Thornburg Developing World Fund

SYMBOL: THDIX

Morningstar Rating • Info

Overall Morningstar Rating among 693 Diversified Emerging Mkts funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 693, 616 and 456 funds, as of 30 Nov 2025.

As of 30 Nov 2025

Fund Assets

$593.3 M

As of 31 Oct 2025

NAV

$27.31

As of 12 Dec 2025

Change

$0.24

As of 12 Dec 2025

YTD NAV Performance

25.51%

As of 12 Dec 2025

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

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.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation.

Investment Approach

Combining bottom-up, fundamental analysis with disciplined portfolio construction, the fund seeks long-term growth opportunities in emerging markets through investments in strong businesses at attractive valuations and identified paths to success. Using a three-basket portfolio construction approach, we are able to balance risk exposure across styles, allowing the portfolio to participate across market environments, whether led by growth or value.

Returns

(As of 30 Sep 2025)

YTD

10y

Inception

Total Return (%)

22.43

16.43

14.59

4.04

6.88

6.06

MSCI Emerging Markets Index (%)

27.53

17.32

18.21

7.02

7.99

4.57

Morningstar Category Avg. (%)

24.61

15.93

17.75

7.26

7.59

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

751

693

616

456

—

YTD

10y

Inception

Total Return (%)

23.02

23.56

11.10

1.57

6.58

6.03

MSCI Emerging Markets Index (%)

29.69

29.51

14.72

5.06

7.85

4.63

Morningstar Category Avg. (%)

27.22

25.96

13.98

5.33

7.41

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

751

693

616

456

—

YTD

10y

Inception

Total Return (%)

22.43

16.43

50.45

21.89

94.55

153.37

MSCI Emerging Markets Index (%)

27.53

17.32

65.19

40.36

115.65

102.48

YTD

10y

Inception

Total Return (%)

23.02

23.56

37.13

8.12

89.18

154.61

MSCI Emerging Markets Index (%)

29.69

29.51

50.97

28.01

113.00

105.90

2019

2020

2021

2022

2023

2024

Total Return (%)

29.49

23.13

-2.67

-25.50

6.58

5.80

MSCI Emerging Markets Index (%)

18.42

18.31

-2.54

-20.09

9.83

7.50

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Diversified Emerging Mkts category is based on total returns before sales charges.

Prior to inception of R5 and R6 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 16 Dec 2009; R5 and R6 shares, 1 Feb 2013.

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

1.29

Net Expense Ratio (%)

