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Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 716 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 716, 634 and 444 funds, as of 31 May 2025.

As of 31 May 2025
Fund Assets
$551.4 M
As of 31 May 2025
NAV
$25.18
As of 3 Jul 2025
Change
$0.14
As of 3 Jul 2025
YTD NAV Performance
15.72%
As of 3 Jul 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 Jun 2025)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
14.66
11.89
7.48
4.72
4.37
5.72
MSCI Emerging Markets Index (%)
15.27
15.29
9.70
6.81
4.81
3.97
Morningstar Category Avg. (%)
1.77
4.96
1.72
8.84
3.59
Morningstar Quartile
3
4
4
3
Morningstar Quartile # of Funds
770
716
634
444
YTD
1y
3y
5y
10y
Inception
Total Return (%)
14.66
11.89
7.48
4.72
4.37
5.72
MSCI Emerging Markets Index (%)
15.27
15.29
9.70
6.81
4.81
3.97
Morningstar Category Avg. (%)
7.97
9.8
5.68
7.46
3.85
Morningstar Quartile
3
4
4
3
Morningstar Quartile # of Funds
770
716
634
444
YTD
1y
3y
5y
10y
Inception
Total Return (%)
14.66
11.89
24.18
25.95
53.34
137.30
MSCI Emerging Markets Index (%)
15.27
15.29
32.02
38.99
60.03
83.00
YTD
1y
3y
5y
10y
Inception
Total Return (%)
14.66
11.89
24.18
25.95
53.34
137.30
MSCI Emerging Markets Index (%)
15.27
15.29
32.02
38.99
60.03
83.00
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
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.29
Net Expense Ratio (%)
1.04
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 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 ($)
LT Cap Gains ($)
27 Dec 2010
31 Dec 2010
0.03462
0.03462
28 Sep 2012
30 Sep 2012
0.00000
0.00000
24 Dec 2012
31 Dec 2012
0.09131
0.09131
24 Dec 2013
31 Dec 2013
0.00733
0.00733
24 Sep 2014
30 Sep 2014
0.06228
0.06228
24 Dec 2014
31 Dec 2014
0.00707
0.00707
24 Sep 2015
30 Sep 2015
0.09745
0.09745
24 Dec 2015
31 Dec 2015
0.01053
0.01053
26 Sep 2016
30 Sep 2016
0.08792
0.08792
24 Mar 2017
31 Mar 2017
0.01443
0.01443
23 Jun 2017
30 Jun 2017
0.06498
0.06498
22 Sep 2017
30 Sep 2017
0.08000
0.08000
21 Dec 2018
31 Dec 2018
0.23768
0.23768
20 Dec 2019
31 Dec 2019
0.30919
0.30919
17 Dec 2020
31 Dec 2020
0.04266
0.04266
15 Dec 2022
31 Dec 2022
0.35878
0.35878
14 Dec 2023
31 Dec 2023
0.43420
0.43420
19 Dec 2024
31 Dec 2024
0.63131
0.63131
Fund Facts

Fund Facts

(As of 31 May 2025)
Net Fund Assets
$551.4 M
Benchmark
MSCI Emerging Markets Index
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDIX
Share Class
I
Share Class Inception Date
16 Dec 2009
Number of Holdings
48
Portfolio Turnover
91%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$161.5 B
$172.1 B
Median Market Cap
$25.3 B
$9.3 B
Price to Earnings - Forward 1YR
13.1x
12.7x
Price to Earnings - Trailing 12 Months
15.4x
14.1x
Price to Cash Flow
9.3x
8.0x
Portfolio
Benchmark
Price to Book Value
2.3x
1.8x
Return on Assets - 5 YR
9.4%
8.4%
Return on Equity - 5 YR
17.1%
16.3%
Historical 3YR Sales Growth
17.9%
17.7%
Active Share
72.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2025)
3y
5y
10y
Annualized Alpha (%)
-2.41
-1.85
-0.19
Beta
1.00
1.02
0.96
R-Squared (%)
95.11
94.46
93.11
Standard Deviation (%)
17.51
17.02
16.85
Sharpe Ratio
-0.12
0.14
0.09
Information Ratio
-0.67
-0.48
-0.09
Up Capture (%)
89.99
99.26
97.37
Down Capture (%)
100.26
108.82
98.83
Portfolio

