Thornburg Developing World Fund

SYMBOL: THDIX

Morningstar Rating • Info

Overall Morningstar Rating among 707 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 707, 632 and 433 funds, as of 28 Feb 2025.

As of 28 Feb 2025

Fund Assets

$576.4 M

As of 28 Feb 2025

NAV

$22.34

As of 25 Mar 2025

Change

$-0.10

As of 25 Mar 2025

YTD NAV Performance

2.67%

As of 25 Mar 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 Dec 2024)

YTD

10y

Inception

Total Return (%)

5.80

-5.64

0.14

2.83

4.95

MSCI Emerging Markets Index (%)

7.50

-1.92

1.70

3.64

3.12

Morningstar Category Avg. (%)

6.04

-2.04

2.26

3.55

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

776

707

632

433

—

YTD

10y

Inception

Total Return (%)

-0.51

3.65

-3.18

1.90

2.80

4.87

MSCI Emerging Markets Index (%)

2.28

10.07

0.46

4.26

3.49

3.24

Morningstar Category Avg. (%)

1.01

6.33

0.69

4.48

3.37

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

776

707

632

433

—

YTD

10y

Inception

Total Return (%)

5.80

-15.99

0.68

32.14

106.96

MSCI Emerging Markets Index (%)

7.50

-5.65

8.78

42.93

58.77

YTD

10y

Inception

Total Return (%)

-0.51

3.65

-9.23

9.86

31.83

105.91

MSCI Emerging Markets Index (%)

2.28

10.07

1.39

23.20

40.95

62.39

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 (%)

1.28

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

Hypothetical Growth of $10,000

(As of 28 Feb 2025)

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

                        Categories,I Shares,MSCI Emerging Markets Index
                        2024-02-29,10000,10000
2024-03-31,10237,10248
2024-04-30,10135,10294
2024-05-31,10307,10352
2024-06-30,10675,10760
2024-07-31,10409,10792
2024-08-31,10409,10966
2024-09-30,10954,11699
2024-10-31,10731,11178
2024-11-30,10372,10777
2024-12-31,10417,10762
2025-01-31,10389,10954
2025-02-28,10365,11007

                        Categories,I Shares,MSCI Emerging Markets Index
                        2022-02-28,10000,10000
2022-03-31,9725,9774
2022-04-30,8914,9230
2022-05-31,9141,9271
2022-06-30,8424,8655
2022-07-31,8376,8634
2022-08-31,8369,8670
2022-09-30,7424,7653
2022-10-31,7059,7416
2022-11-30,8184,8516
2022-12-31,8090,8396
2023-01-31,8733,9059
2023-02-28,8210,8472
2023-03-31,8461,8728
2023-04-30,8354,8629
2023-05-31,8158,8484
2023-06-30,8521,8806
2023-07-31,8877,9355
2023-08-31,8394,8778
2023-09-30,8066,8549
2023-10-31,7719,8217
2023-11-30,8334,8874
2023-12-31,8623,9221
2024-01-31,8268,8793
2024-02-29,8757,9211
2024-03-31,8965,9440
2024-04-30,8875,9482
2024-05-31,9026,9535
2024-06-30,9348,9911
2024-07-31,9116,9941
2024-08-31,9116,10101
2024-09-30,9593,10776
2024-10-31,9397,10297
2024-11-30,9083,9927
2024-12-31,9123,9913
2025-01-31,9098,10090
2025-02-28,9077,10139

                        Categories,I Shares,MSCI Emerging Markets Index
                        2020-02-29,10000,10000
2020-03-31,8256,8460
2020-04-30,9066,9234
2020-05-31,9284,9305
2020-06-30,10052,9989
2020-07-31,10905,10882
2020-08-31,11261,11123
2020-09-30,11090,10944
2020-10-31,11483,11170
2020-11-30,12564,12203
2020-12-31,13504,13100
2021-01-31,13903,13501
2021-02-28,14202,13605
2021-03-31,13713,13399
2021-04-30,13941,13733
2021-05-31,14088,14051
2021-06-30,14311,14076
2021-07-31,13547,13128
2021-08-31,13903,13472
2021-09-30,13395,12937
2021-10-31,13532,13064
2021-11-30,12830,12532
2021-12-31,13143,12767
2022-01-31,12688,12525
2022-02-28,12104,12151
2022-03-31,11771,11876
2022-04-30,10789,11216
2022-05-31,11064,11265
2022-06-30,10196,10517
2022-07-31,10139,10491
2022-08-31,10129,10535
2022-09-30,8985,9300
2022-10-31,8544,9011
2022-11-30,9906,10347
2022-12-31,9792,10202
2023-01-31,10570,11007
2023-02-28,9937,10294
2023-03-31,10241,10605
2023-04-30,10111,10485
2023-05-31,9874,10309
2023-06-30,10314,10701
2023-07-31,10744,11367
2023-08-31,10159,10666
2023-09-30,9763,10388
2023-10-31,9343,9984
2023-11-30,10087,10783
2023-12-31,10437,11204
2024-01-31,10008,10684
2024-02-29,10600,11193
2024-03-31,10851,11470
2024-04-30,10743,11521
2024-05-31,10925,11586
2024-06-30,11315,12043
2024-07-31,11034,12079
2024-08-31,11034,12274
2024-09-30,11611,13094
2024-10-31,11374,12511
2024-11-30,10994,12062
2024-12-31,11042,12045
2025-01-31,11011,12261
2025-02-28,10986,12320