1.04

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI Emerging Markets Index
            2009-12-16,10000,10000
2009-12-31,10050,10170
2010-01-31,9548,9603
2010-02-28,9807,9637
2010-03-31,10611,10415
2010-04-30,10946,10541
2010-05-31,10243,9614
2010-06-30,10276,9543
2010-07-31,10988,10338
2010-08-31,10980,10137
2010-09-30,12161,11264
2010-10-31,12814,11591
2010-11-30,12697,11285
2010-12-31,13229,12090
2011-01-31,12666,11762
2011-02-28,12616,11652
2011-03-31,13354,12337
2011-04-30,14160,12720
2011-05-31,13959,12386
2011-06-30,13774,12196
2011-07-31,13715,12142
2011-08-31,12599,11057
2011-09-30,10593,9445
2011-10-31,12045,10696
2011-11-30,11650,9983
2011-12-31,11231,9863
2012-01-31,12305,10981
2012-02-29,12977,11639
2012-03-31,13203,11251
2012-04-30,13321,11116
2012-05-31,11927,9869
2012-06-30,12339,10250
2012-07-31,12456,10450
2012-08-31,12691,10416
2012-09-30,13396,11044
2012-10-31,13447,10977
2012-11-30,13430,11116
2012-12-31,13852,11660
2013-01-31,14662,11821
2013-02-28,14916,11672
2013-03-31,15321,11471
2013-04-30,15599,11558
2013-05-31,15734,11261
2013-06-30,14578,10544
2013-07-31,14713,10654
2013-08-31,14223,10471
2013-09-30,15236,11152
2013-10-31,15878,11694
2013-11-30,15945,11523
2013-12-31,16095,11357
2014-01-31,15217,10619
2014-02-28,16146,10971
2014-03-31,16045,11308
2014-04-30,15960,11345
2014-05-31,16551,11741
2014-06-30,16990,12053
2014-07-31,16754,12286
2014-08-31,16864,12563
2014-09-30,16029,11632
2014-10-31,16418,11769
2014-11-30,16461,11645
2014-12-31,15662,11108
2015-01-31,15509,11175
2015-02-28,15619,11521
2015-03-31,15340,11357
2015-04-30,16035,12230
2015-05-31,15806,11741
2015-06-30,15475,11436
2015-07-31,14831,10643
2015-08-31,13560,9680
2015-09-30,13023,9389
2015-10-31,13689,10059
2015-11-30,13458,9666
2015-12-31,13314,9451
2016-01-31,12759,8838
2016-02-29,12597,8823
2016-03-31,13783,9991
2016-04-30,14107,10045
2016-05-31,13860,9671
2016-06-30,14005,10057
2016-07-31,14619,10563
2016-08-31,14790,10826
2016-09-30,14805,10965
2016-10-31,14676,10991
2016-11-30,13775,10485
2016-12-31,13724,10508
2017-01-31,14170,11083
2017-02-28,14436,11423
2017-03-31,14877,11711
2017-04-30,15384,11967
2017-05-31,15718,12321
2017-06-30,16100,12445
2017-07-31,16910,13187
2017-08-31,17177,13481
2017-09-30,17478,13428
2017-10-31,17902,13898
2017-11-30,18213,13926
2017-12-31,18646,14426
2018-01-31,20090,15628
2018-02-28,19095,14908
2018-03-31,18542,14631
2018-04-30,18231,14566
2018-05-31,17850,14050
2018-06-30,17288,13466
2018-07-31,17712,13762
2018-08-31,16994,13390
2018-09-30,16907,13319
2018-10-31,15558,12159
2018-11-30,16345,12660
2018-12-31,15874,12324
2019-01-31,17425,13404
2019-02-28,17749,13434
2019-03-31,18197,13546
2019-04-30,18766,13832
2019-05-31,17557,12828
2019-06-30,18924,13629
2019-07-31,18626,13462
2019-08-31,18012,12806
2019-09-30,18284,13050
2019-10-31,19073,13600
2019-11-30,19161,13582
2019-12-31,20555,14595
2020-01-31,19827,13914
2020-02-29,18743,13181
2020-03-31,15474,11151
2020-04-30,16993,12172
2020-05-31,17402,12265
2020-06-30,18841,13167
2020-07-31,20440,14343
2020-08-31,21106,14660
2020-09-30,20786,14425
2020-10-31,21523,14723
2020-11-30,23549,16084
2020-12-31,25310,17267
2021-01-31,26058,17796
2021-02-28,26618,17932
2021-03-31,25702,17661
2021-04-30,26129,18101
2021-05-31,26405,18521
2021-06-30,26823,18553
2021-07-31,25390,17304
2021-08-31,26058,17757
2021-09-30,25106,17051
2021-10-31,25364,17220
2021-11-30,24047,16518
2021-12-31,24634,16828
2022-01-31,23780,16509
2022-02-28,22686,16016
2022-03-31,22063,15654
2022-04-30,20222,14783
2022-05-31,20738,14848
2022-06-30,19110,13862
2022-07-31,19003,13828
2022-08-31,18985,13885
2022-09-30,16841,12257
2022-10-31,16014,11877
2022-11-30,18567,13638
2022-12-31,18354,13447
2023-01-31,19811,14509
2023-02-28,18625,13568
2023-03-31,19196,13979
2023-04-30,18951,13820
2023-05-31,18508,13588
2023-06-30,19331,14104
2023-07-31,20137,14982
2023-08-31,19042,14059
2023-09-30,18299,13692
2023-10-31,17511,13160
2023-11-30,18906,14213
2023-12-31,19562,14768
2024-01-31,18757,14083
2024-02-29,19867,14753
2024-03-31,20338,15118
2024-04-30,20135,15186
2024-05-31,20477,15272
2024-06-30,21207,15874
2024-07-31,20680,15921
2024-08-31,20680,16178
2024-09-30,21762,17258
2024-10-31,21318,16491
2024-11-30,20606,15898
2024-12-31,20696,15877
2025-01-31,20639,16160
2025-02-28,20591,16239
2025-03-31,20696,16341
2025-04-30,21086,16556
2025-05-31,22360,17262
2025-06-30,23730,18300
2025-07-31,24006,18657
2025-08-31,24063,18896
2025-09-30,25337,20248
2025-10-31,26069,21094
2025-11-30,25461,20590

