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Home Investments Mutual Funds Thornburg Developing World Fund THDCX
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Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 704 Diversified Emerging Mkts funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 704, 620 and 460 funds, as of 31 Dec 2025.

As of 31 Dec 2025
Fund Assets
$588.2 M
As of 31 Dec 2025
NAV
$26.07
As of 23 Jan 2026
Change
$0.14
As of 23 Jan 2026
YTD NAV Performance
5.68%
As of 23 Jan 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
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

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.

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Performance

Performance

Returns

(As of 31 Dec 2025)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.21
25.21
11.52
-0.35
5.83
4.98
Total Return without Sales Charge (%)
26.21
26.21
11.52
-0.35
5.83
4.98
MSCI Emerging Markets Index (%)
33.57
33.57
16.40
4.20
8.42
4.80
Morningstar Category Avg. (%)
30.55
30.55
15.87
4.29
7.93
—
Morningstar Quartile
—
3
4
4
4
—
Morningstar Quartile # of Funds
—
751
704
620
460
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.21
25.21
11.52
-0.35
5.83
4.98
Total Return without Sales Charge (%)
26.21
26.21
11.52
-0.35
5.83
4.98
MSCI Emerging Markets Index (%)
33.57
33.57
16.40
4.20
8.42
4.80
Morningstar Category Avg. (%)
30.55
30.55
15.87
4.29
7.93
—
Morningstar Quartile
—
3
4
4
4
—
Morningstar Quartile # of Funds
—
751
704
620
460
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.21
25.21
38.69
-1.75
76.18
117.98
Total Return without Sales Charge (%)
26.21
26.21
38.69
-1.75
76.18
117.98
MSCI Emerging Markets Index (%)
33.57
33.57
57.70
22.81
124.38
112.06
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.21
25.21
38.69
-1.75
76.18
117.98
Total Return without Sales Charge (%)
26.21
26.21
38.69
-1.75
76.18
117.98
MSCI Emerging Markets Index (%)
33.57
33.57
57.70
22.81
124.38
112.06
2020
2021
2022
2023
2024
2025
Total Return with Sales Charge (%)
20.77
-4.72
-27.13
4.28
3.38
25.21
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

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
2.54
Net Expense Ratio (%)
2.33

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

Hypothetical Growth of $10,000

(As of 31 Dec 2025)
(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)

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

Distributions

(As of 18 Dec 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
27 Dec 2010
31 Dec 2010
0.01355
0.01355
—
—
23 Jun 2017
30 Jun 2017
0.01294
0.01294
—
—
22 Sep 2017
30 Sep 2017
0.02418
0.02418
—
—
20 Dec 2019
31 Dec 2019
0.05310
0.05310
—
—
15 Dec 2022
31 Dec 2022
0.04539
0.04539
—
—
14 Dec 2023
31 Dec 2023
0.12059
0.12059
—
—
19 Dec 2024
31 Dec 2024
0.29581
0.29581
—
—
18 Dec 2025
31 Dec 2025
0.60269
0.60269
—
—
Fund Facts

Fund Facts

(As of 31 Dec 2025)
Net Fund Assets
$588.2 M
Benchmark
MSCI Emerging Markets Index
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDCX
Share Class
C
Share Class Inception Date
16 Dec 2009
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Dec 2025)
Portfolio
Benchmark
Number of Holdings
39
—
Weighted Average Market Cap
$290.7 B
$270.1 B
Median Market Cap
$50.8 B
$11.1 B
Annual Portfolio Turnover
47%
—
Price to Earnings - Forward 1YR
15.4x
15.0x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
18.4x
17.4x
Price to Cash Flow
11.1x
9.9x
Price to Book Value
2.7x
2.2x
Active Share
71.2%
—
Risk & Return Profile

Risk & Return Profile

(As of 31 Dec 2025)
3y
5y
10y
Annualized Alpha (%)
-1.93
-3.10
-0.95
Beta
0.93
1.00
0.98
R-Squared (%)
91.51
93.47
93.27
Standard Deviation (%)
13.05
15.83
16.61
Sharpe Ratio
0.61
-0.15
0.29
Information Ratio
-0.87
-0.82
-0.30
Up Capture (%)
86.15
93.07
96.88
Down Capture (%)
93.62
108.97
102.23

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 30 Nov 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
14.6
Naspers Ltd.
NPN
Consumer Discretionary
7.0
AIA Group Ltd.
1299
Financials
4.0
SK hynix, Inc.
000660
Information Technology
3.5
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.2
Samsung Electronics Co. Ltd.
005930
Information Technology
3.2
ICICI Bank Ltd.
ICICIBC
Financials
3.2
Bid Corp. Ltd.
BID
Consumer Staples
3.2
Arca Continental S.A.B. de C.V.
AC*
Consumer Staples
2.9
Bank Central Asia Tbk PT
BBCA
Financials
2.7
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Dec 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.2
28.3
Financials
20.5
22.3
Consumer Discretionary
16.8
11.7
Consumer Staples
10.4
3.7
Industrials
9.3
7.0
Energy
6.5
3.9
Communication Services
3.5
9.3
Cash & Equivalents
3.2
—
Utilities
2.2
2.3
Health Care
1.4
3.1
Materials
0.0
7.1
Real Estate
0.0
1.3
Sector Allocation
Fund (%)
Information Technology
26.2
Financials
20.5
Consumer Discretionary
16.8
Consumer Staples
10.4
Industrials
9.3
Energy
6.5
Communication Services
3.5
Cash & Equivalents
3.2
Utilities
2.2
Health Care
1.4
Materials
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Semiconductors & Semiconductor Equipment
21.0
16.5
Banks
13.9
16.6
Consumer Discretionary Distribution & Retail
11.3
5.6
Energy
6.5
3.9
Food, Beverage & Tobacco
5.9
2.3
Capital Goods
5.6
5.3
Consumer Staples Distribution & Retail
4.5
0.9
Consumer Services
4.3
1.9
Technology Hardware & Equipment
3.9
10.0
Insurance
3.7
2.9
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
21.0
Banks
13.9
Consumer Discretionary Distribution & Retail
11.3
Energy
6.5
Food, Beverage & Tobacco
5.9
Capital Goods
5.6
Consumer Staples Distribution & Retail
4.5
Consumer Services
4.3
Technology Hardware & Equipment
3.9
Insurance
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
18.8
20.6
Asia Pacific ex Japan
India
12.4
15.3
Asia Pacific ex Japan
China
11.3
26.8
Asia Pacific ex Japan
Korea, Republic of (South Korea)
10.7
13.3
Asia Pacific ex Japan
South Africa
10.3
3.4
Other
Mexico
5.9
1.9
Latin America
Hong Kong
5.7
—
Asia Pacific ex Japan
Brazil
5.0
4.3
Latin America
United Arab Emirates
3.9
1.4
Other
Indonesia
2.7
1.2
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
Taiwan
18.8
India
12.4
China
11.3
Korea, Republic of (South Korea)
10.7
South Africa
10.3
Mexico
5.9
Hong Kong
5.7
Brazil
5.0
United Arab Emirates
3.9
Indonesia
2.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
82.3
82.9
Mid Cap ($2.5 to $12 B)
17.7
17.0
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
82.3
Mid Cap ($2.5 to $12 B)
17.7
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

Portfolio Managers

Pablo Echavarria, CFA

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®

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.

© 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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