Thornburg Developing World Fund

SYMBOL: THDIX

Morningstar Rating • Info

Overall Morningstar Rating among 718 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 3 stars among 718, 644 and 389 funds, as of 31 Aug 2023.

As of 31 Aug 2023

Fund Assets

$1.0 B

As of 31 Aug 2023

NAV

$20.10

As of 2 Oct 2023

Change

$-0.11

As of 2 Oct 2023

YTD NAV Performance

-0.84%

As of 2 Oct 2023

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 Sep 2023)

YTD

10y

Inception

Total Return (%)

-0.30

8.66

-4.16

1.59

1.85

4.48

MSCI Emerging Markets NTR (%)

1.82

11.70

-1.73

0.55

2.07

2.30

Morningstar Category Avg. (%)

7.11

5.39

3.4

1.48

2.89

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-0.30

8.66

-4.16

1.59

1.85

4.48

MSCI Emerging Markets NTR (%)

1.82

11.70

-1.73

0.55

2.07

2.30

Morningstar Category Avg. (%)

12.7

10.48

2.63

2.17

3.25

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-0.30

8.66

-11.96

8.23

20.10

82.99

MSCI Emerging Markets NTR (%)

1.82

11.70

-5.09

2.80

22.77

36.92

YTD

10y

Inception

Total Return (%)

-0.30

8.66

-11.96

8.23

20.10

82.99

MSCI Emerging Markets NTR (%)

1.82

11.70

-5.09

2.80

22.77

36.92

2017

2018

2019

2020

2021

2022

Total Return (%)

35.86

-14.87

29.49

23.13

-2.67

-25.50

MSCI Emerging Markets NTR (%)

37.28

-14.58

18.42

18.31

-2.54

-20.09

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 816, 723, 646 and 385 funds, respectively, as of 30 Jun 2023.

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 2023)

Gross Expense Ratio (%)

1.23

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, 2024, 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
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

Hypothetical Growth of $10,000

(As of 31 Aug 2023)

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

                        Categories,I Shares,MSCI Emerging Markets NTR
                        2022-08-31,10000,10000
2022-09-30,8871,8828
2022-10-31,8435,8554
2022-11-30,9780,9822
2022-12-31,9667,9684
2023-01-31,10435,10449
2023-02-28,9810,9771
2023-03-31,10111,10067
2023-04-30,9982,9953
2023-05-31,9748,9786
2023-06-30,10182,10158
2023-07-31,10607,10790
2023-08-31,10030,10125

                        Categories,I Shares,MSCI Emerging Markets NTR
                        2020-08-31,10000,10000
2020-09-30,9848,9840
2020-10-31,10198,10042
2020-11-30,11157,10971
2020-12-31,11992,11778
2021-01-31,12346,12139
2021-02-28,12612,12232
2021-03-31,12178,12047
2021-04-30,12380,12347
2021-05-31,12511,12633
2021-06-30,12709,12655
2021-07-31,12030,11803
2021-08-31,12346,12112
2021-09-30,11895,11631
2021-10-31,12017,11746
2021-11-30,11394,11267
2021-12-31,11672,11478
2022-01-31,11267,11261
2022-02-28,10749,10924
2022-03-31,10454,10678
2022-04-30,9581,10084
2022-05-31,9826,10128
2022-06-30,9054,9455
2022-07-31,9004,9432
2022-08-31,8995,9471
2022-09-30,7979,8361
2022-10-31,7587,8101
2022-11-30,8797,9303
2022-12-31,8696,9172
2023-01-31,9387,9896
2023-02-28,8825,9255
2023-03-31,9095,9535
2023-04-30,8979,9427
2023-05-31,8769,9269
2023-06-30,9159,9620
2023-07-31,9541,10219
2023-08-31,9022,9590