                        Categories,I Shares,MSCI Emerging Markets Index
                        2015-02-28,10000,10000
2015-03-31,9821,9858
2015-04-30,10266,10616
2015-05-31,10119,10191
2015-06-30,9908,9926
2015-07-31,9495,9238
2015-08-31,8682,8403
2015-09-30,8338,8150
2015-10-31,8764,8731
2015-11-30,8616,8391
2015-12-31,8524,8204
2016-01-31,8169,7671
2016-02-29,8065,7659
2016-03-31,8824,8672
2016-04-30,9032,8719
2016-05-31,8874,8394
2016-06-30,8966,8730
2016-07-31,9360,9169
2016-08-31,9469,9397
2016-09-30,9478,9518
2016-10-31,9396,9540
2016-11-30,8819,9101
2016-12-31,8786,9121
2017-01-31,9072,9620
2017-02-28,9242,9915
2017-03-31,9525,10165
2017-04-30,9849,10388
2017-05-31,10063,10695
2017-06-30,10308,10802
2017-07-31,10826,11446
2017-08-31,10997,11702
2017-09-30,11190,11655
2017-10-31,11461,12064
2017-11-30,11661,12088
2017-12-31,11937,12522
2018-01-31,12862,13566
2018-02-28,12225,12940
2018-03-31,11871,12699
2018-04-30,11672,12643
2018-05-31,11428,12195
2018-06-30,11068,11688
2018-07-31,11340,11945
2018-08-31,10880,11622
2018-09-30,10825,11561
2018-10-31,9961,10554
2018-11-30,10465,10989
2018-12-31,10163,10698
2019-01-31,11156,11634
2019-02-28,11364,11660
2019-03-31,11650,11758
2019-04-30,12015,12006
2019-05-31,11240,11135
2019-06-30,12116,11830
2019-07-31,11925,11685
2019-08-31,11532,11115
2019-09-30,11706,11327
2019-10-31,12211,11805
2019-11-30,12267,11789
2019-12-31,13160,12668
2020-01-31,12694,12078
2020-02-29,12000,11441
2020-03-31,9907,9679
2020-04-30,10879,10565
2020-05-31,11141,10646
2020-06-30,12062,11429
2020-07-31,13086,12450
2020-08-31,13513,12725
2020-09-30,13308,12521
2020-10-31,13780,12779
2020-11-30,15077,13961
2020-12-31,16204,14987
2021-01-31,16683,15447
2021-02-28,17042,15565
2021-03-31,16455,15330
2021-04-30,16729,15712
2021-05-31,16905,16076
2021-06-30,17173,16104
2021-07-31,16256,15020
2021-08-31,16683,15413
2021-09-30,16073,14801
2021-10-31,16239,14947
2021-11-30,15396,14337
2021-12-31,15772,14607
2022-01-31,15225,14330
2022-02-28,14524,13902
2022-03-31,14126,13588
2022-04-30,12947,12832
2022-05-31,13277,12888
2022-06-30,12235,12032
2022-07-31,12166,12002
2022-08-31,12155,12052
2022-09-30,10782,10640
2022-10-31,10252,10309
2022-11-30,11887,11838
2022-12-31,11751,11672
2023-01-31,12684,12593
2023-02-28,11924,11777
2023-03-31,12290,12134
2023-04-30,12133,11996
2023-05-31,11849,11795
2023-06-30,12377,12242
2023-07-31,12893,13005
2023-08-31,12191,12203
2023-09-30,11716,11884
2023-10-31,11211,11423
2023-11-30,12104,12337
2023-12-31,12524,12819
2024-01-31,12009,12224
2024-02-29,12719,12805
2024-03-31,13021,13123
2024-04-30,12891,13181
2024-05-31,13110,13256
2024-06-30,13578,13779
2024-07-31,13240,13820
2024-08-31,13240,14043
2024-09-30,13933,14980
2024-10-31,13649,14314
2024-11-30,13193,13800
2024-12-31,13250,13781
2025-01-31,13213,14027
2025-02-28,13183,14095

