Thornburg Developing World Fund

SYMBOL: THDIX

Morningstar Rating • Info

Overall Morningstar Rating among 714 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, 1 star, 2 stars and 3 stars among 714, 636 and 435 funds, as of 31 Mar 2025.

As of 31 Mar 2025

Fund Assets

$548.9 M

As of 31 Mar 2025

NAV

$22.77

As of 8 May 2025

Change

$-0.05

As of 8 May 2025

YTD NAV Performance

4.64%

As of 8 May 2025

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director

Josh Rubin

Portfolio Manager and Managing Director

Charles Wilson, PhD

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 31 Mar 2025)

YTD

10y

Inception

Total Return (%)

0.00

1.76

-2.11

5.99

3.04

4.87

MSCI Emerging Markets Index (%)

2.93

8.09

1.44

7.94

3.71

3.26

Morningstar Category Avg. (%)

1.77

4.96

1.72

8.84

3.59

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

777

714

636

435

—

YTD

10y

Inception

Total Return (%)

1.88

4.72

1.40

4.41

2.78

4.97

MSCI Emerging Markets Index (%)

4.28

9.02

3.85

6.35

3.07

3.33

Morningstar Category Avg. (%)

1.77

4.96

1.72

8.84

3.59

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

777

714

636

435

—

YTD

10y

Inception

Total Return (%)

0.00

1.76

-6.20

33.74

34.92

106.96

MSCI Emerging Markets Index (%)

2.93

8.09

4.39

46.55

43.89

63.41

YTD

10y

Inception

Total Return (%)

1.88

4.72

4.27

24.08

31.50

110.86

MSCI Emerging Markets Index (%)

4.28

9.02

11.99

36.02

35.37

65.56

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

Hypothetical Growth of $10,000

(As of 30 Apr 2025)

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

                        Categories,I Shares,MSCI Emerging Markets Index
                        2024-04-30,10000,10000
2024-05-31,10170,10056
2024-06-30,10533,10453
2024-07-31,10271,10484
2024-08-31,10271,10654
2024-09-30,10808,11365
2024-10-31,10588,10859
2024-11-30,10234,10469
2024-12-31,10279,10455
2025-01-31,10250,10642
2025-02-28,10227,10693
2025-03-31,10279,10761
2025-04-30,10472,10902

                        Categories,I Shares,MSCI Emerging Markets Index
                        2022-04-30,10000,10000
2022-05-31,10255,10044
2022-06-30,9450,9377
2022-07-31,9397,9354
2022-08-31,9388,9393
2022-09-30,8328,8292
2022-10-31,7919,8034
2022-11-30,9182,9226
2022-12-31,9076,9096
2023-01-31,9797,9814
2023-02-28,9211,9178
2023-03-31,9493,9456
2023-04-30,9372,9349
2023-05-31,9152,9192
2023-06-30,9560,9541
2023-07-31,9958,10135
2023-08-31,9416,9510
2023-09-30,9049,9262
2023-10-31,8660,8902
2023-11-30,9349,9614
2023-12-31,9674,9990
2024-01-31,9276,9526
2024-02-29,9824,9979
2024-03-31,10058,10227
2024-04-30,9957,10272
2024-05-31,10126,10330
2024-06-30,10487,10738
2024-07-31,10227,10770
2024-08-31,10227,10944
2024-09-30,10762,11674
2024-10-31,10542,11155
2024-11-30,10190,10754
2024-12-31,10234,10740
2025-01-31,10206,10932
2025-02-28,10183,10984
2025-03-31,10234,11054
2025-04-30,10427,11199

                        Categories,I Shares,MSCI Emerging Markets Index
                        2020-04-30,10000,10000
2020-05-31,10240,10077
2020-06-30,11087,10818
2020-07-31,12028,11784
2020-08-31,12420,12045
2020-09-30,12232,11852
2020-10-31,12666,12096
2020-11-30,13858,13214
2020-12-31,14895,14186
2021-01-31,15334,14621
2021-02-28,15664,14733
2021-03-31,15125,14510
2021-04-30,15376,14871
2021-05-31,15538,15216
2021-06-30,15785,15242
2021-07-31,14942,14217
2021-08-31,15334,14589
2021-09-30,14774,14009
2021-10-31,14926,14147
2021-11-30,14151,13571
2021-12-31,14497,13825
2022-01-31,13994,13564
2022-02-28,13350,13158
2022-03-31,12984,12861
2022-04-30,11900,12146
2022-05-31,12204,12199
2022-06-30,11245,11388
2022-07-31,11183,11360
2022-08-31,11172,11408
2022-09-30,9910,10070
2022-10-31,9424,9758
2022-11-30,10926,11205
2022-12-31,10801,11048
2023-01-31,11658,11920
2023-02-28,10960,11147
2023-03-31,11296,11485
2023-04-30,11152,11354
2023-05-31,10891,11164
2023-06-30,11376,11588
2023-07-31,11850,12309
2023-08-31,11206,11551
2023-09-30,10769,11249
2023-10-31,10305,10812
2023-11-30,11126,11677
2023-12-31,11512,12133
2024-01-31,11038,11570
2024-02-29,11691,12120
2024-03-31,11969,12421
2024-04-30,11849,12476
2024-05-31,12050,12547
2024-06-30,12480,13042
2024-07-31,12170,13080
2024-08-31,12170,13292
2024-09-30,12806,14179
2024-10-31,12545,13549
2024-11-30,12126,13062
2024-12-31,12179,13044
2025-01-31,12145,13277
2025-02-28,12117,13341
2025-03-31,12179,13426
2025-04-30,12408,13602

