Fund Evaluator:
Thornburg Global Opportunities C (THOCX)
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Best Performing in Global Large-Stock Blend Over the Last Year
| 26.2% | Victory Cornerstone Equity (UCEQX) |
| 24.5% | Destinations Real Assets Z (DRAZX) |
| 23.8% | Victory Capital Growth (USCGX) |
| 23.7% | Destinations Real Assets I (DRAFX) |
| 23.7% | Victory World Equity (USAWX) |
Fund Details
Thornburg Global Opportunities C Overview
Thornburg Global Opportunities C (THOCX) is an actively managed International Equity Global Large-Stock Blend fund. Thornburg launched the fund in 2006.
The investment seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world. The fund pursues its investment goal by investing primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts. It may invest in any stock or other equity security which its investment advisor, Thornburg Investment Management, Inc. ("Thornburg"), believes may assist The fund invests in pursuing its goal, including smaller companies with market capitalizations of less than $500 million.
About Thornburg Global Opportunities C (THOCX)
There are 2 members of the management team with an average tenure of 13.26 years: Brian McMahon (2006), Miguel Oleaga (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: MSCI ACWI NR USD index with a weighting of 100%. Thornburg Global Opportunities C has 47 securities in its portfolio. The top 10 holdings constitute 42.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thornburg Global Opportunities C is part of the Equity global asset class and is within the International Equity fund group. Thornburg Global Opportunities C has 64.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 32.2%. There is 64.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thornburg Global Opportunities C has 3.4% of the portfolio in cash.
Assets Under Management
The fund has $27 million in total assets, which is below the $1 billion average for the Global Large-Stock 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.
THOCX 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 Global Opportunities C expense ratio is high compared to funds in the Global Large-Stock Blend category. Thornburg Global Opportunities C has an expense ratio of 2.16%, which is 106% 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 Global Opportunities C. By way of comparison, the average portfolio turnover is 43% for the Global Large-Stock Blend category.
Recently, in the month of July 2026, Thornburg Global Opportunities C returned 4.0%, which earned it a grade of A, as the Global Large-Stock Blend category had an average return of 0.8%. 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 Global Opportunities C has a trailing yield of 0.12%, which is below the 0.95% category average. The fund normally distributes its income annually 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 Global Opportunities C Grades
Year to date, the fund has returned 12.9%, 3.2 percentage points better than the category, which translates into a grade of A. The fund has returned 30.3% over the past year (grade of A), 21.2% over the past three years (grade of A) and 12.8% per year over the past five years (grade of A) and 12.5% per year over the past 10 years (grade of A).
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THOCX 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 |
|
| THOCX Return (NAV) | 4.0% | 3.9% | 30.3% | 21.2% | 12.8% | 12.5% |
| THOCX Grade | A | C | A | A | A | A |
| +/- Category | 3.2% | 0.2% | 11.5% | 5.9% | 3.9% | 1.8% |
| Global Large-Stock Blend Avg | 0.8% | 3.7% | 18.8% | 15.3% | 8.9% | 10.7% |
| THOCX Tax Cost Ratio | na | na | 1.4% | 1.2% | 1.5% | 1.0% |
THOCX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| THOCX Return (NAV) | 12.9% | 39.5% | 11.7% | 14.9% | -11.0% | 13.6% | 21.4% | 27.4% | -21.5% | 20.7% | 2.9% |
| THOCX Grade | A | A | D | D | A | F | A | B | F | D | F |
| +/- Category | 3.2% | 19.5% | -1.4% | -3.8% | 5.2% | -3.9% | 6.8% | 1.5% | -11.1% | -2.3% | -3.8% |
| Global Large-Stock Blend Avg | 9.8% | 20.1% | 13.2% | 18.8% | -16.2% | 17.5% | 14.6% | 25.9% | -10.4% | 23.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 12.4% |
| Total Risk Index: | 1.01 - Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (49% Rank) |
| Beta: | 0.80 |
| R-Squared: | 66% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.1% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1870 Mil |
| Fund Total Assets: | $ 28 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 20.0 years | |||
| Average Tenure: 13.3 years | |||
| Managers (Year): McMahon Brian (2006), Oleaga Miguel (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 47 |
| % in Top 10 Holdings: | 42.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 64.4% |
Portfolio Allocation |
|
| Domestic Stock: | 32.2% |
| Foreign Stock: | 64.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.4% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | July 28, 2006 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 1.00% |
Expenses and Fees | |
| Expense Ratio (%): | 2.16% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Thornburg Global Opportunities I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
