Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.4%
1 yr return
4.2%
3 Yr Avg Return
-1.4%
5 Yr Avg Return
8.3%
Net Assets
$584 M
Holdings in Top 10
37.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 2.82%
SALES FEES
Front Load N/A
Deferred Load 1.00%
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TBWCX - Profile
Distributions
- YTD Total Return 2.4%
- 3 Yr Annualized Total Return -1.4%
- 5 Yr Annualized Total Return 8.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -0.77%
- Dividend Yield 0.4%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameThornburg Better World International Fund
-
Fund Family NameTHORNBURG
-
Inception DateOct 01, 2015
-
Shares OutstandingN/A
-
Share ClassC
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerLei Wang
Fund Description
The Fund pursues its investment goal by investing primarily in a broad range of foreign equity securities or depositary receipts of foreign equity securities. When considering investments for the Fund, the Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), combines fundamental research on issuers with analysis of significant environmental, social and governance (“ESG”) characteristics, which Thornburg defines as those ESG factors that may materially affect an issuer’s risk and return profile and, accordingly, the issuer’s long-term investment performance.
The Fund may invest in any stock or other equity security which Thornburg believes may assist the Fund in pursuing its goal, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. The Fund may also invest in developing country companies.
Thornburg intends to invest on an opportunistic basis where the Fund’s portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time.
The Fund categorizes its equity investments in the following three categories:
Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.
Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends.
Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.
Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.
The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions also include consideration of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities.
The Fund seeks to invest in companies which in Thornburg’s view are trading at discount to their intrinsic value and also demonstrate one or more significant positive ESG characteristics. Through Thornburg’s fundamental research process, Thornburg evaluates each potential investment based on a variety of factors, including traditional investment criteria such as the company’s ability to effectively allocate capital, willingness to pay dividends and repurchase shares, ability to sustain a competitive advantage, and ability to grow its core business. As part of its research process for the Fund’s investments, Thornburg also assesses each issuer’s ESG characteristics, focusing on those ESG characteristics which Thornburg believes are significant insofar as they are expected to materially affect the issuer’s investment performance. The specific ESG characteristics which Thornburg determines to be significant will vary over time and among different financial sectors and industries, but will generally include the following:
•Environmental characteristics, such as an issuer’s emissions and energy management practices;
•Social capital characteristics, such as an issuer’s data security and privacy practices;
•Human capital characteristics, such as an issuer’s labor practices;
•Business model and innovation characteristics, such as an issuer’s supply chain management practices; and
•Leadership and governance characteristics, such as an issuer’s practices toward managing legal and regulatory risks.
While Thornburg makes its own judgments about the ESG characteristics of each investment, Thornburg’s approach may be informed by third party data and other research tools, including consideration of the list of material ESG factors established by the Sustainability Accounting Standards Board.
Market observers differ in their perspectives and understanding of the importance of ESG factors to investment decisions. In its evaluation of potential investments, Thornburg may identify as significant certain ESG characteristics that are different from the characteristics that other investors may consider significant. Thornburg consequently may not consider the same ESG characteristics that other investors might consider in evaluating a potential investment. Similarly, Thornburg may assess the significance of ESG characteristics differently than some other investors, assigning either greater or lesser emphasis to a characteristic than another investor might assign.
The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.
