Thornburg International Growth Fund Q4 2025 Commentary

Thornburg Investment Management16 FollowersFollow5ShareSavePlay(8min)CommentsSummaryInternational equities posted strong returns in the fourth quarter of 2025, shaped by a notable inflection in U.S. monetary policy and diverging central-bank paths elsewhere.In 4Q25 the portfolio (I share class) returned -1.6%, -416 basis points behind the MSCI ACWI ex-U.S. Growth Index.Strong stock picking in the U.K., an overweight to Taiwan and an underweight to Australia led relative performance in the fourth quarter.Over the course of 2025, we increased exposure to financials, reflecting improving earnings visibility and attractive risk-reward profiles.The portfolio remains constructive on the AI investment cycle and selectively increased exposure to the high-bandwidth memory ecosystem.

Getty Images Market Review International equities posted strong returns in the fourth quarter of 2025, shaped by a notable inflection in U.S. monetary policy and diverging central-bank paths elsewhere, amid persistent geopolitical risk. In December, the Federal Reserve delivered its second rate cut ofThis article was written byThornburg Investment Management16 FollowersFollowThornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity, and alternatives investing, the firm oversees mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, NM. Note: This account is not managed or monitored by Thornburg Investment Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Thornburg Investment Management's official channels.