Thornburg International Equity Fund
Actively managed developed international stock fund
As of its 2026 Q2 report, Thornburg International Equity Fund held 49 positions with $5.45B in net assets. Its ten largest holdings made up 33.1% of the fund. The TGVAX share class costs 1.28% a year. Over the 12 months to May 2026, TGVAX returned 24.6%, with dividends reinvested. In 2026 Q2 it added 1 new positions and exited 1.
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.
The fund invests primarily in common stocks and depositary receipts of non-U.S. companies, including those in developing countries, selected through fundamental analysis for perceived undervaluation across three categories: basic value stocks in cyclical industries, consistent earners with predictable growth, and emerging franchises with above-average growth potential. The fund's returns depend on whether the portfolio managers' assessments of intrinsic value and company prospects prove accurate, and holdings may fail to meet the characteristics or expectations that prompted their selection.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Thornburg Capital Management Fund | 6.36% | $346.53M | 34.7M | $10.00 |
ING Groep NV | 3.29% | $179.19M | 5.7M | $31.62 |
TSMTaiwan Semiconductor Manufacturing Co Ltd | 3.29% | $179.01M | 374.8K | $477.57 |
BNP Paribas SA | 3.24% | $176.50M | 1.5M | $116.71 |
Mitsubishi UFJ Financial Group Inc | 3.10% | $169.03M | 8.6M | $19.72 |
TotalEnergies SE | 2.83% | $153.98M | 2.0M | $77.73 |
Schneider Electric SE | 2.75% | $149.98M | 459.9K | $326.10 |
AstraZeneca PLC | 2.75% | $149.83M | 801.1K | $187.03 |
Tencent Holdings Ltd | 2.73% | $148.63M | 2.7M | $54.80 |
Samsung Electronics Co Ltd | 2.72% | $148.21M | 687.5K | $215.58 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 49 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 93.06% |
| Cash & short-term | 6.38% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
TGVAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 12.86%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.28% | +24.65% | +79.16% | +51.67% | -9.69% | |
| 2.17% | +23.64% | +74.54% | +45.68% | -9.96% | |
| 0.90% | +24.94% | +80.59% | +53.96% | -9.65% | |
| 0.90% | +24.96% | +80.52% | +53.82% | -9.70% | |
| 1.16% | +24.65% | +79.17% | +51.79% | -9.70% | |
| 1.36% | +24.34% | +77.99% | +50.24% | -9.78% | |
| 0.70% | +25.20% | +81.63% | +55.33% | -9.61% |
These classes hold the same portfolio, so the 9.65pp spread over 5 years is the cost difference between them — roughly 1.93pp a year — not a difference in what they own.
Fees & fund details
Thornburg International Equity Fund is an actively managed developed international equity fund.
- Asset class
- Equity
- Region
- Developed international
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.70% – 2.17%· TGVAX 1.28%
- Portfolio turnover
- 28.49% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1 new
1 exited
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