TDWRX

Thornburg Developing World Fund

Morningstar Rating • Info

Overall Morningstar Rating among 688 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 688, 626 and 464 funds, as of 30 Jun 2026.

As of 30 Jun 2026

Fund Assets

$693.7 M

As of 30 Jun 2026

NAV

$33.08

As of 23 Jul 2026

Change

$0.11

As of 23 Jul 2026

YTD NAV Performance

23.02%

As of 23 Jul 2026

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 Jun 2026)

YTD

10y

Inception

Total Return (%)

25.55

40.04

19.86

4.46

9.12

7.59

MSCI Emerging Markets Index (%)

23.85

43.51

23.03

7.20

10.07

6.01

Morningstar Category Avg. (%)

24.19

41.91

21.31

6.65

9.33

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

724

688

626

464

—

YTD

10y

Inception

Total Return (%)

25.55

40.04

19.86

4.46

9.12

7.59

MSCI Emerging Markets Index (%)

23.85

43.51

23.03

7.20

10.07

6.01

Morningstar Category Avg. (%)

24.19

41.91

21.31

6.65

9.33

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

724

688

626

464

—

YTD

10y

Inception

Total Return (%)

25.55

40.04

72.22

24.37

139.45

235.03

MSCI Emerging Markets Index (%)

23.85

43.51

86.20

41.56

161.13

162.62

YTD

10y

Inception

Total Return (%)

25.55

40.04

72.22

24.37

139.45

235.03

MSCI Emerging Markets Index (%)

23.85

43.51

86.20

41.56

161.13

162.62

2020

2021

2022

2023

2024

2025

Total Return (%)

23.21

-2.56

-25.44

6.72

5.88

27.97

MSCI Emerging Markets Index (%)

18.31

-2.54

-20.09

9.83

7.50

33.57

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 2026)

Gross Expense Ratio (%)

1.27

Net Expense Ratio (%)

0.94

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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

(As of 30 Jun 2026)

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

Categories,R6 Shares,MSCI Emerging Markets Index                        
2025-06-30,10000,10000
2025-07-31,10116,10195
2025-08-31,10144,10326
2025-09-30,10680,11064
2025-10-31,10992,11527
2025-11-30,10736,11251
2025-12-31,11154,11588
2026-01-31,12038,12613
2026-02-28,12498,13307
2026-03-31,11412,11568
2026-04-30,12677,13270
2026-05-31,13917,14556
2026-06-30,14004,14351

Categories,R6 Shares,MSCI Emerging Markets Index                        
2023-06-30,10000,10000
2023-07-31,10416,10623
2023-08-31,9850,9968
2023-09-30,9467,9707
2023-10-31,9061,9330
2023-11-30,9780,10077
2023-12-31,10124,10471
2024-01-31,9708,9985
2024-02-29,10286,10460
2024-03-31,10525,10719
2024-04-30,10425,10767
2024-05-31,10601,10828
2024-06-30,10979,11255
2024-07-31,10706,11288
2024-08-31,10711,11471
2024-09-30,11270,12236
2024-10-31,11041,11692
2024-11-30,10673,11272
2024-12-31,10719,11257
2025-01-31,10690,11458
2025-02-28,10670,11513
2025-03-31,10724,11586
2025-04-30,10926,11739
2025-05-31,11584,12239
2025-06-30,12297,12975
2025-07-31,12440,13228
2025-08-31,12474,13398
2025-09-30,13133,14356
2025-10-31,13517,14956
2025-11-30,13202,14598
2025-12-31,13717,15035
2026-01-31,14804,16366
2026-02-28,15370,17266
2026-03-31,14033,15010
2026-04-30,15589,17218
2026-05-31,17114,18886
2026-06-30,17222,18620