Hypothetical Growth of $10,000

(As of 30 Nov 2025)

(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)

                        Categories,I Shares,MSCI Emerging Markets Index
                        2024-11-30,10000,10000
2024-12-31,10043,9986
2025-01-31,10016,10165
2025-02-28,9993,10214
2025-03-31,10043,10279
2025-04-30,10233,10414
2025-05-31,10851,10858
2025-06-30,11516,11511
2025-07-31,11650,11735
2025-08-31,11677,11886
2025-09-30,12296,12736
2025-10-31,12651,13268
2025-11-30,12356,12951

                        Categories,I Shares,MSCI Emerging Markets Index
                        2022-11-30,10000,10000
2022-12-31,9885,9859
2023-01-31,10670,10638
2023-02-28,10031,9948
2023-03-31,10339,10249
2023-04-30,10207,10133
2023-05-31,9968,9963
2023-06-30,10412,10341
2023-07-31,10846,10985
2023-08-31,10256,10308
2023-09-30,9856,10039
2023-10-31,9432,9649
2023-11-30,10183,10421
2023-12-31,10536,10828
2024-01-31,10103,10326
2024-02-29,10700,10817
2024-03-31,10954,11085
2024-04-30,10845,11134
2024-05-31,11029,11197
2024-06-30,11422,11639
2024-07-31,11138,11674
2024-08-31,11138,11862
2024-09-30,11721,12654
2024-10-31,11482,12091
2024-11-30,11098,11657
2024-12-31,11147,11641
2025-01-31,11116,11849
2025-02-28,11090,11906
2025-03-31,11147,11982
2025-04-30,11357,12139
2025-05-31,12043,12657
2025-06-30,12781,13418
2025-07-31,12929,13680
2025-08-31,12960,13855
2025-09-30,13646,14846
2025-10-31,14041,15467
2025-11-30,13713,15097

                        Categories,I Shares,MSCI Emerging Markets Index
                        2020-11-30,10000,10000
2020-12-31,10748,10735
2021-01-31,11065,11064
2021-02-28,11303,11149
2021-03-31,10914,10980
2021-04-30,11096,11254
2021-05-31,11213,11515
2021-06-30,11390,11535
2021-07-31,10782,10758
2021-08-31,11065,11040
2021-09-30,10661,10601
2021-10-31,10771,10706
2021-11-30,10212,10270
2021-12-31,10461,10462
2022-01-31,10098,10264
2022-02-28,9634,9957
2022-03-31,9369,9733
2022-04-30,8587,9191
2022-05-31,8806,9232
2022-06-30,8115,8618
2022-07-31,8070,8597
2022-08-31,8062,8633
2022-09-30,7152,7621
2022-10-31,6800,7384
2022-11-30,7884,8479
2022-12-31,7794,8360
2023-01-31,8413,9020
2023-02-28,7909,8435
2023-03-31,8151,8691
2023-04-30,8048,8592
2023-05-31,7859,8448
2023-06-30,8209,8769
2023-07-31,8551,9315
2023-08-31,8086,8741
2023-09-30,7771,8512
2023-10-31,7436,8182
2023-11-30,8028,8836
2023-12-31,8307,9182
2024-01-31,7965,8756
2024-02-29,8436,9172
2024-03-31,8637,9399
2024-04-30,8550,9441
2024-05-31,8696,9495
2024-06-30,9006,9869
2024-07-31,8782,9899
2024-08-31,8782,10058
2024-09-30,9241,10730
2024-10-31,9053,10253
2024-11-30,8750,9885
2024-12-31,8788,9871
2025-01-31,8764,10047
2025-02-28,8744,10096
2025-03-31,8788,10160
2025-04-30,8954,10293
2025-05-31,9495,10733
2025-06-30,10077,11378
2025-07-31,10194,11600
2025-08-31,10218,11748
2025-09-30,10759,12589
2025-10-31,11070,13115
2025-11-30,10812,12801

