THOAX D

From Michael Vallo writing in today's Barron's:

"Less is more for Brian McMahon. His Thornburg Global Opportunities fund (ticker: THOAX ) has just 35 holdings, a concentrated approach that McMahon, manager since 2006, credits for the fund’s outperformance of its world stock peers...

McMahon looks for companies located anywhere in the world with a quality balance sheet, an attractive valuation, and a market opportunity such as an increasingly popular technology or an improving economy in an important market. Three of the stocks he likes right now are U.S.-based -- Citigroup ( C), American Airlines ( AAL ) and Level 3 Communications ( LVLT )...

American Airlines: McMahon says American Airlines will continue to benefit from the improving U.S. economy and constrained capacity in the U.S. airline industry. Fuel savings are the “icing on the cake.” McMahon expects a whopping five percentage points of margin improvement from fuel savings alone. Even with the stock up more than 40% over the last year, McMahon still sees value. Shares, at $48.50, are trading at 4.5 times 2015 earnings estimates compared to six for United Continental ( UAL ) and nine for Delta Air Lines ( DAL ). He is bullish on the airline industry in general but especially American, which is experiencing a “more fundamental and more recent turnaround than other airlines.”