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Home Investments Mutual Funds Thornburg Developing World Fund THDRX
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THDRX

Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 689 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, 3 stars, 2 stars and 3 stars among 689, 629 and 467 funds, as of 30 Sep 2026.

As of 30 Sep 2026
Fund Assets
$675.5 M
As of 30 Sep 2026
NAV
$32.42
As of 23 Oct 2026
Change
$0.06
As of 23 Oct 2026
YTD NAV Performance
21.24%
As of 23 Oct 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 30 Sep 2026)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return (%)
27.90
33.51
22.71
6.15
8.62
7.48
MSCI Emerging Markets Index (%)
23.38
29.22
24.09
8.94
9.09
5.90
Morningstar Category Avg. (%)
22.34
28.33
22
7.77
8.39
—
Morningstar Quartile
—
1
3
3
3
—
Morningstar Quartile # of Funds
—
724
689
629
467
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
27.90
33.51
22.71
6.15
8.62
7.48
MSCI Emerging Markets Index (%)
23.38
29.22
24.09
8.94
9.09
5.90
Morningstar Category Avg. (%)
22.34
28.33
22
7.77
8.39
—
Morningstar Quartile
—
1
3
3
3
—
Morningstar Quartile # of Funds
—
724
689
629
467
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
27.90
33.51
84.78
34.76
128.52
235.86
MSCI Emerging Markets Index (%)
23.38
29.22
91.10
53.44
138.62
161.64
YTD
1y
3y
5y
10y
Inception
Total Return (%)
27.90
33.51
84.78
34.76
128.52
235.86
MSCI Emerging Markets Index (%)
23.38
29.22
91.10
53.44
138.62
161.64
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Return (%)
3.08
35.84
-14.88
29.54
23.08
-2.65
-25.51
6.60
5.75
27.84
MSCI Emerging Markets Index (%)
11.19
37.28
-14.58
18.42
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 2026)
Gross Expense Ratio (%)
2.08
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 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 30 Sep 2026)
(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)
Payable Date
Total
Income
ST Cap Gains
LT Cap Gains
24 Dec 2013
$0.04702
$0.04702
—
—
24 Sep 2014
$0.06699
$0.06699
—
—
24 Dec 2014
$0.00502
$0.00502
—
—
24 Sep 2015
$0.10573
$0.10573
—
—
24 Dec 2015
$0.01088
$0.01088
—
—
26 Sep 2016
$0.08641
$0.08641
—
—
24 Mar 2017
$0.01387
$0.01387
—
—
23 Jun 2017
$0.06474
$0.06474
—
—
22 Sep 2017
$0.08013
$0.08013
—
—
21 Dec 2018
$0.23519
$0.23519
—
—
20 Dec 2019
$0.30921
$0.30921
—
—
17 Dec 2020
$0.04442
$0.04442
—
—
15 Dec 2022
$0.35855
$0.35855
—
—
14 Dec 2023
$0.43356
$0.43356
—
—
19 Dec 2024
$0.62788
$0.62788
—
—
18 Dec 2025
$0.94426
$0.94426
—
—
Fund Facts

Fund Facts

(As of 30 Sep 2026)
Net Fund Assets
$675.5 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 30 Sep 2026)
Portfolio
Benchmark
Number of Holdings
40
—
Weighted Average Market Cap
$554.0 B
$539.6 B
Median Market Cap
$43.2 B
$12.2 B
Annual Portfolio Turnover
47%
—
Price to Earnings - Forward 1YR
11.0x
11.1x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
17.9x
18.9x
Price to Cash Flow
11.9x
11.3x
Price to Book Value
3.0x
2.3x
Active Share
61.0%
—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 30 Sep 2026)
3y
5y
10y
Annualized Alpha (%)
2.36
-2.19
-0.17
Beta
0.82
0.93
0.96
R-Squared (%)
91.97
93.42
93.91
Standard Deviation (%)
14.58
17.59
17.31
Sharpe Ratio
1.21
0.12
0.35
Information Ratio
-0.33
-0.63
-0.13
Tracking Error (%)
5.12
4.67
4.32
Up Capture (%)
84.26
89.83
97.70
Down Capture (%)
69.65
99.69
99.44

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 Sep 2026)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
16.2
Samsung Electronics Co. Ltd.
005930
Information Technology
8.1
MediaTek, Inc.
2454
Information Technology
4.7
Bid Corp. Ltd.
BID
Consumer Staples
3.6
SK hynix, Inc.
000660
Information Technology
3.5
SK Square Co. Ltd.
402340
Industrials
3.2
Petroleo Brasileiro SA - Petrobras
PETR4
Energy
3.0
ICICI Bank Ltd.
ICICIBC
Financials
2.9
AIA Group Ltd.
1299
Financials
2.8
Tencent Holdings Ltd.
700
Communication Services
2.4
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Information Technology
37.7
43.8
Financials
17.6
19.3
Industrials
10.5
6.3
Consumer Staples
9.5
2.6
Consumer Discretionary
7.7
7.4
Energy
6.5
3.4
Cash & Equivalents
3.8
—
Communication Services
3.4
5.9
Utilities
1.8
1.9
Health Care
1.4
2.7
Materials
0.0
5.8
Real Estate
0.0
1.0
Sector Allocation
Fund (%)
Information Technology
37.7
Financials
17.6
Industrials
10.5
Consumer Staples
9.5
Consumer Discretionary
7.7
Energy
6.5
Cash & Equivalents
3.8
Communication Services
3.4
Utilities
1.8
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
25.1
26.6
Banks
12.9
14.5
Technology Hardware & Equipment
11.0
16.2
Capital Goods
8.8
5.0
Consumer Discretionary Distribution & Retail
6.7
3.4
Energy
6.5
3.4
Consumer Staples Distribution & Retail
5.2
0.6
Food, Beverage & Tobacco
4.3
1.6
Insurance
2.8
2.6
Media & Entertainment
2.4
3.9
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
25.1
Banks
12.9
Technology Hardware & Equipment
11.0
Capital Goods
8.8
Consumer Discretionary Distribution & Retail
6.7
Energy
6.5
Consumer Staples Distribution & Retail
5.2
Food, Beverage & Tobacco
4.3
Insurance
2.8
Media & Entertainment
2.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
23.9
28.9
Asia Pacific ex Japan
Korea, Republic of (South Korea)
17.3
21.4
Asia Pacific ex Japan
China
11.3
19.5
Asia Pacific ex Japan
Brazil
8.3
4.1
Latin America
India
6.3
10.7
Asia Pacific ex Japan
South Africa
6.0
2.5
Other
Hong Kong
4.4
—
Asia Pacific ex Japan
United Arab Emirates
3.8
1.2
Other
Mexico
2.9
1.6
Latin America
Indonesia
1.8
0.4
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
Taiwan
23.9
Korea, Republic of (South Korea)
17.3
China
11.3
Brazil
8.3
India
6.3
South Africa
6.0
Hong Kong
4.4
United Arab Emirates
3.8
Mexico
2.9
Indonesia
1.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
83.4
88.4
Mid Cap ($2.5 to $12 B)
16.6
11.6
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
83.4
Mid Cap ($2.5 to $12 B)
16.6
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.

© 2026 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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