Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

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 (%)
8.50
10.32
3.61
6.25
4.63
6.45
Thornburg Emerging Markets Equity Strategy - Net (%)
8.07
9.29
2.63
5.26
3.67
5.45
MSCI Emerging Markets Index (%)
8.73
13.04
5.15
7.07
3.93
3.49
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
25.7
24.7
Consumer Discretionary
21.3
13.4
Information Technology
19.9
22.9
Consumer Staples
12.8
4.8
Industrials
6.0
6.7
Energy
4.6
4.3
Cash & Cash Equivalents
3.4
Communication Services
2.2
10.0
Utilities
2.1
2.6
Health Care
1.5
3.3
Real Estate
0.6
1.6
Materials
0.0
5.7
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Banks
17.7
18.7
Semiconductors & Semiconductor Equipment
15.8
12.7
Consumer Discretionary Distribution & Retail
14.0
5.8
Food, Beverage & Tobacco
7.6
3.0
Energy
4.6
4.3
Insurance
4.5
3.1
Capital Goods
4.2
4.8
Technology Hardware & Equipment
4.1
8.0
Consumer Services
3.9
2.6
Consumer Staples Distribution & Retail
3.8
1.2
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 (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
16.0
18.5
Asia Pacific ex Japan
China
15.8
29.1
Asia Pacific ex Japan
India
13.9
18.6
Asia Pacific ex Japan
Korea, Republic of (South Korea)
9.8
9.7
Asia Pacific ex Japan
South Africa
9.5
3.0
Other
Hong Kong
6.3
Asia Pacific ex Japan
Mexico
4.4
2.1
Latin America
Brazil
3.7
4.4
Latin America
Indonesia
2.8
1.3
Asia Pacific ex Japan
United Arab Emirates
2.7
1.4
Other
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
76.8
78.4
Mid Cap ($2.5 to $12 B)
22.3
21.5
Small Cap (< $2.5 B)
0.9
0.1
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

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…
Learn More
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…
Learn More

Literature

More Insights

Markets & Economy

Tariffs, Stagflation, and the Fed: A Spotlight on Investors’ Most Pressing Questions

Thornburg’s client portfolio managers explore some of Wall Street's biggest themes.
Looking along desert towards the business district
Markets & Economy

Investment Perspectives from the Road: The UAE

Our investment professionals travel the world to evaluate global markets and unearth the most optimal ideas. Josh Rubin recently visited the United Arab Emirates (UAE), and here are his perspectives.
3D miniature Downtown of Los Angeles in spot light. Real Estate concept. 3D rendering.
Fixed Income

Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption

We provide an update on the developments surrounding the municipal bond tax exemption in a fast-moving environment.
Man looks out at a beautiful view from a conference room
Markets & Economy

FOMC Update: Fiscal Challenges Taking a Back Seat to Geopolitical Risks

Christian Hoffmann, CFA, Head of Fixed Income, shares his perspective on the Fed’s stance and the potential impact of monetary policy.
A woman with umbrella and smart phone.
Markets & Economy

Fixed Income: Finding Income and Playing Defense Through Volatility

Position fixed income portfolios for yield and ballast through market turbulence and economic uncertainty.
Local people carrying water pots through fields by the Taj Mahal, Agra, India
Emerging Markets

Investment Perspectives from the Road: India

Our investment professionals travel the world to evaluate global markets and unearth the most optimal ideas. Josh Rubin recently visited India, and here are his perspectives.