                        Categories,I Shares,MSCI Emerging Markets Index
                        2015-04-30,10000,10000
2015-05-31,9857,9600
2015-06-30,9651,9350
2015-07-31,9249,8702
2015-08-31,8457,7915
2015-09-30,8122,7677
2015-10-31,8537,8225
2015-11-30,8393,7904
2015-12-31,8303,7728
2016-01-31,7957,7226
2016-02-29,7856,7214
2016-03-31,8596,8169
2016-04-30,8798,8213
2016-05-31,8644,7907
2016-06-30,8734,8223
2016-07-31,9117,8637
2016-08-31,9224,8852
2016-09-30,9233,8965
2016-10-31,9153,8987
2016-11-30,8591,8573
2016-12-31,8559,8592
2017-01-31,8837,9062
2017-02-28,9003,9340
2017-03-31,9278,9575
2017-04-30,9594,9785
2017-05-31,9803,10074
2017-06-30,10041,10176
2017-07-31,10546,10782
2017-08-31,10712,11023
2017-09-30,10900,10979
2017-10-31,11164,11364
2017-11-30,11359,11387
2017-12-31,11628,11795
2018-01-31,12529,12778
2018-02-28,11909,12189
2018-03-31,11564,11962
2018-04-30,11369,11910
2018-05-31,11132,11488
2018-06-30,10782,11010
2018-07-31,11046,11252
2018-08-31,10598,10948
2018-09-30,10544,10890
2018-10-31,9703,9941
2018-11-30,10194,10351
2018-12-31,9900,10077
2019-01-31,10867,10959
2019-02-28,11069,10984
2019-03-31,11348,11076
2019-04-30,11703,11309
2019-05-31,10949,10489
2019-06-30,11802,11143
2019-07-31,11616,11007
2019-08-31,11233,10470
2019-09-30,11403,10670
2019-10-31,11895,11120
2019-11-30,11949,11105
2019-12-31,12819,11933
2020-01-31,12365,11377
2020-02-29,11689,10777
2020-03-31,9650,9117
2020-04-30,10598,9952
2020-05-31,10853,10029
2020-06-30,11750,10766
2020-07-31,12747,11728
2020-08-31,13163,11987
2020-09-30,12963,11795
2020-10-31,13423,12038
2020-11-30,14686,13151
2020-12-31,15785,14118
2021-01-31,16251,14551
2021-02-28,16600,14662
2021-03-31,16029,14440
2021-04-30,16295,14800
2021-05-31,16467,15143
2021-06-30,16728,15169
2021-07-31,15835,14148
2021-08-31,16251,14519
2021-09-30,15657,13942
2021-10-31,15818,14079
2021-11-30,14997,13506
2021-12-31,15363,13759
2022-01-31,14830,13499
2022-02-28,14148,13095
2022-03-31,13760,12799
2022-04-30,12611,12087
2022-05-31,12933,12141
2022-06-30,11918,11334
2022-07-31,11851,11306
2022-08-31,11840,11353
2022-09-30,10503,10022
2022-10-31,9987,9711
2022-11-30,11579,11151
2022-12-31,11446,10995
2023-01-31,12355,11863
2023-02-28,11616,11094
2023-03-31,11971,11430
2023-04-30,11819,11300
2023-05-31,11542,11110
2023-06-30,12056,11532
2023-07-31,12559,12250
2023-08-31,11875,11495
2023-09-30,11412,11195
2023-10-31,10921,10760
2023-11-30,11791,11621
2023-12-31,12200,12075
2024-01-31,11698,11514
2024-02-29,12390,12062
2024-03-31,12684,12361
2024-04-30,12557,12416
2024-05-31,12770,12487
2024-06-30,13226,12979
2024-07-31,12897,13018
2024-08-31,12897,13228
2024-09-30,13572,14111
2024-10-31,13295,13484
2024-11-30,12851,12999
2024-12-31,12907,12981
2025-01-31,12871,13213
2025-02-28,12842,13277
2025-03-31,12907,13361
2025-04-30,13150,13537

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 Mar 2025)

Net Fund Assets

$548.9 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

THDIX

Share Class

Share Class Inception Date

16 Dec 2009

Number of Holdings

Portfolio Turnover

91%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Mar 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$135.0 B

$158.2 B

Median Market Cap

$21.3 B

$8.8 B

Price to Earnings - Forward 1YR

11.8x

12.4x

Price to Earnings - Trailing 12 Months

13.3x

13.9x

Price to Cash Flow

8.9x

8.0x

Portfolio

Benchmark

Price to Book Value

2.1x

1.8x

Return on Assets - 5 YR

10.2%

8.3%

Return on Equity - 5 YR

17.8%

16.1%

Historical 3YR Sales Growth

20.1%

18.8%

Active Share

71.2%

—

Risk & Return Profile

(As of 31 Mar 2025)

10y

Annualized Alpha (%)

-3.43

-1.87

-0.42

Beta

1.00

1.02

0.95

R-Squared (%)

94.56

94.69

92.74

Standard Deviation (%)

17.89

17.35

16.81

Sharpe Ratio

-0.37

0.19

0.07

Information Ratio

-0.85

-0.49

-0.14

Up Capture (%)

89.02

99.25

95.24

Down Capture (%)

104.71

108.82

97.62

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Mar 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

10.2

Naspers Ltd.

