4 | ESG Momentum Stocks: Sustainable Investing’s Diamonds in the Rough
rand, the krone, and the peso, helping
offset the lack of direct exposure to oil
and materials.
Alongside an attractive share price with a
good margin of safety, these are the sorts
of synergistic financial and ESG characteristics that we like in our portfolio
holdings. Such attributes also offer real
downside protection, which can deliver
higher portfolio returns over time by
establishing a higher base off which to
rebound following bouts of market volatility. And financially strong companies that
don’t yet enjoy high ESG scores but that
demonstrate a concerted effort to achieve
them can also in time produce increasingly attractive, sustainable returns. n
assumed that any of the referenced securities were or will
be profitable or that the investment decisions we make in
the future will be profitable.
relative to their sector peers.
MSCI ACWI ESG consists
of large and mid cap companies across 23 developed
markets and 23 emerging markets countries.
Active Return – The differential between the portfolio
return and that of the benchmark.
The MSCI World Index is an unmanaged market-weighted index that consists of securities traded in 23 of the
world’s most developed countries. Securities are listed on
exchanges in the U.S., Europe, Canada, Australia, New
Zealand, and the Far East. The index is calculated with net
dividends reinvested in U.S.
dollars.
Important Information
Thornburg Better World International Fund
Top 10 Holdings (as of 5/31/16)
Holding
ING Groep N.V.
Thermo Fisher Scientific, Inc.
Europris ASA
Telenet Group Holding NV
Empiric Student Property plc
AIA Group Ltd.
Novartis AG
Brenntag AG
Nippon Telegraph & Telephone Corp.
Nokia Oyj
Percentage
3.0%
3.0%
2.8%
2.8%
2.7%
2.6%
2.6%
2.5%
2.4%
2.3%
The views expressed by the portfolio managers reflect their
professional opinions and are subject to change. Under no
circumstances does the information contained within
represent a recommendation to buy or sell any security.
Past performance does not guarantee future results.
Securities mentioned herein are for illustrative purposes
only and are presented to describe the due diligence process for purchasing or selling an individual stock. Under
no circumstances does the information contained within
represent a recommendation to buy or sell any security.
This information is current as of the date indicated and
represents current holdings of Thornburg; however, there
is no assurance that any security referenced will remain
in any portfolio and Thornburg undertakes no obligation to
update the information or otherwise advise the reader of
changes in its ownership of the holdings.
It should not be
Active Risk Contribution – The total percentage contribution to active risk (tracking error).
The MSCI EAFE (Europe, Australasia, Far East) Index is an
unmanaged index. It is a generally accepted benchmark
for major overseas markets. Index weightings represent
the relative capitalizations of the major overseas developed
markets on a U.S.
dollar adjusted basis. The index is
calculated with net dividends reinvested in U.S. dollars.
The MSCI EAFE ESG Index is a capitalization weighted index
that provides exposure to companies with high Environmental, Social and Governance (ESG) performance relative to
their sector peers.
MSCI EAFE ESG consists of large and
mid cap companies across developed markets countries
around the world, excluding the U.S. and Canada.
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 gross dividends reinvested in
U.S. dollars.
The MSCI ACWI ESG Index is a capitalization weighted
index that provides exposure to companies with high
Environmental, Social and Governance (ESG) performance
The MSCI World ESG Index is a capitalization weighted
index that provides exposure to companies with high Environmental, Social and Governance performance relative to
their sector peers.
The parent index is MSCI World Index,
which consists of large and mid-cap companies in 23
developed markets countries.
The MSCI Emerging Markets Index is a free float-adjusted
market capitalization index that is designed to measure
equity market performance of emerging markets. The
MSCI Emerging Markets Index consists of the following
23 emerging market country indexes: Brazil, Chile, China,
Colombia, Czech Republic, Egypt, Greece, Hungary, India,
Indonesia, Korea, Malaysia, Mexico, Peru, Philippines,
Poland, Qatar, Russia, South Africa, Taiwan, Thailand,
Turkey and United Arab Emirates.
The MSCI Emerging Markets (EM) ESG Index is a
capitalization weighted index that provides exposure to
companies with high Environmental, Social and Governance performance relative to their sector peers. MSCI EM
ESG consists of large and mid cap companies across 23
emerging markets countries.
Important Information for Investors Outside the U.S.
In the United Kingdom, this communication is issued by
Thornburg Investment Management Ltd.
(“TIM Ltd.”) and
approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority
(“FCA”). TIM Ltd. is an appointed representative of Robert
Quinn Advisory LLP.
This material constitutes a financial promotion for the
purposes of the Financial Services and Markets Act
2000 (the “Act”) and the handbook of rules and guidance
issued from time to time by the FCA (the “FCA Rules”).
This material is for information purposes only and does
not constitute an offer to subscribe for or purchase any
financial instrument.
TIM Ltd. neither provides investment
advice to, nor receives and transmits orders from, persons
to whom this material is communicated nor does it carry
on any other activities with or for such persons that constitute “MiFID or equivalent third country business” for the
purposes of the FCA Rules. All information provided is not
warranted as to completeness or accuracy and is subject
to change without notice.
This communication and any investment or service to
which this material may relate does not constitute an offer
or solicitation to invest in the Fund and is exclusively intended for persons who are Professional Clients or Eligible
Counterparties for the purposes of the FCA Rules and
other persons should not act or rely on it.
This communication is not intended for use by any person or entity in
any jurisdiction or country where such distribution or use
would be contrary to local law or regulation.
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.
9/13/16
Thornburg Securities Corporation, Distributor | 2300 North Ridgetop Road | Santa Fe, New Mexico 87506 | 877.215.1330
TH3716
.