Thornburg Emerging Markets Equity Strategy
BENCHMARK: MSCI Emerging Markets Index
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
Performance
Performance
Returns
(As of 31 Mar 2025)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 31 May 2025)Strategy Assets
$551.4 M
Benchmark
MSCI Emerging Markets Index
Number of Holdings
48
Portfolio Turnover
71%
eVestment Category
Global Emerging Mkts All Cap Core Equity
Characteristics
Characteristics
Portfolio
(As of 31 May 2025)Portfolio
Benchmark
Weighted Average Market Cap
$161.5 B
$172.1 B
Median Market Cap
$25.3 B
$9.3 B
Price to Earnings - Forward 1YR
13.1x
12.7x
Price to Earnings - Trailing 12 Months
15.4x
14.1x
Price to Cash Flow
9.3x
8.0x
Portfolio
Benchmark
Price to Book Value
2.3x
1.8x
Return on Assets - 5 YR
9.4%
8.4%
Return on Equity - 5 YR
17.1%
16.3%
Historical 3YR Sales Growth
17.9%
17.7%
Active Share
72.8%
—
Portfolio
Portfolio
Top Holdings
(As of 31 May 2025)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
11.0
Naspers Ltd.
NPN
Consumer Discretionary
7.1
AIA Group Ltd.
1299
Financials
3.5
China Construction Bank Corp.
939
Financials
3.4
SK Hynix, Inc.
000660
Information Technology
3.3
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.3
Arca Continental S.A.B. de C.V.
AC*
Consumer Staples
3.0
ICICI Bank Ltd.
ICICIBC
Financials
2.9
Bank Central Asia Tbk PT
BBCA
Financials
2.8
Bid Corp. Ltd.
BID
Consumer Staples
2.3
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Portfolio (%)
Financials
25.7
Consumer Discretionary
21.3
Information Technology
19.9
Consumer Staples
12.8
Industrials
6.0
Energy
4.6
Cash & Cash Equivalents
3.4
Communication Services
2.2
Utilities
2.1
Health Care
1.5
Real Estate
0.6
Materials
0.0
Top 10 Industries
Portfolio (%)
Banks
17.7
Semiconductors & Semiconductor Equipment
15.8
Consumer Discretionary Distribution & Retail
14.0
Food, Beverage & Tobacco
7.6
Energy
4.6
Insurance
4.5
Capital Goods
4.2
Technology Hardware & Equipment
4.1
Consumer Services
3.9
Consumer Staples Distribution & Retail
3.8
Top 10 Countries
Portfolio (%)
Taiwan
16.0
China
15.8
India
13.9
Korea, Republic of (South Korea)
9.8
South Africa
9.5
Hong Kong
6.3
Mexico
4.4
Brazil
3.7
Indonesia
2.8
United Arab Emirates
2.7
Capitalization
Portfolio (%)
Large Cap (> $12 B)
76.8
Mid Cap ($2.5 to $12 B)
22.3
Small Cap (< $2.5 B)
0.9
Portfolio Managers
Portfolio Managers

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®
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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