Investment Objective
The Strategy seeks long-term capital appreciation by investing in a concentrated yet diversified portfolio of American Depository Receipts (ADRs) or other dollar-denominated securities that are economically tied to international markets. There is no guarantee that the Strategy will meet its objectives.
Principal Investment Strategies
The strategy is invested in a limited number of ADRs or dollar-denominated securities that are economically tied to international markets selected on a value basis using fundamental research. The strategy is diversified to include basic value stocks, but also includes stocks of companies with consistent earning characteristics and emerging franchises when these issues are value priced. The strategy may invest in companies of any size.
Supplemental Information as of 12/31/2011
| Returns (annualized for periods over one year) | ||||||
|---|---|---|---|---|---|---|
| QTR | YTD | 1-Year | 3-Year | 5-Year | Inception† | |
| International ADR Composite (Net) | 5.98% | -15.06% | -15.06% | 10.16% | -0.75% | 8.95% |
| International ADR Composite (Gross) | 6.15% | -14.54% | -14.54% | 10.89% | -0.06% | 9.68% |
| MSCI EAFE Index | 3.33% | -12.14% | -12.14% | 7.65% | -4.72% | 6.31% |
Basic Value
Consistent Earners
Emerging Franchises
Cash | Ten Largest Countries |
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† Inception 8/1/2003
1 The performance data quoted represents past performance; it does not guarantee future results. The data provided is derived from gross-of-fee performance and does not reflect the deduction of management fees.
Valuations are computed and reported in U.S. dollars.
Source: Advent/APX, APL, Vestmark, and Thornburg.
Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate.
Any securities, sectors, industries, countries or regions mentioned illustrate the holdings and activity in the portfolio as of the stated time period. Holdings are subject to change daily. Under no circumstances does the holdings information represent a recommendation to buy or sell any security. It should not be assumed that the investments in the securities were or will be profitable. The holdings identified do not represent all of the securities purchased, sold or recommended for advisory clients. To obtain a list of all securities recommended for the portfolio in the preceding year, please email a request to: mcg@thornburg.com.
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.
Thornburg Investment Management, Inc. (the “Firm”) is an independent investment adviser registered under the Investment Advisers Act of 1940. The Firm’s clientele consists of mutual funds, commingled funds and taxable and non-taxable separately managed accounts in U.S., non-U.S. and global equity strategies and in U.S. fixed income strategies. The Firm has been verified for the period July 1, 1998 through December 31, 2010. The International ADR Composite has been examined for the period from August 1, 2003 through December 31, 2010. Copies of the verification and examination reports are available upon request. Additional information regarding the Firm’s policies for calculating and reporting performance results is available upon request.
Thornburg Investment Management claims compliance with the Global Investment Performance Standards (GIPS®)
Click here to view the International ADR Composite GIPS compliant presentation.
To receive a complete list and description of Thornburg Investment Management's composites please contact MCG at mcg@thornburg.com.
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Issued by Prima Capital and Investment Advisor magazine, the Thornburg International ADR Strategy received the 2010 Separately Managed Account (SMA) Award for the International category. The award is based on a qualitative analysis of SMAs. Nominees are required to have a minimum of $250 million in assets under management, manager tenure of at least three years, wide availability through retail programs, and above average rank in at least four of the five SMA Evaluator categories – Firm Quality, Resources, Level of Client Service, Tax Efficiency, and Performance. This award is not indicative of Thornburg Investment Management’s future performance and is not representative of any one client’s experience.
