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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.
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.
Thornburg Emerging Markets ADR Completion Strategy - Net (%)
-2.02
MSCI Emerging Markets Index (%)
—
Total return (net and gross) is based on composite performance.
Periods less than one year are not annualized.
In US$ terms. Returns may increase or decrease as a result of currency fluctuations.
Performance data for the Emerging Markets ADR Completion Strategy is from the Emerging Markets ADR Completion Composite, inception date of 1 October 2024. The Emerging Markets ADR Completion Composite includes all discretionary accounts invested in the Emerging Markets ADR Completion Strategy. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. At inception, the composite included proprietary accounts that did not pay fees, and the firm imposed the highest fee payable by an account of that type to calculate the net performance. Thornburg Investment Management Inc.'s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.
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%
*The number of holdings includes those securities held individually as well as those held within the completion fund.
The above holdings may be held individually or through investment in the completion fund. Please see the Download Holdings link for details.
*Held by the completion fund. The completion fund is a series of Thornburg Investment Trust, a diversified, open end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program's sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.
Exposure Breakdown
Exposure Breakdown
(As of 31 Oct 2024)
Sector
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
Data based on representative account.
Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.
Cash includes cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
Percentages may not add up to 100 due to rounding.
Portfolio Managers
Portfolio Managers
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…
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…
1The completion fund is a series of Thornburg Investment Trust, a diversified, open‐end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program’s sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.
Source: FactSet and Thornburg
Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy's investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Cash may also include cash equivalents and currency forwards.
Weight percentages are of the total portfolio unless otherwise noted.
Valuations are computed and reported in U.S. dollars.
Portfolios invested in a limited number of holdings may expose an investor to greater volatility.
Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.
Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results.
The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.
The MSCI Emerging Markets Index (MSCI Emerging Markets NTR) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. The index shown is unmanaged, reflect total returns and assume the reinvestment of all income in U.S. dollars. It does not reflect any management fees or brokerage expenses associated with a portfolio’s returns. Returns for an actual portfolio may differ from those of an index due to (among other things) differences in timing and the amount invested and fees and expenses. Investors may not make direct investments into any index.
Please see our glossary for a definition of terms.
For Australia: This material has been prepared by Thornburg Investment Management, Inc. (Thornburg). Thornburg is regulated, as a registered investment adviser, by the Securities and Exchange Commission of the United States of America (“US”) under U.S. laws which differ from Australian laws. Thornburg holds a foreign AFSL 526689. This material contains general information only and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). It must not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced in any form or distributed to any person without the prior written consent of Thornburg. This material is not intended to provide you with financial product advice. It is for the use of researchers, licensed financial advisers and their authorised representatives. It does not take into account the objectives, financial situation or needs of any person. For this reason, you should, before acting on this material, obtain professional advice and consider whether this information is appropriate having regard to your investment needs, objectives, and financial situation.
Past performance is not an indication of future performance. Any economic or market forecasts are not guaranteed. Any references to particular securities or sectors are for illustrative purposes only. It is not a recommendation in relation to any named securities or sectors.
To the extent permitted by law, no liability is accepted by Thornburg, its officers or directors or any affiliates of Thornburg for any loss or damage as a result of any reliance on this information. While efforts have been made to ensure the information is correct, no warranty of accuracy or reliability is given, and no responsibility is accepted for errors or omissions. Any opinions expressed are those of Thornburg as of the date noted on the material and are subject to change without notice.
For Hong Kong: This material is issued by Thornburg Investment Management (Asia) Limited ("Company"), a wholly-owned subsidiary of Thornburg Investment Management, Inc. The Company is currently licensed with the Hong Kong SFC for Type 1 and Type 9 regulated activity, with the CE No.: BPQ208.
This material is directed at and intended for "Professional Investors" within the meaning of Part 1 of Schedule 1 to the Securities and Futures Ordinance and is issued for information purposes only. It is not to be construed as an offer or solicitation for the purchase or sale of any financial instruments. This material has not been reviewed nor endorsed by any regulatory authority in Hong Kong, including the Securities and Futures Commission, nor has a copy been registered with the Registrar of Companies in Hong Kong. Hong Kong residents are advised to exercise caution in relation to this information.
Any prices referred to herein are indicative only and dependent upon market conditions. Past performance is not indicative of future results. Unless otherwise specified, investments are not bank deposits or other obligations of a bank, and the repayment of principal is not insured or guaranteed. They are subject to investment risks, including the possibility that the value of any investment (and income derived thereof (if any) can increase, decrease or in some cases, be entirely lost and investors may not get back the amount originally invested. The contents of this presentation have not been reviewed by any regulatory authority in the countries in which it is distributed.
Thornburg Investment Management, Inc. accepts no liability whatsoever for any direct, indirect or consequential loss arising from or in connection with any use of, or reliance on, this presentation which does not have any regard to the particular needs of any person. Thornburg Investment Management, Inc. takes no responsibility whatsoever for any use, reliance or reference by persons other than the intended recipient of this presentation.
The opinions and views herein do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This presentation does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You are advised to exercise caution in relation to any information in this document. If you are in doubt about any of the contents of this document, you should seek independent professional advice.
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