Thornburg Better World International Fund - 3rd Quarter 2016 Portfolio Manager Commentary
Thornburg Investment Management
Description
3rd Quarter 2016 | 3
IMPORTANT INFORMATION
Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including
currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.
The views expressed by the portfolio managers reflect their professional opinions and are subject to change.
Any securities, sectors, or countries mentioned are for illustration purposes only.
Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. Funds invested in a limited number of holdings may expose an investor to greater volatility. There is no guarantee that the Fund will meet its investment objectives. Active Share – A measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Multiple – A valuation multiple reflects an investment’s market value relative to some key metric. Price to earnings ratio (P/E) is a commonly used multiple.
It’s calculated by dividing a stock’s price by the company’s earnings per share. Upside/Downside Capture Ratio – A ratio that shows whether a given fund has outperformed—gained more or lost less than—a broad market benchmark during periods of market strength and weakness, and if so, by how much. The MSCI All Country (AC) World ex-US Index is a market capitalization weighted index representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated with net dividends reinvested in U.S. dollars. The performance of any index is not indicative of the performance of any particular investment.
Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. © 2016 Morningstar, Inc. All Rights Reserved.
The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses.
For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing. Thornburg Securities Corporation, Distributor | 2300 North Ridgetop Road | Santa Fe, New Mexico 87506 | 877.215.1330 10/28/16 TH3599 .
Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses. Funds invested in a limited number of holdings may expose an investor to greater volatility. There is no guarantee that the Fund will meet its investment objectives. Active Share – A measure of the percentage of stock holdings in a manager’s portfolio that differ from the benchmark index. Multiple – A valuation multiple reflects an investment’s market value relative to some key metric. Price to earnings ratio (P/E) is a commonly used multiple.
It’s calculated by dividing a stock’s price by the company’s earnings per share. Upside/Downside Capture Ratio – A ratio that shows whether a given fund has outperformed—gained more or lost less than—a broad market benchmark during periods of market strength and weakness, and if so, by how much. The MSCI All Country (AC) World ex-US Index is a market capitalization weighted index representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated with net dividends reinvested in U.S. dollars. The performance of any index is not indicative of the performance of any particular investment.
Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index. © 2016 Morningstar, Inc. All Rights Reserved.
The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses.
For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing. Thornburg Securities Corporation, Distributor | 2300 North Ridgetop Road | Santa Fe, New Mexico 87506 | 877.215.1330 10/28/16 TH3599 .
