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Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 711 Diversified Emerging Mkts funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 711, 639 and 426 funds, as of 30 Sep 2024.

As of 30 Sep 2024
Fund Assets
$883.5 M
As of 31 Aug 2024
NAV
$23.67
As of 10 Oct 2024
Change
$0.17
As of 10 Oct 2024
YTD NAV Performance
11.86%
As of 10 Oct 2024
Asset Category:
Emerging Markets Equity
Fund Benchmark:
MSCI Emerging Markets Index

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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.

Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.25
18.92
-4.65
3.54
3.11
5.40
MSCI Emerging Markets Index (%)
16.86
26.05
0.40
5.75
4.02
3.76
Morningstar Category Avg. (%)
6.87
12.3
-4.3
3.76
2.74
Morningstar Quartile
3
4
3
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.25
18.92
-4.65
3.54
3.11
5.40
MSCI Emerging Markets Index (%)
16.86
26.05
0.40
5.75
4.02
3.76
Morningstar Category Avg. (%)
8.47
14.32
-2.97
5.12
2.57
Morningstar Quartile
4
4
4
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.25
18.92
-13.32
19.02
35.77
117.62
MSCI Emerging Markets Index (%)
16.86
26.05
1.21
32.25
48.37
72.58
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.25
18.92
-13.32
19.02
35.77
117.62
MSCI Emerging Markets Index (%)
16.86
26.05
1.21
32.25
48.37
72.58
2018
2019
2020
2021
2022
2023
Total Return (%)
-14.87
29.49
23.13
-2.67
-25.50
6.58
MSCI Emerging Markets Index (%)
-14.58
18.42
18.31
-2.54
-20.09
9.83
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.28
Net Expense Ratio (%)
1.04
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2024)
(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
27 Dec 2010
31 Dec 2010
0.03462
0.03462
28 Sep 2012
30 Sep 2012
0.00000
0.00000
24 Dec 2012
31 Dec 2012
0.09131
0.09131
24 Dec 2013
31 Dec 2013
0.00733
0.00733
24 Sep 2014
30 Sep 2014
0.06228
0.06228
24 Dec 2014
31 Dec 2014
0.00707
0.00707
24 Sep 2015
30 Sep 2015
0.09745
0.09745
24 Dec 2015
31 Dec 2015
0.01053
0.01053
26 Sep 2016
30 Sep 2016
0.08792
0.08792
24 Mar 2017
31 Mar 2017
0.01443
0.01443
23 Jun 2017
30 Jun 2017
0.06498
0.06498
22 Sep 2017
30 Sep 2017
0.08000
0.08000
21 Dec 2018
31 Dec 2018
0.23768
0.23768
20 Dec 2019
31 Dec 2019
0.30919
0.30919
17 Dec 2020
31 Dec 2020
0.04266
0.04266
15 Dec 2022
31 Dec 2022
0.35878
0.35878
14 Dec 2023
31 Dec 2023
0.43420
0.43420
Fund Facts