NPN

Consumer Discretionary

6.8

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.7

China Construction Bank Corp.

939

Financials

3.4

SK Hynix, Inc.

000660

Information Technology

3.3

Varun Beverages Ltd.

VBL

Consumer Staples

2.5

Converge Information and Communications Technology Solutions, Inc.

CNVRG

Communication Services

2.2

Samsung Electronics Co. Ltd.

005930

Information Technology

2.2

ICICI Bank Ltd.

ICICIBC

Financials

2.1

Tata Consultancy Services Ltd.

TCS

Information Technology

2.0

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.0

24.3

Consumer Discretionary

22.4

14.6

Information Technology

21.2

21.7

Consumer Staples

9.9

4.7

Industrials

7.0

6.3

Energy

5.8

4.5

Communication Services

2.2

10.3

Real Estate

2.0

1.7

Utilities

2.0

2.6

Cash & Cash Equivalents

1.9

—

Health Care

1.6

3.3

Materials

0.0

5.9

Sector Allocation

Fund (%)

Financials

24.0

Consumer Discretionary

22.4

Information Technology

21.2

Consumer Staples

9.9

Industrials

7.0

Energy

5.8

Communication Services

2.2

Real Estate

2.0

Utilities

2.0

Cash & Cash Equivalents

1.9

Health Care

1.6

Materials

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

15.5

18.4

Semiconductors & Semiconductor Equipment

15.0

11.6

Consumer Discretionary Distribution & Retail

14.2

6.6

Financial Services

5.8

2.9

Energy

5.8

4.5

Food, Beverage & Tobacco

5.1

3.0

Transportation

5.0

1.8

Technology Hardware & Equipment

4.1

7.8

Consumer Services

4.0

2.9

Consumer Staples Distribution & Retail

3.5

1.2

Top 10 Industries

Fund (%)

Banks

15.5

Semiconductors & Semiconductor Equipment

15.0

Consumer Discretionary Distribution & Retail

14.2

Financial Services

5.8

Energy

5.8

Food, Beverage & Tobacco

5.1

Transportation

5.0

Technology Hardware & Equipment

4.1

Consumer Services

4.0

Consumer Staples Distribution & Retail

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

China

19.8

31.3

Asia Pacific ex Japan

India

17.9

18.5

Asia Pacific ex Japan

Taiwan

15.8

16.9

Asia Pacific ex Japan

Korea, Republic of (South Korea)

10.3

9.0

Asia Pacific ex Japan

South Africa

7.8

2.9

Other

Brazil

3.9

4.4

Latin America

Mexico

3.1

1.9

Latin America

Poland

2.6

1.0

Europe ex UK

Hong Kong

2.4

—

Asia Pacific ex Japan

Saudi Arabia

2.3

4.1

Other

Top 10 Countries

Fund (%)

China

19.8

India

17.9

Taiwan

15.8

Korea, Republic of (South Korea)

10.3

South Africa

7.8

Brazil

3.9

Mexico

3.1

Poland

2.6

Hong Kong

2.4

Saudi Arabia

2.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

Large Cap (> $12 B)

74.1

76.3

Mid Cap ($2.5 to $12 B)

19.9

23.5

Small Cap (< $2.5 B)

6.0

0.1

Capitalization

Fund (%)

Large Cap (> $12 B)

74.1

Mid Cap ($2.5 to $12 B)

19.9

Small Cap (< $2.5 B)

6.0

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

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

Josh Rubin

Portfolio Manager and Managing Director

Josh Rubin is a 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…

Learn More

Charles Wilson, PhD

Portfolio Manager and Managing Director

Charlie Wilson is a 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…

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 Report

Prospectus

Statement of Additional Information (SAI)

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

Josh Rubin

Charles Wilson, PhD

Di Zhou, CFA, FRM®

Literature

Important Information

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International Equity: The Power of Global Diversification

A Time for Active Fixed Income

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Fixed Income in Focus—Yield Potential Amid Narrow Spreads

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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

Josh Rubin

Charles Wilson, PhD

Di Zhou, CFA, FRM®

Literature

Important Information

More Insights

FOMC Update: Inflation Risks and Tariff Uncertainty in Focus

Investor Spotlight: The Municipal Bond Tax Exemption

International Equity: The Power of Global Diversification

A Time for Active Fixed Income

The Next Market Shock? Key Risk Factors Investors Must Watch

Fixed Income in Focus—Yield Potential Amid Narrow Spreads