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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sono Group NV | NASDAQ:SEV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.207 | 0.211 | 0.2138 | 0 | 01:00:00 |
Thornburg International
Value Fund
February 1, 2013
Class R3: TGVRX Class R4: THVRX Class R5: TIVRX Class R6: TGIRX
Click here to view the Funds Prospectus or Statement of Additional Information.
Before you invest, you may want to review the Funds Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. You can find the Funds Prospectus, SAI and other information about the Fund online at www.thornburg.com/download. You can also get this information at no cost by calling 800.847.0200 or by sending an e-mail request to info@thornburg.com. The current Prospectus and SAI, dated February 1, 2013, are incorporated by reference into this Summary Prospectus.
Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, dividends and distributions are reinvested, and that the Funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions (and giving effect to fee waivers and expense reimbursements in the first year), your costs would be:
1 Year | 3 Years | 5 Years | 10 Years | |||||
Class R3 Shares |
$148 | $490 | $857 | $1,888 | ||||
Class R4 Shares |
$127 | $439 | $773 | $1,718 | ||||
Class R5 Shares |
$101 | $330 | $578 | $1,288 | ||||
Class R6 Shares |
$78 | $243 | $422 | $942 |
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over) its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 17.86% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in foreign securities or depository receipts of foreign securities. The Fund may invest in developing countries, but under normal conditions those investments are expected to comprise a smaller proportion of the Fund than investments in developed countries.
The Funds investment advisor, Thornburg Investment
Management, Inc. (Thornburg), intends to invest on an opportunistic basis where the Funds 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 classified 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 seeks to invest in promising companies, and may invest in stocks that reflect unfavorable market perceptions of the company or industry fundamentals. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies.
Thornburg primarily uses individual issuer and industry analysis to make investment decisions. Value, for purposes of the Funds selection criteria, may consider both current and projected measures. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:
profitability |
undervalued assets |
|
price/earnings ratio |
earnings growth potential |
|
price/book value ratio |
industry growth characteristics |
|
price/cash flow ratio |
industry leadership |
|
debt/capital ratio |
franchise value |
dividend characteristics |
potential for favorable developments |
|
security and consistency of revenues |
EBIT (earnings before interest and taxes)/ interest expense ratio |
|
EV (enterprise value)/ EBITDA (earnings before interest, taxes, depreciation and amortization) ratio |
The Fund classifies its equity investments in the following three categories:
Basic Value: Companies which, in Thornburgs opinion, are financially sound with well established businesses selling at low valuations relative to the companies net assets or potential earning power.
Consistent Earner: Companies which normally exhibit steady earnings growth, cash flow characteristics and/or dividend growth. These companies may have above average profitability measures and normally sell at above average valuations.
Emerging Franchise: Companies which, in Thornburgs opinion, are in the process of establishing a leading position in a product, service or market with the potential to grow at an above average rate. Under normal conditions, the proportion of the Fund invested in this category will be lower than the other categories.
Debt obligations may be considered for investment if Thornburg believes them to be more attractive than equity alternatives, or to manage risk. The Fund may purchase debt obligations of any maturity and of any credit quality. There is no minimum credit quality or rating of debt obligation the Fund may purchase.
Principal Investment Risks
An investment in the Fund is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Accordingly, the loss of money is a risk of investing in the Fund. The value of the Funds shares varies from day to day and over time, and when you sell your shares they may be worth less than what you paid for them. The following is a summary of the principal risks of investing in the Fund.
Management Risk The Fund is an actively managed portfolio, and the value of the Fund may be reduced if Thornburg pursues unsuccessful investments or fails to correctly identify risks affecting the broad economy or specific issuers in which the Fund invests.
Market and Economic Risk The value of the Funds investments may decline and its share value may be reduced due to changes in general economic and market conditions. The value of a security may change in response to developments affecting entire economies, markets or industries, including changes in interest rates, political and legal developments, and general market volatility.
Risks Affecting Specific Issuers The value of an equity security or debt obligation may decline in response to developments affecting the specific issuer of the security or obligation, even if the overall industry or economy is unaffected. These developments may include a variety of factors, including but not limited to management issues or other corporate disruption, a decline in revenues
2 Thornburg International Value Fund February 1, 2013 | For the Funds Prospectus or SAI , visit www.thornburg.com/download |
or profitability, an increase in costs, or an adverse effect on the issuers competitive position.
Foreign Investment Risk Investments in securities of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. These risks may be more pronounced for investments in developing countries because the economies of those countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and developing countries ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of a developing country issuer may be extremely volatile. An issuer domiciled in a developed country may be similarly affected by these developing country risks to the extent that the issuer conducts a significant percentage of its business in developing countries.
Smaller Company Risk Investments in smaller companies may involve additional risks because of limited product lines, limited access to markets and financial resources, greater vulnerability to competition and changes in markets, lack of management depth, increased volatility in share price, and possible difficulties in valuing or selling the investments.
Credit Risk If debt obligations held by the Fund are downgraded by ratings agencies or go into default, or if management action, legislation or other government action reduces the ability of issuers to pay principal and interest when due, the value of those debt obligations may decline and the Funds share value and any dividends paid by the Fund may be reduced. Because the ability of an issuer of a lower-rated or unrated debt obligation to pay principal and interest when due is typically less certain than for an issuer of a higher-rated debt obligation, lower-rated and unrated debt obligations are generally more vulnerable than higher-rated debt obligations to default, to ratings downgrades, and to liquidity risk.
