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Thornburg Global
Equity Ex-U.S. Fund
30 SEPTEMBER 2014
Investment Policy
Objective
Under normal circumstances the
fund will invest at least 90% of its
assets in equity securities of issuers
domiciled outside the United States.
The portfolio is diversified to include
basic value stocks, but also includes
stocks of companies with consistent
earnings characteristics and those
of emerging franchises, when these
issues are value priced.
The Fund seeks long-term capital appreciation by investing in equity and debt securities of
all types. The secondary, non-fundamental goal of the Fund is to seek some current income.
There is no guarantee that the Fund will meet its objectives.
Key Points
■■
The team is focused on identifying promising companies selling at a discount to intrinsic
value via disciplined, bottom-up, fundamental research.
■■
The portfolio is typically more focused than many peers.
CLASS A
CLASS I
Fund Inception
ISIN
IE00B5VD2J54
IE00B5LLW880
30 March 2012
Bloomberg Ticker
TBGXUSA ID
TBGXUSI ID
Cusip
G8T49N 149
G8T49N 131
Managers
Minimum Initial Subscription
$5,000
$1,500,000
William V. Fries, cfa
Lei Wang, cfa
Management Fee*
Maximum Total Expense Ratio
1.50%
1.85%
0.80%
0.95%
* As a percent of Net Asset Value
Fund Benchmarks
MSCI EAFE Index
MSCI AC World ex-U.S. Index
Domicile
Ireland
Currencies
U.S. Dollar
Legal Structure
UCITS IV
Class C share information available on request.
Average Annual Total Return as at 30 September 2014
(In US$ terms. Not annualized for periods less than one year.)
UCITS FUND
SINCE
INCEPTION
1 MO
1 YR
Class A Shares (Incep: 30/3/12)
-0.90%
-0.63%
4.14%
Class I Shares (Incep: 30/3/12)
-0.88%
0.18%
5.04%
MSCI EAFE Index
-3.84%
4.25%
10.41%
MSCI AC World ex-U.S. Index
-4.81%
5.22%
7.94%
1 MO
1 YR
3 YR
Class A Shares (Incep: 28/5/98)
-1.09%
-0.14%
Class I Shares (Incep: 30/3/01)
-1.07%
0.23%
MSCI EAFE Index (since Class A incep.)
-3.84%
4.25%
-4.81%
5.22%
U.S. 1940-ACT FUND*
MSCI AC World ex-U.S. Index
(since Class A incep.)
SINCE
INCEPTION
5 YR
10 YR
9.87%
5.46%
7.40%
7.95%
10.30%
5.88%
7.83%
7.66%
13.65%
6.56%
6.32%
4.31%
12.29%
6.50%
7.54%
5.36%
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal
value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may
be lower or higher than quoted. For performance current to the most recent month end, visit http://www.thornburgglobal.com
or call +1.505.467.7218.
*Due to the limited amount of time since the UCITS Fund inception, the US Fund, regulated by the Investment Company Act of
1940, performance is shown. This information is considered relevant because the UCITS Fund is structured similarly to the US
Fund. There can be no assurance that the UCITS Fund would have achieved similar rates of returns over the same time frame.
Key Portfolio Attributes
Portfolio P/E, Forward 12 Months*
Dividend Yield*
This document does not constitute an offer or solicitation to
invest in the Fund. It is directed
only at professional/sophisticated
investors and it is for their exclusive use and information. This
document should not be shown
or given to retail investors.
Regional Diversification
16.6x
2.06%
Portfolio Price to Cash Flow*
10.5x
Portfolio Price to Book Value*
2.2x
Median Market Cap*
7-Yr Beta (A shares vs. MSCI EAFE)*†
Holdings
Fund Assets
$42.8 B
0.88
69
Europe ex UK 48.5%
UK 19.9%
Japan 14.9%
Asia Pacific ex Japan
North America
4.7%
$5.9 M
* Source: FactSet.
†
U.S. 1940-Act Fund.
May not add up to 100% due to rounding.
12.1%
Important Information
The Fund is a sub-fund of Thornburg Global Investment
plc, an open-ended umbrella type investment company
with segregated liability between sub-funds, authorised
by the Central Bank of Ireland on 25 November 2011
as an investment company pursuant to the UCITS
Regulations. Authorisation of the Company by the CBI
is not an endorsement or guarantee of the Company by
the CBI nor is the CBI responsible for the contents of
the Prospectus or KIID.
This communication is issued by Thornburg Global Advisors LLP (“TGA LLP”) and approved by Robert Quinn
Advisory LLP which is authorised and regulated by the
UK Financial Conduct Authority (“FCA”). TGA LLP is an
appointed representative of Robert Quinn Advisory LLP.
