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.
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 Sep 2026)Assets
$32.8 M*
Benchmark
MSCI Emerging Markets Index
eVestment Category
SMA/Wrap - Emerging Mkts Equity
Performance
Performance
Returns
(As of 30 Sep 2026)2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Composite - “Pure” Gross (%)
—
—
—
31.16
17.91
-6.46
-17.89
7.29
8.77
30.84
Composite - Net (%)
—
—
—
27.42
14.51
-9.21
-20.34
4.17
5.61
27.10
MSCI Emerging Markets Index (%)
—
—
—
18.42
18.31
-2.54
-20.09
9.83
7.50
33.57
Characteristics
Characteristics
Portfolio
(As of 30 Sep 2026)Portfolio
Benchmark
Number of Holdings
31
—
Weighted Average Market Cap
$723.7 B
$539.6 B
Median Market Cap
$50.1 B
$12.2 B
Annual Portfolio Turnover
33%
—
Price to Earnings - Forward 1YR
13.0x
11.1x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
16.5x
18.9x
Price to Cash Flow
10.7x
11.3x
Price to Book Value
3.0x
2.3x
Active Share
69.2%
—
Portfolio
Portfolio
Top Holdings
(As of 30 Sep 2026)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
16.8
Micron Technology, Inc.
MU
Information Technology
11.2
SK hynix, Inc.
SKHY
Information Technology
5.6
Petroleo Brasileiro SA - Petrobras
PBR
Energy
4.4
AIA Group Ltd.
AAGIY
Financials
3.6
Compass Group plc
CMPGY
Consumer Discretionary
3.1
China Construction Bank Corp.
CICHY
Financials
3.1
ICICI Bank Ltd.
IBN
Financials
2.9
Tencent Holdings Ltd.
TCEHY
Communication Services
2.8
Broadcom, Inc.
AVGO
Information Technology
2.8
Exposure Breakdown
Exposure Breakdown
(As of 30 Sep 2026)Sector Allocation
Portfolio (%)
Information Technology
41.0
Financials
23.6
Consumer Discretionary
13.3
Consumer Staples
6.5
Communication Services
4.5
Energy
4.4
Industrials
3.9
Cash & Equivalents
2.8
Materials
0.0
Real Estate
0.0
Utilities
0.0
Health Care
0.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
36.3
Banks
17.8
Consumer Discretionary Distribution & Retail
8.3
Consumer Services
5.1
Food, Beverage & Tobacco
4.9
Energy
4.4
Capital Goods
3.9
Software & Services
3.8
Insurance
3.6
Media & Entertainment
2.8
Top 10 Countries
Portfolio (%)
Taiwan
16.8
United States
16.2
China
13.1
Brazil
10.3
India
8.2
Korea, Republic of (South Korea)
8.1
Hong Kong
5.7
Mexico
4.3
Singapore
3.2
United Kingdom
3.1
Capitalization
Portfolio (%)
Large Cap (> $12 B)
89.3
Mid Cap ($2.5 to $12 B)
10.7
Small Cap (< $2.5 B)
0.0
Portfolio Managers
Portfolio Managers
Pablo Echavarria, CFA
Portfolio Manager and Managing Director
Pablo Echavarria, CFA, is a portfolio manager 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 global equity analyst…
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Di Zhou, CFA, FRM®
Portfolio Manager and Managing Director
Di Zhou, CFA, FRM, is a portfolio manager 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 began her career…
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