Thornburg Developing World Fund

SYMBOL: THDIX

Morningstar Rating • Info

Overall Morningstar Rating among 724 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, 3 stars, 4 stars and 4 stars among 724, 638 and 361 funds, as of 31 Jul 2022.

As of 31 Jul 2022

Fund Assets

$1.0 B

As of 31 Jul 2022

NAV

$22.11

As of 12 Aug 2022

Change

$0.25

As of 12 Aug 2022

YTD NAV Performance

-20.15%

As of 12 Aug 2022

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets NTR

Portfolio Managers

Ben Kirby, CFA

Co-Head of Investments and Managing Director

Charles Wilson, PhD

Portfolio Manager and Managing Director

Josh Rubin

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 Jun 2022)

YTD

10y

Inception

Total Return (%)

-22.43

-28.76

0.33

3.49

4.47

5.30

MSCI Emerging Markets NTR (%)

-17.63

-25.28

0.57

2.18

3.06

2.64

Morningstar Category Avg. (%)

-19.73

-25.71

0.38

1.71

2.84

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-22.86

-25.16

0.67

2.36

4.31

5.22

MSCI Emerging Markets NTR (%)

-17.83

-20.09

0.90

0.95

2.84

2.60

Morningstar Category Avg. (%)

-19.43

-21.43

0.96

0.79

2.79

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-22.43

-28.76

0.98

18.69

54.87

91.10

MSCI Emerging Markets NTR (%)

-17.63

-25.28

1.71

11.38

35.23

38.62

YTD

10y

Inception

Total Return (%)

-22.86

-25.16

2.02

12.38

52.56

90.03

MSCI Emerging Markets NTR (%)

-17.83

-20.09

2.72

4.86

32.32

38.28

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

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 for 1-, 3-, 5- and 10-years, among 817, 734, 635 and 364 funds, respectively, as of 30 Jun 2022, and 804, 724, 638 and 361 funds, respectively, as of 31 Jul 2022.

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 30 Jun 2022)

Gross Expense Ratio (%)

1.15

Net Expense Ratio (%)

1.04

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2023, 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 NTR
            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

Hypothetical Growth of $10,000

(As of 30 Jun 2022)

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

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

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2010-12-27,0.03462,0.03462,0,0
2012-09-28,0.00000,0.00000,0,0
2012-12-24,0.09131,0.09131,0,0
2013-12-24,0.00733,0.00733,0,0
2014-09-24,0.06228,0.06228,0,0
2014-12-24,0.00707,0.00707,0,0
2015-09-24,0.09745,0.09745,0,0
2015-12-24,0.01053,0.01053,0,0
2016-09-26,0.08792,0.08792,0,0
2017-03-24,0.01443,0.01443,0,0
2017-06-23,0.06498,0.06498,0,0
2017-09-22,0.08000,0.08000,0,0
2018-12-21,0.23768,0.23768,0,0
2019-12-20,0.30919,0.30919,0,0
2020-12-17,0.04266,0.04266,0,0

Distributions

(As of 31 Dec 2020)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

27 Dec 2010

0.03462

—

28 Sep 2012

0.00000

—

24 Dec 2012

0.09131

—

24 Dec 2013

0.00733

—

24 Sep 2014

0.06228

—

24 Dec 2014

0.00707

—

24 Sep 2015

0.09745

—

24 Dec 2015

0.01053

—

26 Sep 2016

0.08792

—

24 Mar 2017

0.01443

—

23 Jun 2017

0.06498

—

22 Sep 2017

0.08000

—

21 Dec 2018

0.23768

—

20 Dec 2019

0.30919

—

17 Dec 2020

0.04266

—

Fund Facts

(As of 31 Jul 2022)

Net Fund Assets

$1.0 B

Benchmark

MSCI Emerging Markets NTR

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

THDIX

Share Class

Share Class Inception Date

16 Dec 2009

Number of Holdings

Portfolio Turnover

62%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jul 2022)

Portfolio

Benchmark

Weighted Average Market Cap

$103.1 B

$104.1 B

Median Market Cap

$27.8 B

$6.8 B

Price to Earnings - Forward 1YR

12.4x

10.6x

Price to Earnings - Trailing 12 Months

14.6x

11.2x

Price to Cash Flow

9.1x

6.5x

Portfolio

Benchmark

Price to Book Value

2.3x

1.6x

Return on Assets - 5 YR

8.2%

8.0%

Return on Equity - 5 YR

16.3%

15.7%

Historical 3YR Sales Growth

18.2%

18.3%

Active Share

73.5%

—

Risk & Return Profile

(As of 30 Jun 2022)

10y

Annualized Alpha (%)

0.56

2.65

2.92

Beta

0.97

0.94

0.85

R-Squared (%)

72.46

70.57

68.97

Standard Deviation (%)

21.97

19.18

16.01

Sharpe Ratio

-0.01

0.13

0.24

Information Ratio

-0.02

0.11

0.13

Up Capture (%)

93.07

92.28

81.43

Down Capture (%)

93.31

90.86

79.41

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 30 Jun 2022)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

7.4

Tencent Holdings Ltd.

