- ISIN
- US8852156574
- CUSIP
- 885215657
- Issuer
- Thornburg
- Inception Date
- May 28, 1998
- Category
- Foreign Large Cap Equities
- Min. Investment
- $5,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
TGVAX Performance Chart
Thornburg International Equity Fund (TGVAX) is up 13.4% since the beginning of the year. TGVAX is currently trading at $37 per share. Investors who bought $1,000 worth of TGVAX shares 5 years ago would now be looking at an investment worth $1,644.
Loading charts...
Compare this symbol against anything
Returns By Period
Thornburg International Equity Fund (TGVAX) has returned 13.39% so far this year and 25.40% over the past 12 months. Over the last ten years, TGVAX has returned 10.73% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Thornburg International Equity Fund
- 1D
- 1.87%
- 1M
- 3.01%
- 6M
- 7.62%
- YTD
- 13.39%
- 1Y
- 25.40%
- 3Y*
- 19.37%
- 5Y*
- 10.45%
- 10Y*
- 10.73%
- ALL TIME*
- 8.93%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
TGVAX Monthly Returns History
Based on dividend-adjusted daily data since Jan 4, 1999, TGVAX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Dec 1999 with a return of +18.5%, while the worst month was Oct 2008 at -18.8%. The longest winning streak lasted 12 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TGVAX closed higher 53% of trading days. The best single day was Nov 18, 2021 with a return of +12.8%, while the worst single day was Nov 19, 2021 at -11.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.36% | 6.44% | -8.15% | 5.15% | 2.09% | -0.64% | 3.22% | 13.39% | |||||
| 2025 | 4.68% | 2.33% | 2.54% | 2.84% | 5.10% | 2.46% | -0.03% | 2.50% | 2.86% | 0.87% | 1.03% | 2.42% | 33.81% |
| 2024 | 0.17% | 3.12% | 4.19% | -1.16% | 5.40% | -1.00% | 3.34% | 2.40% | 2.94% | -4.79% | -1.07% | -2.31% | 11.24% |
| 2023 | 8.95% | -4.54% | 3.81% | 1.92% | -3.34% | 4.25% | 3.61% | -3.45% | -4.38% | -2.18% | 7.72% | 3.57% | 15.77% |
| 2022 | -3.35% | -6.05% | -1.86% | -6.52% | 1.52% | -7.32% | 3.39% | -4.65% | -9.46% | 2.53% | 15.82% | -0.14% | -17.04% |
| 2021 | 0.72% | 2.77% | 0.63% | 2.61% | 4.64% | -2.98% | -2.50% | 1.33% | -2.94% | 3.48% | -3.69% | 3.43% | 7.25% |
Benchmark Metrics
Thornburg International Equity Fund has an annualized alpha of 4.79%, beta of 0.63, and R2 of 0.53 versus S&P 500 Index. Calculated based on daily prices since January 04, 1999.
- This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (91.59%) than losses (82.22%) - typical of diversified or defensive assets.
- This fund generated an annualized alpha of 4.79% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.63 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 4.79%
- Beta
- 0.63
- R²
- 0.53
- Upside Capture
- 91.59%
- Downside Capture
- 82.22%
Expense Ratio
TGVAX has a high expense ratio of 1.25%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TGVAX ranks 71 for risk / return — above 71% of mutual funds peers on PortfoliosLab. Its historical combined result is above most peers.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Thornburg International Equity Fund (TGVAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TGVAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.25 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.00 | +0.33 |
| Martin ratioReturn relative to average drawdown | 8.12 | 8.49 | -0.37 |
Dividends
Dividend History
Thornburg International Equity Fund provided a 3.12% dividend yield over the last twelve months, with an annual payout of $1.14 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.14 | $1.14 | $1.73 | $0.54 | $0.36 | $3.70 | $0.82 | $1.54 | $0.28 | $4.22 | $0.39 | $4.49 |
Dividend yield | 3.12% | 3.54% | 6.90% | 2.23% | 1.69% | 14.24% | 2.98% | 6.60% | 1.45% | 17.24% | 1.67% | 18.63% |
Monthly Dividends
The table displays the monthly dividend distributions for Thornburg International Equity Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.75 | $0.40 | $1.14 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.31 | $0.42 | $1.73 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.10 | $0.44 | $0.54 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.36 | $0.36 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.43 | $0.27 | $3.70 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the Thornburg International Equity Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Thornburg International Equity Fund was 56.44%, occurring on Mar 9, 2009. Recovery took 1532 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-56.44%Mar 2009 | 1y 4mo | 6y 1mo | 7y 5moNov 2007 - Apr 2015 | Financial crisis2007–2009 |
-39.96%Oct 2022 | 10mo 27d | 1y 11mo | 2y 10moNov 2021 - Sep 2024 | Bear market2022 |
-35.71%Mar 2003 | 2y 8mo | 9mo 11d | 3y 5moJul 2000 - Dec 2003 | — |
-31.97%Mar 2020 | 2y 1mo | 4mo 15d | 2y 6moJan 2018 - Aug 2020 | COVID crash2020 |
-22.35%Feb 2016 | 8mo 25d | 1y 3mo | 1y 12moMay 2015 - May 2017 | — |
Drawdown Indicators
| TGVAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.44% | -56.78% | +0.34% |
Max Drawdown (1Y)Largest decline over 1 year | -10.34% | -9.10% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -12.00% | -18.90% | +6.90% |
Max Drawdown (5Y)Largest decline over 5 years | -39.96% | -25.43% | -14.53% |
Max Drawdown (10Y)Largest decline over 10 years | -39.96% | -33.92% | -6.04% |
Current DrawdownCurrent decline from peak | 0.00% | -1.58% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -12.40% | -10.70% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.97% | 2.14% | +0.83% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with TGVAX
Add Thornburg International Equity Fund to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with TGVAX