                        Categories,I Shares,MSCI Emerging Markets NTR
                        2018-08-31,10000,10000
2018-09-30,9949,9947
2018-10-31,9155,9081
2018-11-30,9618,9455
2018-12-31,9341,9205
2019-01-31,10254,10010
2019-02-28,10445,10033
2019-03-31,10708,10117
2019-04-30,11043,10330
2019-05-31,10331,9581
2019-06-30,11136,10178
2019-07-31,10960,10054
2019-08-31,10599,9564
2019-09-30,10759,9746
2019-10-31,11224,10157
2019-11-30,11275,10143
2019-12-31,12096,10900
2020-01-31,11667,10392
2020-02-29,11029,9844
2020-03-31,9106,8328
2020-04-30,10000,9090
2020-05-31,10240,9160
2020-06-30,11087,9834
2020-07-31,12028,10712
2020-08-31,12420,10949
2020-09-30,12232,10774
2020-10-31,12665,10995
2020-11-30,13857,12012
2020-12-31,14894,12895
2021-01-31,15334,13291
2021-02-28,15663,13393
2021-03-31,15124,13190
2021-04-30,15376,13519
2021-05-31,15538,13832
2021-06-30,15784,13856
2021-07-31,14941,12923
2021-08-31,15334,13262
2021-09-30,14773,12735
2021-10-31,14925,12860
2021-11-30,14151,12336
2021-12-31,14496,12568
2022-01-31,13993,12330
2022-02-28,13350,11961
2022-03-31,12983,11691
2022-04-30,11899,11041
2022-05-31,12203,11089
2022-06-30,11245,10353
2022-07-31,11182,10327
2022-08-31,11172,10370
2022-09-30,9910,9154
2022-10-31,9423,8870
2022-11-30,10926,10186
2022-12-31,10800,10043
2023-01-31,11658,10836
2023-02-28,10960,10133
2023-03-31,11296,10440
2023-04-30,11152,10322
2023-05-31,10891,10148
2023-06-30,11376,10534
2023-07-31,11850,11189
2023-08-31,11205,10500

                        Categories,I Shares,MSCI Emerging Markets NTR
                        2013-08-31,10000,10000
2013-09-30,10712,10650
2013-10-31,11163,11168
2013-11-30,11211,11004
2013-12-31,11316,10845
2014-01-31,10699,10141
2014-02-28,11352,10477
2014-03-31,11280,10799
2014-04-30,11221,10835
2014-05-31,11637,11213
2014-06-30,11945,11511
2014-07-31,11779,11733
2014-08-31,11856,11998
2014-09-30,11269,11108
2014-10-31,11543,11239
2014-11-30,11573,11121
2014-12-31,11011,10608
2015-01-31,10904,10672
2015-02-28,10981,11002
2015-03-31,10785,10846
2015-04-30,11273,11680
2015-05-31,11113,11212
2015-06-30,10880,10921
2015-07-31,10427,10164
2015-08-31,9534,9245
2015-09-30,9156,8966
2015-10-31,9624,9606
2015-11-30,9462,9231
2015-12-31,9360,9026
2016-01-31,8970,8440
2016-02-29,8856,8426
2016-03-31,9690,9541
2016-04-30,9918,9593
2016-05-31,9744,9235
2016-06-30,9846,9604
2016-07-31,10278,10088
2016-08-31,10398,10338
2016-09-30,10409,10471
2016-10-31,10318,10496
2016-11-30,9685,10013
2016-12-31,9649,10035
2017-01-31,9962,10584
2017-02-28,10149,10908
2017-03-31,10460,11184
2017-04-30,10816,11429
2017-05-31,11051,11767
2017-06-30,11320,11885
2017-07-31,11889,12593
2017-08-31,12077,12874
2017-09-30,12288,12823
2017-10-31,12586,13273
2017-11-30,12805,13299
2017-12-31,13109,13777
2018-01-31,14125,14925
2018-02-28,13425,14237
2018-03-31,13036,13972
2018-04-30,12817,13910
2018-05-31,12550,13417
2018-06-30,12155,12860
2018-07-31,12452,13142
2018-08-31,11948,12787
2018-09-30,11887,12719
2018-10-31,10938,11611
2018-11-30,11492,12090
2018-12-31,11160,11770
2019-01-31,12251,12800
2019-02-28,12479,12829
2019-03-31,12793,12937
2019-04-30,13194,13209
2019-05-31,12344,12251
2019-06-30,13305,13015
2019-07-31,13095,12856
2019-08-31,12664,12229
2019-09-30,12855,12463
2019-10-31,13410,12988
2019-11-30,13471,12970
2019-12-31,14452,13938
2020-01-31,13940,13288
2020-02-29,13178,12587
2020-03-31,10879,10649
2020-04-30,11947,11624
2020-05-31,12235,11713
2020-06-30,13246,12574
2020-07-31,14370,13698
2020-08-31,14839,14001
2020-09-30,14614,13776
2020-10-31,15132,14060
2020-11-30,16556,15360
2020-12-31,17795,16489
2021-01-31,18320,16995
2021-02-28,18714,17125
2021-03-31,18070,16866
2021-04-30,18370,17286
2021-05-31,18564,17687
2021-06-30,18858,17718
2021-07-31,17851,16525
2021-08-31,18320,16958
2021-09-30,17651,16284
2021-10-31,17832,16444
2021-11-30,16907,15774
2021-12-31,17320,16070
2022-01-31,16719,15766
2022-02-28,15950,15295
2022-03-31,15512,14949
2022-04-30,14217,14118
2022-05-31,14580,14180
2022-06-30,13435,13238
2022-07-31,13360,13205
2022-08-31,13348,13260
2022-09-30,11840,11706
2022-10-31,11259,11342
2022-11-30,13054,13025
2022-12-31,12904,12841
2023-01-31,13929,13855
2023-02-28,13095,12957
2023-03-31,13496,13349
2023-04-30,13324,13198
2023-05-31,13012,12977
2023-06-30,13591,13469
2023-07-31,14158,14308
2023-08-31,13388,13426