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 28 Feb 2025)

Net Fund Assets

$576.4 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 28 Feb 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$160.4 B

$174.6 B

Median Market Cap

$20.6 B

$8.3 B

Price to Earnings - Forward 1YR

11.9x

12.5x

Price to Earnings - Trailing 12 Months

14.2x

14.8x

Price to Cash Flow

8.5x

8.1x

Portfolio

Benchmark

Price to Book Value

2.0x

1.8x

Return on Assets - 5 YR

9.6%

8.0%

Return on Equity - 5 YR

17.9%

16.1%

Historical 3YR Sales Growth

19.2%

18.5%

Active Share

69.7%

—

Risk & Return Profile

(As of 28 Feb 2025)

10y

Annualized Alpha (%)

-3.54

-2.27

-0.46

Beta

1.00

1.04

0.95

R-Squared (%)

94.60

95.51

92.75

Standard Deviation (%)

17.95

19.11

16.82

Sharpe Ratio

-0.42

-0.04

0.06

Information Ratio

-0.87

-0.58

-0.15

Up Capture (%)

89.10

99.35

95.27

Down Capture (%)

105.28

109.64

97.81

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jan 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

12.9

Naspers Ltd.

NPN

Consumer Discretionary

5.8

SK Hynix, Inc.

000660

Information Technology

3.5

China Construction Bank Corp.

939

Financials

3.1

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.5

Tata Consultancy Services Ltd.

TCS

Information Technology

2.3

Samsung Electronics Co. Ltd.

005930

Information Technology

2.1

ICICI Bank Ltd.

ICICIBC

Financials

2.0

Varun Beverages Ltd.

VBL

Consumer Staples

1.8

Converge Information and Communications Technology Solutions, Inc.

CNVRG

Communication Services

1.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 28 Feb 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.5

23.6

Information Technology

23.2

23.7

Consumer Discretionary

21.7

14.3

Consumer Staples

9.7

4.6

Energy

6.5

4.3

Industrials

6.1

6.3

Real Estate

2.9

1.6

Utilities

2.1

2.5

Communication Services

1.8

10.1

Health Care

1.3

3.4

Cash & Cash Equivalents

0.2

—

Materials

0.0

5.6

Sector Allocation

Fund (%)

Financials

24.5

Information Technology

23.2

Consumer Discretionary

21.7

Consumer Staples

9.7

Energy

6.5

Industrials

6.1

Real Estate

2.9

Utilities

2.1

Communication Services

1.8

Health Care

1.3

Cash & Cash Equivalents

0.2

Materials

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Semiconductors & Semiconductor Equipment

16.9

13.3

Banks

14.6

17.8

Consumer Discretionary Distribution & Retail

13.3

6.5

Energy

6.5

4.3

Financial Services

5.9

2.8

Consumer Services

4.7

2.9

Technology Hardware & Equipment

4.3

8.1

Food, Beverage & Tobacco

4.2

2.9

Consumer Staples Distribution & Retail

4.1

1.1

Transportation

4.0

1.7

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

16.9

Banks

14.6

Consumer Discretionary Distribution & Retail

13.3

Energy

6.5

Financial Services

5.9

Consumer Services

4.7

Technology Hardware & Equipment

4.3

Food, Beverage & Tobacco

4.2

Consumer Staples Distribution & Retail

4.1

Transportation

4.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

China

20.4

30.7

Asia Pacific ex Japan

Taiwan

18.6

19.1

Asia Pacific ex Japan

India

15.4

16.9

Asia Pacific ex Japan

Korea, Republic of (South Korea)

10.2

9.3

Asia Pacific ex Japan

South Africa

7.6

2.9

Other

Hong Kong

3.6

—

Asia Pacific ex Japan

Brazil

3.5

4.2

Latin America

Mexico

3.1

1.8

Latin America

Poland

3.0

1.0

Europe ex UK

United Arab Emirates

3.0

1.4

Other

Top 10 Countries

Fund (%)

China

20.4

Taiwan

18.6

India

15.4

Korea, Republic of (South Korea)

10.2

South Africa

7.6

Hong Kong

3.6

Brazil

3.5

Mexico

3.1

Poland

3.0

United Arab Emirates

3.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

Large Cap (> $12 B)

74.2

74.4

Mid Cap ($2.5 to $12 B)

20.7

25.2

Small Cap (< $2.5 B)

5.1

0.4

Capitalization

Fund (%)

Large Cap (> $12 B)

74.2

Mid Cap ($2.5 to $12 B)

20.7

Small Cap (< $2.5 B)

5.1

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

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

Beyond Borders: Strategies for International Investing in 2025

State of Mass Public Transit: Moving Forward or Spinning Its Wheels?

The Decline of US Treasuries? What Treasury Auctions Reveal