Th2763 citywire ucits_presentation_booklet

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The Search for Quality and the Avoidance of Value TrapsPresented by: Vinson Walden, CFA, Portfolio Managerand Chris Elsmark, Senior Advisor, Global Business Development

May 2013

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Thornburg Investment Management, Inc. Page 1

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Thornburg Investment Management, Inc.

This material is for investment professional use only.2

Thornburg Representatives

W. Vinson Walden, CFAPortfolio Manager and Managing Director

19 years investment experience

MBA, Columbia University (U.S.)

BS, Boston University (U.S.)

Chris ElsmarkSenior Advisor, Global Business Development

21 years industry experience

MBA, Cass Business School (U.K)

MA (Hons), University of Edinburgh (U.K.)

Peter Trevisani, CFAManaging Director

16 years experience

MBA, Columbia University (U.S)

BA, Boston College (U.S)

Chris Elsmark is a Director of Copthall Partners, the trading name of United Investment Partners Limited, and is not an employee of Thornburg Investment Management Inc. United Investment Partners Limited is an Appointed Representative of Gallium Fund Solutions Limited, which is authorized and regulated by the Financial Services Authority (FSA).

For further information, please contact Chris Elsmark at chris.elsmark@thornburg.com

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Today’s Presentation

Introduction

The Search for Quality

The Avoidance of Value Traps

Summary

Appendices and Disclaimer

For Institutional and Professional Investors Only. By accepting a copy of this presentation, you agree (a) the information contained herein (the “Information”) is confidential and proprietary to Thornburg Investment Management, Inc. (b) to keep theInformation confidential, (c) not to use the Information for any purpose other than to evaluate Thornburg’s investment management services, and (d) not to distribute the Information to any person other than persons within your organization thatneed to know the information in order to evaluate Thornburg’s services, or to your client that has engaged you to evaluate investment managers, without the written permission of Thornburg Investment Management, Inc.

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Introduction to Thornburg

Key characteristics

Committed to preserving and increasing the real wealth of investors

Fundamental research based on generalist approach

Managing diversified, flexible, focused portfolios

Employee-owned firm managing US$87 billion in assets*

*As of 31 March 2013

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Available Strategies

*Multi-sector Opportunistic strategy is not yet available as a UCITS sub-fund; application to regulators dependent on investor interest.Irish-domiciled UCITS: Thornburg Global Investment plc; As of 31 March 2013

Strategy

Assets in the

Strategy US (mm)

ApproachUCITS

Inception Date

Class IISIN Code

Global OpportunitiesSince August 2006 $636

A focused global equity strategy holding 30-40 positions leveraging our global research capabilities.

30 March 2011 IE00B4QR7893

Global Equity IncomeSince February 2009 $1,316 A yield-oriented global equity strategy

holding 40-60 positions. 29 June 2012 IE00B5V6Q141

Global Ex-U.S.Since May 1998 $46,534

Large cap focused global (ex U.S.) strategy holding 50-75 positions investing in companies selling at a discount to intrinsic value.

30 March 2012 IE00B5LLW880

Investment Income BuilderSince December 2002 $11,680

An equity and bond strategy investing in dividend paying stocks and bonds of diverse credit quality.

29 June 2012 IE00B6YCBF59

Developing WorldSince December 2009 $142

A flexible approach to developing markets targeting long-term capital appreciation, with an emphasis on risk-adjusted return.

TBD IE00B9F8VP30

Multi-Sector Opportunistic*

Since January 2008 $622 Benchmark unconstrained diversified fixed income strategy. TBD N/A

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IntroductionThe Search for QualityThe Avoidance of Value TrapsSummaryAppendices and Disclaimer

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Is the Search for Quality Relevant?

It’s far better to buy a wonderful company at fair price than a fair company at a wonderful price.

Warren Buffett

Photos and quotes are for information only and should not be considered an endorsement, testimonial or recommendation of any product or viewpoint.

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Why Seek Quality Investment Opportunities?

Quality investing has been a successful strategy.

Possible explanations based on empirical evidence and our experience as active portfolio managers

Lower Risk ProfileInvestor Psychology

Avoids being influenced by sell-side research

Avoids reacting to the positive price momentum of low-quality stocks

Avoids behavioural pitfalls when having a strong valuation discipline

Stable returns on capital employed offer good downside protection in volatile markets

Quality companies typically have a greater ability to self-fund growth than highly leveraged rivals

Quality companies have the ability to sustain their returns on capital

Long-Term Perspective

Quality characteristics of companies tend to be persistent over time

Company behaviour is more predictable than market behaviour

Portfolio turnover not driven by short-term results

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Quality is Rewarded (1)

Past performance does not guarantee future results.

