At a glance
TXUE charges 0.65% a year, above the 0.1% average of the 6 funds most like it (the most expensive of 7). It has $558.0M in assets, the 7th largest of that group; it paid 0.98% of its price in distributions over the past 12 months, annual. Over the past year it returned +14.2% with distributions reinvested (S&P 500: +11.5%), 2nd of those 7 funds. Its ten largest positions make up 32.9% of the fund, out of 50 in all.
The short version
Thornburg International Equity ETF (TXUE) is an actively managed fund. Thornburg Investment Management picks a focused portfolio of about 50 stocks of companies in developed markets outside the US, looking for businesses it believes the market undervalues. Its 0.65% expense ratio is far above the 0.10% average of similar funds, which are mostly low-cost index funds. Its record is short, because it began trading in January 2025.
Price history
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TXUE +14.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TXUE price data to Oct 27, 2026 | +10.8% | +14.2% | — | — | — | +20.7% |
- Over the year to Oct 27, 2026, TXUE returned +14.2%, 2nd of 7 among similar funds.
- The deepest fall in its price history was 12.9% (Mar 19, 2025 to Apr 7, 2025), recovered by Apr 29, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Aug 31, 2026, the fund held 50 securities; the ten largest made up 32.93% of assets.
| Holding | Weight | |
|---|---|---|
| Thornburg Capital Management Fund | 5.93% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.43% | |
| BNP Paribas SA | 3.36% | |
| Mitsubishi UFJ Financial Group Inc | 3.14% | |
| ING Groep NV | 2.99% | |
| Siemens AG | 2.87% | |
| NN Group NV | 2.87% | |
| Orange SA | 2.87% | |
| TotalEnergies SE | 2.78% | |
| AstraZeneca PLC | 2.68% | |
| Sony Group Corp | 2.64% | |
| Hitachi Ltd | 2.52% | |
| E.ON SE | 2.51% | |
| Roche Holding AG | 2.49% | |
| Freeport-McMoRan Inc | 2.46% |
By country
France 18.59%Japan 14.42%Germany 12.62%United States 10.54%Netherlands 7.45%By asset type
Stocks 100.3%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $51.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.75%, +4.77%, +0.75%.
How it works
TXUE does not track an index. Thornburg's managers choose the holdings. Under normal conditions, at least 80% of the fund's net assets go into stocks of non-US companies in developed markets, or into depositary receipts. Depositary receipts are certificates, traded on an exchange, that represent shares of a foreign company. The fund can buy companies of any size but expects to hold mostly large ones.
The managers study one company at a time, an approach called bottom-up analysis. They look for businesses with sound fundamentals at times when they believe the market has not recognized the company's full value. That can mean buying stocks that are out of favor. The fund aims for 40 to 60 holdings spread across countries and sectors. It is classified as non-diversified, so it can put more of its money into fewer companies than a diversified fund. There is no fixed rebalancing schedule. The managers set position sizes themselves. Portfolio turnover was 11.62%, which means the fund replaced only a small share of its holdings over the period.
Most of the stocks are priced in foreign currencies, so swings in exchange rates affect returns. The fund may use currency forwards to hedge that exposure, but its August 31, 2026 report showed no derivatives. Thornburg can change the fund's objective without a shareholder vote, and it can change the 80% policy with 60 days' notice.
What it really costs
- TXUE charges 0.65% a year, versus an average of 0.1% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TXUE | $66 | $208 | $362 | $810 |
In a retirement portfolio
It adds a hand-picked basket of non-US developed-market stocks, mostly from France, Japan and Germany, to a portfolio that may lean heavily on US companies.
TXUE could offset a US-heavy portfolio with companies such as BNP Paribas, Mitsubishi UFJ Financial Group and Siemens. Its record is short. The fund launched in January 2025, so it has no history in the 2008, 2020 or 2022 sell-offs, and it has not yet completed a full calendar year with a recorded return. Its deepest drop was 12.9%, from March 19 to April 7, 2025, and it had recovered by April 29, 2025. One quick rebound says little about a long bear market. That matters for anyone who may need to sell shares in a bad year. Income is small: the trailing yield was 0.98% as of October 27, 2026, and the fund pays once a year. The 0.65% expense ratio is well above the 0.10% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an active, value-focused manager choosing developed-market stocks outside the US instead of a broad index fund.
- Those comfortable with a focused portfolio of about 50 stocks, heavy in France, Japan and Germany, including banks such as BNP Paribas and ING.
- Holders willing to pay 0.65% a year for Thornburg's stock picks, compared with 0.04% to 0.32% for the similar funds listed.
Look elsewhere if
- Cost-focused investors: broad international index funds such as VEU (0.04%) or SCHF (0.06%) charge a small fraction of TXUE's fee.
- Anyone who wants a long track record: TXUE launched in January 2025 and has not been through a major bear market.
- Investors seeking steady income: the trailing yield was 0.98% as of October 27, 2026, paid in a single annual distribution.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TXUE this fund | — | 0.65% | $558.0M | +14.2% | — |
| EFA iShares MSCI EAFE ETF | 19% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 16% | 0.07% | $190.11B | +13.7% | +18.5% |
| SCHF Schwab International Equity ETF | 14% | 0.06% | $69.68B | +17.7% | +20.4% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 14% | 0.04% | $95.84B | +13.4% | +20.6% |
| IXUS iShares Core MSCI Total International Stock… | 14% | 0.07% | $58.39B | +13.8% | +19.5% |
| VXUS Vanguard Total International Stock ETF | 13% | 0.05% | $645.86B | +12.9% | +20.3% |
Questions investors ask
Is TXUE good for retirement?
TXUE could serve as the international part of a retirement portfolio, but its record is short. It launched on January 22, 2025, so it hasn't been through a long bear market. Its deepest drop so far was 12.9%, from March 19 to April 7, 2025, and it recovered by April 29, 2025. The fund is also small, with $558 million in net assets as of August 31, 2026. Its prospectus warns that a fund this size could be closed without a shareholder vote.
What's the difference between TXUE and EFA?
TXUE is actively managed: Thornburg picks about 50 stocks it considers undervalued. EFA, from iShares, is an index fund tied to the MSCI EAFE Index. It is far larger, with $78 billion in net assets as of July 31, 2026. The two funds share only 19% of their holdings. EFA charges 0.32% a year, compared with 0.65% for TXUE. Over one year, TXUE returned 14.2% through October 27, 2026, and EFA returned 12.9% through October 30, 2026.
How often does TXUE pay dividends?
TXUE pays dividends once a year. Over the trailing 12 months it paid $0.34 per share, a yield of 0.98% as of October 27, 2026. The yield is low because the fund aims for long-term growth, not income. Investors who rely on regular cash from their holdings would need to plan around one payment a year, and the amount can change from year to year.
What are TXUE's top holdings?
As of August 31, 2026, TXUE held 50 positions, and its 10 largest made up 32.93% of the fund. The biggest was Thornburg Capital Management Fund, another Thornburg fund, at 5.9%. Next came Taiwan Semiconductor Manufacturing (3.4%), BNP Paribas (3.4%), Mitsubishi UFJ Financial Group (3.1%), ING Groep (3.0%) and Siemens (2.9%). By country, France led at 18.6%, followed by Japan at 14.4% and Germany at 12.6%.
What is TXUE's expense ratio?
TXUE's expense ratio is 0.65%, according to its prospectus filed December 29, 2025. All of it is the management fee. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, costs would total about $66 after one year, $362 after five years and $810 after ten years. TXUE is the most expensive of the seven similar funds compared. Their average is 0.10%, and Vanguard's VEU charges 0.04%.