health Systems, Inc. 0.9% ESV Ensco plc ADR 0.9% SD Sandridge Energy, Inc. 0.9% GLW Corning, Inc. 0.7% ARD Arena Resources, Inc. 0.5% RAD Rite Aid Corp. 0.2%
Consistent Earners
Ticker Company Name % of Portfolio GILD Gilead Sciences, Inc. 3.7% CMCSK Comcast Corp. 3.4% LLY Eli Lilly & Co. 3.3% DELL Dell, Inc. 3.3% FISV Fiserv, Inc. 3.1% GOOG Google, Inc. 2.6% CSC Computer Sciences Corp. 2.5% MON Monsanto Co. 2.4% 941 HK China Mobile Ltd. 2.4% TMO Thermo Fisher Scientific, Inc. 2.3% DOX Amdocs Ltd. 2.1% DTV DIRECTV Group, Inc. 2.1% LMT Lockheed Martin Corp. 2.0% ROG VX Roche Holdings AG 2.0% MSFT Microsoft Corp. 1.7% T AT&T Inc. 1.6% V Visa, Inc. 1.0% AB AllianceBernstein Holding LP 0.6%
Emerging Franchises
Ticker Company Name % of Portfolio VAR Varian Medical Services, Inc. 1.8% IMA Inverness Medical Innovations, Inc. 1.8% LTM Life Time Fitness, Inc. 1.6% ANSS ANSYS, Inc. 1.5% ATLN VX Actelion Ltd. 1.0% LVLT Level 3 Communications, Inc. 0.9% ADBE Adobe Systems, Inc. 0.8% ONNN ON Semiconductor Corp. 0.8% LEAP Leap Wireless International, Inc. 0.6%
Bonds/Special Situations
CUSIP Company Name % of Portfolio 527298AM5 Level 3 Financing, Inc. 1.2% 03512QAA5 Anglogold Holdings Ltd. 0.7% 52729NBA7 Level 3 Communications, Inc. 0.0%
Cash 1.0%
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.
