Thornburg International Equity Fund
TGVIX
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- Thornburg International Equity Fund (TGVIX) is an open-end mutual fund managed by Thornburg Investment Management that seeks long-term capital appreciation through a diversified portfolio of common stocks and depositary receipts of non-U.S. companies across developed and emerging markets, with a focus on basic value, consistent earner, and emerging franchise stocks that are deemed value-priced; the fund typically emphasizes large-cap equities in the Foreign Large Blend category, benchmarked against the MSCI ACWI ex-U.S. Index, and maintains a portfolio of approximately 54 holdings with heavy sector allocations to industrials (24.3%), financials (15.0%), and information technology (11.6%), including top positions in Samsung Electronics Co. Ltd., Hitachi Ltd., and Mitsubishi UFJ Financial Group, Inc. The Class I shares, ticker TGVIX, feature a net expense ratio of 0.90%, annual distributions primarily from long-term capital gains and income, and as of late 2025 manage net assets of $4.5 billion with a year-to-date NAV performance of 32.50%. Thornburg Investment Management, the fund's adviser, founded in 1982 and headquartered at 2300 North Ridgetop Road in Santa Fe, New Mexico, operates as a privately held global investment firm overseeing approximately $46 billion in client assets across mutual funds, closed-end funds, institutional separate accounts, and UCITS funds for non-U.S. investors; the firm maintains additional offices in London, Hong Kong, and Shanghai to support its worldwide institutional, financial professional, and high-net-worth clientele, with geographic exposure in TGVIX spanning Japan (18.3%), France (17.3%), Germany (7.4%), and other regions including Europe ex-UK, Asia Pacific ex-Japan, and North America. In recent developments, Thornburg Investment Management formed a joint venture with Bow River Capital in September 2024 to offer private credit solutions for lower- and middle-market businesses, expected to close in Q4 2024; the firm announced a strategic distribution partnership with Capital Strategies Partners in October 2025 to expand access to its UCITS funds, including equity and income strategies, for institutional and wholesale investors in Italy and the Middle East; additionally, Thornburg partnered with Active Fund Placement in July 2025 to broaden its European presence. These alliances reflect Thornburg's ongoing international expansion and diversification into alternatives alongside its core equity and fixed income offerings, with portfolio managers Lei Wang and Matt Burdett, Head of Equities, overseeing TGVIX since its Class I inception on March 30, 2001.