TBWCX - Performance
Return Ranking - Trailing
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -9.8% | 28.7% | 75.86% |
1 Yr | 4.2% | -6.7% | 19.8% | 93.41% |
3 Yr | -1.4%* | -18.6% | 45.3% | 87.27% |
5 Yr | 8.3%* | -34.2% | 74.9% | 8.19% |
10 Yr | N/A* | -0.5% | 16.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.8% | -7.3% | 22.0% | 80.24% |
2022 | -19.0% | -43.6% | 71.3% | 66.51% |
2021 | 3.7% | -28.5% | 18.9% | 59.10% |
2020 | 26.7% | -90.1% | 992.1% | 2.08% |
2019 | 21.4% | -1.9% | 38.8% | 29.22% |
Total Return Ranking - Trailing
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 2.4% | -9.8% | 28.7% | 75.86% |
1 Yr | 4.2% | -6.7% | 19.8% | 93.41% |
3 Yr | -1.4%* | -18.6% | 45.3% | 87.27% |
5 Yr | 8.3%* | -34.2% | 74.9% | 8.19% |
10 Yr | N/A* | -0.5% | 16.2% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.3% | 3.2% | 41.4% | 93.56% |
2022 | -19.0% | -43.6% | 144.8% | 84.93% |
2021 | 19.4% | -22.6% | 56.0% | 0.93% |
2020 | 26.7% | -89.7% | 1010.8% | 2.40% |
2019 | 21.5% | 4.3% | 38.8% | 63.34% |
NAV & Total Return History
TBWCX - Holdings
Concentration Analysis
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Net Assets | 584 M | 2.56 M | 425 B | 57.58% |
Number of Holdings | 57 | 1 | 10801 | 77.66% |
Net Assets in Top 10 | 216 M | 0 | 41 B | 41.57% |
Weighting of Top 10 | 36.96% | 2.7% | 112.8% | 14.03% |
Top 10 Holdings
- Thornburg Capital Management Fund 10.69%
- SAP SE 3.07%
- Hitachi Ltd 3.06%
- Nestle SA 3.01%
- Canadian Pacific Kansas City Ltd 3.00%
- L'Oreal SA 2.99%
- BNP Paribas SA 2.97%
- Roche Holding AG 2.74%
- Constellation Software Inc/Canada 2.72%
- Hong Kong Exchanges Clearing Ltd 2.71%
Asset Allocation
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Stocks | 99.55% | 0.00% | 122.60% | 5.33% |
Cash | 0.45% | -22.43% | 100.00% | 84.62% |
Other | 0.00% | -2.97% | 43.01% | 49.41% |
Preferred Stocks | 0.00% | -0.01% | 7.80% | 72.49% |
Convertible Bonds | 0.00% | 0.00% | 4.18% | 47.48% |
Bonds | 0.00% | -1.67% | 71.30% | 51.18% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Technology | 22.37% | 0.00% | 36.32% | 0.45% |
Industrials | 21.76% | 5.17% | 99.49% | 5.00% |
Consumer Defense | 13.36% | 0.00% | 32.29% | 10.15% |
Financial Services | 12.85% | 0.00% | 47.75% | 91.06% |
Consumer Cyclical | 10.05% | 0.00% | 36.36% | 58.48% |
Healthcare | 8.89% | 0.00% | 21.01% | 84.24% |
Basic Materials | 8.63% | 0.00% | 23.86% | 39.09% |
Communication Services | 1.10% | 0.00% | 21.69% | 98.18% |
Utilities | 1.00% | 0.00% | 13.68% | 75.91% |
Real Estate | 0.00% | 0.00% | 14.59% | 85.45% |
Energy | 0.00% | 0.00% | 16.89% | 97.12% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Non US | 69.94% | 0.00% | 121.07% | 88.76% |
US | 29.60% | 0.00% | 103.55% | 7.69% |
TBWCX - Expenses
Operational Fees
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.82% | 0.01% | 18.22% | 4.59% |
Management Fee | 0.97% | 0.00% | 1.65% | 97.33% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 92.16% |
Administrative Fee | 0.10% | 0.01% | 1.00% | 60.63% |
Sales Fees
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 5.00% | 62.07% |
Trading Fees
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 247.00% | 71.92% |
TBWCX - Distributions
Dividend Yield Analysis
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.38% | 0.00% | 25.25% | 93.52% |
Dividend Distribution Analysis
TBWCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | Quarterly | Annual |
Net Income Ratio Analysis
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.77% | -0.93% | 6.38% | 99.70% |
Capital Gain Distribution Analysis
TBWCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 14, 2023 | $0.064 | OrdinaryDividend |
Nov 18, 2021 | $2.863 | OrdinaryDividend |
Dec 20, 2019 | $0.010 | OrdinaryDividend |
Dec 21, 2018 | $0.038 | OrdinaryDividend |
Sep 22, 2017 | $0.001 | OrdinaryDividend |
Jun 23, 2017 | $0.072 | OrdinaryDividend |
Sep 26, 2016 | $0.053 | OrdinaryDividend |
TBWCX - Fund Manager Analysis
Managers
Lei Wang
Start Date
Tenure
Tenure Rank
Jan 15, 2021
1.37
1.4%
Lei Wang is portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as 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.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.35 | 6.3 | 3.25 |