Categories,R6 Shares,MSCI Emerging Markets Index                        
2021-06-30,10000,10000
2021-07-31,9463,9327
2021-08-31,9715,9571
2021-09-30,9361,9191
2021-10-31,9460,9281
2021-11-30,8970,8903
2021-12-31,9188,9070
2022-01-31,8871,8899
2022-02-28,8463,8633
2022-03-31,8231,8438
2022-04-30,7546,7968
2022-05-31,7741,8003
2022-06-30,7132,7472
2022-07-31,7092,7453
2022-08-31,7085,7484
2022-09-30,6287,6607
2022-10-31,5979,6402
2022-11-30,6929,7351
2022-12-31,6851,7248
2023-01-31,7397,7820
2023-02-28,6955,7313
2023-03-31,7171,7535
2023-04-30,7080,7449
2023-05-31,6911,7324
2023-06-30,7222,7602
2023-07-31,7522,8075
2023-08-31,7114,7578
2023-09-30,6837,7380
2023-10-31,6544,7093
2023-11-30,7063,7661
2023-12-31,7311,7960
2024-01-31,7011,7591
2024-02-29,7429,7952
2024-03-31,7601,8149
2024-04-30,7529,8185
2024-05-31,7656,8231
2024-06-30,7929,8556
2024-07-31,7732,8582
2024-08-31,7735,8720
2024-09-30,8139,9302
2024-10-31,7973,8889
2024-11-30,7708,8569
2024-12-31,7741,8558
2025-01-31,7720,8711
2025-02-28,7706,8753
2025-03-31,7745,8808
2025-04-30,7890,8924
2025-05-31,8366,9305
2025-06-30,8881,9864
2025-07-31,8984,10056
2025-08-31,9009,10185
2025-09-30,9485,10914
2025-10-31,9762,11370
2025-11-30,9534,11098
2025-12-31,9906,11430
2026-01-31,10691,12442
2026-02-28,11100,13126
2026-03-31,10135,11411
2026-04-30,11258,13090
2026-05-31,12360,14358
2026-06-30,12437,14156

Categories,R6 Shares,MSCI Emerging Markets Index                        
2016-06-30,10000,10000
2016-07-31,10445,10503
2016-08-31,10567,10764
2016-09-30,10574,10903
2016-10-31,10488,10929
2016-11-30,9845,10426
2016-12-31,9808,10449
2017-01-31,10127,11020
2017-02-28,10317,11358
2017-03-31,10632,11644
2017-04-30,10994,11899
2017-05-31,11239,12251
2017-06-30,11508,12375
2017-07-31,12086,13112
2017-08-31,12283,13405
2017-09-30,12495,13351
2017-10-31,12804,13819
2017-11-30,13020,13847
2017-12-31,13336,14344
2018-01-31,14368,15540
2018-02-28,13657,14823
2018-03-31,13268,14547
2018-04-30,13039,14483
2018-05-31,12767,13970
2018-06-30,12371,13389
2018-07-31,12674,13684
2018-08-31,12161,13314
2018-09-30,12099,13243
2018-10-31,11141,12090
2018-11-30,11703,12588
2018-12-31,11359,12255
2019-01-31,12476,13327
2019-02-28,12708,13357
2019-03-31,13034,13469
2019-04-30,13436,13753
2019-05-31,12570,12755
2019-06-30,13548,13551
2019-07-31,13348,13385
2019-08-31,12902,12733
2019-09-30,13097,12976
2019-10-31,13668,13523
2019-11-30,13730,13504
2019-12-31,14735,14512
2020-01-31,14207,13835
2020-02-29,13431,13106
2020-03-31,11089,11087
2020-04-30,12184,12103
2020-05-31,12476,12196
2020-06-30,13507,13092
2020-07-31,14659,14262
2020-08-31,15136,14577
2020-09-30,14907,14343
2020-10-31,15441,14639
2020-11-30,16892,15993
2020-12-31,18156,17169
2021-01-31,18691,17695
2021-02-28,19099,17830
2021-03-31,18443,17561
2021-04-30,18749,17998
2021-05-31,18946,18416
2021-06-30,19252,18447
2021-07-31,18219,17206
2021-08-31,18704,17656
2021-09-30,18022,16955
2021-10-31,18213,17122
2021-11-30,17269,16424
2021-12-31,17690,16732
2022-01-31,17078,16415
2022-02-28,16293,15925
2022-03-31,15847,15565
2022-04-30,14527,14699
2022-05-31,14903,14764
2022-06-30,13730,13783
2022-07-31,13653,13749
2022-08-31,13641,13806
2022-09-30,12104,12188
2022-10-31,11511,11810
2022-11-30,13341,13561
2022-12-31,13189,13370
2023-01-31,14242,14426
2023-02-28,13391,13491
2023-03-31,13807,13899
2023-04-30,13631,13742
2023-05-31,13306,13511
2023-06-30,13904,14024
2023-07-31,14482,14897
2023-08-31,13696,13979
2023-09-30,13163,13614
2023-10-31,12598,13085
2023-11-30,13599,14132
2023-12-31,14076,14684
2024-01-31,13498,14003
2024-02-29,14302,14669
2024-03-31,14634,15032
2024-04-30,14494,15100
2024-05-31,14740,15185
2024-06-30,15264,15784
2024-07-31,14886,15831
2024-08-31,14893,16086
2024-09-30,15670,17160
2024-10-31,15351,16397
2024-11-30,14840,15808
2024-12-31,14904,15786
2025-01-31,14863,16069
2025-02-28,14835,16146
2025-03-31,14911,16249
2025-04-30,15191,16462
2025-05-31,16107,17164
2025-06-30,17098,18196
2025-07-31,17297,18551
2025-08-31,17344,18789
2025-09-30,18261,20133
2025-10-31,18794,20975
2025-11-30,18356,20473
2025-12-31,19072,21085
2026-01-31,20583,22952
2026-02-28,21370,24213
2026-03-31,19512,21051
2026-04-30,21675,24147
2026-05-31,23796,26486
2026-06-30,23945,26113

