Thornburg American Opportunities Fund

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About TAOZ

TheFund expects to invest primarily in domestic equity securities (primarily common stocks) using the value criteria described below.However, the Fund may own a variety of securities, including foreign equity securities, partnership interests and foreign anddomestic debt obligations which, in the opinion of the Fund’s investment advisor, Thornburg, offer prospects for meetingthe Fund’s investment goals. Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amountof any borrowings for investment purposes, in equity investments that are tied economically to the United States. Thornburgintends to invest on an opportunistic basis where the Fund’s portfolio managers believe a company’s intrinsic valueis not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversifiedportfolio of stocks the Fund categorizes as basic values, consistent earners or emerging franchises, when the portfolio managersbelieve these issues are priced below Thornburg’s assessment of intrinsic value. The relative proportions of securitiesinvested in each of those categories will vary over time. The Fund seeks to invest in promising companies, and may invest in stockssubject to unfavorable market perceptions of the company or industry fundamentals. The Fund may invest in companies of any size,but expects to invest primarily in large capitalization publicly traded companies. TheFund’s investments are determined by individual issuer and industry analysis. Investment decisions may be based on a varietyof factors, including, without limitation, economic developments, outlooks for securities markets, interest rates and inflation,the supply and demand for securities, and analysis of specific issuers. TheFund categorizes its equity investments in the following three categories: BasicValue: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivityand/or higher volatility in earnings and cash flow. ConsistentEarner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends. EmergingFranchise: Companies with the potential to grow at an above average rate because of a product or service that is establishinga new market and/or taking share from existing participants. Inclusionof any investment in any of the three described categories represents the opinion of Thornburg concerning the characteristicsand prospects of the investment. There is no assurance that any company selected for investment will, once categorized in oneof the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburghad for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size. TheFund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditionsor business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for theinvestment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achievethe Fund’s investment goals. Debtobligations may be considered for investment if Thornburg believes them to be more attractive than equity alternatives, or tomanage risk. The Fund may purchase debt obligations of any maturity and of any credit quality, including “high yield”or “junk” bonds. There is no minimum credit quality or rating of debt obligation the Fund may purchase. TheFund’s policy of investing, under normal conditions, at least 80% of its net assets, plus the amount of any borrowings forinvestment purposes, in equity investments that are tied economically to the United States may be changed by the Fund’sTrustees without a shareholder vote upon 60 days’ notice to shareholders. The Fund considers an equity investment to be“tied economically” to the United States if, at the time of purchase, Thornburg believes the issuer: (i) is organizedunder the laws of the United States or under the laws of a state within the United States or maintains a principal place of businessin the United States; (ii) is traded principally in the United States; (iii) has or will derive at least 50% of its profits, revenues,sales, or income from goods produced or sold, investments made, or services performed in the United States, or has at least 50%of its assets in the United States, even if it also has significant economic exposures to countries other than the United States;or (iv) is a component of any unaffiliated index intended to represent all or a segment of the United States equity markets. Theapplication of these factors is inevitably complex and subjective. Companies may be determined to be tied economically to theUnited States even if it may be economically tied to a number of other countries. TheFund's ETF Class operates as an actively managed exchange-traded fund (“ETF”). 

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