This material constitutes a financial promotion for
the purposes of the Financial Services and Markets
Act 2000 (the “Act”) and the handbook of rules and
guidance issued from time to time by the FCA (the “FCA
Rules”). This material is for information purposes only
and does not constitute an offer to subscribe for or
purchase any financial instrument. TGA LLP neither provides investment advice to, nor receives and transmits
orders from, persons to whom this material is communicated nor does it carry on any other activities with
or for such persons that constitute “MiFID or equivalent
third country business” for the purposes of the FCA
Rules. All information provided is not warranted as to
completeness or accuracy and is subject to change
without notice.
The Fund is offered solely to non-U.S. investors under
the terms and conditions of the Fund’s current Prospectus. A copy of the full Prospectus and KIID for the Fund
may be obtained by contacting the local Paying Agent
through the Fund’s Transfer Agent, Brown Brothers
Harriman Fund Administration Services (Ireland) Limited
or at http://www.thornburgglobal.com. The Prospectus
contains important information about the Fund and
should be read carefully before investing.
This communication and any investment or service to
which this material may relate is exclusively intended
for persons who are Professional Clients or Eligible
Counterparties for the purposes of the FCA Rules and
other persons should not act or rely on it. This communication is not intended for use by any person or entity
in any jurisdiction or country where such distribution
or use would be contrary to local law or regulation.
There is no guarantee of trading performance and past
performance is not indicative of future results.
Investments in the Fund carry risks, including possible
loss of principal. Special risks may be associated
with investments in emerging markets, including
currency fluctuations, illiquidity, volatility, and political
and economic risks. Investments in small capitalization companies may increase the risk of greater price
fluctuations. Investments in the Funds are not insured,
nor are they deposits of, or guaranteed by, a bank or
any other entity.
Top Ten Equity Positions
Sector Weights
(as at 31 August 2014)
(as at 30 September 2014)
Novartis AG
2.9%
Consumer Discretionary
20.1%
Toyota Motor Corp.
2.7%
Financials
19.8%
Nestle SA
2.6%
Health Care
12.7%
Reckitt Benckiser plc
2.3%
Industrials
12.3%
Roche Holding AG
2.3%
Information Technology
11.6%
China Mobile Ltd.
2.2%
Consumer Staples
10.3%
AIA Group Ltd.
2.1%
Telecommunication Services
5.9%
Actavis plc
2.1%
Energy
3.7%
LVMH Moet Hennessy Louis Vuitton SA
2.0%
Materials
3.6%
Novo Nordisk A/S
2.0%
Utilities
0.0%
Market Capitalization (as at 30 September 2014)
Small (< $2.5 B)
0.0%
Mid ($2.5-12 B)
7.3%
Large (> $12 B)
92.8%
The information above should not be considered buy or sell recommendations. May not add up to 100% due to rounding.
Manager Biographies
William V. Fries, cfa
Managing Director
Bill Fries is portfolio manager of the Thornburg International Value Fund. He joined Thornburg in 1995
as managing director and founding portfolio manager of the Thornburg Value Fund and the U.S. Equity
Strategy, which followed. Bill founded the Thornburg International Value Fund and the International
Equity Strategy three years later in 1998.
Bill began his career as a securities analyst and bank investment offcer. His more than 40 years of
investment management experience includes an extended tenure as vice president of equities at USAA
Investment Management Company. He is a CFA charterholder.
Lei Wang, cfa
Managing Director
Lei Wang is portfolio manager of the Thornburg International Value Fund. He joined Thornburg Investment Management in 2004 as an associate portfolio manager and was promoted to portfolio manager
in 2006.
Lei holds a BA and an MA from East China Normal University and an MBA from New York University.
He is a CFA charterholder. Prior to joining Thornburg, he served as an associate for Deutsche Bank as
well as for Enso Capital Management. He has also worked as a bank supervision manager at China’s
central bank.
Net total return (NTR) indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate
applicable to non-resident institutional investors who do not benefit from double taxation treaties.
Gross total return (GTR) indexes reinvest as much as possible of a company’s dividend distributions. The reinvested amount is equal
to the total dividend amount distributed to persons residing in the country of the dividend-paying company. Gross total return indexes
do not, however, include any tax credits.
Administrator
Brown Brothers Harriman Fund Administration
Services (Ireland) Limited, Styne House, Upper Hatch
Street, Dublin 2, Ireland
Email: [email protected] or Call
+353.1.603.6490
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses.
Read the Thornburg Global Investment plc Prospectus and relevant Key Investor Information
Document (KIID) carefully before investing in the Company or any of its Funds.
Thornburg Investment Management, Distributor
2300 North Ridgetop Road Santa Fe, New Mexico 87506, United States | Email: [email protected] | +1.505.467.7218
17 October 2014
TH2509