Source: MFS White Paper Series – Power Couple - January 2013

Reflects the largest 1,000 companies in the U.S. by market capitalization sorted for each point in the graph into quartiles based on average.

Stocks exhibiting both high-quality and compelling valuation criteria consistently outperformed the broader 1,000 company universe over rolling 5-year periods.

Moreover, the magnitude of outperformance was significantly greater than the magnitude of underperformance.

Empirical evidenceOutperformance of higher-quality companies at compelling valuations

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Empirical support for low debt to assets criteriaCompanies with persistently high profitability have lower leverage

Source: GMO White Paper: Profits for the Long Run: Affirming the Case for Quality – June 2012

For this graph, the 1000 largest companies in the U.S. were sorted for each point in the graph into quartiles based on average.Low Leverage consists of those companies in the quartile with the least leverage.High Leverage consists of those companies in the quartile with the greatest leverage.

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Source: GMO White Paper: Profits for the Long Run: Affirming the Case for Quality – June 2012

For this graph, the 1000 largest companies in the U.S. were sorted for each point in the graph into quartiles based on ROE.Past Low Profits consists of those companies in the quartile with the lowest ROE.Past High Profits consists of those companies in the quartile with the greatest ROE.

Empirical support for high return on equity (ROE) criteriaAffirming the persistency of sustainable and superior profitability

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How We Avoid Value Traps

Extensive use of our “Quality Checklist”, including:

Balance sheet quality

Governance and management quality

Profit quality (cash flow vs. profits)

(Dozens of other checklist items)

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Our Investment Principles

Use focus to manage risk and improve returns

Use flexibility to enhance risk-adjusted returns

Use a proven value-based process

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Use Focus to Manage Risk and Improve Returns

Risk Reduction and Portfolio Size

1 2 4 6 8 10 20 30 40 50 400 500 1000

Number of Stocks in the Portfolio

(1) “You Can Be a Stock Market Genius” by Joel Greenblatt (1999)(2) Chart: “Risk Reduction and Portfolio Diversification: An Analytical Solution” by Edwin Elton and Martin Gruber (Journal of Business, 1977)

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Use Flexibility to Enhance Returns

Top 10 CountriesMSCI Indices

Source: Thornburg Investment Management Country weights are percentages of total equity as of 31 March 2013. Percentages can and do vary. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

United States 46.3%

Canada 8.6%Korea 3.1%

Australia 3.8%Brazil 11.1%

Germany 2.2%

UK 3.5%

Hong Kong 3.7%Switzerland 9.4 %

Netherlands 4.9%

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Use a Proven Value-Based Process

Criteria What to Avoid Our Approach

Quality of Business A short investment timeframe

Overly simplistic in categorising business risk

Is it a good business?

Competitive position

Return on capital

Valuation Relative valuation and market prices

Little assessment of fundamental risks

What is the intrinsic value?

Ultimate free cash flow

Ultimate asset value

Path to Success Eroding fundamental backdrop

Confusing good companies as good investments

What is the resilience of quality?

Realization of intrinsic value

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Thornburg Global Opportunities Fund

*Historic and predictive tracking error are a consequence of stock selection decisions†Due to the limited amount of time since the Fund inception, the U.S. 1940-Act Fund performance is shown.Source: FactSet; As of 31 March 2013

Key Portfolio Attributes

Number of Holdings 35

Concentration Top 10 equals 40% (2% individual positions)

Capitalisation All-cap

Diversification Start with research, not the benchmark

Emerging Markets Max. 30%

Asset Allocation Fully invested (less than 10% cash)

Reference Index MSCI World TR index total return in US$

Tracking Error* Benchmark free; tracking error of 7.04%

5-Yr Beta (A Shares vs. MSCI ACWI)† 1.13

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Performance

Due to the limited amount of time since the UCITS Fund inception, the U.S. 1940-Act Fund performance is shown.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may belower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330.Management fee 1.50%; Maximum total expense ratio is 1.85%.

The Thornburg Global Opportunities Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.

