Thornburg Developing World Fund

Top Ten Countries as of

  1. China
    36.8%
  2. India
    11.8%
  3. Taiwan
    7.5%
  4. Hong Kong
    6.6%
  5. Russia
    5.6%
  6. South Korea
    4.9%
  7. United States
    4.9%
  8. United Kingdom
    4.2%
  9. Brazil
    3.9%
  10. Indonesia
    2.7%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Financials
23.2%
Information Technology
19.8%
Consumer Discretionary
18.9%
Communication Services
10.0%
Consumer Staples
5.9%
Energy
5.3%
Utilities
4.2%
Industrials
4.0%
Materials
3.2%
Health Care
1.3%
Cash & Cash Equivalents
4.2%

Top Ten Industry Groups as of

Retailing
11.5%
Banks
11.1%
Media & Entertainment
9.6%
Semiconductors & Equipment
8.0%
Technology Hardware & Equipment
7.3%
Insurance
6.8%
Diversified Financials
5.3%
Energy
5.3%
Software & Services
4.5%
Utilities
4.2%

Top Ten Positions as of

% OF PORTFOLIO
Alibaba Group Holding Ltd. 9.0%
Tencent Holdings Ltd. 7.6%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.9%
Samsung Electronics Co. Ltd. 4.7%
HDFC Bank Ltd. 3.9%
AIA Group Ltd. 3.7%
Reliance Industries Ltd. 3.0%
Ping An Insurance Group Co. of China Ltd. 3.0%
Adani Ports & Special Economic Zone Ltd. 2.7%
Shenzhou International Group Holdings Ltd. 2.6%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $767.5 M
Portfolio P/E Forecast 12 Months* 19.4x
Portfolio P/E Trailing 12 Months* 16.6x
Portfolio Price to Cash Flow* 12.1x
Portfolio Price to Book* 2.9x
Median Market Capitalization* $23.3 B
Number of Holdings 50
7-Year Beta* (A Shares vs. MSCI Emerging Markets Index) 0.89
Emerging Markets Exposure 83.0%
Active Share* (vs. MSCI Emerging Markets Index) 71.9%
* Source: FactSet

Portfolio Composition as of

Basic Value
36.4%
Consistent Earners
40.9%
Emerging Franchises
18.6%
Cash & Cash Equivalents
4.2%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
83.1%
Mid Cap ($2.5 to $12 B)
16.9%
Small Cap (< $2.5 B)
0.0%
The percentages may not add up to 100 due to rounding.
Important Information