TSM - Thornburg Global Opportunities Fund Q1 2025 Commentary

2025-06-04 07:45:00 ET

Summary

• Thornburg Global Opportunities Fund seeks capital appreciation from a focused portfolio of global equity investments.
• The net asset value of the I shares increased +$2.61 per share ($36.17 to $38.78) over Q1’2025.
• We are now in the 19th year of managing Thornburg Global Opportunities Fund.

This letter will highlight the results of the Thornburg Global Opportunities Fund for the twelve-month period ended March 31, 2025. It is published amidst the ongoing developments associated with the Russian war with Ukraine, above target inflation figures in the U.S., Mideast tensions, and government policy uncertainty in the U.S. and elsewhere. The S&P 500 Index and the MSCI All Country World Index reported negative total returns for Q1’2025, though several markets outside the U.S. were positive. The Bloomberg U.S. Aggregate Bond Index was slightly higher for the quarter. In brief, more expensive equities repriced lower due to mounting uncertainty about the impact of U.S. trade policies, many cheaper equities rallied, the U.S. dollar drifted lower, and other rates markets were mixed....

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