As of 31 March 2013Thornburg Global Opportunities Fund / U.S. 1940-Act Fund

Class A Shares (incep: 28/7/06) YTD 1-Month 1-Year 3-Year 5-Year Inception

Without sales charge 7.95% 3.14% 16.12% 8.56% 3.37% 8.76%

With maximum sales charge 3.08% 10.87% 6.91% 2.42% 8.02%

Class I Shares (incep: 28/7/06) 3.14% 3.14% 16.64% 9.09% 3.89% 9.30%

MSCI AC World Index 6.51% 1.83% 10.56% 7.78% 2.06% 3.64%

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Active Management and Stock Selection

Due to the limited amount of time since the UCITS Fund inception, the U.S. 1940-Act Fund performance is shown.Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may belower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. Management fee 1.50%; Maximum total expense ratio is 1.85%.The Thornburg Global Opportunities Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.

Sector Attribution: Components of Outperformance vs. MSCI ACWI IndexAnnualized Since Inception 28 July 2006 to 31 March 2013

As of 31 March 2013Thornburg Global Opportunities Fund / U.S. 1940-Act Fund

Annualized for periods greater than 1 year Return Since Inception

Class A Shares without Sales Charge 8.76%

Class A Shares with Sales Charge 8.02%

MSCI ACWI Index 3.64%

Outperformance (without Sales Charge) vs. MSCI ACWI Index 5.12%

-0.15%-2.00%

Selection Effect Allocation Effect Currency Effect

0.22%-0.15%

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-30% -20% -10% 0% 10% 20% 30% 40%Glo

MSCI AC World 3-Yr Rolling Returns

Negative Excess Returns

Positive Excess Returns

Zero Excess Return

Providing Value for Our Investors

Thornburg Global Opportunities Fund / U.S. 1940-Act FundAs of 31 March 2013

Due to the limited amount of time since the UCITS Fund inception, the U.S. 1940-Act Fund performance is shown.

Past performance does not guarantee future results. Performance is annualized and given before sales charges. Had the sales charges been taken into account, returns would have been lower.Chart is based on monthly observations.

AverageExcess Return

per annum264 bps

Batting Average

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Summary

Quality and Value are strong drivers of long-term equity returns

The Search for Quality is aided byFlexibility to pursue the best opportunities

Research of entire investment team

Extensive use of our “Quality Checklist”

Our focused, value-oriented approachConcentrated yet diversified portfolio

Flexibility with respect to sector and geography

Significant value added over time

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Appendix

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Case Study: Brasil Foods

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

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Case Study: Brasil Foods

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Earnings and cash flow model

Valuation metrics near other global food companies, despite higher growth

Good reinvestment opportunities

Strong balance sheet

Leading position in domestic processed food

World’s largest poultry exporter

Low cost producer

Strong brands and distribution

Good corporate governance

Quality of Business Valuation

Secular growth in global and domestic demand for processed protein

Organic operational improvement

Platform for additional global expansion

Path to Success

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Brasil Foods vs. MSCI Index

Source: Bloomberg as of 31 March 2013Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Since initial purchase on 05/04/2010Meaningful Outperformance

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Portfolio Characteristics

Source: FactSetDue to the limited amount of time since the Fund inception, the U.S. 1940-Act Fund performance is shown.Country weights are percentages of the total portfolio. Market Cap weights are percentage of equity only. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

By Market Capitalization By Region/Country By Industry/Sector

General Position Limits

Lowest Highest

United States: 26% 48%

Emerging Markets: 5% 33%

# of Sectors 7 9

# of Countries 11 17

Large Cap (>12bl) 34% 60%

Mid Cap (2.5bl-12bl) 10% 32%

Small Cap (<2.5bl) 21% 42%

Single Position (at purchase) 10%

Single Industry 30%

Emerging Markets 30%

Cash 10%

Historical Ranges31 December 2006 – 31 March 2013 At Purchase

Thornburg Global Opportunities Fund / U.S. 1940-Act Fund

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Risk Characteristics

Thornburg Global Opportunities Fund / U.S. 1940-Act Fund vs. MSCI ACWI Index*From Inception 28 July 2006 through 31 March 2013

Source: FactSetDue to the limited amount of time since the Fund inception, the U.S. 1940-Act Fund performance is shown.*All Relative Measures from FactSet vs. MSCI ACWI Index through 31 March 13

Annualized Alpha 5.00

Beta 1.14

Sharpe Ratio 0.44

Tracking Error 6.92%

R-Squared 91.82

Information Ratio 0.97

Up Capture 126%

Down Capture 109%

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Sector WeightsThornburg Global Opportunities Fund vs. MSCI ACWI IndexAs of 31 March 2013

Source: FactSetSector weights are percentages of the total portfolio.

