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 03/31/2013
Basic Value Holdings
Ticker Company Name % of Portfolio AAPL Apple, Inc. 4.2% 1605 JP Inpex Corp. 2.8% HIG Hartford Financial Services Group, Inc. 2.5% DLPH Delphi Automotive plc 2.5% 9984 JP SoftBank Corp. 2.4% JPM JPMorgan Chase & Co. 2.2% CYH Community Health Systems, Inc. 2.0% XOM Exxon Mobil Corp. 2.0% TUP Tupperware Brands Corp. 2.0% C Citigroup, Inc. 1.9% ACE Ace Ltd. 1.8% NCM AU Newcrest Mining Ltd. 1.8% FP FP Total SA 1.8% BX The Blackstone Group LP 1.7% MET Metlife, Inc. 1.6% S Sprint Nextel Corp. 1.3% 5423 JP Tokyo Steel Mfg. 1.3% APC Anadarko Petroleum Corp. 1.1% LYB LyondellBasell Industries NV 1.1% STSA Sterling Financial Corp. 1.1% OMX OfficeMax, Inc. 0.3%
Consistent Earners
Ticker Company Name % of Portfolio GILD Gilead Sciences, Inc. 4.4% TMO Thermo Fisher Scientific, Inc. 3.8% GOOG Google, Inc. 3.5% NLSN Nielsen Holdings NV 2.9% ROG VX Roche Holding AG 2.4% SBUX Starbucks Corp. 2.4% VRSN VeriSign, Inc. 2.3% WAG Walgreen Co. 2.3% AH NA Koninklijke Ahold NV 2.2% ADT ADT Corp. 2.1% MDLZ Mondelez International, Inc. A 2.0% RSG Republic Services, Inc. 1.8% 9433 JT KDDI Corp. 1.8% ACN Accenture plc 1.6% AZO AutoZone, Inc. 1.0% DOX Amdocs Ltd. 0.8% ZTS Zoetis, Inc. 0.6%
Emerging Franchises
Ticker Company Name % of Portfolio NMIHO144A NMI Holdings, Inc. 2.2% VRX Valeant Pharmaceuticals International, Inc. 2.2% LTM Life Time Fitness, Inc. 1.9% AMZN Amazon.com, Inc. 1.5% OPEN Opentable, Inc. 1.4% SGEN Seattle Genetics, Inc. 1.3% TSLA Tesla Motors, Inc. 1.3% LVLT Level 3 Communications, Inc. 1.3% BNK CN Bankers Petroleum Ltd. 1.2% ATVI Activision Blizzard, Inc. 1.0% LQDT Liquidity Services, Inc. 1.0% BFAM Bright Horizons Family Solutions, Inc. 0.8%
Bonds/Special Situations
CUSIP Company Name % of Portfolio 52729NBR0 Level 3 Communications, Inc. 1.5%
Cash 3.8%
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.
