Investment Objectives
The Strategy seeks long-term capital appreciation. The Strategy normally invests at least 80% of assets outside the United States. The secondary goal of the Strategy is to seek some current income. There is no guarantee that the Strategy will meet its objectives.
Principal Investment Strategies
The Strategy typically invests in a limited number of common stocks 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. The Strategy also may invest in debt securities of any type.
Supplemental Information as of 12/31/2011
| Returns (annualized for periods over one year) | |||||||
|---|---|---|---|---|---|---|---|
| QTR | YTD | 1-Year | 3-Year | 5-Year | 10-Year | Inception† | |
| International Equity Composite (Net) | 4.35% | -12.90% | -12.90% | 9.49% | -0.62% | 7.83% | 7.82% |
| International Equity Composite (Gross) | 4.55% | -12.24% | -12.24% | 10.52% | 0.36% | 9.10% | 9.21% |
| MSCI EAFE Index | 3.33% | -12.14% | -12.14% | 7.65% | -4.72% | 4.67% | 2.56% |
| MSCI ACWI ex-US Index | 3.72% | -13.71% | -13.71% | 10.70% | -2.92% | 6.31% | 3.87% |
Performance data for the International Equity Strategy is from the International Equity Composite, inception date of June 1, 1998. The composite represents all assets under management in fully discretionary, transaction fee based accounts. 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. Portfolio returns net of fees may include management, advisory and/or custodial fees. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Portfolio returns gross of fees do not reflect the deduction of management fees. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of .75%, this increase would be 142%.
Basic Value
Consistent Earners
Emerging Franchises
Cash and Other| Ten Largest Countries |
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† Inception 6/1/1998
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 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 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.
The MSCI All Country (AC) World ex-US Index is a market capitalization weighted index representative of the market structure of 44 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated with gross 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 Equity Composite has been examined for the period from June 1, 1998 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 Equity 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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“While we seek capital appreciation, we invest with the potential downside in mind. To us, stock selection is the ultimate form of risk management. We attempt not only to make each new name in the portfolio improve risk/reward characteristics, but also to ensure that each contributes to maintaining conservative portfolio attributes.”
– Bill Fries, CFA
