Investment Objective
The strategy seeks long-term growth of capital by investing in American Depository Receipts (ADRs) or other dollar-denominated securities that are selected for their growth potential. There is no guarantee that the Strategy will meet its objectives.
Principal Investment Strategies
The strategy invests in ADRs or dollar-denominated securities that are economically tied to international markets. A flexible mandate allows the strategy to pursue long-term performance using a broad approach to geography, investing style, and market capitalization. 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 | Inception† | |
| International Growth ADR Wrap Composite (Net) | -0.39% | -9.43% | -9.43% | 1.86% |
| International Growth ADR Wrap Composite (“Pure” Gross) | 0.35% | -6.68% | -6.68% | 4.94% |
| MSCI ACWI ex-US Growth Index | 4.12% | -14.21% | -14.21% | -1.88% |
Performance data for the International Growth ADR Strategy - Wrap is from the International Growth ADR Wrap Composite, inception date of May 1, 2010. The composite represents all discretionary, taxable and non-taxable wrap accounts invested in the International Growth ADR Strategy. Accounts meeting the above criteria are included in the composite the first full month under management. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Beginning January 1, 2009 net returns reflect the deduction of the maximum total wrap fee which is currently 3% per annum. Prior to January 1, 2009, net returns reflected actual wrap fees for each account in the composite. Fees may be negotiated in lieu of the standard fee schedule; minimum fees may apply. “Pure” gross-of-fees performance returns do not reflect the deduction of any expenses, including trading costs. “Pure” gross returns are presented before wrap fees, which include all charges for trading costs, portfolio management, custody, and other administrative fees.
Growth Industry Leaders
Consistent Growers
Emerging Growth
Cash | Ten Largest Countries |
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† Inception 5/1/2010
Valuations are computed and reported in U.S. dollars.
Source: Advent/APX, FactSet, 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 MSCI All Country (AC) World ex-U.S. Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets throughout the world, excluding the United States.
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. Copies of the verification report 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 Growth 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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