20% 20%

9% 8%6% 5%

12%11%

10% 10% 11% 10%

25%Global Opportunities Fund MSCI ACWI Index

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Top 10 Holdings

Source: Advent/APX; As of 28 February 2013

Company Background % of Portfolio

Valeant Pharmaceuticals International Inc.

Valeant is a multi-national specialty pharmaceutical company based in Montreal, Canada. Valeant develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology, branded generics and over the counter (OTC) drugs. 5.4%

InterXion HoldingInterXion Holding NV is based in the Netherlands and provides communications data center services to businesses. These services includecolocation services, equipment housing, connectivity services, managed services, and performance management. InterXion has over 25 facilities in major business locations in more than ten European countries.

EchoStar Corp.Echostar is a satellite telecom company based in Englewood, CO. The company was spun out of Dish Network at the beginning of 2008 and itoperates three businesses: satellite broadband (formerly Hughes Communications), a wholesale satellite services business that leases satellite capacity, and a set top box business. Dish Network remains a major customer.

Google Inc.Google is the leading search engine on the Internet. By recent measures, Google commands an impressive lead over Yahoo! Search, its closest competitor. The company has created and now maintains this lead by using technology to provide relevant, unbiased search results quickly to its users.

Level 3 Communications

Level 3 is an international communications and information services company headquartered in Broomfield, Colorado. The Company owns and operates the Level 3 Network, one of the largest communications and Internet backbones in the world. 4.2%

SPDR Gold Trust

The investment seeks to replicate the performance, net of expenses, of the price of gold bullion. The trust holds gold, and is expected to issue baskets in exchange for deposits of gold, and to distribute gold in connection with redemption of baskets. The gold held by the trust will only be sold on an as-needed basis to pay trust expenses, in the event the trust terminates and liquidates its assets, or as otherwise required by law or regulation.

Capital One Financial Corp.

Capital One is a diversified financial services holding company. The company's services include domestic and international credit card lending, consumer banking, and commercial banking. Capital One is the fourth largest issuer of Visa and MasterCard credit cards in the United States and became the 5th largest U.S. depository in February 2012 when it acquired the U.S. business of ING Direct.

Telefonica Brasil – ADRTelefonica Brasil, S.A. provides fixed-line telecommunications services to residential and commercial customers in the state of Sao Paulo, Brazil. The company offers local voice services, intraregional, interregional, and international long-distance voice services, broadband services, mobile value added services, pay TV services; and network services.

Delphi AutomotiveDelphi is a global vehicle components manufacturer that supplies original equipment manufacturers throughout the world. The company completed its IPO in November 2011 following a bankruptcy restructuring. The restructuring substantially reduced its legacy costs and realigned its manufacturing footprint.

Microsoft Corp. Microsoft is the world's largest software company with annual revenues exceeding $60 billion. Microsoft sees growth opportunities in cloud computing and software plus services, natural user interfaces, new scenario innovation, and intelligent computing. 3.3%

Total 42.5%

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Further Reading

“International Diversification Works (in the Long Run)” by Clifford Asness, Roni Israelov,and John M. Liew (Working Paper, 2010)

“Risk Reduction and Portfolio Size: An Analytical Solution” by Edwin Elton and Martin Gruber (Journal of Business, 1977)

“The Superinvestors of Graham-and-Doddsville” by Warren E. Buffett (Columbia Business School Magazine)

“Unconventional Success: A Fundamental Approach to Personal Investment” by David F. Swensen (2005)

“Study Regarding Financial Literacy Among Investors” by the staff of the U.S. Securities and Exchange Commission (August 2012)

“Eyes Wide Open: Responses to the Increased Complexity of Global Investing,” by Connor Wilson, CFA, Thornburg Investment Management Associate Portfolio Manager (September 2012)

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Important Information

Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. Read the Thornburg Global Investment plc Prospectus and relevant Key Investor Information Document (KIID) carefully before investing in the Company or any of its Funds.Unless otherwise noted, any reference to the Fund signifies a sub-fund of Thornburg Global Investment plc, an open-ended umbrella type investment company with segregated liability between sub-funds and is authorised as a UCITS.

The views expressed by the portfolio managers reflect their professional opinions and should not be considered buy or sell recommendations. These views are subject to change.

Any securities, sectors, or countries mentioned are for illustration purposes only. Portfolio holdings are subject to change daily. Under no circumstances does the information contained within represent a recommendation to buy or sell securities.