                        Categories,I Shares,MSCI Emerging Markets Index
                        2015-11-30,10000,10000
2015-12-31,9893,9777
2016-01-31,9480,9143
2016-02-29,9360,9128
2016-03-31,10241,10336
2016-04-30,10482,10392
2016-05-31,10298,10004
2016-06-30,10406,10404
2016-07-31,10863,10928
2016-08-31,10990,11199
2016-09-30,11000,11343
2016-10-31,10905,11370
2016-11-30,10236,10847
2016-12-31,10197,10871
2017-01-31,10529,11466
2017-02-28,10726,11817
2017-03-31,11054,12115
2017-04-30,11431,12380
2017-05-31,11679,12746
2017-06-30,11963,12875
2017-07-31,12565,13642
2017-08-31,12763,13946
2017-09-30,12987,13891
2017-10-31,13302,14378
2017-11-30,13533,14407
2017-12-31,13854,14924
2018-01-31,14928,16168
2018-02-28,14189,15422
2018-03-31,13777,15135
2018-04-30,13546,15068
2018-05-31,13263,14534
2018-06-30,12846,13931
2018-07-31,13160,14237
2018-08-31,12627,13852
2018-09-30,12563,13778
2018-10-31,11560,12578
2018-11-30,12145,13097
2018-12-31,11795,12750
2019-01-31,12948,13866
2019-02-28,13189,13897
2019-03-31,13521,14014
2019-04-30,13944,14309
2019-05-31,13045,13271
2019-06-30,14061,14099
2019-07-31,13840,13926
2019-08-31,13384,13247
2019-09-30,13586,13500
2019-10-31,14172,14070
2019-11-30,14237,14050
2019-12-31,15273,15098
2020-01-31,14732,14395
2020-02-29,13927,13635
2020-03-31,11498,11535
2020-04-30,12626,12592
2020-05-31,12930,12688
2020-06-30,13999,13621
2020-07-31,15187,14838
2020-08-31,15682,15166
2020-09-30,15445,14923
2020-10-31,15993,15230
2020-11-30,17498,16639
2020-12-31,18807,17862
2021-01-31,19362,18410
2021-02-28,19778,18551
2021-03-31,19097,18271
2021-04-30,19415,18725
2021-05-31,19620,19160
2021-06-30,19930,19193
2021-07-31,18866,17901
2021-08-31,19362,18370
2021-09-30,18655,17640
2021-10-31,18846,17814
2021-11-30,17868,17088
2021-12-31,18304,17408
2022-01-31,17670,17079
2022-02-28,16856,16568
2022-03-31,16394,16194
2022-04-30,15025,15293
2022-05-31,15409,15361
2022-06-30,14199,14340
2022-07-31,14120,14305
2022-08-31,14107,14364
2022-09-30,12513,12680
2022-10-31,11899,12287
2022-11-30,13796,14109
2022-12-31,13637,13911
2023-01-31,14721,15009
2023-02-28,13839,14036
2023-03-31,14263,14461
2023-04-30,14081,14297
2023-05-31,13752,14057
2023-06-30,14364,14591
2023-07-31,14963,15499
2023-08-31,14149,14544
2023-09-30,13597,14164
2023-10-31,13012,13614
2023-11-30,14048,14703
2023-12-31,14535,15278
2024-01-31,13937,14568
2024-02-29,14762,15262
2024-03-31,15112,15640
2024-04-30,14961,15710
2024-05-31,15215,15798
2024-06-30,15758,16422
2024-07-31,15366,16470
2024-08-31,15366,16736
2024-09-30,16170,17854
2024-10-31,15840,17060
2024-11-30,15311,16447
2024-12-31,15378,16424
2025-01-31,15335,16718
2025-02-28,15300,16799
2025-03-31,15378,16905
2025-04-30,15667,17127
2025-05-31,16614,17858
2025-06-30,17632,18932
2025-07-31,17837,19301
2025-08-31,17879,19548
2025-09-30,18826,20947
2025-10-31,19371,21822
2025-11-30,18918,21300