Categories,R6 Shares,MSCI Emerging Markets Index                        
2009-12-16,10000,10000
2009-12-31,10052,10170
2010-01-31,9546,9603
2010-02-28,9809,9637
2010-03-31,10602,10415
2010-04-30,10942,10541
2010-05-31,10241,9614
2010-06-30,10262,9543
2010-07-31,10972,10338
2010-08-31,10960,10137
2010-09-30,12142,11264
2010-10-31,12786,11591
2010-11-30,12673,11285
2010-12-31,13207,12090
2011-01-31,12648,11762
2011-02-28,12594,11652
2011-03-31,13333,12337
2011-04-30,14132,12720
2011-05-31,13927,12386
2011-06-30,13746,12196
2011-07-31,13685,12142
2011-08-31,12566,11057
2011-09-30,10575,9445
2011-10-31,12018,10696
2011-11-30,11625,9983
2011-12-31,11198,9863
2012-01-31,12278,10981
2012-02-29,12944,11639
2012-03-31,13170,11251
2012-04-30,13277,11116
2012-05-31,11891,9869
2012-06-30,12304,10250
2012-07-31,12411,10450
2012-08-31,12646,10416
2012-09-30,13356,11044
2012-10-31,13404,10977
2012-11-30,13384,11116
2012-12-31,13808,11660
2013-01-31,14614,11821
2013-02-28,14868,11672
2013-03-31,15271,11471
2013-04-30,15548,11558
2013-05-31,15683,11261
2013-06-30,14532,10544
2013-07-31,14666,10654
2013-08-31,14171,10471
2013-09-30,15187,11152
2013-10-31,15826,11694
2013-11-30,15901,11523
2013-12-31,16042,11357
2014-01-31,15166,10619
2014-02-28,16101,10971
2014-03-31,15991,11308
2014-04-30,15915,11345
2014-05-31,16505,11741
2014-06-30,16943,12053
2014-07-31,16715,12286
2014-08-31,16817,12563
2014-09-30,15986,11632
2014-10-31,16384,11769
2014-11-30,16426,11645
2014-12-31,15622,11108
2015-01-31,15479,11175
2015-02-28,15580,11521
2015-03-31,15309,11357
2015-04-30,16012,12230
2015-05-31,15775,11741
2015-06-30,15453,11436
2015-07-31,14810,10643
2015-08-31,13533,9680
2015-09-30,13000,9389
2015-10-31,13673,10059
2015-11-30,13452,9666
2015-12-31,13309,9451
2016-01-31,12755,8838
2016-02-29,12593,8823
2016-03-31,13770,9991
2016-04-30,14094,10045
2016-05-31,13847,9671
2016-06-30,13992,10057
2016-07-31,14615,10563
2016-08-31,14785,10826
2016-09-30,14795,10965
2016-10-31,14675,10991
2016-11-30,13775,10485
2016-12-31,13723,10508
2017-01-31,14169,11083
2017-02-28,14435,11423
2017-03-31,14876,11711
2017-04-30,15383,11967
2017-05-31,15726,12321
2017-06-30,16101,12445
2017-07-31,16911,13187
2017-08-31,17186,13481
2017-09-30,17482,13428
2017-10-31,17915,13898
2017-11-30,18218,13926
2017-12-31,18659,14426
2018-01-31,20103,15628
