Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 697 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 697, 614 and 457 funds, as of 30 Sep 2025.

As of 30 Sep 2025
Fund Assets
$564.7 M
As of 31 Aug 2025
NAV
$26.27
As of 14 Oct 2025
Change
$-0.20
As of 14 Oct 2025
YTD NAV Performance
21.17%
As of 14 Oct 2025
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 2025)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
22.46
16.42
14.58
4.03
6.88
6.02
MSCI Emerging Markets Index (%)
27.53
17.32
18.21
7.02
7.99
4.57
Morningstar Category Avg. (%)
14.46
13.34
10.41
7.21
4.74
Morningstar Quartile
3
4
4
3
Morningstar Quartile # of Funds
752
697
614
457
YTD
1y
3y
5y
10y
Inception
Total Return (%)
22.46
16.42
14.58
4.03
6.88
6.02
MSCI Emerging Markets Index (%)
27.53
17.32
18.21
7.02
7.99
4.57
Morningstar Category Avg. (%)
18.07
15.22
11.58
5.81
6.7
Morningstar Quartile
2
4
4
3
Morningstar Quartile # of Funds
752
697
614
457
YTD
1y
3y
5y
10y
Inception
Total Return (%)
22.46
16.42
50.42
21.86
94.53
151.57
MSCI Emerging Markets Index (%)
27.53
17.32
65.19
40.36
115.65
102.48
YTD
1y
3y
5y
10y
Inception
Total Return (%)
22.46
16.42
50.42
21.86
94.53
151.57
MSCI Emerging Markets Index (%)
27.53
17.32
65.19
40.36
115.65
102.48
2019
2020
2021
2022
2023
2024
Total Return (%)
29.54
23.08
-2.65
-25.51
6.60
5.75
MSCI Emerging Markets Index (%)
18.42
18.31
-2.54
-20.09
9.83
7.50
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
2.04
Net Expense Ratio (%)
1.04
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2025)
(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)
Distributions

Distributions

(As of 19 Dec 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
24 Dec 2013
31 Dec 2013
0.04702
0.04702
24 Sep 2014
30 Sep 2014
0.06699
0.06699
24 Dec 2014
31 Dec 2014
0.00502
0.00502
24 Sep 2015
30 Sep 2015
0.10573
0.10573
24 Dec 2015
31 Dec 2015
0.01088
0.01088
26 Sep 2016
30 Sep 2016
0.08641
0.08641
24 Mar 2017
31 Mar 2017
0.01387
0.01387
23 Jun 2017
30 Jun 2017
0.06474
0.06474
22 Sep 2017
30 Sep 2017
0.08013
0.08013
21 Dec 2018
31 Dec 2018
0.23519
0.23519
20 Dec 2019
31 Dec 2019
0.30921
0.30921
17 Dec 2020
31 Dec 2020
0.04442
0.04442
15 Dec 2022
31 Dec 2022
0.35855
0.35855
14 Dec 2023
31 Dec 2023
0.43356
0.43356
19 Dec 2024
31 Dec 2024
0.62788
0.62788
Fund Facts