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2010-12-31,0.03462
2012-09-30,0.00000
2012-12-31,0.09131
2013-12-31,0.00733
2014-09-30,0.06228
2014-12-31,0.00707
2015-09-30,0.09745
2015-12-31,0.01053
2016-09-30,0.08792
2017-03-31,0.01443
2017-06-30,0.06498
2017-09-30,0.08000
2018-12-31,0.23768
2019-12-31,0.30919
2020-12-31,0.04266
2022-12-31,0.35878
2023-12-31,0.43420
2024-12-31,0.63131

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2010-12-27,1293753600,0.03462,0.03462,0,0
2012-09-28,1348963200,0.00000,0.00000,0,0
2012-12-24,1356912000,0.09131,0.09131,0,0
2013-12-24,1388448000,0.00733,0.00733,0,0
2014-09-24,1412035200,0.06228,0.06228,0,0
2014-12-24,1419984000,0.00707,0.00707,0,0
2015-09-24,1443571200,0.09745,0.09745,0,0
2015-12-24,1451520000,0.01053,0.01053,0,0
2016-09-26,1475193600,0.08792,0.08792,0,0
2017-03-24,1490918400,0.01443,0.01443,0,0
2017-06-23,1498780800,0.06498,0.06498,0,0
2017-09-22,1506729600,0.08000,0.08000,0,0
2018-12-21,1546214400,0.23768,0.23768,0,0
2019-12-20,1577750400,0.30919,0.30919,0,0
2020-12-17,1609372800,0.04266,0.04266,0,0
2022-12-15,1672444800,0.35878,0.35878,0,0
2023-12-14,1703980800,0.43420,0.43420,0,0
2024-12-19,1735603200,0.63131,0.63131,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

27 Dec 2010

31 Dec 2010

0.03462

—

28 Sep 2012

30 Sep 2012

0.00000

—

24 Dec 2012

31 Dec 2012

0.09131

—

24 Dec 2013

31 Dec 2013

0.00733

—

24 Sep 2014

30 Sep 2014

0.06228

—

24 Dec 2014

31 Dec 2014

0.00707

—

24 Sep 2015

30 Sep 2015

0.09745

—

24 Dec 2015

31 Dec 2015

0.01053

—

26 Sep 2016

30 Sep 2016

0.08792

—

24 Mar 2017

31 Mar 2017

0.01443

—

23 Jun 2017

30 Jun 2017

0.06498

—

22 Sep 2017

30 Sep 2017

0.08000

—

21 Dec 2018

31 Dec 2018

0.23768

—

20 Dec 2019

31 Dec 2019

0.30919

—

17 Dec 2020

31 Dec 2020

0.04266

—

15 Dec 2022

31 Dec 2022

0.35878

—

14 Dec 2023

31 Dec 2023

0.43420

—

19 Dec 2024

31 Dec 2024

0.63131

—

Fund Facts

(As of 31 Oct 2025)

Net Fund Assets

$593.3 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

THDIX

Share Class

Share Class Inception Date

16 Dec 2009

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Oct 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$300.4 B

$272.5 B

Median Market Cap

$57.1 B

$10.9 B

Annual Portfolio Turnover

47%

—

Price to Earnings - Forward 1YR

15.1x

15.2x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

17.4x

17.1x

Price to Cash Flow

10.7x

9.8x

Price to Book Value

2.6x

2.2x

Active Share

71.3%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

-2.29

-3.26

-0.68

Beta

0.97

1.00

0.97

R-Squared (%)

93.54

94.10

93.06

Standard Deviation (%)

15.40

16.53

16.58

Sharpe Ratio

0.82

0.04

0.27

Information Ratio

-0.87

-0.88

-0.23

Up Capture (%)

87.81

93.29

96.50

Down Capture (%)

92.90

109.27

100.38

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Oct 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

15.7

Naspers Ltd.