Fund Facts

(As of 31 Aug 2024)
Net Fund Assets
$883.5 M
Benchmark
MSCI Emerging Markets Index
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDIX
Share Class
I
Share Class Inception Date
16 Dec 2009
Number of Holdings
59
Portfolio Turnover
38%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$143.1 B
$151.7 B
Median Market Cap
$14.9 B
$7.9 B
Price to Earnings - Forward 1YR
14.3x
12.7x
Price to Earnings - Trailing 12 Months
18.2x
15.4x
Price to Cash Flow
12.2x
8.2x
Portfolio
Benchmark
Price to Book Value
2.5x
1.8x
Return on Assets - 5 YR
8.8%
7.3%
Return on Equity - 5 YR
15.6%
15.7%
Historical 3YR Sales Growth
27.7%
19.7%
Active Share
76.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2024)
3y
5y
10y
Annualized Alpha (%)
-4.23
-1.96
-0.32
Beta
1.04
1.05
0.95
R-Squared (%)
95.70
96.31
92.63
Standard Deviation (%)
18.22
19.47
16.87
Sharpe Ratio
-0.60
0.02
0.03
Information Ratio
-1.13
-0.52
-0.11
Up Capture (%)
95.67
102.17
95.80
Down Capture (%)
114.95
111.02
97.69
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
11.3
Naspers Ltd.
NPN
Consumer Discretionary
5.8
Samsung Electronics Co. Ltd.
005930
Information Technology
5.1
SK Hynix, Inc.
000660
Information Technology
3.5
Max Healthcare Institute Ltd.
MAXHEALT
Health Care
2.6
Varun Beverages Ltd.
VBL
Consumer Staples
2.5
Dino Polska S.A.
DNP
Consumer Staples
2.1
ICICI Bank Ltd.
ICICIBC
Financials
2.0
Adani Ports & Special Economic Zone Ltd.
ADSEZ
Industrials
1.9
PRIO SA/Brazil
PRIO3
Energy
1.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
24.6
24.2
Financials
19.8
22.6
Consumer Discretionary
16.9
12.2
Consumer Staples
13.7
5.2
Cash & Cash Equivalents
5.9
Energy
4.6
5.1
Real Estate
4.1
1.5
Industrials
4.1
6.8
Communication Services
2.8
9.0
Health Care
2.6
3.6
Materials
0.9
6.7
Utilities
0.0
3.0
Sector Allocation
Fund (%)
Information Technology
24.6
Financials
19.8
Consumer Discretionary
16.9
Consumer Staples
13.7
Cash & Cash Equivalents
5.9
Energy
4.6
Real Estate
4.1
Industrials
4.1
Communication Services
2.8
Health Care
2.6
Materials
0.9
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
18.5
12.7
Banks
13.6
16.9
Consumer Discretionary Distribution & Retail
9.6
4.8
Consumer Staples Distribution & Retail
7.4
1.3
Technology Hardware & Equipment
6.1
8.8
Food, Beverage & Tobacco
4.7
3.2
Energy
4.6
5.1
Consumer Services
4.5
2.4
Real Estate Management & Development
4.1
1.4
Financial Services
3.7
2.8
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
18.5
Banks
13.6
Consumer Discretionary Distribution & Retail
9.6
Consumer Staples Distribution & Retail
7.4
Technology Hardware & Equipment
6.1
Food, Beverage & Tobacco
4.7
Energy
4.6
Consumer Services
4.5
Real Estate Management & Development
4.1
Financial Services
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
India
20.4
19.9
Asia Pacific ex Japan
Taiwan
14.3
18.8
Asia Pacific ex Japan
Korea, Republic of (South Korea)
13.1
11.7
Asia Pacific ex Japan
China
10.8
24.4
Asia Pacific ex Japan
Brazil
6.3
4.5
Latin America
South Africa
5.8
3.2
Other
Mexico
5.0
2.0
Latin America
United Arab Emirates
4.0
1.2
Other
Hong Kong
2.7
Asia Pacific ex Japan
United States
2.2
North America
Top 10 Countries
Fund (%)
India
20.4
Taiwan
14.3
Korea, Republic of (South Korea)
13.1
China
10.8
Brazil
6.3
South Africa
5.8
Mexico
5.0
United Arab Emirates
4.0
Hong Kong
2.7
United States
2.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Unassigned
0.0
Large Cap (> $12 B)
64.2
75.6
Mid Cap ($2.5 to $12 B)
29.7
24.1
Small Cap (< $2.5 B)
6.1
0.3
Capitalization
Fund (%)
Unassigned
0.0
Large Cap (> $12 B)
64.2
Mid Cap ($2.5 to $12 B)
29.7
Small Cap (< $2.5 B)
6.1
Portfolio Managers

Portfolio Managers

Charles Wilson, PhD

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

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

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