Thornburg: Disappointing Quarter Offered Discounts on High-Quality Companies

The Thornburg International Value Fund was down 20.94 percent for the third quarter, trailing the performance of its benchmark, the MSCI EAFE Index, which was down 19.01 percent.

"While this was a disappointing quarter, we believe the portfolio is well-positioned to deal with difficult market conditions," managers Bill Fries, Wendy Trevisani and Lei Wang wrote in their quarterly commentary. The decline in global markets provided an opportunity to purchase stock of high-quality companies at a substantial discount, they noted.

The managers sold several European companies whose outlook dimmed amid the ongoing Greek debt crisis. They purchased stock in several European companies that are positioned to do well in the global marketplace.

To read their full letter, click here.

Thornburg International Value is a component of the Bradway Strategic Portfolio, which consists primarily of investments with top money managers.