Thornburg Developing World Fund
SYMBOL: THDIX
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
Performance
Performance
Returns
(As of 30 Jun 2025)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 (%)
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 (%)
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 (%)
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 (%)
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
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®
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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