Thornburg International Growth Fund Class I
TINGX
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- Thornburg International Growth Fund Class I (TINGX) is an actively managed open-end mutual fund that seeks long-term capital appreciation by investing primarily in high-quality, high-conviction equity securities of companies with durable growth prospects across developed and emerging markets outside the United States; the fund employs a bottom-up fundamental research process focusing on large-cap growth stocks, with top holdings including Taiwan Semiconductor Manufacturing Co Ltd, Tencent Holdings Ltd, Mastercard Inc, Novo Nordisk A/S, and ASML Holding NV; portfolio characteristics feature approximately 88% allocation to non-U.S. stocks, a weighted average market cap in the large-cap range, forward P/E ratio, active share versus the MSCI ACWI ex-U.S. Growth Index benchmark, and annual turnover reflecting a relatively concentrated high-conviction approach. The fund, domiciled in the United States and available to U.S. investors, targets institutional and high-net-worth clients with a minimum initial investment of $2,500,000 for Class I shares, net expense ratio of 0.99%, daily pricing, and Morningstar Foreign Large Growth category classification; net assets total approximately $736 million, with Class I share class size around $552 million as of recent reporting. Managed by a team including Sean Koung (since February 2017), Emily Leveille (since November 2021), and Nicholas Anderson (since November 2021), the fund launched its Class I shares on February 1, 2007, and operates within the portfolio of Thornburg Investment Management, Inc., a privately held global investment firm founded in 1982 and headquartered in Santa Fe, New Mexico, with additional offices in London, Hong Kong, and Shanghai. In recent developments, Thornburg Investment Management formed a joint venture with Bow River Capital in September 2024 to expand into private credit solutions for lower- and middle-market businesses, combining fixed income expertise with private equity and real estate capabilities, expected to close in Q4 2024; the firm appointed Billy Rogers as Chief Operating Officer and Jodan Ledford as Head of Institutional Strategies in July 2024 to bolster operational and client-facing leadership under CEO Mark Zinkula; additionally, Thornburg launched its first exchange-traded funds in January 2025, marking a strategic expansion into ETF offerings alongside its established mutual funds.