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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 732 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, 3 stars and 4 stars among 732, 648 and 379 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$877.6 M
As of 31 Oct 2022
NAV
$20.87
As of 30 Nov 2022
Change
$0.66
As of 30 Nov 2022
YTD NAV Performance
-24.63%
As of 30 Nov 2022
Asset Category:
Emerging Markets Equity
Fund Benchmark:
MSCI Emerging Markets NTR
Portfolio Managers
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-31.64
-32.92
-2.70
-0.74
2.31
4.16
MSCI Emerging Markets NTR (%)
-27.16
-28.11
-2.07
-1.81
1.05
1.60
Morningstar Category Avg. (%)
-27.86
-28.59
-1.92
-1.81
1.13
Morningstar Quartile
4
3
2
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-24.63
-22.79
-1.04
0.39
3.29
4.89
MSCI Emerging Markets NTR (%)
-18.95
-17.43
0.14
-0.42
2.07
2.42
Morningstar Category Avg. (%)
-28.87
-30.38
-3.59
-2.59
1.01
Morningstar Quartile
4
3
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-31.64
-32.92
-7.89
-3.65
25.71
68.41
MSCI Emerging Markets NTR (%)
-27.16
-28.11
-6.07
-8.71
10.99
22.57
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-24.63
-22.79
-3.10
1.94
38.25
85.67
MSCI Emerging Markets NTR (%)
-18.95
-17.43
0.42
-2.07
22.69
36.38
2016
2017
2018
2019
2020
2021
Total Return (%)
3.08
35.86
-14.87
29.49
23.13
-2.67
MSCI Emerging Markets NTR (%)
11.19
37.28
-14.58
18.42
18.31
-2.54
Fund Fees

Fund Fees

(As of 30 Sep 2022)
Gross Expense Ratio (%)
1.15
Net Expense Ratio (%)
1.04
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2022)
(Hypothetical Growth of $10,000 vs MSCI Emerging Markets NTR)
Distributions

Distributions

(As of 31 Dec 2020)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
27 Dec 2010
0.03462
0.03462
28 Sep 2012
0.00000
0.00000
24 Dec 2012
0.09131
0.09131
24 Dec 2013
0.00733
0.00733
24 Sep 2014
0.06228
0.06228
24 Dec 2014
0.00707
0.00707
24 Sep 2015
0.09745
0.09745
24 Dec 2015
0.01053
0.01053
26 Sep 2016
0.08792
0.08792
24 Mar 2017
0.01443
0.01443
23 Jun 2017
0.06498
0.06498
22 Sep 2017
0.08000
0.08000
21 Dec 2018
0.23768
0.23768
20 Dec 2019
0.30919
0.30919
17 Dec 2020
0.04266
0.04266
Fund Facts

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$877.6 M
Benchmark
MSCI Emerging Markets NTR
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDIX
Share Class
I
Share Class Inception Date
16 Dec 2009
Number of Holdings
54
Portfolio Turnover
68%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$73.7 B
$76.7 B
Median Market Cap
$22.2 B
$5.9 B
Price to Earnings - Forward 1YR
11.6x
9.7x
Price to Earnings - Trailing 12 Months
12.5x
10.0x
Price to Cash Flow
8.0x
5.8x
Portfolio
Benchmark
Price to Book Value
1.9x
1.5x
Return on Assets - 5 YR
7.7%
7.9%
Return on Equity - 5 YR
16.1%
15.5%
Historical 3YR Sales Growth
17.9%
16.2%
Active Share
75.9%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
5y
10y
Annualized Alpha (%)
-0.79
1.24
1.34
Beta
0.97
0.94
0.86
R-Squared (%)
71.77
70.18
68.68
Standard Deviation (%)
22.39
19.66
16.23
Sharpe Ratio
-0.28
-0.17
0.06
Information Ratio
-0.10
0.08
0.10
Up Capture (%)
91.93
92.69
81.59
Down Capture (%)
93.45
92.08
80.50
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
5.8
Tencent Holdings Ltd.
700
Communication Services
3.5
AIA Group Ltd.
1299
Financials
3.3
Yum China Holdings, Inc.
9987
Consumer Discretionary
3.3
Hon Hai Precision Industry Co. Ltd.
2317
Information Technology
3.0
The Saudi National Bank
SNB
Financials
3.0
Bank Rakyat Indonesia Persero Tbk PT
BBRI
Financials
3.0
B3 SA - Brasil Bolsa Balcao
B3SA3
Financials
2.8
Grupo Financiero Banorte S.A.B. de C.V.
GFNORTEO
Financials
2.7
Samsung Electronics Co. Ltd.
005930
Information Technology
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
29.8
23.6
Consumer Discretionary
18.8
12.2
Information Technology
16.0
19.1
Materials
5.9
9.1
Industrials
5.5
6.1
Cash & Cash Equivalents
5.5
Communication Services
5.2
8.7
Consumer Staples
5.1
6.5
Utilities
3.6
3.2
Energy
3.6
5.6
Health Care
0.9
4.1
Real Estate
0.0
1.7
Sector Allocation
Fund (%)
Financials
29.8
Consumer Discretionary
18.8
Information Technology
16.0
Materials
5.9
Industrials
5.5
Cash & Cash Equivalents
5.5
Communication Services
5.2
Consumer Staples
5.1
Utilities
3.6
Energy
3.6
Health Care
0.9
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Banks
16.8
17.6
Retailing
10.9
6.4
Diversified Financials
9.6
3.6
Semiconductors & Semiconductor Equipment
7.0
7.9
Materials
5.9
9.1
Technology Hardware & Equipment
5.7
8.3
Food & Staples Retailing
4.7
1.5
Consumer Services
4.2
1.1
Transportation
3.9
2.2
Media & Entertainment
3.8
5.1
Top 10 Industries
Fund (%)
Banks
16.8
Retailing
10.9
Diversified Financials
9.6
Semiconductors & Semiconductor Equipment
7.0
Materials
5.9
Technology Hardware & Equipment
5.7
Food & Staples Retailing
4.7
Consumer Services
4.2
Transportation
3.9
Media & Entertainment
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
China
27.5
26.9
Asia Pacific ex Japan
Taiwan
10.6
13.5
Asia Pacific ex Japan
Brazil
10.1
6.4
Latin America
India
10.1
16.2
Asia Pacific ex Japan
Mexico
7.0
2.6
Latin America
Hong Kong
3.3
Asia Pacific ex Japan
Korea, Republic of (South Korea)
3.3
11.9
Asia Pacific ex Japan
Thailand
3.2
2.2
Asia Pacific ex Japan
Saudi Arabia
3.0
5.1
Other
Indonesia
3.0
2.3
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
China
27.5
Taiwan
10.6
Brazil
10.1
India
10.1
Mexico
7.0
Hong Kong
3.3
Korea, Republic of (South Korea)
3.3
Thailand
3.2
Saudi Arabia
3.0
Indonesia
3.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
77.4
67.9
Mid Cap ($2.5 to $12 B)
18.0
29.7
Small Cap (< $2.5 B)
4.7
2.4
Capitalization
Fund (%)
Large Cap (> $12 B)
77.4
Mid Cap ($2.5 to $12 B)
18.0
Small Cap (< $2.5 B)
4.7
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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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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