2018-02-28,19109,14908
2018-03-31,18564,14631
2018-04-30,18243,14566
2018-05-31,17863,14050
2018-06-30,17309,13466
2018-07-31,17733,13762
2018-08-31,17015,13390
2018-09-30,16929,13319
2018-10-31,15588,12159
2018-11-30,16375,12660
2018-12-31,15894,12324
2019-01-31,17456,13404
2019-02-28,17781,13434
2019-03-31,18237,13546
2019-04-30,18799,13832
2019-05-31,17587,12828
2019-06-30,18957,13629
2019-07-31,18676,13462
2019-08-31,18053,12806
2019-09-30,18325,13050
2019-10-31,19123,13600
2019-11-30,19211,13582
2019-12-31,20617,14595
2020-01-31,19878,13914
2020-02-29,18792,13181
2020-03-31,15516,11151
2020-04-30,17047,12172
2020-05-31,17457,12265
2020-06-30,18899,13167
2020-07-31,20510,14343
2020-08-31,21178,14660
2020-09-30,20857,14425
2020-10-31,21605,14723
2020-11-30,23635,16084
2020-12-31,25403,17267
2021-01-31,26152,17796
2021-02-28,26723,17932
2021-03-31,25804,17661
2021-04-30,26233,18101
2021-05-31,26509,18521
2021-06-30,26937,18553
2021-07-31,25492,17304
2021-08-31,26170,17757
2021-09-30,25215,17051
2021-10-31,25483,17220
2021-11-30,24163,16518
2021-12-31,24751,16828
2022-01-31,23895,16509
2022-02-28,22797,16016
2022-03-31,22173,15654
2022-04-30,20326,14783
2022-05-31,20852,14848
2022-06-30,19210,13862
2022-07-31,19103,13828
2022-08-31,19086,13885
2022-09-30,16935,12257
2022-10-31,16105,11877
2022-11-30,18666,13638
2022-12-31,18454,13447
2023-01-31,19927,14509
2023-02-28,18736,13568
2023-03-31,19318,13979
2023-04-30,19072,13820
2023-05-31,18618,13588
2023-06-30,19454,14104
2023-07-31,20263,14982
2023-08-31,19163,14059
2023-09-30,18418,13692
2023-10-31,17627,13160
2023-11-30,19027,14213
2023-12-31,19695,14768
2024-01-31,18886,14083
2024-02-29,20011,14753
2024-03-31,20475,15118
2024-04-30,20280,15186
2024-05-31,20624,15272
2024-06-30,21358,15874
2024-07-31,20828,15921
2024-08-31,20837,16178
2024-09-30,21924,17258
2024-10-31,21478,16491
2024-11-30,20763,15898
2024-12-31,20853,15877
2025-01-31,20795,16160
2025-02-28,20757,16239
2025-03-31,20862,16341
2025-04-30,21255,16556
2025-05-31,22536,17262
2025-06-30,23923,18300
2025-07-31,24201,18657
2025-08-31,24268,18896
2025-09-30,25550,20248
2025-10-31,26296,21094
2025-11-30,25683,20590
2025-12-31,26685,21206
2026-01-31,28799,23083
2026-02-28,29900,24352
2026-03-31,27300,21171
2026-04-30,30327,24285
2026-05-31,33294,26637
2026-06-30,33503,26262

