Thornburg Developing World Fund

Sector Allocation as of

Financials
27.4%
Consumer Discretionary
17.3%
Information Technology
15.4%
Communication Services
11.6%
Energy
9.4%
Industrials
8.3%
Consumer Staples
5.8%
Health Care
2.9%
Materials
1.9%

TEN LARGEST HOLDINGS as of

% OF PORTFOLIO
Alibaba Group Holding Ltd. 6.5%
Tencent Holdings Ltd. 6.4%
Samsung Electronics Co. Ltd. 4.6%
AIA Group Ltd. 4.2%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.2%
Industrial & Commercial Bank of China Ltd. 3.8%
Unilever N.V. 3.6%
ICICI Bank Ltd. 3.6%
HDFC Bank Ltd. 3.5%
B3 SA - Brasil Bolsa Balcao 2.6%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $1.4 M
Dividend Yield 2.0%
Portfolio P/E Forward 12 Months 15.6x
Portfolio Price to Cash Flow* 9.3x
Portfolio Price to Book* 2.4x
Median Market Capitalization* $31.7 B
Number of Holdings 47
5-Year Beta† (I Shares vs. MSCI Emerging Markets Index) 0.86
* Source: FactSet
† Source: Morningstar

Regional Diversification as of

Asia Pacific ex-Japan
58.6%
Latin America
19.8%
Europe ex-UK
9.1%
North America
4.6%
Other
4.2%
UK
3.8%
Holdings are classified by country of risk as determined by MSCI and Bloomberg. The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
76.3%
Mid Cap ($2.5 to $12 B)
22.8%
Small Cap (< $2.5 B)
0.9%
The percentages may not add up to 100 due to rounding.
Important Information