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Thornburg Emerging Markets ADR Completion Strategy

Strategy Overview
The investment strategy aims to give investors full exposure to the potential returns of emerging market stocks. It does this by investing in a combination of two components: a completion fund1 focused on emerging markets, managed by Thornburg, and American Depositary Receipts (ADRs) of emerging market companies. The completion fund provides access to emerging market securities that tend to be difficult to access through ADRs alone. Using this two-pronged approach allows the strategy to offer the customization and tax benefits of a separately managed account for the directly held ADRs, while also widening the range of emerging market securities available for investment through the completion fund portion.
Strategy Inception Date
1 Oct 2024

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 from emerging and developing 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 Oct 2024)
Inception
Thornburg Emerging Markets ADR Completion Strategy - Gross (%)
-1.96
Thornburg Emerging Markets ADR Completion Strategy - Net (%)
-2.02
MSCI Emerging Markets Index (%)
Strategy Facts

Strategy Facts

(As of 31 Oct 2024)
Strategy Assets
$0.1 M
Benchmark
MSCI Emerging Markets Index
Number of Holdings
64
Portfolio Turnover
71%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$169.4 B
$162.2 B
Median Market Cap
$22.1 B
$8.3 B
Price to Earnings - Forward 1YR
14.0x
13.0x
Price to Earnings - Trailing 12 Months
16.1x
15.9x
Price to Cash Flow
10.2x
8.5x
Portfolio
Benchmark
Price to Book Value
2.3x
1.8x
Return on Assets - 5 YR
8.5%
7.4%
Return on Equity - 5 YR
16.7%
15.6%
Historical 3YR Sales Growth
20.8%
19.8%
Active Share
70.8%
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co Ltd
TSM
Information Technology
11.2
Naspers Ltd
NPSNY
Consumer Discretionary
5.9
Samsung Electronics Co Ltd
005930
Information Technology
3.0
Micron Technology Inc
MU
Information Technology
2.8
China Construction Bank Corp
CICHY
Financials
2.8
Alibaba Group Holding Ltd
BABA
Consumer Discretionary
2.4
ICICI Bank Ltd
IBN
Financials
2.2
Varun Beverages Ltd
VBL
Consumer Staples
2.1
Infosys Ltd
INFY
Information Technology
2.1
Adani Ports & Special Economic Zone Ltd
ADSEZ
Industrials
1.9
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
24.4
23.2
Information Technology
23.7
23.7
Consumer Discretionary
18.0
13.5
Consumer Staples
10.3
5.0
Energy
7.2
4.6
Industrials
7.0
6.7
Real Estate
3.0
1.6
Utilities
2.1
2.8
Health Care
1.7
3.5
Communication Services
1.6
9.0
Cash & Cash Equivalents
1.0
Materials
0.0
6.5
Sector Allocation
Portfolio (%)
Financials
24.4
Information Technology
23.7
Consumer Discretionary
18.0
Consumer Staples
10.3
Energy
7.2
Industrials
7.0
Real Estate
3.0
Utilities
2.1
Health Care
1.7
Communication Services
1.6
Cash & Cash Equivalents
1.0
Materials
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Banks
17.0
17.3
Semiconductors & Semiconductor Equipment
16.4
13.2
Consumer Discretionary Distribution & Retail
10.7
5.5
Energy
7.2
4.6
Financial Services
5.4
2.9
Food, Beverage & Tobacco
4.8
3.1
Consumer Services
4.7
3.1
Transportation
4.3
1.9
Consumer Staples Distribution & Retail
4.1
1.2
Technology Hardware & Equipment
4.1
8.0
Top 10 Industries
Portfolio (%)
Banks
17.0
Semiconductors & Semiconductor Equipment
16.4
Consumer Discretionary Distribution & Retail
10.7
Energy
7.2
Financial Services
5.4
Food, Beverage & Tobacco
4.8
Consumer Services
4.7
Transportation
4.3
Consumer Staples Distribution & Retail
4.1
Technology Hardware & Equipment
4.1
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
India
19.3
18.8
Asia Pacific ex Japan
China
18.2
27.4
Asia Pacific ex Japan
Taiwan
14.6
19.1
Asia Pacific ex Japan
Korea, Republic of (South Korea)
8.2
10.1
Asia Pacific ex Japan
South Africa
7.2
3.2
Other
Brazil
4.9
4.8
Latin America
United Arab Emirates
4.2
1.2
Other
United States
4.0
North America
Hong Kong
3.1
Asia Pacific ex Japan
Mexico
2.9
1.9
Latin America
Top 10 Countries
Portfolio (%)
India
19.3
China
18.2
Taiwan
14.6
Korea, Republic of (South Korea)
8.2
South Africa
7.2
Brazil
4.9
United Arab Emirates
4.2
United States
4.0
Hong Kong
3.1
Mexico
2.9
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
69.9
75.1
Mid Cap ($2.5 to $12 B)
24.4
24.7
Small Cap (< $2.5 B)
5.6
0.2
Capitalization
Portfolio (%)
Large Cap (> $12 B)
69.9
Mid Cap ($2.5 to $12 B)
24.4
Small Cap (< $2.5 B)
5.6
Portfolio Managers

Portfolio Managers

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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Portfolio managers are supported by the entire Thornburg investment team.

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