Thornburg International Equity Fund Q1 2025 Commentary

2025-06-04 09:20:00 ET

Summary

• In 1Q25, the portfolio (I share class) returned 9.92%, 469 basis points ahead of the MSCI ACWI ex-U.S. Index and 992 basis points ahead of the MSCI EAFE Index.
• On a geographic basis in the first quarter, strong stock selection in Germany and the Netherlands, as well as allocation and selection effects in France, led contributions to relative performance.
• From a sector perspective in the period, sound stock picking and currency effects in financials more than offset a negative allocation effect to lead contributions to relative performance.

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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