Thornburg International Value Fund

Basic Value as of

SYMBOL % OF PORTFOLIO
Telefonaktiebolaget LM Ericsson ERICB SS 2.9%
Sika AG SIKA SW 2.7%
Anhui Conch Cement Co. Ltd. 600585 C1 2.4%
Ping An Bank Co. Ltd. 000001 C2 2.2%
ABB Ltd. ABBN SW 2.2%
Franco-Nevada Corp. FNV US 2.0%
Citigroup, Inc. C US 1.9%
China Merchants Bank Co. Ltd. 600036 C1 1.9%
Keyence Corp. 6861 JP 1.9%
BAE Systems plc BA/ LN 1.9%
Linde plc LIN GR 1.8%
Schneider Electric SE SU FP 1.8%
JPMorgan Chase & Co. JPM US 1.7%
Air Liquide S.A. AI FP 1.6%
Knorr-Bremse AG KBX GR 1.5%
Infineon Technologies AG IFX GR 1.5%
Kuehne + Nagel International AG KNIN SW 1.5%
The Walt Disney Co. DIS US 1.4%
Shiseido Co. Ltd. 4911 JP 1.4%
Electricite de France S.A. EDF FP 1.3%
UBS Group AG UBSG SW 1.2%
CME Group, Inc. CME US 1.1%
Sony Corp. 6758 JP 1.0%
L3Harris Technologies, Inc. LHX US 1.0%
Samsung Electronics Co. Ltd. 005930 KS 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM US 0.7%
ASML Holding N.V. ASML NA 0.5%
SK Hynix, Inc. 000660 KS 0.4%

Consistent Earners as of

SYMBOL % OF PORTFOLIO
Z Holdings Corp. 4689 JP 3.3%
adidas AG ADS GR 2.7%
SAP SE SAP GR 2.3%
Iberdrola S.A. IBE SM 2.3%
Safran S.A. SAF FP 2.1%
Ferrovial S.A. FER SM 2.0%
LVMH Moet Hennessy Louis Vuitton SE MC FP 2.0%
Wuliangye Yibin Co Ltd 000858 C2 2.0%
Vinci S.A. DG FP 1.9%
Mastercard, Inc. MA US 1.9%
Canadian Pacific Railway Ltd. CP US 1.9%
Kweichow Moutai Co. Ltd. 600519 C1 1.8%
Enel SpA ENEL IM 1.6%
Lonza Group AG LONN SW 1.6%
Kone Oyj KNEBV FH 1.2%
Amadeus IT Group S.A. AMS SM 1.2%
S&P Global, Inc. SPGI US 1.0%
Roche Holding AG ROG SW 1.0%
Nestle S.A. NESN SW 1.0%
Shanghai International Airport Co. Ltd. 600009 C1 0.8%
JDE Peet's BV JDEP NA 0.7%
Ferrari N.V. RACE US 0.2%

Emerging Franchises as of

SYMBOL % OF PORTFOLIO
Alibaba Group Holding Ltd. BABA US 3.4%
Tencent Holdings Ltd. 700 HK 2.8%
Nintendo Co. Ltd. 7974 JP 2.6%
Meituan Dianping 3690 HK 1.4%
Swedish Match AB SWMA SS 1.2%
Recruit Holdings Co. Ltd. 6098 JP 1.0%
Kering S.A. KER FP 0.9%
Bilibili, Inc. BILI US 0.7%
Lasertec Corp. 6920 JP 0.5%
NIO, Inc. NIO US 0.4%
Agora, Inc. API US 0.4%
BASE, Inc. 4477 JP 0.2%

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