Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 12/13/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
9.3%
1 yr return
11.5%
3 Yr Avg Return
0.1%
5 Yr Avg Return
8.3%
Net Assets
$545 M
Holdings in Top 10
31.2%
Expense Ratio 2.82%
Front Load N/A
Deferred Load 1.00%
Turnover N/A
Redemption Fee N/A
Standard (Taxable)
$5,000
IRA
$2,000
Fund Type
Open End Mutual Fund
Name
As of 12/13/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The Fund pursues its investment goal by investing primarily in a broad range of foreign equity securities or depositary receipts of foreign equity securities. When considering investments for the Fund, the Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), combines fundamental research on issuers with analysis of significant environmental, social and governance (“ESG”) characteristics, which Thornburg defines as those ESG factors that may materially affect an issuer’s risk and return profile and, accordingly, the issuer’s long-term investment performance.
The Fund may invest in any stock or other equity security which Thornburg believes may assist the Fund in pursuing its goal, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. The Fund may also invest in developing country companies.
Thornburg intends to invest on an opportunistic basis where the Fund’s portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time.
The Fund categorizes its equity investments in the following three categories:
Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.
Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends.
Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.
Inclusion of any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.
The Fund’s investments are determined by individual issuer and industry analysis. Investment decisions also include consideration of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities.
The Fund seeks to invest in companies which in Thornburg’s view are trading at discount to their intrinsic value and also demonstrate one or more significant positive ESG characteristics. Through Thornburg’s fundamental research process, Thornburg evaluates each potential investment based on a variety of factors, including traditional investment criteria such as the company’s ability to effectively allocate capital, willingness to pay dividends and repurchase shares, ability to sustain a competitive advantage, and ability to grow its core business. As part of its research process for the Fund’s investments, Thornburg also assesses each issuer’s ESG characteristics, focusing on those ESG characteristics which Thornburg believes are significant insofar as they are expected to materially affect the issuer’s investment performance. The specific ESG characteristics which Thornburg determines to be significant will vary over time and among different financial sectors and industries, but will generally include the following:
•Environmental characteristics, such as an issuer’s emissions and energy management practices;
•Social capital characteristics, such as an issuer’s data security and privacy practices;
•Human capital characteristics, such as an issuer’s labor practices;
•Business model and innovation characteristics, such as an issuer’s supply chain management practices; and
•Leadership and governance characteristics, such as an issuer’s practices toward managing legal and regulatory risks.
While Thornburg makes its own judgments about the ESG characteristics of each investment, Thornburg’s approach may be informed by third party data and other research tools, including consideration of the list of material ESG factors established by the Sustainability Accounting Standards Board.
Market observers differ in their perspectives and understanding of the importance of ESG factors to investment decisions. In its evaluation of potential investments, Thornburg may identify as significant certain ESG characteristics that are different from the characteristics that other investors may consider significant. Thornburg consequently may not consider the same ESG characteristics that other investors might consider in evaluating a potential investment. Similarly, Thornburg may assess the significance of ESG characteristics differently than some other investors, assigning either greater or lesser emphasis to a characteristic than another investor might assign.
