Thornburg manager names three stocks for long-term investors

what happened

MarketWatch reports that Miguel Oleaga, co-manager of the $1.9 billion Thornburg Global Opportunities Fund (THOIX), has identified three stocks he favors for long-term investors. The fund holds 41 companies and has roughly one-third of its assets in U.S. equities. Its concentrated technology exposure includes Samsung Electronics, Taiwan Semiconductor Manufacturing Company and Alphabet, the owner of Google.

Charles Schwab (SCHW) is the fund’s fourth-largest holding. Oleaga said the broker is benefiting from net interest income on client cash and is better positioned in a higher-rate environment. The “cash-sorting” issue that had affected Schwab’s bank subsidiary has eased as brokerage customers have become less likely to move money out of sweep accounts. FactSet analysts expect bank-subsidiary deposits to rise 2.9% year over year as of Sept. 30, compared with declines of 3% a year earlier and 13% two years earlier. Schwab shares are down 14% from their August 2026 peak.

The other two ideas are companies based outside the U.S. with substantial American operations. Techtronic Industries (HK:669) (TTNDY) owns the Milwaukee and Ryobi tool brands; distributors serving data-center construction and maintenance currently account for about 15% of sales, with that business growing roughly 45% a year. Round One (JP:4680) (RNDOF), a Japanese operator of family arcades and entertainment centers, entered the U.S. in 2018 and now has 61 locations, many in malls. Oleaga favors it over Dave & Buster’s Entertainment (PLAY), citing management’s focus on making each site profitable and the competitor’s higher leverage.

why it matters

THOIX has gained 11.4% in 2026, behind the iShares MSCI ACWI ETF’s 14.4% return, but its three-year return is 93%, ahead of ACWI at 81.2% and the S&P 500 at 86.7%. The figures underline the market relevance of the manager’s stock selection.

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