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 ($)
            2013-12-31,0.04702
2014-09-30,0.07570
2014-12-31,0.00941
2015-09-30,0.12036
2015-12-31,0.01293
2016-09-30,0.09262
2017-03-31,0.01443
2017-06-30,0.06700
2017-09-30,0.08403
2018-12-31,0.25596
2019-12-31,0.32983
2020-12-31,0.06541
2022-12-31,0.38093
2023-12-31,0.45402
2024-12-31,0.65178
2025-12-31,0.97534

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2013-12-24,1388448000,0.04702,0.04702,0,0
2014-09-24,1412035200,0.07570,0.07570,0,0
2014-12-24,1419984000,0.00941,0.00941,0,0
2015-09-24,1443571200,0.12036,0.12036,0,0
2015-12-24,1451520000,0.01293,0.01293,0,0
2016-09-26,1475193600,0.09262,0.09262,0,0
2017-03-24,1490918400,0.01443,0.01443,0,0
2017-06-23,1498780800,0.06700,0.06700,0,0
2017-09-22,1506729600,0.08403,0.08403,0,0
2018-12-21,1546214400,0.25596,0.25596,0,0
2019-12-20,1577750400,0.32983,0.32983,0,0
2020-12-17,1609372800,0.06541,0.06541,0,0
2022-12-15,1672444800,0.38093,0.38093,0,0
2023-12-14,1703980800,0.45402,0.45402,0,0
2024-12-19,1735603200,0.65178,0.65178,0,0
2025-12-18,1767139200,0.97534,0.97534,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

24 Dec 2013

31 Dec 2013

0.04702

—

24 Sep 2014

30 Sep 2014

0.07570

—

24 Dec 2014

31 Dec 2014

0.00941

—

24 Sep 2015

30 Sep 2015

0.12036

—

24 Dec 2015

31 Dec 2015

0.01293

—

26 Sep 2016

30 Sep 2016

0.09262

—

24 Mar 2017

31 Mar 2017

0.01443

—

23 Jun 2017

30 Jun 2017

0.06700

—

22 Sep 2017

30 Sep 2017

0.08403

—

21 Dec 2018

31 Dec 2018

0.25596

—

20 Dec 2019

31 Dec 2019

0.32983

—

17 Dec 2020

31 Dec 2020

0.06541

—

15 Dec 2022

31 Dec 2022

0.38093

—

14 Dec 2023

31 Dec 2023

0.45402

—

19 Dec 2024

31 Dec 2024

0.65178

—

18 Dec 2025

31 Dec 2025

0.97534

—

Fund Facts

(As of 30 Jun 2026)

Net Fund Assets

$693.7 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

TDWRX

Share Class

Share Class Inception Date

1 Feb 2013

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Jun 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$562.7 B

$570.3 B

Median Market Cap

$38.7 B

$12.1 B

Annual Portfolio Turnover

47%

—

Price to Earnings - Forward 1YR

12.3x

12.6x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

19.5x

Price to Cash Flow

10.6x

11.6x

Price to Book Value

3.1x

2.6x

Active Share

60.5%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

(As of 30 Jun 2026)

10y

Annualized Alpha (%)

0.23

-2.38

-0.69

Beta

0.84

0.93

0.97

R-Squared (%)

92.51

93.83

93.98

Standard Deviation (%)

15.42

17.86

17.32

Sharpe Ratio

0.95

0.03

0.38

Information Ratio

-0.71

-0.65

-0.27

Tracking Error (%)

5.10

4.60

4.29

Up Capture (%)

83.00

89.94

96.70

Down Capture (%)

80.24

100.32

100.74

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 May 2026)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

17.8

Samsung Electronics Co. Ltd.