Interest Rate Risk When interest rates increase, the value of the Funds investments in debt obligations may decline and the Funds share value may be reduced. This effect is typically more pronounced for intermediate and longer-term debt obligations. Decreases in market interest rates may result in prepayments of debt obligations the Fund acquires, requiring the Fund to reinvest at lower interest rates.
Liquidity Risk Due to a lack of demand in the marketplace or other factors, the Fund may not be able to sell some or all of the investments promptly, or may only be able to sell investments at less than desired prices.
Additional information about Fund investments, investment strategies, and risks of investing in the Fund appears beginning on page 38 of the Prospectus.
Past Performance of the Fund
The following information provides some indication of the risks of investing in International Value Fund by showing how the Funds investment results vary from year to year. The bar chart shows how the annual total returns for Class R3 shares vary in each full year shown. The average annual total return figures compare Class
R3, Class R4, Class R5 and Class R6 share performance to the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index, a broad measure of market performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The performance information shown below is as of the calendar year ended December 31, 2012. Updated performance information may be obtained on the Thornburg website at www.thornburg.com or by calling 1-800-847-0200.
Highest quarterly results for time period shown: 22.73%
(quarter ended 6-30-09).
Lowest quarterly results for time period shown: - 20.95%
(quarter ended 9-30-11).
Average Annual Total Returns (periods ended 12-31-12)
Class R3 Shares | 1 Year | 5 Years |
Since
Inception (7-1-03) |
|||
Return Before Taxes |
15.18% | -2.91% | 9.93% | |||
Return After Taxes on Distributions |
14.79% | -3.21% | 9.36% | |||
Return After Taxes on Distributions
and Sale of Fund Shares |
9.84% | -2.63% | 8.59% | |||
EAFE Index
(reflects no deduction
|
17.32% | -3.69% | 7.65% | |||
Class R4 Shares | 1 Year | 5 Years |
Since
Inception (2-1-07) |
|||
Return Before Taxes |
15.40% | -2.72% | 1.61% | |||
EAFE Index
(reflects no deduction
|
17.32% | -3.69% | -1.71% | |||
Class R5 Shares | 1 Year | 5 Years |
Since
Inception (2-1-05) |
|||
Return Before Taxes | 15.74% | -2.46% | 7.06% | |||
EAFE Index
(reflects no deduction
|
17.32% | -3.69% | 3.79% | |||
Class R6 Shares |
Since Inception (5-1-12) |
|||||
Return Before Taxes | 4.63% | |||||
EAFE Index
(reflects no deduction
for fees, expenses, or taxes) |
12.48% |
After-tax returns are calculated using the highest historical individual federal marginal income tax rates, and do not reflect state or local income taxes. Actual after-tax returns depend on an investors own tax situation and may differ from the returns shown. After-tax returns are not relevant to persons or accounts (such as qualified retirement plans) not subject to federal income tax.
Thornburg International Value Fund February 1, 2013 | For the Funds Prospectus or SAI , visit www.thornburg.com/download 3 |
Management
Investment Advisor: Thornburg Investment Management, Inc.
Co-Portfolio Managers:
William V. Fries, CFA , a managing director of Thornburg Investment Management, Inc., has been one of the persons primarily responsible for management of the Fund since its inception.
Wendy Trevisani, a managing director of Thornburg Investment Management, Inc., has been one of the persons primarily responsible for management of the Fund since 2006.
Lei Wang, CFA , a managing director of Thornburg Investment Management, Inc., has been one of the persons primarily responsible for management of the Fund since 2006.
Purchase and Sale of Fund Shares
Eligible employer-sponsored retirement plans wishing to make Class R3, Class R4, Class R5 or Class R6 shares available to plan participants should contact a financial intermediary authorized to sell shares of the Funds. As a participant in an employer-sponsored retirement plan which makes Class R3, Class R4, Class R5 or Class R6 shares available, you may add shares to your account by contacting your plan administrator. Although the Funds do not currently impose any investment minimums on the purchase of Class R3, Class R4, Class R5 or Class R6 shares, your employer-sponsored retirement plan may establish such minimums. Contact your plan administrator for more information.
Please contact your retirement plan administrator if you wish to sell your Class R3, Class R4, Class R5 or Class R6 shares. Your plan administrator will conduct the transaction for you, or provide you with the means to conduct the transaction yourself.
Tax Information
Fund distributions to qualified retirement plan accounts, and transactions in Fund shares by those accounts, are not generally subject to current federal income tax under existing federal law. Please see Taxes on page 49 of the Prospectus for additional information. Purchasers are cautioned to seek the advice of their own advisors about the tax consequences of contributions to plan accounts and distributions from plan accounts.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund, its investment advisor and/or its distributor may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
Click here to view the Funds Prospectus or SAI . TH2251 |
4 Thornburg International Value Fund February 1, 2013 | For the Funds Prospectus or SAI , visit www.thornburg.com/download |
1 Year Sono Group NV Chart |
1 Month Sono Group NV Chart |
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