Fund Facts

(As of 31 Aug 2025)
Net Fund Assets
$564.7 M
Benchmark
MSCI Emerging Markets Index
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDRX
Share Class
R5
Share Class Inception Date
1 Feb 2013
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
43
Weighted Average Market Cap
$200.3 B
$202.7 B
Median Market Cap
$40.3 B
$10.5 B
Annual Portfolio Turnover
91%
Price to Earnings - Forward 1YR
14.1x
14.1x
Price to Earnings - Trailing 12 Months
15.9x
15.3x
Portfolio
Benchmark
Price to Cash Flow
9.9x
8.8x
Price to Book Value
2.5x
2.0x
Return on Equity - 5 YR
17.9%
16.2%
Historical 3YR Sales Growth
17.3%
17.9%
Active Share
74.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2025)
3y
5y
10y
Annualized Alpha (%)
-2.16
-2.41
-0.69
Beta
0.99
1.02
0.97
R-Squared (%)
94.91
94.15
93.11
Standard Deviation (%)
17.12
16.41
16.61
Sharpe Ratio
0.19
-0.02
0.23
Information Ratio
-0.66
-0.64
-0.23
Up Capture (%)
89.68
96.52
96.82
Down Capture (%)
97.29
108.82
100.79
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
12.8
Naspers Ltd.
NPN
Consumer Discretionary
7.6
AIA Group Ltd.
1299
Financials
3.8
Bid Corp. Ltd.
BID
Consumer Staples
3.2
ICICI Bank Ltd.
ICICIBC
Financials
3.1
Arca Continental S.A.B. de C.V.
AC*
Consumer Staples
3.1
SK Hynix, Inc.
000660
Information Technology
3.0
China Construction Bank Corp.
939
Financials
2.9
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
2.6
Bank Central Asia Tbk PT
BBCA
Financials
2.5
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
23.7
23.4
Information Technology
21.6
24.6
Consumer Discretionary
16.9
12.7
Consumer Staples
13.4
4.3
Industrials
9.3
6.9
Energy
5.1
4.0
Communication Services
3.6
10.3
Cash & Cash Equivalents
3.5
Utilities
1.9
2.4
Health Care
1.0
3.6
Materials
0.0
6.1
Real Estate
0.0
1.5
Sector Allocation
Fund (%)
Financials
23.7
Information Technology
21.6
Consumer Discretionary
16.9
Consumer Staples
13.4
Industrials
9.3
Energy
5.1
Communication Services
3.6
Cash & Cash Equivalents
3.5
Utilities
1.9
Health Care
1.0
Materials
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
17.9
13.7
Banks
17.0
17.6
Consumer Discretionary Distribution & Retail
11.6
5.8
Food, Beverage & Tobacco
7.3
2.6
Capital Goods
5.2
5.0
Energy
5.1
4.0
Insurance
4.8
3.1
Consumer Staples Distribution & Retail
4.5
1.1
Transportation
4.1
1.7
Consumer Services
3.7
2.1
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
17.9
Banks
17.0
Consumer Discretionary Distribution & Retail
11.6
Food, Beverage & Tobacco
7.3
Capital Goods
5.2
Energy
5.1
Insurance
4.8
Consumer Staples Distribution & Retail
4.5
Transportation
4.1
Consumer Services
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
16.4
19.0
Asia Pacific ex Japan
China
13.8
29.5
Asia Pacific ex Japan
India
12.1
16.2
Asia Pacific ex Japan
South Africa
10.8
3.0
Other
Korea, Republic of (South Korea)
8.7
10.6
Asia Pacific ex Japan
Hong Kong
6.7
Asia Pacific ex Japan
Mexico
6.0
2.0
Latin America
United Arab Emirates
4.1
1.6
Other
Brazil
3.9
4.4
Latin America
Indonesia
2.5
1.2
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
Taiwan
16.4
China
13.8
India
12.1
South Africa
10.8
Korea, Republic of (South Korea)
8.7
Hong Kong
6.7
Mexico
6.0
United Arab Emirates
4.1
Brazil
3.9
Indonesia
2.5
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
82.3
80.7
Mid Cap ($2.5 to $12 B)
16.9
19.3
Small Cap (< $2.5 B)
0.8
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
82.3
Mid Cap ($2.5 to $12 B)
16.9
Small Cap (< $2.5 B)
0.8
Portfolio Managers

Portfolio Managers

Pablo Echavarria, CFA

Portfolio Manager and Managing Director
Pablo Echavarria, CFA, is a portfolio manager and managing director 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…
Learn More

Di Zhou, CFA, FRMĀ®

Portfolio Manager and Managing Director
Di Zhou, CFA, FRM, is a portfolio manager and managing director 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…
Learn More

More Insights

Fixed Income

Evaluating the Impact of Active Management, International Investing, and Dividends

We explore the benefits of active management during periods of market volatility, highlight international investment prospects, and examine the increasing interest in dividend-oriented strategies.
Markets & Economy

Active Management, International Investing, and Dividends

Thornburg client portfolio managers discuss how active management can help investors identify sector opportunities and navigate current economic conditions.
Markets & Economy

Investor Viewpoint: Corporate Earnings and Tariff Impacts

We analyze the impacts of tariffs and inflation on corporate earnings, highlighting sector performance and global dynamics amid changing economic and investment conditions.
Thornburg Investment Income Builder Fund, water rushes down rocks in a stream
Advising Clients

Retirement Resources: Building a Cash Flow Reserve Ladder

A cash flow reserve ladder may help provide retirement income while avoiding ill-timed asset sales.
Markets & Economy

Thornburg Investment Insights: Corporate Earnings and Tariff Impacts

Thornburg Client Portfolio Managers discuss the latest corporate earnings and how tariff impacts will slowly start to creep into the data.
Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023
Markets & Economy

FOMC Update: Rates Lowered for the First Time Since 2024

Christian Hoffmann shares his perspective on the Fed’s stance and the potential impact of monetary policy.