005930

Information Technology

8.3

SK hynix, Inc.

000660

Information Technology

7.3

MediaTek, Inc.

2454

Information Technology

5.1

AIA Group Ltd.

1299

Financials

3.0

Naspers Ltd.

NPN

Consumer Discretionary

2.8

Bid Corp. Ltd.

BID

Consumer Staples

2.8

ICICI Bank Ltd.

ICICIBC

Financials

2.7

Petroleo Brasileiro SA - Petrobras

PETR4

Energy

2.6

ADNOC Drilling Co. PJSC

ADNOCDRI

Energy

2.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Jun 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Information Technology

37.2

45.3

Financials

16.9

18.4

Industrials

11.3

6.7

Consumer Staples

9.3

2.6

Consumer Discretionary

8.4

7.2

Energy

6.0

3.1

Cash & Equivalents

4.0

—

Communication Services

3.8

6.0

Utilities

2.0

1.9

Health Care

1.1

2.4

Materials

0.0

5.4

Real Estate

0.0

1.0

Sector Allocation

Fund (%)

Information Technology

37.2

Financials

16.9

Industrials

11.3

Consumer Staples

9.3

Consumer Discretionary

8.4

Energy

6.0

Cash & Equivalents

4.0

Communication Services

3.8

Utilities

2.0

Health Care

1.1

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

24.0

27.3

Banks

12.8

13.7

Technology Hardware & Equipment

11.1

17.0

Capital Goods

9.8

5.4

Consumer Discretionary Distribution & Retail

7.1

3.2

Energy

6.0

3.1

Consumer Staples Distribution & Retail

5.2

0.7

Food, Beverage & Tobacco

4.1

1.7

Insurance

2.6

2.4

Media & Entertainment

2.4

4.0

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

24.0

Banks

12.8

Technology Hardware & Equipment

11.1

Capital Goods

9.8

Consumer Discretionary Distribution & Retail

7.1

Energy

6.0

Consumer Staples Distribution & Retail

5.2

Food, Beverage & Tobacco

4.1

Insurance

2.6

Media & Entertainment

2.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

Taiwan

22.1

27.3

Asia Pacific ex Japan

Korea, Republic of (South Korea)

19.6

23.7

Asia Pacific ex Japan

China

9.8

18.7

Asia Pacific ex Japan

India

8.3

11.1

Asia Pacific ex Japan

Brazil

6.6

3.8

Latin America

South Africa

6.3

2.6

Other

Hong Kong

4.6

—

Asia Pacific ex Japan

United Arab Emirates

3.6

1.1

Other

Mexico

3.0

1.7

Latin America

Malaysia

2.0

0.9

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

Taiwan

22.1

Korea, Republic of (South Korea)

19.6

China

9.8

India

8.3

Brazil

6.6

South Africa

6.3

Hong Kong

4.6

United Arab Emirates

3.6

Mexico

3.0

Malaysia

2.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

86.5

87.8

Mid Cap ($2.5 to $12 B)

13.5

12.1

Small Cap (< $2.5 B)

0.0

0.1

Capitalization

Fund (%)

Large Cap (> $12 B)

86.5

Mid Cap ($2.5 to $12 B)

13.5

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 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 global equity analyst…

Learn More

Di Zhou, CFA, FRM®

Portfolio Manager and Managing Director

Di Zhou, CFA, FRM, is a portfolio manager 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 began her career…

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.

© 2026 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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TDWRX

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

Looking Beyond the Leaders: A Mid-Year Perspective on Global Equities

Considering the Cost of Future Growth

A Disinflationary Paradox of High Oil Prices

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TDWRX

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

Looking Beyond the Leaders: A Mid-Year Perspective on Global Equities

Considering the Cost of Future Growth

A Disinflationary Paradox of High Oil Prices