700

Communication Services

4.6

Yum China Holdings, Inc.

9987

Consumer Discretionary

3.6

AIA Group Ltd.

1299

Financials

3.1

Meituan

3690

Consumer Discretionary

2.9

Samsung Electronics Co. Ltd.

005930

Information Technology

2.8

Petroleo Brasileiro S.A.

PBR

Energy

2.4

Bank Rakyat Indonesia Persero Tbk PT

BBRI

Financials

2.4

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.4

Postal Savings Bank of China Co. Ltd.

1658

Financials

2.3

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jul 2022)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.5

21.5

Consumer Discretionary

21.5

13.8

Information Technology

20.1

Communication Services

9.2

10.0

Consumer Staples

5.0

6.2

Industrials

3.1

5.8

Utilities

2.6

—

Health Care

0.0

4.0

Real Estate

0.0

—

Materials

0.0

—

Energy

0.0

—

Sector Allocation

Fund (%)

Financials

24.5

Consumer Discretionary

21.5

Information Technology

20.1

Communication Services

9.2

Consumer Staples

5.0

Industrials

3.1

Utilities

2.6

Health Care

0.0

Real Estate

0.0

Materials

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

12.1

15.6

Retailing

12.1

7.2

Semiconductors & Semiconductor Equipment

10.0

9.3

Diversified Financials

9.6

3.4

Media & Entertainment

7.4

6.8

Materials

5.5

8.5

Technology Hardware & Equipment

5.4

8.1

Consumer Services

5.0

1.1

Software & Services

4.7

2.7

Energy

4.2

5.1

Top 10 Industries

Fund (%)

Banks

12.1

Retailing

12.1

Semiconductors & Semiconductor Equipment

10.0

Diversified Financials

9.6

Media & Entertainment

7.4

Materials

5.5

Technology Hardware & Equipment

5.4

Consumer Services

5.0

Software & Services

4.7

Energy

4.2

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

China

31.8

32.0

Asia Pacific ex Japan

Taiwan

12.4

14.8

Asia Pacific ex Japan

Brazil

8.3

5.2

Latin America

India

8.2

14.0

Asia Pacific ex Japan

Korea, Republic of (South Korea)

5.8

12.0

Asia Pacific ex Japan

United States

5.2

—

North America

Mexico

5.1

2.1

Latin America

Thailand

2.5

1.9

Asia Pacific ex Japan

Indonesia

2.5

1.9

Asia Pacific ex Japan

Canada

2.3

—

North America

Top 10 Countries

Fund (%)

China

31.8

Taiwan

12.4

Brazil

8.3

India

8.2

Korea, Republic of (South Korea)

5.8

United States

5.2

Mexico

5.1

Thailand

2.5

Indonesia

2.5

Canada

2.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

80.9

72.0

Mid Cap ($2.5 to $12 B)

15.4

26.6

Small Cap (< $2.5 B)

3.7

1.4

Capitalization

Fund (%)

Large Cap (> $12 B)

80.9

Mid Cap ($2.5 to $12 B)

15.4

Small Cap (< $2.5 B)

3.7

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

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

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…

Learn More

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…

Learn More

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…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of additional information

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.

© 2022 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 Corporation.

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 Corporation (TSC) 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

Ben Kirby, CFA

Charles Wilson, PhD

Josh Rubin

Literature

Important Information

More Insights

Observations in Fixed Income: Central Banks Dominate the Year

Emerging Investment Opportunities in Cell and Gene Therapies

Inflation: What to Expect in the Short, Medium and Long Term

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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

Ben Kirby, CFA

Charles Wilson, PhD

Josh Rubin

Literature

Important Information

More Insights

Observations in Fixed Income: Central Banks Dominate the Year

Emerging Investment Opportunities in Cell and Gene Therapies

Inflation: What to Expect in the Short, Medium and Long Term