NPN

Consumer Discretionary

7.7

SK hynix, Inc.

000660

Information Technology

3.7

AIA Group Ltd.

1299

Financials

3.7

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.5

Samsung Electronics Co. Ltd.

005930

Information Technology

3.5

ICICI Bank Ltd.

ICICIBC

Financials

3.1

Bid Corp. Ltd.

BID

Consumer Staples

2.9

Bank Central Asia Tbk PT

BBCA

Financials

2.8

Arca Continental S.A.B. de C.V.

AC*

Consumer Staples

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

26.0

27.9

Financials

22.7

21.8

Consumer Discretionary

16.1

12.6

Consumer Staples

11.0

3.8

Industrials

8.7

6.9

Energy

5.8

3.9

Cash & Equivalents

3.7

—

Communication Services

3.2

9.8

Utilities

1.8

2.3

Health Care

0.9

3.2

Materials

0.0

6.3

Real Estate

0.0

1.4

Sector Allocation

Fund (%)

Information Technology

26.0

Financials

22.7

Consumer Discretionary

16.1

Consumer Staples

11.0

Industrials

8.7

Energy

5.8

Cash & Equivalents

3.7

Communication Services

3.2

Utilities

1.8

Health Care

0.9

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

21.3

16.1

Banks

16.2

16.4

Consumer Discretionary Distribution & Retail

12.8

6.4

Energy

5.8

3.9

Food, Beverage & Tobacco

5.5

2.4

Capital Goods

5.2

Insurance

4.7

2.8

Consumer Staples Distribution & Retail

4.1

1.0

Technology Hardware & Equipment

3.5

10.0

Transportation

3.5

1.6

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

21.3

Banks

16.2

Consumer Discretionary Distribution & Retail

12.8

Energy

5.8

Food, Beverage & Tobacco

5.5

Capital Goods

5.2

Insurance

4.7

Consumer Staples Distribution & Retail

4.1

Technology Hardware & Equipment

3.5

Transportation

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

Taiwan

18.8

20.5

Asia Pacific ex Japan

China

14.0

27.8

Asia Pacific ex Japan

India

10.6

15.2

Asia Pacific ex Japan

South Africa

10.6

3.0

Other

Korea, Republic of (South Korea)

10.5

12.9

Asia Pacific ex Japan

Hong Kong

6.3

—

Asia Pacific ex Japan

Mexico

5.4

1.9

Latin America

Brazil

4.0

4.2

Latin America

United Arab Emirates

3.7

1.4

Other

Indonesia

2.8

1.1

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

Taiwan

18.8

China

14.0

India

10.6

South Africa

10.6

Korea, Republic of (South Korea)

10.5

Hong Kong

6.3

Mexico

5.4

Brazil

4.0

United Arab Emirates

3.7

Indonesia

2.8

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

83.1

83.3

Mid Cap ($2.5 to $12 B)

16.9

16.7

Small Cap (< $2.5 B)

0.0

—

Capitalization

Fund (%)

Large Cap (> $12 B)

83.1

Mid Cap ($2.5 to $12 B)

16.9

Small Cap (< $2.5 B)

0.0

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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…

Learn More

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

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Pablo Echavarria, CFA

Di Zhou, CFA, FRM®

Literature

Important Information

More Insights

FOMC Update: Fed Approves Third Consecutive Rate Cut, Projects Slower Pace

Luxury Brands Navigate China Slowdown and Tariff Pressures

Investment Perspectives from the Road: European Luxury Goods

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign