Thornburg Developing World Fund

SYMBOL: THDAX

Morningstar Rating • Info

Overall Morningstar Rating among 714 Diversified Emerging Mkts funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 2 stars and 2 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

$20.67

As of 17 Apr 2025

Change

$0.29

As of 17 Apr 2025

YTD NAV Performance

-2.73%

As of 17 Apr 2025

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

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 31 Mar 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

-4.58

-3.23

-4.02

4.59

2.15

4.09

Total Return without Sales Charge (%)

-0.09

1.32

-2.53

5.57

2.62

4.40

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 with Sales Charge (%)

-4.58

-3.23

-4.02

4.59

2.15

4.09

Total Return without Sales Charge (%)

-0.09

1.32

-2.53

5.57

2.62

4.40

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 with Sales Charge (%)

-4.58

-3.23

-11.58

25.17

23.69

84.58

Total Return without Sales Charge (%)

-0.09

1.32

-7.41

31.11

29.54

93.24

MSCI Emerging Markets Index (%)

2.93

8.09

4.39

46.55

43.89

63.41

YTD

10y

Inception

Total Return with Sales Charge (%)

-4.58

-3.23

-11.58

25.17

23.69

84.58

Total Return without Sales Charge (%)

-0.09

1.32

-7.41

31.11

29.54

93.24

MSCI Emerging Markets Index (%)

2.93

8.09

4.39

46.55

43.89

63.41

2019

2020

2021

2022

2023

2024

Total Return with Sales Charge (%)

23.23

17.14

-7.37

-29.11

1.37

0.58

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 (%)

1.62

Net Expense Ratio (%)

1.62

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,A Shares,MSCI Emerging Markets Index
            2009-12-16,9552,10000
2009-12-31,9600,10170
2010-01-31,9112,9603
2010-02-28,9360,9637
2010-03-31,10112,10415
2010-04-30,10432,10541
2010-05-31,9760,9614
2010-06-30,9776,9543
2010-07-31,10448,10338
2010-08-31,10432,10137
2010-09-30,11552,11264
2010-10-31,12160,11591
2010-11-30,12048,11285
2010-12-31,12550,12090
2011-01-31,12013,11762
2011-02-28,11957,11652
2011-03-31,12654,12337
2011-04-30,13407,12720
2011-05-31,13207,12386
2011-06-30,13030,12196
2011-07-31,12966,12142
2011-08-31,11901,11057
2011-09-30,10011,9445
2011-10-31,11373,10696
2011-11-30,10996,9983
2011-12-31,10588,9863
2012-01-31,11605,10981
2012-02-29,12230,11639
2012-03-31,12438,11251
2012-04-30,12534,11116
2012-05-31,11220,9869
2012-06-30,11605,10250
2012-07-31,11701,10450
2012-08-31,11917,10416
2012-09-30,12582,11044
2012-10-31,12622,10977
2012-11-30,12598,11116
2012-12-31,12991,11660
2013-01-31,13744,11821
2013-02-28,13977,11672
2013-03-31,14345,11471
2013-04-30,14610,11558
2013-05-31,14722,11261
2013-06-30,13632,10544
2013-07-31,13752,10654
2013-08-31,13287,10471
2013-09-30,14241,11152
2013-10-31,14826,11694
2013-11-30,14890,11523
2013-12-31,15019,11357
2014-01-31,14193,10619
2014-02-28,15059,10971
2014-03-31,14962,11308
2014-04-30,14882,11345
2014-05-31,15427,11741
2014-06-30,15836,12053
2014-07-31,15604,12286
2014-08-31,15700,12563
2014-09-30,14914,11632
2014-10-31,15275,11769
2014-11-30,15307,11645
2014-12-31,14562,11108
2015-01-31,14417,11175
2015-02-28,14514,11521
2015-03-31,14249,11357
2015-04-30,14890,12230
2015-05-31,14674,11741
2015-06-30,14361,11436
2015-07-31,13752,10643
2015-08-31,12566,9680
2015-09-30,12063,9389
2015-10-31,12681,10059
2015-11-30,12464,9666
2015-12-31,12328,9451
2016-01-31,11806,8838
2016-02-29,11645,8823
2016-03-31,12737,9991
2016-04-30,13034,10045
2016-05-31,12801,9671
2016-06-30,12930,10057
2016-07-31,13499,10563
2016-08-31,13652,10826
2016-09-30,13656,10965
2016-10-31,13535,10991
2016-11-30,12699,10485
2016-12-31,12642,10508
2017-01-31,13052,11083
2017-02-28,13294,11423
2017-03-31,13696,11711
2017-04-30,14154,11967
2017-05-31,14460,12321
2017-06-30,14800,12445
2017-07-31,15541,13187
2017-08-31,15783,13481
2017-09-30,16056,13428
2017-10-31,16436,13898
2017-11-30,16711,13926
2017-12-31,17107,14426
2018-01-31,18425,15628
2018-02-28,17511,14908
2018-03-31,17002,14631
2018-04-30,16703,14566
2018-05-31,16355,14050
2018-06-30,15838,13466
2018-07-31,16226,13762
2018-08-31,15555,13390
2018-09-30,15466,13319
2018-10-31,14229,12159
2018-11-30,14948,12660
2018-12-31,14510,12324
2019-01-31,15921,13404
2019-02-28,16206,13434
2019-03-31,16622,13546
2019-04-30,17128,13832
2019-05-31,16019,12828
2019-06-30,17258,13629
2019-07-31,16989,13462
2019-08-31,16418,12806
2019-09-30,16663,13050
2019-10-31,17381,13600
2019-11-30,17454,13582
2019-12-31,18725,14595
2020-01-31,18050,13914
2020-02-29,17061,13181
2020-03-31,14079,11151
2020-04-30,15455,12172
2020-05-31,15825,12265
2020-06-30,17119,13167
2020-07-31,18577,14343
2020-08-31,19178,14660
2020-09-30,18882,14425
2020-10-31,19541,14723
2020-11-30,21378,16084
2020-12-31,22968,17267
2021-01-31,23635,17796
2021-02-28,24146,17932
2021-03-31,23305,17661
2021-04-30,23684,18101
2021-05-31,23923,18521
2021-06-30,24302,18553
2021-07-31,22992,17304
2021-08-31,23594,17757
2021-09-30,22720,17051
2021-10-31,22951,17220
2021-11-30,21757,16518
2021-12-31,22276,16828
2022-01-31,21501,16509
2022-02-28,20504,16016
2022-03-31,19936,15654
2022-04-30,18264,14783
2022-05-31,18725,14848
2022-06-30,17250,13862
2022-07-31,17143,13828
2022-08-31,17127,13885
2022-09-30,15183,12257
2022-10-31,14433,11877
2022-11-30,16731,13638
2022-12-31,16533,13447
2023-01-31,17836,14509
2023-02-28,16767,13568
2023-03-31,17285,13979
2023-04-30,17051,13820
2023-05-31,16642,13588
2023-06-30,17377,14104
2023-07-31,18095,14982
2023-08-31,17101,14059
2023-09-30,16433,13692
2023-10-31,15723,13160
2023-11-30,16959,14213
2023-12-31,17546,14768
2024-01-31,16816,14083
2024-02-29,17810,14753
2024-03-31,18217,15118
2024-04-30,18039,15186
2024-05-31,18327,15272
2024-06-30,18981,15874
2024-07-31,18497,15921
2024-08-31,18497,16178
2024-09-30,19448,17258
2024-10-31,19049,16491
2024-11-30,18412,15898
2024-12-31,18476,15877
2025-01-31,18423,16160
2025-02-28,18371,16239
2025-03-31,18458,16341

Hypothetical Growth of $10,000

(As of 31 Mar 2025)

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

                        Categories,A Shares,MSCI Emerging Markets Index
                        2024-03-31,9551,10000
2024-04-30,9457,10045
2024-05-31,9608,10101
2024-06-30,9951,10500
2024-07-31,9697,10531
2024-08-31,9697,10701
2024-09-30,10196,11416
2024-10-31,9987,10908
2024-11-30,9653,10516
2024-12-31,9686,10502
2025-01-31,9659,10689
2025-02-28,9631,10741
2025-03-31,9677,10809

                        Categories,A Shares,MSCI Emerging Markets Index
                        2022-03-31,9550,10000
2022-04-30,8749,9444
2022-05-31,8970,9485
2022-06-30,8264,8855
2022-07-31,8212,8833
2022-08-31,8204,8870
2022-09-30,7273,7830
2022-10-31,6914,7587
2022-11-30,8015,8712
2022-12-31,7920,8590
2023-01-31,8544,9268
2023-02-28,8032,8667
2023-03-31,8280,8930
2023-04-30,8168,8829
2023-05-31,7972,8680
2023-06-30,8324,9010
2023-07-31,8668,9571
2023-08-31,8192,8981
2023-09-30,7872,8746
2023-10-31,7532,8407
2023-11-30,8124,9079
2023-12-31,8405,9434
2024-01-31,8056,8996
2024-02-29,8531,9424
2024-03-31,8727,9658
2024-04-30,8641,9701
2024-05-31,8779,9756
2024-06-30,9093,10140
2024-07-31,8861,10171
2024-08-31,8861,10335
2024-09-30,9316,11025
2024-10-31,9125,10535
2024-11-30,8820,10156
2024-12-31,8851,10142
2025-01-31,8826,10323
2025-02-28,8801,10373
2025-03-31,8842,10439

                        Categories,A Shares,MSCI Emerging Markets Index
                        2020-03-31,9547,10000
2020-04-30,10480,10916
2020-05-31,10732,11000
2020-06-30,11609,11808
2020-07-31,12598,12863
2020-08-31,13006,13148
2020-09-30,12804,12937
2020-10-31,13251,13203
2020-11-30,14497,14424
2020-12-31,15575,15485
2021-01-31,16028,15960
2021-02-28,16374,16082
2021-03-31,15804,15839
2021-04-30,16061,16233
2021-05-31,16223,16610
2021-06-30,16480,16638
2021-07-31,15592,15518
2021-08-31,16000,15925
2021-09-30,15408,15292
2021-10-31,15564,15443
2021-11-30,14754,14813
2021-12-31,15106,15091
2022-01-31,14581,14806
2022-02-28,13905,14363
2022-03-31,13520,14039
2022-04-30,12385,13258
2022-05-31,12698,13316
2022-06-30,11698,12431
2022-07-31,11626,12401
2022-08-31,11615,12453
2022-09-30,10296,10993
2022-10-31,9788,10651
2022-11-30,11346,12231
2022-12-31,11212,12059
2023-01-31,12095,13011
2023-02-28,11371,12168
2023-03-31,11722,12536
2023-04-30,11563,12394
2023-05-31,11286,12186
2023-06-30,11784,12649
2023-07-31,12271,13436
2023-08-31,11597,12608
2023-09-30,11144,12279
2023-10-31,10663,11802
2023-11-30,11501,12746
2023-12-31,11899,13244
2024-01-31,11404,12629
2024-02-29,12077,13230
2024-03-31,12354,13558
2024-04-30,12233,13619
2024-05-31,12429,13696
2024-06-30,12872,14236
2024-07-31,12544,14278
2024-08-31,12544,14509
2024-09-30,13188,15478
2024-10-31,12918,14789
2024-11-30,12486,14258
2024-12-31,12529,14238
2025-01-31,12494,14493
2025-02-28,12458,14563
2025-03-31,12517,14655

                        Categories,A Shares,MSCI Emerging Markets Index
                        2015-03-31,9549,10000
2015-04-30,9979,10769
2015-05-31,9834,10338
2015-06-30,9624,10069
2015-07-31,9216,9371
2015-08-31,8421,8524
2015-09-30,8084,8267
2015-10-31,8498,8857
2015-11-30,8353,8512
2015-12-31,8261,8322
2016-01-31,7912,7782
2016-02-29,7804,7769
2016-03-31,8535,8797
2016-04-30,8734,8845
2016-05-31,8579,8515
2016-06-30,8665,8856
2016-07-31,9046,9301
2016-08-31,9149,9532
2016-09-30,9151,9655
2016-10-31,9070,9678
2016-11-30,8510,9232
2016-12-31,8472,9253
2017-01-31,8747,9759
2017-02-28,8909,10058
2017-03-31,9178,10312
2017-04-30,9485,10538
2017-05-31,9690,10849
2017-06-30,9918,10958
2017-07-31,10415,11612
2017-08-31,10577,11871
2017-09-30,10760,11823
2017-10-31,11014,12238
2017-11-30,11198,12262
2017-12-31,11464,12703
2018-01-31,12347,13761
2018-02-28,11735,13127
2018-03-31,11393,12883
2018-04-30,11193,12826
2018-05-31,10960,12371
2018-06-30,10613,11857
2018-07-31,10873,12118
2018-08-31,10424,11790
2018-09-30,10364,11727
2018-10-31,9535,10706
2018-11-30,10017,11147
2018-12-31,9724,10852
2019-01-31,10669,11802
2019-02-28,10860,11829
2019-03-31,11139,11928
2019-04-30,11478,12179
2019-05-31,10735,11295
2019-06-30,11565,12000
2019-07-31,11385,11854
2019-08-31,11002,11276
2019-09-30,11166,11491
2019-10-31,11647,11975
2019-11-30,11697,11959
2019-12-31,12548,12851
2020-01-31,12096,12252
2020-02-29,11433,11606
2020-03-31,9435,9818
2020-04-30,10357,10717
2020-05-31,10605,10800
2020-06-30,11472,11594
2020-07-31,12449,12630
2020-08-31,12852,12909
2020-09-30,12653,12702
2020-10-31,13095,12964
2020-11-30,14326,14163
2020-12-31,15391,15204
2021-01-31,15839,15670
2021-02-28,16181,15790
2021-03-31,15618,15551
2021-04-30,15872,15938
2021-05-31,16032,16308
2021-06-30,16286,16336
2021-07-31,15408,15237
2021-08-31,15811,15636
2021-09-30,15226,15014
2021-10-31,15380,15162
2021-11-30,14580,14544
2021-12-31,14928,14817
2022-01-31,14409,14537
2022-02-28,13741,14102
2022-03-31,13360,13784
2022-04-30,12239,13017
2022-05-31,12548,13074
2022-06-30,11560,12206
2022-07-31,11488,12176
2022-08-31,11477,12226
2022-09-30,10174,10793
2022-10-31,9672,10458
2022-11-30,11212,12009
2022-12-31,11079,11840
2023-01-31,11952,12775
2023-02-28,11236,11947
2023-03-31,11583,12309
2023-04-30,11426,12169
2023-05-31,11152,11965
2023-06-30,11645,12419
2023-07-31,12126,13192
2023-08-31,11460,12379
2023-09-30,11012,12056
2023-10-31,10537,11587
2023-11-30,11365,12515
2023-12-31,11758,13004
2024-01-31,11269,12400
2024-02-29,11935,12990
2024-03-31,12208,13312
2024-04-30,12088,13371
2024-05-31,12282,13447
2024-06-30,12720,13977
2024-07-31,12396,14019
2024-08-31,12396,14245
2024-09-30,13033,15197
2024-10-31,12765,14521
2024-11-30,12339,13999
2024-12-31,12381,13980
2025-01-31,12346,14230
2025-02-28,12311,14298
2025-03-31,12369,14389

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 ($)
            2010-12-31,0.01728
2012-12-31,0.01050
2015-09-30,0.02200
2016-09-30,0.03500
2017-06-30,0.04240
2017-09-30,0.05900
2018-12-31,0.15307
2019-12-31,0.22683
2022-12-31,0.26845
2023-12-31,0.33550
2024-12-31,0.51879

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2010-12-27,1293753600,0.01728,0.01728,0,0
2012-12-24,1356912000,0.01050,0.01050,0,0
2015-09-24,1443571200,0.02200,0.02200,0,0
2016-09-26,1475193600,0.03500,0.03500,0,0
2017-06-23,1498780800,0.04240,0.04240,0,0
2017-09-22,1506729600,0.05900,0.05900,0,0
2018-12-21,1546214400,0.15307,0.15307,0,0
2019-12-20,1577750400,0.22683,0.22683,0,0
2022-12-15,1672444800,0.26845,0.26845,0,0
2023-12-14,1703980800,0.33550,0.33550,0,0
2024-12-19,1735603200,0.51879,0.51879,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

27 Dec 2010

31 Dec 2010

0.01728

—

24 Dec 2012

31 Dec 2012

0.01050

—

24 Sep 2015

30 Sep 2015

0.02200

—

26 Sep 2016

30 Sep 2016

0.03500

—

23 Jun 2017

30 Jun 2017

0.04240

—

22 Sep 2017

30 Sep 2017

0.05900

—

21 Dec 2018

31 Dec 2018

0.15307

—

20 Dec 2019

31 Dec 2019

0.22683

—

15 Dec 2022

31 Dec 2022

0.26845

—

14 Dec 2023

31 Dec 2023

0.33550

—

19 Dec 2024

31 Dec 2024

0.51879

—

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

THDAX

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 28 Feb 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

11.8

Naspers Ltd.

NPN

Consumer Discretionary

6.2

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.5

SK Hynix, Inc.

000660

Information Technology

3.4

China Construction Bank Corp.

939

Financials

3.3

Samsung Electronics Co. Ltd.

005930

Information Technology

2.2

Tata Consultancy Services Ltd.

TCS

Information Technology

2.0

ICICI Bank Ltd.

ICICIBC

Financials

2.0

Fubon Financial Holding Co. Ltd.

2881

Financials

1.8

Converge Information and Communications Technology Solutions, Inc.

CNVRG

Communication Services

1.8

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

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 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

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

Charles Wilson, PhD

Josh Rubin

Literature

Important Information

More Insights

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

U.S. Valuations to Global Opportunities: Key Takeaways for Investors