Fund Evaluator:
Thornburg Better World International A (TBWAX)
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Best Performing in Foreign Large Blend Over the Last Year
| 35.2% | AB International Strat Eqs Z (STEZX) |
| 32.9% | NYLI WMC International Research Eq Cl I (MYIIX) |
| 31.4% | Nationwide Bailard Intl Eqs M (NWHLX) |
| 31.2% | Goldman Sachs Intl Eq Insghts Inv (GCITX) |
| 31.2% | Vanguard International Core Stock Adm (VZICX) |
Fund Details
Thornburg Better World International A Overview
Thornburg Better World International A (TBWAX) is an actively managed International Equity Foreign Large Blend fund. Thornburg launched the fund in 2015.
The investment seeks long-term capital appreciation. The fund pursues its investment goal by investing primarily in a broad range of foreign equity securities or depositary receipts of foreign equity securities. Under normal circumstances, it invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in issuers that the fund’s investment advisor, Thornburg Investment Management, Inc. (‘Thornburg’), has determined exhibit one or more significant and positive environmental, social and governance (“ESG”) characteristics.
About Thornburg Better World International A (TBWAX)
There are 2 members of the management team with an average tenure of 4.02 years: Lei Wang (2021), Brian Burrell (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI Ex USA NR USD index with a weighting of 100%. Thornburg Better World International A has 52 securities in its portfolio. The top 10 holdings constitute 36.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Thornburg Better World International A is part of the Equity global asset class and is within the International Equity fund group. Thornburg Better World International A has 86.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 6.4%. There is 86.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.5% (3.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thornburg Better World International A has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $42 million in total assets, which is below the $2 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TBWAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thornburg Better World International A expense ratio is high compared to funds in the Foreign Large Blend category. Thornburg Better World International A has an expense ratio of 1.42%, which is 51% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Thornburg Better World International A. By way of comparison, the average portfolio turnover is 62% for the Foreign Large Blend category.
Recently, in the month of July 2026, Thornburg Better World International A returned 4.1%, which earned it a grade of A, as the Foreign Large Blend category had an average return of 0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Thornburg Better World International A has a trailing yield of 1.01%, which is below the 2.17% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thornburg Better World International A Grades
Year to date, the fund has returned 6.9%, 4.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 15.2% over the past year (grade of F), 11.2% over the past three years (grade of F) and 5.0% per year over the past five years (grade of F) and 9.9% per year over the past 10 years (grade of B).
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TBWAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TBWAX Return (NAV) | 4.1% | 4.5% | 15.2% | 11.2% | 5.0% | 9.9% |
| TBWAX Grade | A | C | F | F | F | B |
| +/- Category | 3.4% | 0.1% | -9.0% | -4.7% | -3.4% | 0.8% |
| Foreign Large Blend Avg | 0.7% | 4.4% | 24.2% | 15.9% | 8.4% | 9.1% |
| TBWAX Tax Cost Ratio | na | na | 0.3% | 0.3% | 1.1% | 1.2% |
TBWAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TBWAX Return (NAV) | 6.9% | 23.5% | 6.5% | 12.1% | -18.5% | 20.4% | 25.8% | 23.7% | -14.3% | 21.9% | 6.8% |
| TBWAX Grade | F | F | B | F | D | A | A | B | B | F | A |
| +/- Category | -4.7% | -7.0% | 1.7% | -4.1% | -2.1% | 10.2% | 14.0% | 0.8% | 0.9% | -4.5% | 5.8% |
| Foreign Large Blend Avg | 11.6% | 30.5% | 4.9% | 16.2% | -16.4% | 10.2% | 11.8% | 22.9% | -15.2% | 26.4% | 1.0% |
| Risk Measures | |
| Standard Deviation: | 11.9% |
| Total Risk Index: | 0.97 - Average |
| Category Risk Index: | 0.92 - Low |
| Category Risk Grade: | A (8% Rank) |
| Beta: | 0.78 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $477 Mil |
| Fund Total Assets: | $ 42 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.5 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Wang Lei (2021), Burrell Brian (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 36.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 86.6% |
Portfolio Allocation |
|
| Domestic Stock: | 6.4% |
| Foreign Stock: | 86.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.5% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.5% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | September 30, 2015 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.42% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | Thornburg Better World International I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