The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.3% | -3.4% | 32.4% | 23.85% |
1 Yr | 11.5% | -1.8% | 38.8% | 31.75% |
3 Yr | 0.1%* | -13.6% | 48.1% | 90.42% |
5 Yr | 8.3%* | -34.2% | 74.9% | 5.09% |
10 Yr | N/A* | 1.2% | 32.4% | N/A |
* Annualized
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.8% | -1.4% | 22.0% | 80.38% |
2022 | -19.0% | -43.6% | 71.3% | 67.52% |
2021 | 3.7% | -28.5% | 18.9% | 59.67% |
2020 | 26.7% | -90.1% | 992.1% | 2.17% |
2019 | 21.4% | -1.9% | 38.8% | 29.79% |
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 9.3% | -3.4% | 32.4% | 23.85% |
1 Yr | 11.5% | -1.8% | 38.8% | 31.75% |
3 Yr | 0.1%* | -13.6% | 48.1% | 90.42% |
5 Yr | 8.3%* | -34.2% | 74.9% | 5.09% |
10 Yr | N/A* | 1.2% | 32.4% | N/A |
* Annualized
Period | TBWCX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.3% | 3.2% | 23.8% | 93.25% |
2022 | -19.0% | -43.6% | 144.8% | 85.60% |
2021 | 19.4% | -22.6% | 56.0% | 0.98% |
2020 | 26.7% | -89.7% | 1010.8% | 2.51% |
2019 | 21.5% | 4.3% | 38.8% | 63.65% |
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Net Assets | 545 M | 3.3 M | 425 B | 59.28% |
Number of Holdings | 57 | 1 | 10481 | 77.69% |
Net Assets in Top 10 | 179 M | 1.01 M | 47.5 B | 48.52% |
Weighting of Top 10 | 31.18% | 4.6% | 147.7% | 26.69% |
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Stocks | 99.26% | 0.00% | 102.63% | 10.45% |
Cash | 0.74% | 0.00% | 44.84% | 81.28% |
Other | 0.00% | -2.12% | 47.54% | 46.96% |
Preferred Stocks | 0.00% | -0.05% | 6.89% | 72.54% |
Convertible Bonds | 0.00% | 0.00% | 4.18% | 42.72% |
Bonds | 0.00% | 0.00% | 95.29% | 45.71% |
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Technology | 22.37% | 0.00% | 36.32% | 0.48% |
Industrials | 21.76% | 5.17% | 99.49% | 5.12% |
Consumer Defense | 13.36% | 0.00% | 32.29% | 10.08% |
Financial Services | 12.85% | 0.00% | 47.75% | 92.16% |
Consumer Cyclical | 10.05% | 0.00% | 36.36% | 60.16% |
Healthcare | 8.89% | 0.00% | 20.35% | 84.32% |
Basic Materials | 8.63% | 0.00% | 23.86% | 39.36% |
Communication Services | 1.10% | 0.00% | 21.69% | 98.24% |
Utilities | 1.00% | 0.00% | 13.68% | 75.84% |
Real Estate | 0.00% | 0.00% | 14.59% | 85.28% |
Energy | 0.00% | 0.00% | 16.89% | 96.80% |
Weighting | Return Low | Return High | TBWCX % Rank | |
---|---|---|---|---|
Non US | 75.75% | 0.00% | 99.44% | 84.09% |
US | 23.52% | 0.00% | 102.01% | 7.96% |
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 2.82% | 0.01% | 19.62% | 5.00% |
Management Fee | 0.97% | 0.00% | 1.65% | 97.33% |
12b-1 Fee | 1.00% | 0.00% | 1.00% | 90.49% |
Administrative Fee | 0.10% | 0.01% | 1.00% | 62.32% |
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | 1.00% | 1.00% | 4.00% | 55.56% |
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
TBWCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 247.00% | 71.92% |
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.35% | 0.00% | 17.49% | 93.76% |
TBWCX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
TBWCX | Category Low | Category High | TBWCX % Rank | |
---|---|---|---|---|
Net Income Ratio | -0.77% | -0.93% | 6.38% | 99.68% |
TBWCX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Dec 14, 2023 | $0.064 | OrdinaryDividend |
Nov 18, 2021 | $2.863 | OrdinaryDividend |
Dec 20, 2019 | $0.010 | OrdinaryDividend |
Dec 21, 2018 | $0.038 | OrdinaryDividend |
Nov 15, 2018 | $0.461 | CapitalGainShortTerm |
Nov 15, 2018 | $0.504 | CapitalGainLongTerm |
Nov 17, 2017 | $0.302 | CapitalGainShortTerm |
Nov 17, 2017 | $0.069 | CapitalGainLongTerm |
Sep 22, 2017 | $0.001 | OrdinaryDividend |
Jun 23, 2017 | $0.072 | OrdinaryDividend |
Nov 18, 2016 | $0.695 | CapitalGainShortTerm |
Sep 26, 2016 | $0.053 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jan 15, 2021
1.37
1.4%
Lei Wang is portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as an associate for Deutsche Bank as well as for Enso Capital Management. He has also worked as a bank supervision manager at China’s central bank.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 30.35 | 6.32 | 3.25 |
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