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 ($)
            2010-01-31,0
2010-02-28,0
2010-03-31,0
2010-04-30,0
2010-05-31,0
2010-06-30,0
2010-07-31,0
2010-08-31,0
2010-09-30,0
2010-10-31,0
2010-11-30,0
2010-12-31,0.03462
2011-01-31,0
2011-02-28,0
2011-03-31,0
2011-04-30,0
2011-05-31,0
2011-06-30,0
2011-07-31,0
2011-08-31,0
2011-09-30,0
2011-10-31,0
2011-11-30,0
2011-12-31,0
2012-01-31,0
2012-02-29,0
2012-03-31,0
2012-04-30,0
2012-05-31,0
2012-06-30,0
2012-07-31,0
2012-08-31,0
2012-09-30,0.00000
2012-10-31,0
2012-11-30,0
2012-12-31,0.09131
2013-01-31,0
2013-02-28,0
2013-03-31,0
2013-04-30,0
2013-05-31,0
2013-06-30,0
2013-07-31,0
2013-08-31,0
2013-09-30,0
2013-10-31,0
2013-11-30,0
2013-12-31,0.00733
2014-01-31,0
2014-02-28,0
2014-03-31,0
2014-04-30,0
2014-05-31,0
2014-06-30,0
2014-07-31,0
2014-08-31,0
2014-09-30,0.06228
2014-10-31,0
2014-11-30,0
2014-12-31,0.00707
2015-01-31,0
2015-02-28,0
2015-03-31,0
2015-04-30,0
2015-05-31,0
2015-06-30,0
2015-07-31,0
2015-08-31,0
2015-09-30,0.09745
2015-10-31,0
2015-11-30,0
2015-12-31,0.01053
2016-01-31,0
2016-02-29,0
2016-03-31,0
2016-04-30,0
2016-05-31,0
2016-06-30,0
2016-07-31,0
2016-08-31,0
2016-09-30,0.08792
2016-10-31,0
2016-11-30,0
2016-12-31,0
2017-01-31,0
2017-02-28,0
2017-03-31,0.01443
2017-04-30,0
2017-05-31,0
2017-06-30,0.06498
2017-07-31,0
2017-08-31,0
2017-09-30,0.08000
2017-10-31,0
2017-11-30,0
2017-12-31,0
2018-01-31,0
2018-02-28,0
2018-03-31,0
2018-04-30,0
2018-05-31,0
2018-06-30,0
2018-07-31,0
2018-08-31,0
2018-09-30,0
2018-10-31,0
2018-11-30,0
2018-12-31,0.23768
2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0
2019-07-31,0
2019-08-31,0
2019-09-30,0
2019-10-31,0
2019-11-30,0
2019-12-31,0.30919
2020-01-31,0
2020-02-29,0
2020-03-31,0
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,0
2020-12-31,0.04266
2021-01-31,0
2021-02-28,0
2021-03-31,0
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,0
2021-12-31,0
2022-01-31,0
2022-02-28,0
2022-03-31,0
2022-04-30,0
2022-05-31,0
2022-06-30,0
2022-07-31,0
2022-08-31,0
2022-09-30,0
2022-10-31,0
2022-11-30,0
2022-12-31,0.35878

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.03462,0.03462,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.00000,0.00000,0,0
,0,0,0,0
,0,0,0,0
,0.09131,0.09131,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.00733,0.00733,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.06228,0.06228,0,0
,0,0,0,0
,0,0,0,0
,0.00707,0.00707,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.09745,0.09745,0,0
,0,0,0,0
,0,0,0,0
,0.01053,0.01053,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.08792,0.08792,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.01443,0.01443,0,0
,0,0,0,0
,0,0,0,0
,0.06498,0.06498,0,0
,0,0,0,0
,0,0,0,0
,0.08000,0.08000,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.23768,0.23768,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.30919,0.30919,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.04266,0.04266,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.35878,0.35878,0,0

Distributions

(As of 15 Dec 2022)

Payable 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

—

15 Dec 2022

0.35878

—

Fund Facts

(As of 31 Aug 2023)

