Thornburg International Value Fund

Basic Value as of

SYMBOL % OF PORTFOLIO
Ping An Bank Co. Ltd. 000001 C2 3.1%
Telefonaktiebolaget LM Ericsson ERICB SS 3.0%
Sika AG SIKA SW 2.7%
Citigroup, Inc. C US 2.5%
Keyence Corp. 6861 JP 2.4%
JPMorgan Chase & Co. JPM US 2.3%
China Merchants Bank Co. Ltd. 600036 C1 2.3%
ABB Ltd. ABBN SW 2.2%
Anhui Conch Cement Co. Ltd. 600585 C1 2.2%
Kuehne + Nagel International AG KNIN SW 2.0%
Schneider Electric SE SU FP 1.9%
Infineon Technologies AG IFX GR 1.8%
Franco-Nevada Corp. FNV US 1.8%
Linde plc LIN GR 1.8%
Air Liquide S.A. AI FP 1.7%
CME Group, Inc. CME US 1.7%
Shiseido Co. Ltd. 4911 JP 1.6%
Samsung Electronics Co. Ltd. 005930 KS 1.6%
Sony Corp. 6758 JP 1.5%
The Walt Disney Co. DIS US 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM US 1.3%
TOTAL SE FP FP 1.1%
Knorr-Bremse AG KBX GR 1.0%
L3Harris Technologies, Inc. LHX US 1.0%
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 002271 C2 0.8%
Mitsubishi UFJ Financial Group, Inc. 8306 JP 0.7%
Electricite de France S.A. EDF FP 0.6%
ASML Holding N.V. ASML NA 0.6%
Hensoldt AG HAG GR 0.3%

Consistent Earners as of

SYMBOL % OF PORTFOLIO
adidas AG ADS GR 2.8%
Z Holdings Corp. 4689 JP 2.6%
Safran S.A. SAF FP 2.5%
LVMH Moet Hennessy Louis Vuitton SE MC FP 2.4%
Iberdrola S.A. IBE SM 2.1%
Ferrovial S.A. FER SM 2.0%
Vinci S.A. DG FP 2.0%
Canadian Pacific Railway Ltd. CP US 2.0%
Wuliangye Yibin Co Ltd 000858 C2 1.9%
Mastercard, Inc. MA US 1.9%
Enel SpA ENEL IM 1.7%
Kweichow Moutai Co. Ltd. 600519 C1 1.7%
Lonza Group AG LONN SW 1.5%
Amadeus IT Group S.A. AMS SM 1.2%
Kone Oyj KNEBV FH 1.2%
Roche Holding AG ROG SW 0.9%
Ferrari N.V. RACE US 0.4%

Emerging Franchises as of

SYMBOL % OF PORTFOLIO
Alibaba Group Holding Ltd. BABA US 3.1%
Nintendo Co. Ltd. 7974 JP 3.0%
Tencent Holdings Ltd. 700 HK 2.8%
Meituan 3690 HK 1.4%
Lasertec Corp. 6920 JP 1.4%
Swedish Match AB SWMA SS 1.3%
Recruit Holdings Co. Ltd. 6098 JP 1.1%
Kering S.A. KER FP 1.0%
Bilibili, Inc. BILI US 1.0%
NIO, Inc. NIO US 0.5%
BASE, Inc. 4477 JP 0.3%
Chindata Group Holdings Ltd. CD US 0.3%
Agora, Inc. API US 0.3%
MINISO Group Holding Ltd. MNSO US 0.1%

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