The MSCI All Country (AC) World Index is a market-capitalization weighted index that is representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars.

The performance of any index is not indicative of the performance of any particular investment. Keep in mind that indices do not take into account any fees and expenses of the individual investments that they track. You cannot make an investment in any index.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Important information for UK investors: The Fund does not have a place of business in the United Kingdom and is not authorized under the Financial Services Act of 1986 (the “Act”). As a consequence, the regulatory regime governing an investor’s rights in respect to the Fund (and its similarly unauthorized overseas agents) will be different to that of the United Kingdom. Investors will not, for example, be entitled to compensation under the United Kingdom’s Investors Compensation Scheme. The Fund is an unregulated collective investment scheme under the laws of the United Kingdom and, therefore, can be promoted in the United Kingdom only to persons in accordance with the Act and the Financial Services (promotion of Unregulated Schemes) Regulations 1991 (the “Regulations”). Accordingly, this commentary may not be distributed in the United Kingdom other than to persons authorized to carry on investment business under the Act, persons whose ordinary business involves the acquisition and disposal of property of the same kind as the property or a substantial part of the property in which the Fund invests, and persons permitted to receive this commentary under the Regulations. In addition, this commentary may not be issued or passed on in the United Kingdom to any person, other than to persons to whom the commentary may otherwise lawfully be issued, unless that person is of a kind described in Article 11(3) of the Financial Services Act of 1986 (Investment Advertisements) (Exemptions) Order 1996 (as amended).

Investments in each Fund carry risks, including possible loss of principal. Special risks may be associated with investments in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Investments in the Funds are not insured, nor are they deposits of, or guaranteed by, a bank or any other entity. If you are in any doubt about the risks involved in investing in the Company or the suitability of you investing in the Company, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser. Prices for Shares may fall as well as rise and the return upon an investment will therefore necessarily be variable. Changes in exchange rates may have an adverse effect on the effective price per Share or income. Investors should also be aware that the difference at any one time between the subscription and redemption prices of the Shares means that an investment in the Company should be viewed as medium to long term. The Company is authorised andregulated in Ireland by the Central Bank as a Undertakings for Collective Investment in Transferable Securities (UCITS) pursuant to the UCITS Regulations. Authorisation of the Company by the Central Bank is not an endorsement or guarantee of the Company by the Central Bank nor is the Central Bank responsible for the contents of the Prospectus or KIID. The Central Bank shall not be liable by virtue of its authorisation of the Company or by reason of its exercise of the functions conferred on it by the legislation in relation to the Company for any default of the Company. Authorisation of the Company by the Central Bank shall not constitute a warranty as to the performance of the Company and shall not be liable for the performance or default of the Company.

The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund’s current Prospectus. The Prospectus contains important information about the Fund and should be read carefully before investing. A copy of the full Prospectus and KIID for the Fund may be obtained by visiting thornburgglobal.com, or by contacting the local Paying Agent through the Fund’s Transfer Agent, Brown Brothers Harriman Fund Administration Services (Ireland) Limited.

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Important Information

Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Not FDIC Insured. May lose value. No bank guarantee.

Thornburg Funds are distributed by Thornburg Securities Corporation.2300 North Ridgetop RoadSanta Fe, New Mexico 87506877-215-1330

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www.thornburgglobal.com

Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. Read the Thornburg Global Investment plc Prospectus and relevant Key Investor Information Document (KIID) carefully before investing in the Company or any of its Funds.

Administrator Brown Brothers Harriman Fund Administration Services(Ireland) Limited, Styne House, Upper Hatch Street,Dublin 2, IrelandEmail: BBH.Dublin.TA@bbh.com or Call +335.1.603.6490

DistributorThornburg Investment Management2300 North Ridgetop RoadSanta Fe, New Mexico 87506United States of AmericaEmail: global@thornburg.com or Call +1.505.467.7218

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Contact Information

Chris ElsmarkSenior Advisor

+44 (0) 20 7887 62 79 Phone

+44 (0) 7905 708 239 Mobile

chris.elsmark@thornburg.comelsmark@copthallpartners.com

Chris Elsmark is a Director of Copthall Partners, the trading name of United Investment Partners Limited, and is not an employee of Thornburg Investment Management, Inc. United Investment Partners Limited is an Appointed Representative of Gallium Fund Solutions Limited (Gallium) which is authorised and regulated by the Financial Services Authority (FSA). Further information on www.copthallpartners.com.

Th2763 citywire ucits_presentation_booklet

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