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

68%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$104.7 B

$103.5 B

Median Market Cap

$18.1 B

$6.4 B

Price to Earnings - Forward 1YR

18.0x

12.5x

Price to Earnings - Trailing 12 Months

17.3x

11.1x

Price to Cash Flow

10.5x

6.2x

Portfolio

Benchmark

Price to Book Value

2.6x

1.5x

Return on Assets - 5 YR

9.5%

8.2%

Return on Equity - 5 YR

17.7%

15.3%

Historical 3YR Sales Growth

22.5%

20.6%

Active Share

74.8%

—

Risk & Return Profile

(As of 30 Jun 2023)

10y

Annualized Alpha (%)

-1.40

1.44

0.12

Beta

1.05

1.06

0.95

R-Squared (%)

96.34

96.90

91.48

Standard Deviation (%)

18.94

20.06

16.66

Sharpe Ratio

-0.02

0.03

0.11

Information Ratio

-0.39

0.36

-0.02

Up Capture (%)

109.61

113.98

95.69

Down Capture (%)

116.66

108.58

95.67

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Aug 2023)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

7.3

Tencent Holdings Ltd.

700

Communication Services

4.7

Yum China Holdings, Inc.

9987

Consumer Discretionary

3.8

Samsung Electronics Co. Ltd.

005930

Information Technology

3.6

AIA Group Ltd.

1299

Financials

3.4

Varun Beverages Ltd.

VBL

Consumer Staples

3.4

Americana Restaurants International plc

AMERICAN

Consumer Discretionary

3.2

Max Healthcare Institute Ltd.

MAXHEALT

Health Care

2.9

HDFC Bank Ltd.

HDFCB

Financials

2.8

Naspers Ltd.

NPN

Consumer Discretionary

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Consumer Discretionary

22.2

13.9

Financials

21.3

21.8

Information Technology

15.5

20.6

Consumer Staples

11.7

6.3

Communication Services

5.5

9.7

Health Care

5.1

3.8

Industrials

4.7

6.6

Energy

4.6

5.1

Materials

2.7

7.9

Utilities

2.3

2.5

Cash & Cash Equivalents

2.3

—

Real Estate

2.2

1.8

Sector Allocation

Fund (%)

Consumer Discretionary

22.2

Financials

21.3

Information Technology

15.5

Consumer Staples

11.7

Communication Services

5.5

Health Care

5.1

Industrials

4.7

Energy

4.6

Materials

2.7

Utilities

2.3

Cash & Cash Equivalents

2.3

Real Estate

2.2

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

11.1

16.3

Semiconductors & Semiconductor Equipment

9.5

9.2

Consumer Discretionary Distribution & Retail

9.4

5.9

Consumer Services

9.1

2.8

Financial Services

6.8

2.6

Consumer Staples Distribution & Retail

6.8

1.6

Technology Hardware & Equipment

6.0

8.9

Food, Beverage & Tobacco

4.9

3.9

Media & Entertainment

4.7

6.7

Energy

4.6

5.1

Top 10 Industries

Fund (%)

Banks

11.1

Semiconductors & Semiconductor Equipment

9.5

Consumer Discretionary Distribution & Retail

9.4

Consumer Services

9.1

Financial Services

6.8

Consumer Staples Distribution & Retail

6.8

Technology Hardware & Equipment

6.0

Food, Beverage & Tobacco

4.9

Media & Entertainment

4.7

Energy

4.6

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

China

22.9

29.8

Asia Pacific ex Japan

India

16.1

14.9

Asia Pacific ex Japan

Taiwan

11.6

15.0

Asia Pacific ex Japan

Brazil

7.5

5.3

Latin America

Korea, Republic of (South Korea)

6.5

12.2

Asia Pacific ex Japan

Mexico

5.6

2.8

Latin America

United Arab Emirates

4.5

1.3

Other

Saudi Arabia

3.7

4.2

Other

Hong Kong

3.4

—

Asia Pacific ex Japan

Thailand

2.7

2.0

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

China

22.9

India

16.1

Taiwan

11.6

Brazil

7.5

Korea, Republic of (South Korea)

6.5

Mexico

5.6

United Arab Emirates

4.5

Saudi Arabia

3.7

Hong Kong

3.4

Thailand

2.7

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

Large Cap (> $12 B)

71.5

70.8

Mid Cap ($2.5 to $12 B)

25.9

28.0

Small Cap (< $2.5 B)

2.7

1.2

Capitalization

Fund (%)

Large Cap (> $12 B)

71.5

Mid Cap ($2.5 to $12 B)

25.9

Small Cap (< $2.5 B)

2.7

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 (SAI)

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.

© 2023 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

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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

Managing Legacy Wealth Part 1 The Wealth Holders

Therapies for Treating Obesity Create XL Opportunities

5 Essential Reasons the Public Need Financial Advisors

Navigating Recession, the Fed, Inflation and Borrowing

Help Clients Make Better Social Security Claiming Decisions

Morningstar Study Makes the Case for Buy and Hold