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Thornburg Emerging Markets Equity Strategy

Strategy Overview
The Emerging Markets Equity Strategy employs a bottom-up, fundamental approach to investing, and targets a core return profile across the market cap spectrum, focusing on strong businesses that are attractively valued and have well identified paths to success. A defining aspect of the strategy is a three-basket approach to portfolio construction which mitigates benchmark-relative risk, ensures a balanced style exposure and allows stock selection to be the main alpha driver.
Strategy Inception Date
1 Jan 2010

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Flexible, focused core equity portfolio that invests primarily in companies in emerging markets.
  • Proven bottom-up fundamental research process focused on discovering strong companies with leading market positions, solid management teams, robust corporate governance and conservative capital structures.
  • Three-basket approach to portfolio construction with a focus on strong businesses helps to mitigate downside risk and seeks to produce strong risk-adjusted outperformance across many different market environments.
Performance

Performance

Returns

(As of 31 Dec 2025)
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
29.13
29.13
14.12
1.95
8.24
7.37
Thornburg Emerging Markets Equity Strategy - Net (%)
27.91
27.91
13.05
0.99
7.25
6.36
MSCI Emerging Markets Index (%)
33.57
33.57
16.40
4.20
8.42
4.70
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
7.98
39.70
14.11
2.91
9.53
7.84
Thornburg Emerging Markets Equity Strategy - Net (%)
7.90
38.40
13.03
1.94
8.53
6.83
MSCI Emerging Markets Index (%)
8.85
42.84
16.74
5.34
10.08
5.23
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Thornburg Emerging Markets Equity Strategy - Gross (%)
33.00
-14.18
24.66
17.37
-1.45
-14.17
4.20
37.26
-13.94
30.88
24.44
-1.61
-24.69
7.68
6.89
29.13
Thornburg Emerging Markets Equity Strategy - Net (%)
30.72
-14.84
23.69
16.36
-2.30
-14.91
3.28
36.12
-14.72
29.67
23.29
-2.53
-25.41
6.67
5.89
27.91
MSCI Emerging Markets Index (%)
18.88
-18.42
18.22
-2.60
-2.19
-14.92
11.19
37.28
-14.58
18.42
18.31
-2.54
-20.09
9.83
7.50
33.57
Strategy Facts

Strategy Facts

(As of 31 Jan 2026)
Strategy Assets
$637.9 M
Benchmark
MSCI Emerging Markets Index
eVestment Category
Global Emerging Mkts All Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2026)
Portfolio
Benchmark
Number of Holdings
39
Weighted Average Market Cap
$358.9 B
$321.9 B
Median Market Cap
$41.1 B
$11.8 B
Annual Portfolio Turnover
51%
Price to Earnings - Forward 1YR
14.0x
13.9x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
17.7x
17.9x
Price to Cash Flow
11.3x
10.6x
Price to Book Value
2.9x
2.3x
Active Share
69.6%
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
15.1
Naspers Ltd.
NPN
Consumer Discretionary
6.9
Samsung Electronics Co. Ltd.
005930
Information Technology
3.9
AIA Group Ltd.
1299
Financials
3.7
SK hynix, Inc.
000660
Information Technology
3.4
Bid Corp. Ltd.
BID
Consumer Staples
3.4
Arca Continental S.A.B. de C.V.
AC*
Consumer Staples
3.1
ICICI Bank Ltd.
ICICIBC
Financials
3.1
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.0
Bank Central Asia Tbk PT
BBCA
Financials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Information Technology
29.1
30.3
Financials
20.8
21.5
Consumer Discretionary
14.8
11.2
Consumer Staples
9.8
3.4
Industrials
9.4
7.1
Energy
6.2
3.8
Cash & Equivalents
4.7
Utilities
2.2
2.2
Communication Services
1.7
8.8
Health Care
1.4
3.0
Materials
0.0
7.3
Real Estate
0.0
1.3
Sector Allocation
Portfolio (%)
Information Technology
29.1
Financials
20.8
Consumer Discretionary
14.8
Consumer Staples
9.8
Industrials
9.4
Energy
6.2
Cash & Equivalents
4.7
Utilities
2.2
Communication Services
1.7
Health Care
1.4
Materials
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Semiconductors & Semiconductor Equipment
22.9
18.0
Banks
14.2
16.0
Consumer Discretionary Distribution & Retail
11.8
5.6
Energy
6.2
3.8
Capital Goods
5.9
5.5
Food, Beverage & Tobacco
5.7
2.1
Technology Hardware & Equipment
4.8
10.7
Consumer Staples Distribution & Retail
4.1
0.9
Insurance
3.9
2.9
Transportation
3.5
1.5
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
22.9
Banks
14.2
Consumer Discretionary Distribution & Retail
11.8
Energy
6.2
Capital Goods
5.9
Food, Beverage & Tobacco
5.7
Technology Hardware & Equipment
4.8
Consumer Staples Distribution & Retail
4.1
Insurance
3.9
Transportation
3.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
20.0
21.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
12.0
15.7
Asia Pacific ex Japan
India
10.8
13.3
Asia Pacific ex Japan
China
9.1
25.9
Asia Pacific ex Japan
South Africa
8.9
3.4
Other
Hong Kong
6.0
Asia Pacific ex Japan
Brazil
5.7
4.6
Latin America
Mexico
5.7
2.0
Latin America
United Arab Emirates
3.6
1.4
Other
Indonesia
2.5
1.0
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
Taiwan
20.0
Korea, Republic of (South Korea)
12.0
India
10.8
China
9.1
South Africa
8.9
Hong Kong
6.0
Brazil
5.7
Mexico
5.7
United Arab Emirates
3.6
Indonesia
2.5
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
85.0
85.0
Mid Cap ($2.5 to $12 B)
15.0
15.0
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
85.0
Mid Cap ($2.5 to $12 B)
15.0
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director
Pablo Echavarria, CFA, is a portfolio manager for Thornburg Investment Management, rejoining the firm in 2025. From 2018 to 2025, Pablo was a portfolio manager and business analyst at WCM. Earlier in his career, he joined Thornburg in 2014 as an equity research analyst and was promoted to associate portfolio manager in 2015. He worked as a global equity analyst…
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Di Zhou, CFA, FRMĀ®

Portfolio Manager and Managing Director
Di Zhou, CFA, FRM, is a portfolio manager for Thornburg Investment Management, rejoining the firm in 2025. From 2021 to 2025, Di was an investment principal at Cambiar. Prior to Cambiar, she joined Thornburg in 2010 as an equity research analyst and was promoted to associate portfolio manager in 2014, then to portfolio manager in 2015. Di began her career…
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