TOP TEN COUNTRIES as of 10/31/2017

  • 1.China27.7%
  • 2.India10.6%
  • 3.United States7.5%
  • 4.South Korea7.1%
  • 5.Russia7.0%
  • 6.United Kingdom6.2%
  • 7.Brazil6.1%
  • 8.Hong Kong4.8%
  • 9.Mexico4.4%
  • 10.South Africa2.9%
Classified by country of risk, determined at Thornburg’s discretion.

SECTOR ALLOCATION as of 10/31/2017

  • Information Technology31.3%
  • Financials27.6%
  • Consumer Discretionary8.1%
  • Consumer Staples6.8%
  • Energy5.0%
  • Real Estate4.6%
  • Telecommunication Services4.1%
  • Materials3.1%
  • Health Care2.9%
  • Industrials2.0%
  • Cash and Cash Equivalents4.5%

TOP TEN INDUSTRY GROUPS as of 10/31/2017

  • Banks20.8%
  • Software & Services20.3%
  • Consumer Services7.1%
  • Technology Hardware & Equipment6.9%
  • Insurance5.3%
  • Food, Beverage & Tobacco5.2%
  • Energy5.0%
  • Real Estate4.6%
  • Telecommunication Services4.1%
  • Semiconductors & Equipment4.1%

Top Ten Positions as of 9/30/2017

Alibaba Group Holding Ltd. ADR6.1%
Tencent Holdings Ltd.5.3%
Samsung Electronics Co. Ltd.4.0%
Baidu, Inc. ADR3.6%
Kroton Educacional S.A.3.0%
HDFC Bank Ltd.3.0%
Cielo S.A.2.9%
Sberbank ADR2.7%
AIA Group Ltd.2.7%
British American Tobacco plc ADR2.6%
Portfolio holdings are subject to change.


Assets$1.1 B
Portfolio P/E Trailing 12 Months*18.2x
Portfolio Price to Cash Flow*11.3x
Portfolio Price to Book*2.7x
Median Market Capitalization*$37.7 B
Number of Holdings49
7-Year Beta* (A shares vs. MSCI Emerging Markets Index)0.83
Emerging Markets Exposure79.3%
Active Share* (vs. MSCI Emerging Markets Index)76.5%
* Source: FactSet


  • Basic Value42.5%
  • Consistent Earners39.1%
  • Emerging Franchises13.9%
  • Cash & Cash Equivalents4.5%
The percentages may not add up to 100 due to rounding.


  • Large Cap (> $12 B)80.9%
  • Mid Cap ($2.5 to $12 B)17.2%
  • Small Cap (< $2.5 B)1.9%
The percentages may not add up to 100 due to rounding.
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 our literature center. 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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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 Corporation (TSC) does not act as broker of record for investors.