Portfolio

Top Holdings

(As of 31 May 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
11.0
Naspers Ltd.
NPN
Consumer Discretionary
7.1
AIA Group Ltd.
1299
Financials
3.5
China Construction Bank Corp.
939
Financials
3.4
SK Hynix, Inc.
000660
Information Technology
3.3
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.3
Arca Continental S.A.B. de C.V.
AC*
Consumer Staples
3.0
ICICI Bank Ltd.
ICICIBC
Financials
2.9
Bank Central Asia Tbk PT
BBCA
Financials
2.8
Bid Corp. Ltd.
BID
Consumer Staples
2.3
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
25.7
24.7
Consumer Discretionary
21.3
13.4
Information Technology
19.9
22.9
Consumer Staples
12.8
4.8
Industrials
6.0
6.7
Energy
4.6
4.3
Cash & Cash Equivalents
3.4
Communication Services
2.2
10.0
Utilities
2.1
2.6
Health Care
1.5
3.3
Real Estate
0.6
1.6
Materials
0.0
5.7
Sector Allocation
Fund (%)
Financials
25.7
Consumer Discretionary
21.3
Information Technology
19.9
Consumer Staples
12.8
Industrials
6.0
Energy
4.6
Cash & Cash Equivalents
3.4
Communication Services
2.2
Utilities
2.1
Health Care
1.5
Real Estate
0.6
Materials
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Banks
17.7
18.7
Semiconductors & Semiconductor Equipment
15.8
12.7
Consumer Discretionary Distribution & Retail
14.0
5.8
Food, Beverage & Tobacco
7.6
3.0
Energy
4.6
4.3
Insurance
4.5
3.1
Capital Goods
4.2
4.8
Technology Hardware & Equipment
4.1
8.0
Consumer Services
3.9
2.6
Consumer Staples Distribution & Retail
3.8
1.2
Top 10 Industries
Fund (%)
Banks
17.7
Semiconductors & Semiconductor Equipment
15.8
Consumer Discretionary Distribution & Retail
14.0
Food, Beverage & Tobacco
7.6
Energy
4.6
Insurance
4.5
Capital Goods
4.2
Technology Hardware & Equipment
4.1
Consumer Services
3.9
Consumer Staples Distribution & Retail
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Taiwan
16.0
18.5
Asia Pacific ex Japan
China
15.8
29.1
Asia Pacific ex Japan
India
13.9
18.6
Asia Pacific ex Japan
Korea, Republic of (South Korea)
9.8
9.7
Asia Pacific ex Japan
South Africa
9.5
3.0
Other
Hong Kong
6.3
Asia Pacific ex Japan
Mexico
4.4
2.1
Latin America
Brazil
3.7
4.4
Latin America
Indonesia
2.8
1.3
Asia Pacific ex Japan
United Arab Emirates
2.7
1.4
Other
Top 10 Countries
Fund (%)
Taiwan
16.0
China
15.8
India
13.9
Korea, Republic of (South Korea)
9.8
South Africa
9.5
Hong Kong
6.3
Mexico
4.4
Brazil
3.7
Indonesia
2.8
United Arab Emirates
2.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
76.8
78.4
Mid Cap ($2.5 to $12 B)
22.3
21.5
Small Cap (< $2.5 B)
0.9
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
76.8
Mid Cap ($2.5 to $12 B)
22.3
Small Cap (< $2.5 B)
0.9
Portfolio Managers

Portfolio Managers

Pablo Echavarria, CFA

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…
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Di Zhou, CFA, FRM®

Di Zhou, CFA, FRM®

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…
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