Thornburg International Growth Fund Class A
TIGAX
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- Thornburg International Growth Fund Class A (TIGAX) is an open-end mutual fund managed by Thornburg Investment Management, Inc., seeking long-term growth of capital by investing primarily in equity securities of non-U.S. companies, including those in developed and emerging markets, selected for their high-quality characteristics and durable growth potential; the portfolio emphasizes high-conviction holdings in sectors such as technology, financial services, healthcare, communication services, and consumer cyclical, with significant allocations to regions including the Eurozone, developed Asia, Europe ex-Eurozone, and emerging Asia, benchmarked against the MSCI ACWI ex-U.S. Growth Index. Class A shares, launched on February 1, 2007, feature a front-end load of 4.50%, a net expense ratio of 1.38%, daily pricing, and a minimum initial investment of $5,000, with total net assets of approximately $727 million as of recent data. The fund maintains a portfolio with around 50-60 holdings, weighted average market cap in the large-cap range, active share above benchmark levels, and annual turnover reflecting active management; top holdings typically include leading international growth companies, while exposure excludes bonds and focuses on non-U.S. stocks (over 85%), U.S. stocks (around 14%), and minimal cash. Thornburg Investment Management, the fund's adviser, founded in 1982 and headquartered in Santa Fe, New Mexico, with additional offices in London and Hong Kong, is a privately held global investment firm overseeing over $50 billion in client assets, offering a range of active strategies including mutual funds, ETFs, closed-end funds, institutional separate accounts, UCITS funds, and multi-asset solutions across equities, fixed income, and alternatives for institutions, financial professionals, advisors, and high-net-worth investors worldwide. Recent major developments at Thornburg include the September 2024 announcement of a joint venture with Bow River Capital to launch private credit solutions for lower- and middle-market businesses, expected to close in Q4 2024, combining Thornburg's fixed income expertise with Bow River's private asset experience; strategic distribution partnerships such as with Capital Strategies Partners in October 2025 to expand UCITS fund access in Italy and the Middle East, and with Active Fund Placement in mid-2025 for Germany and Austria; launches of active ETFs including the Thornburg International Growth ETF (TXUG) and International Equity ETF (TXUE) in early 2025, followed by two fixed income ETFs; and authorization of four funds for retail distribution in Hong Kong in 2025, reflecting ongoing international expansion and product diversification.