Thornburg International Value Fund

Basic Value as of

SYMBOL % OF PORTFOLIO
Telefonaktiebolaget LM Ericsson ERICB SS 2.8%
Sika AG SIKA SW 2.4%
Citigroup, Inc. C US 2.2%
ABB Ltd. ABBN SW 2.1%
Ping An Bank Co. Ltd. 000001 C2 2.0%
BAE Systems plc BA/ LN 2.0%
SK Hynix, Inc. 000660 KS 1.8%
Knorr-Bremse AG KBX GR 1.8%
Electricite de France S.A. EDF FP 1.7%
Linde plc LIN GR 1.7%
JPMorgan Chase & Co. JPM US 1.6%
Franco-Nevada Corp. FNV US 1.5%
Shiseido Co. Ltd. 4911 JP 1.5%
Infineon Technologies AG IFX GR 1.4%
Keyence Corp. 6861 JP 1.4%
Schneider Electric SE SU FP 1.3%
The Walt Disney Co. DIS US 1.3%
UBS Group AG UBSG SW 1.3%
Kuehne + Nagel International AG KNIN SW 1.3%
Anhui Conch Cement Co. Ltd. 600585 C1 1.2%
CME Group, Inc. CME US 1.1%
Samsung Electronics Co. Ltd. 005930 KS 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM US 1.1%
L3Harris Technologies, Inc. LHX US 1.1%
ASML Holding N.V. ASML NA 0.8%

Consistent Earners as of

SYMBOL % OF PORTFOLIO
Z Holdings Corp. 4689 JP 3.1%
Wuliangye Yibin Co Ltd 000858 C2 3.0%
adidas AG ADS GR 2.6%
Ferrovial S.A. FER SM 2.5%
Vinci S.A. DG FP 2.5%
Kweichow Moutai Co. Ltd. 600519 C1 2.4%
Iberdrola S.A. IBE SM 2.4%
SAP SE SAP GR 2.2%
Safran S.A. SAF FP 2.0%
Canadian Pacific Railway Ltd. CP US 1.8%
Mastercard, Inc. MA US 1.7%
Enel SpA ENEL IM 1.7%
Lonza Group AG LONN SW 1.7%
Nestle S.A. NESN SW 1.7%
Unilever plc ULVR LN 1.3%
Amadeus IT Group S.A. AMS SM 1.2%
S&P Global, Inc. SPGI US 1.0%
Shanghai International Airport Co. Ltd. 600009 C1 1.0%
Kone Oyj KNEBV FH 1.0%
Roche Holding AG ROG SW 1.0%
Atlantia SpA ATL IM 1.0%
Alcon, Inc. ALC SW 0.9%
JDE Peet's BV JDEP NA 0.8%
Fresenius Medical Care AG & Co. KGaA FME GR 0.1%

Emerging Franchises as of

SYMBOL % OF PORTFOLIO
Alibaba Group Holding Ltd. BABA US 2.9%
Tencent Holdings Ltd. 700 HK 2.8%
Meituan Dianping 3690 HK 2.5%
Nintendo Co. Ltd. 7974 JP 2.1%
Ping An Insurance Group Co. of China Ltd. 2318 HK 1.4%
Proya Cosmetics Co. Ltd. 603605 C1 1.1%
Swedish Match AB SWMA SS 1.0%
Kering S.A. KER FP 0.9%
Recruit Holdings Co. Ltd. 6098 JP 0.9%
Bilibili, Inc. BILI US 0.8%
Agora, Inc. API US 0.0%

It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.

This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.

Important Information