Thornburg Emerging Markets ADR Select SMA
BENCHMARK: MSCI Emerging Markets Index
Strategy Overview
The Emerging Markets ADR Select Strategy uses 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 balanced style exposure and allows stock selection to be the main alpha driver.
Important Update: Effective 1 April 2025, the Thornburg Emerging Markets ADR Strategy name has been changed to the Thornburg Emerging Markets ADR Select Strategy.
Strategy Inception Date
1 Nov 2018
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Key Facts
Key Facts
(As of 30 Apr 2025)Assets
$74.3 M*
Benchmark
MSCI Emerging Markets Index
Number of Holdings
41
Portfolio Turnover
116%
eVestment Category
SMA/Wrap - Emerging Mkts Equity
Performance
Performance
Returns
(As of 31 Mar 2025)2019
2020
2021
2022
2023
2024
Thornburg Emerging Markets ADR Select Strategy - Gross (%)
31.16
17.91
-6.46
-17.89
7.29
8.77
Thornburg Emerging Markets ADR Select Strategy - Net (%)
27.42
14.51
-9.21
-20.34
4.17
5.61
MSCI Emerging Markets Index (%)
18.42
18.31
-2.54
-20.09
9.83
7.50
Characteristics
Characteristics
Portfolio
(As of 30 Apr 2025)Portfolio
Benchmark
Weighted Average Market Cap
$163.4 B
$156.1 B
Median Market Cap
$24.0 B
$8.8 B
Price to Earnings - Forward 1YR
12.3x
12.3x
Price to Earnings - Trailing 12 Months
14.2x
13.9x
Price to Cash Flow
8.9x
7.8x
Portfolio
Benchmark
Price to Book Value
1.9x
1.8x
Return on Assets - 5 YR
7.1%
8.2%
Return on Equity - 5 YR
16.5%
16.2%
Historical 3YR Sales Growth
18.7%
17.7%
Active Share
77.9%
—
Portfolio
Portfolio
Top Holdings
(As of 30 Apr 2025)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
10.0
ICICI Bank Ltd.
IBN
Financials
8.0
Naspers Ltd.
NPSNY
Consumer Discretionary
7.1
HDFC Bank Ltd.
HDB
Financials
5.4
Micron Technology, Inc.
MU
Information Technology
4.5
Alibaba Group Holding Ltd.
BABA
Consumer Discretionary
3.3
KB Financial Group, Inc.
KB
Financials
3.3
China Construction Bank Corp.
CICHY
Financials
3.2
AIA Group Ltd.
AAGIY
Financials
3.0
Dino Polska S.A.
DNOPY
Consumer Staples
2.9
Exposure Breakdown
Exposure Breakdown
(As of 30 Apr 2025)Sector Allocation
Portfolio (%)
Financials
37.8
Information Technology
20.9
Consumer Discretionary
17.1
Consumer Staples
6.5
Industrials
5.1
Energy
4.0
Materials
2.9
Health Care
2.4
Cash & Cash Equivalents
2.3
Real Estate
1.1
Utilities
0.0
Communication Services
0.0
Top 10 Industries
Portfolio (%)
Banks
31.9
Semiconductors & Semiconductor Equipment
18.3
Consumer Discretionary Distribution & Retail
12.7
Consumer Services
4.4
Energy
4.0
Consumer Staples Distribution & Retail
4.0
Insurance
3.0
Capital Goods
3.0
Materials
2.9
Financial Services
2.9
Top 10 Countries
Portfolio (%)
India
19.3
China
11.7
Taiwan
11.2
United States
9.0
Hong Kong
8.9
South Africa
7.1
Korea, Republic of (South Korea)
6.2
Brazil
4.8
Mexico
4.3
Singapore
3.7
Capitalization
Portfolio (%)
Large Cap (> $12 B)
86.7
Mid Cap ($2.5 to $12 B)
12.2
Small Cap (< $2.5 B)
1.1
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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