Thornburg Developing World Fund

Top Ten Countries as of

  1. China
    24.6%
  2. India
    12.2%
  3. Brazil
    11.7%
  4. South Korea
    5.8%
  5. Taiwan
    5.7%
  6. Russia
    5.6%
  7. Hong Kong
    5.2%
  8. United States
    4.5%
  9. Mexico
    4.5%
  10. United Kingdom
    4.3%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Financials
25.9%
Consumer Discretionary
16.0%
Information Technology
15.8%
Communication Services
9.6%
Energy
9.5%
Industrials
7.5%
Consumer Staples
4.9%
Health Care
3.7%
Materials
1.9%
Utilities
1.0%
Cash & Cash Equivalents
4.3%

Top Ten Industry Groups as of

Banks
18.0%
Energy
9.5%
Retailing
9.2%
Media & Entertainment
8.3%
Semiconductors & Equipment
7.6%
Transportation
7.5%
Technology Hardware & Equipment
7.3%
Insurance
5.7%
Consumer Services
4.5%
Health Care Equipment & Services
3.7%

Top Ten Positions as of

% OF PORTFOLIO
Alibaba Group Holding Ltd. 6.5%
Tencent Holdings Ltd. 5.8%
Samsung Electronics Co. Ltd. 5.5%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.6%
AIA Group Ltd. 3.9%
Industrial & Commercial Bank of China Ltd. 3.9%
Unilever N.V. 3.5%
ICICI Bank Ltd. 3.4%
HDFC Bank Ltd. 3.3%
Petroleo Brasileiro S.A. 2.7%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $840.2 M
Portfolio P/E Forecast 12 Months* 16.9x
Portfolio P/E Trailing 12 Months* 15.7x
Portfolio Price to Cash Flow* 10.7x
Portfolio Price to Book* 2.5x
Median Market Capitalization* $27.3 B
Number of Holdings 49
7-Year Beta* (A Shares vs. MSCI Emerging Markets Index) 0.83
Emerging Markets Exposure 82.8%
Active Share* (vs. MSCI Emerging Markets Index) 75.4%
* Source: FactSet

Portfolio Composition as of

Basic Value
34.6%
Consistent Earners
42.9%
Emerging Franchises
18.2%
Cash & Cash Equivalents
4.3%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
76.1%
Mid Cap ($2.5 to $12 B)
23.1%
Small Cap (< $2.5 B)
0.8%
The percentages may not add up to 100 due to rounding.
Important Information