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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 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
0.26
2.81
-1.10
7.10
4.13
5.97
Thornburg Emerging Markets Equity Strategy - Net (%)
0.02
1.84
-2.03
6.10
3.18
4.97
MSCI Emerging Markets Index (%)
2.93
8.09
1.44
7.94
3.71
3.16
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
2.23
5.81
2.45
5.51
3.87
6.07
Thornburg Emerging Markets Equity Strategy - Net (%)
1.91
4.81
1.49
4.52
2.92
5.07
MSCI Emerging Markets Index (%)
4.28
9.02
3.85
6.35
3.07
3.23
2019
2020
2021
2022
2023
2024
Thornburg Emerging Markets Equity Strategy - Gross (%)
30.88
24.44
-1.61
-24.69
7.68
6.89
Thornburg Emerging Markets Equity Strategy - Net (%)
29.67
23.29
-2.53
-25.41
6.67
5.89
MSCI Emerging Markets Index (%)
18.42
18.31
-2.54
-20.09
9.83
7.50
Strategy Facts

Strategy Facts

(As of 30 Apr 2025)
Strategy Assets
$532.3 M
Benchmark
MSCI Emerging Markets Index
Number of Holdings
56
Portfolio Turnover
63%
eVestment Category
Global Emerging Mkts All Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$133.9 B
$156.1 B
Median Market Cap
$18.7 B
$8.8 B
Price to Earnings - Forward 1YR
12.2x
12.3x
Price to Earnings - Trailing 12 Months
13.7x
13.9x
Price to Cash Flow
8.9x
7.8x
Portfolio
Benchmark
Price to Book Value
2.2x
1.8x
Return on Assets - 5 YR
9.5%
8.2%
Return on Equity - 5 YR
17.9%
16.2%
Historical 3YR Sales Growth
20.3%
17.7%
Active Share
73.1%
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
10.2
Naspers Ltd.
NPN
Consumer Discretionary
7.5
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.5
China Construction Bank Corp.
939
Financials
3.2
AIA Group Ltd.
1299
Financials
3.2
SK Hynix, Inc.
000660
Information Technology
2.9
Bank Central Asia Tbk PT
BBCA
Financials
2.6
Varun Beverages Ltd.
VBL
Consumer Staples
2.5
Kalyan Jewellers India Ltd.
KALYANKJ
Consumer Discretionary
2.2
Converge Information and Communications Technology Solutions, Inc.
CNVRG
Communication Services
2.1
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
26.7
24.7
Consumer Discretionary
24.1
13.8
Information Technology
18.5
21.7
Consumer Staples
11.7
5.0
Energy
5.3
4.4
Industrials
4.9
6.4
Real Estate
2.7
1.7
Communication Services
2.1
10.2
Health Care
1.5
3.4
Cash & Cash Equivalents
1.4
Utilities
1.1
2.7
Materials
0.0
5.8
Sector Allocation
Portfolio (%)
Financials
26.7
Consumer Discretionary
24.1
Information Technology
18.5
Consumer Staples
11.7
Energy
5.3
Industrials
4.9
Real Estate
2.7
Communication Services
2.1
Health Care
1.5
Cash & Cash Equivalents
1.4
Utilities
1.1
Materials
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Banks
17.0
18.8
Consumer Discretionary Distribution & Retail
15.3
6.1
Semiconductors & Semiconductor Equipment
14.6
11.8
Financial Services
5.5
2.9
Energy
5.3
4.4
Food, Beverage & Tobacco
5.2
3.1
Consumer Staples Distribution & Retail
5.0
1.2
Insurance
4.2
3.0
Technology Hardware & Equipment
4.0
7.7
Consumer Services
3.9
2.6
Top 10 Industries
Portfolio (%)
Banks
17.0
Consumer Discretionary Distribution & Retail
15.3
Semiconductors & Semiconductor Equipment
14.6
Financial Services
5.5
Energy
5.3
Food, Beverage & Tobacco
5.2
Consumer Staples Distribution & Retail
5.0
Insurance
4.2
Technology Hardware & Equipment
4.0
Consumer Services
3.9
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
India
16.5
19.2
Asia Pacific ex Japan
China
16.4
29.6
Asia Pacific ex Japan
Taiwan
14.9
17.1
Asia Pacific ex Japan
Korea, Republic of (South Korea)
10.7
9.3
Asia Pacific ex Japan
South Africa
7.5
3.0
Other
Hong Kong
5.8
Asia Pacific ex Japan
Mexico
4.7
2.1
Latin America
Brazil
3.5
4.5
Latin America
Poland
3.0
1.1
Europe ex UK
Indonesia
2.6
1.3
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
India
16.5
China
16.4
Taiwan
14.9
Korea, Republic of (South Korea)
10.7
South Africa
7.5
Hong Kong
5.8
Mexico
4.7
Brazil
3.5
Poland
3.0
Indonesia
2.6
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
70.9
76.6
Mid Cap ($2.5 to $12 B)
22.1
23.2
Small Cap (< $2.5 B)
7.1
0.1
Capitalization
Portfolio (%)
Large Cap (> $12 B)
70.9
Mid Cap ($2.5 to $12 B)
22.1
Small Cap (< $2.5 B)
7.1
Portfolio Managers

Portfolio Managers

Pablo Echavarria, CFA

Pablo Echavarria, CFA

Portfolio Manager and Managing Director
Pablo Echavarria, CFA, is a portfolio manager and managing director 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…
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Di Zhou, CFA, FRM®

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director
Di Zhou, CFA, FRM, is a portfolio manager and managing director 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…
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