LRLCY - Thornburg Better World International Fund Q1 2025 Commentary

2025-06-03 11:35:00 ET

Summary

• In 1Q25, the portfolio (I share class) returned 4.24%, -99 basis points behind the MSCI ACWI ex-U.S. Index.
• From a sector perspective, the portfolio’s leading contributors to performance were utilities and financials, where the underweight allocation hurt but was handily offset by strong stock picking and currency effects.
• By geography, relative returns were led by an underweight and zero-weight allocations, respectively, to Taiwan and India, along with an overweight allocation and strong stock picking in Hong Kong.

Market Review

Let’s acknowledge the shared challenges faced by both portfolio managers and clients as we navigate today’s volatile market landscape. With headlines dominated by inflation concerns, recession fears, and tariff tensions, it is no surprise investors are feeling uneasy. Uncertainty causes doubt. Yet, it is precisely in these moments of uncertainty that opportunities emerge, especially in international markets....

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