Thornburg Investment Management Removed as Sub-Advisor to the Litman Gregory Masters International Fund

WALNUT CREEK, Calif.—We are removing Thornburg Investment Management as a sub-advisor to the Litman Gregory Masters International Fund effective January 31. The decision resulted from portfolio manager Vinson Walden’s decision to retire. While we maintain a high level of respect for Thornburg as a firm, our investment thesis rested on Walden being the lead portfolio manager on Thornburg’s International Fund sleeve. We thank Walden and team for their partnership and the care and diligence with which they managed our portfolio for 16 years.

There are no immediate plans to replace Thornburg. We remain highly confident in the remaining four sub-advisors on the fund—Harris Associates, Lazard Asset Management, Pictet Asset Management, and Evermore Global Advisors. Each will now manage approximately 25% of the fund’s assets effective January 31 and continue to run a focused portfolio of their highest-conviction ideas.

We believe the fund remains well-diversified and balanced in terms of the number of holdings and investment style. As always, we will add a manager only if and when we are convinced they meet the high standards we demand of a Masters manager.