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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
Co-Head of Investments and Managing Director
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 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
-31.07
-32.19
-1.65
0.33
3.42
5.25
Thornburg Emerging Markets Equity Strategy - Net (%)
-31.58
-32.84
-2.58
-0.60
2.49
4.26
MSCI Emerging Markets NTR (%)
-27.16
-28.11
-2.07
-1.81
1.05
1.47
YTD
1y
3y
5y
10y
Inception
Thornburg Emerging Markets Equity Strategy - Gross (%)
-34.41
-36.18
-4.64
-1.15
2.86
4.81
Thornburg Emerging Markets Equity Strategy - Net (%)
-34.94
-36.79
-5.54
-2.07
1.94
3.82
MSCI Emerging Markets NTR (%)
-29.42
-31.03
-4.42
-3.09
0.79
1.22
2016
2017
2018
2019
2020
2021
Thornburg Emerging Markets Equity Strategy - Gross (%)
4.20
37.26
-13.94
30.88
24.44
-1.61
Thornburg Emerging Markets Equity Strategy - Net (%)
3.28
36.12
-14.72
29.67
23.29
-2.53
MSCI Emerging Markets NTR (%)
11.19
37.28
-14.58
18.42
18.31
-2.54
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$877.6 M
Benchmark
MSCI Emerging Markets NTR
Number of Holdings
54
Portfolio Turnover
66%
eVestment Category
Global Emerging Mkts All Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$73.7 B
$76.7 B
Median Market Cap
$22.2 B
$5.9 B
Price to Earnings - Forward 1YR
11.6x
9.7x
Price to Earnings - Trailing 12 Months
12.5x
10.0x
Price to Cash Flow
8.0x
5.8x
Portfolio
Benchmark
Price to Book Value
1.9x
1.5x
Return on Assets - 5 YR
7.7%
7.9%
Return on Equity - 5 YR
16.1%
15.5%
Historical 3YR Sales Growth
17.9%
16.2%
Active Share
75.9%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
6.0
Tencent Holdings Ltd.
700
Communication Services
4.2
Yum China Holdings, Inc.
9987
Consumer Discretionary
3.7
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.0
AIA Group Ltd.
1299
Financials
3.0
Hon Hai Precision Industry Co. Ltd.
2317
Information Technology
2.9
Meituan
3690
Consumer Discretionary
2.8
Postal Savings Bank of China Co. Ltd.
1658
Financials
2.8
Bank Rakyat Indonesia Persero Tbk PT
BBRI
Financials
2.7
The Saudi National Bank
SNB
Financials
2.5
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
29.8
23.6
Consumer Discretionary
18.8
12.2
Information Technology
16.0
19.1
Materials
5.9
9.1
Industrials
5.5
6.1
Cash & Cash Equivalents
5.5
Communication Services
5.2
8.7
Consumer Staples
5.1
6.5
Utilities
3.6
3.2
Energy
3.6
5.6
Health Care
0.9
4.1
Real Estate
0.0
1.7
Sector Allocation
Portfolio (%)
Financials
29.8
Consumer Discretionary
18.8
Information Technology
16.0
Materials
5.9
Industrials
5.5
Cash & Cash Equivalents
5.5
Communication Services
5.2
Consumer Staples
5.1
Utilities
3.6
Energy
3.6
Health Care
0.9
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Banks
16.8
17.6
Retailing
10.9
6.4
Diversified Financials
9.6
3.6
Semiconductors & Semiconductor Equipment
7.0
7.9
Materials
5.9
9.1
Technology Hardware & Equipment
5.7
8.3
Food & Staples Retailing
4.7
1.5
Consumer Services
4.2
1.1
Transportation
3.9
2.2
Media & Entertainment
3.8
5.1
Top 10 Industries
Portfolio (%)
Banks
16.8
Retailing
10.9
Diversified Financials
9.6
Semiconductors & Semiconductor Equipment
7.0
Materials
5.9
Technology Hardware & Equipment
5.7
Food & Staples Retailing
4.7
Consumer Services
4.2
Transportation
3.9
Media & Entertainment
3.8
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
China
27.5
26.9
Asia Pacific ex Japan
Taiwan
10.6
13.5
Asia Pacific ex Japan
Brazil
10.1
6.4
Latin America
India
10.1
16.2
Asia Pacific ex Japan
Mexico
7.0
2.6
Latin America
Hong Kong
3.3
Asia Pacific ex Japan
Korea, Republic of (South Korea)
3.3
11.9
Asia Pacific ex Japan
Thailand
3.2
2.2
Asia Pacific ex Japan
Saudi Arabia
3.0
5.1
Other
Indonesia
3.0
2.3
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
China
27.5
Taiwan
10.6
Brazil
10.1
India
10.1
Mexico
7.0
Hong Kong
3.3
Korea, Republic of (South Korea)
3.3
Thailand
3.2
Saudi Arabia
3.0
Indonesia
3.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
77.4
67.9
Mid Cap ($2.5 to $12 B)
18.0
29.7
Small Cap (< $2.5 B)
4.7
2.4
Capitalization
Portfolio (%)
Large Cap (> $12 B)
77.4
Mid Cap ($2.5 to $12 B)
18.0
Small Cap (< $2.5 B)
4.7
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Charles Wilson, PhD
Charles Wilson, PhD
Portfolio Manager and Managing Director
Charlie Wilson is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as ­associate portfolio ­manager and was promoted to portfolio manager in 2014. Charlie earned a BS in geology from the University of Arizona in Tucson and a PhD in geophysics from the University of Colorado in Boulder. Prior to joining Thornburg, Charlie served as co-portfolio…
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Josh Rubin
Josh Rubin
Portfolio Manager and Managing Director
Josh Rubin is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2017, initially working with the global strategies before being named associate portfolio manager in 2018, and portfolio manager in 2021. Before Thornburg, Josh worked at Driehaus Capital Management in Chicago, where he was first an associate portfolio manager responsible for emerging markets, and then the portfolio manager…
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