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Thornburg Emerging Markets ADR Strategy

Strategy Overview
The Emerging Markets ADR Strategy uses a bottom-up, fundamental approach to investing and targets a core return profile across the market cap spectrum, focusing on strong businesses that are attractively valued and have well identified paths to success. A defining aspect of the strategy is a three-basket approach to portfolio construction which mitigates benchmark-relative risk, ensures balanced style exposure and allows stock selection to be the main alpha driver.
Strategy Inception Date
1 Nov 2018

Portfolio Managers

Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Flexible, focused core equity portfolio that invests primarily in companies in the 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.
Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
Inception
Thornburg Emerging Markets ADR Strategy - Gross (%)
7.28
7.28
-6.25
4.97
5.01
Thornburg Emerging Markets ADR Strategy - Net (%)
4.16
4.16
-9.01
1.91
1.95
MSCI Emerging Markets NTR (%)
9.83
9.83
-5.08
3.68
3.83
YTD
1y
3y
5y
Inception
Thornburg Emerging Markets ADR Strategy - Gross (%)
-1.87
-4.70
-7.72
2.67
4.56
Thornburg Emerging Markets ADR Strategy - Net (%)
-2.12
-7.50
-10.44
-0.33
1.51
MSCI Emerging Markets NTR (%)
-4.64
-2.94
-7.50
0.99
2.84
2019
2020
2021
2022
2023
Thornburg Emerging Markets ADR Strategy - Gross (%)
31.16
17.91
-6.46
-17.89
7.28
Thornburg Emerging Markets ADR Strategy - Net (%)
27.42
14.51
-9.21
-20.34
4.16
MSCI Emerging Markets NTR (%)
18.42
18.31
-2.54
-20.09
9.83
Strategy Facts

Strategy Facts

(As of 31 Jan 2024)
Strategy Assets
$101.5 M*
Benchmark
MSCI Emerging Markets NTR
Number of Holdings
41
Portfolio Turnover
51%
eVestment Category
SMA/Wrap - Emerging Mkts Equity
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$139.2 B
$107.7 B
Median Market Cap
$30.0 B
$6.1 B
Price to Earnings - Forward 1YR
16.0x
12.2x
Price to Earnings - Trailing 12 Months
16.6x
12.2x
Price to Cash Flow
12.6x
6.3x
Portfolio
Benchmark
Price to Book Value
2.8x
1.6x
Return on Assets - 5 YR
7.0%
7.5%
Return on Equity - 5 YR
16.8%
15.2%
Historical 3YR Sales Growth
16.6%
19.7%
Active Share
81.5%
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
10.7
ICICI Bank Ltd.
IBN
Financials
7.0
HDFC Bank Ltd.
HDB
Financials
6.3
Micron Technology, Inc.
MU
Information Technology
5.9
Dino Polska S.A.
DNOPY
Consumer Staples
3.8
Tencent Holdings Ltd.
TCEHY
Communication Services
3.7
PRIO SA/Brazil
PTRRY
Energy
3.6
AIA Group Ltd.
AAGIY
Financials
3.5
ASML Holding N.V.
ASML
Information Technology
3.3
Grupo Financiero Banorte S.A.B. de C.V.
GBOOY
Financials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
28.0
22.2
Financials
27.6
23.1
Consumer Discretionary
13.8
12.1
Consumer Staples
9.2
5.9
Communication Services
6.1
8.7
Industrials
3.9
6.8
Cash & Cash Equivalents
3.6
Real Estate
2.6
1.6
Energy
2.5
5.6
Utilities
1.5
2.8
Materials
1.0
7.4
Health Care
0.0
3.6
Sector Allocation
Portfolio (%)
Information Technology
28.0
Financials
27.6
Consumer Discretionary
13.8
Consumer Staples
9.2
Communication Services
6.1
Industrials
3.9
Cash & Cash Equivalents
3.6
Real Estate
2.6
Energy
2.5
Utilities
1.5
Materials
1.0
Health Care
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Semiconductors & Semiconductor Equipment
24.8
10.6
Banks
23.0
17.6
Consumer Staples Distribution & Retail
8.1
1.5
Consumer Discretionary Distribution & Retail
7.9
5.2
Consumer Services
5.9
2.0
Media & Entertainment
5.1
5.8
Insurance
3.6
2.5
Software & Services
3.2
2.8
Transportation
2.8
2.0
Real Estate Management & Development
2.6
1.5
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
24.8
Banks
23.0
Consumer Staples Distribution & Retail
8.1
Consumer Discretionary Distribution & Retail
7.9
Consumer Services
5.9
Media & Entertainment
5.1
Insurance
3.6
Software & Services
3.2
Transportation
2.8
Real Estate Management & Development
2.6
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
India
16.4
18.0
Asia Pacific ex Japan
United States
12.5
North America
Brazil
11.6
5.7
Latin America
China
11.5
24.9
Asia Pacific ex Japan
Taiwan
11.2
16.6
Asia Pacific ex Japan
Hong Kong
9.3
Asia Pacific ex Japan
Mexico
7.2
2.8
Latin America
Poland
3.7
1.0
Europe ex UK
South Africa
3.5
3.0
Other
Netherlands
3.2
Europe ex UK
Top 10 Countries
Portfolio (%)
India
16.4
United States
12.5
Brazil
11.6
China
11.5
Taiwan
11.2
Hong Kong
9.3
Mexico
7.2
Poland
3.7
South Africa
3.5
Netherlands
3.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
77.0
71.1
Mid Cap ($2.5 to $12 B)
23.0
27.9
Small Cap (< $2.5 B)
0.0
1.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
77.0
Mid Cap ($2.5 to $12 B)
23.0
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA

Ben Kirby, CFA

Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Charles Wilson, PhD

Charles Wilson, PhD

Portfolio Manager and Managing Director
Charlie Wilson is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as ­associate portfolio ­manager and was promoted to portfolio manager in 2014. Charlie earned a BS in geology from the University of Arizona in Tucson and a PhD in geophysics from the University of Colorado in Boulder. Prior to joining Thornburg, Charlie served as co-portfolio…
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Josh Rubin

Josh Rubin

Portfolio Manager and Managing Director
Josh Rubin is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2017, initially working with the global strategies before being named associate portfolio manager in 2018, and portfolio manager in 2021. Before Thornburg, Josh worked at Driehaus Capital Management in Chicago, where he was first an associate portfolio manager responsible for emerging markets, and then the portfolio manager…
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Literature

More Insights

Markets & Economy

Observations: Value Vs. Growth, Does Another Fed Hike Matter?

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the tug-of-war between value and growth stocks and the possibility of another Fed tightening.
Young man checks his airline status against his mobile ticket.
Economy

Observations: Recession and Reversion to the Mean

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the wait for a recession in the U.S. and the relative attraction of international equities.
United States capital building.
Municipal Bonds

Stability + Reserves + Yields = Opportunities in Munis

Munis are attractive again as Investors are finally getting paid with higher yields and the tax advantage. However, diligent research sets active managers apart.
Large Fed building against bright blue sky
Municipal Bonds

It’s Not All About the Fed, Munis Are Swayed by Weak Issuance

Munis are not in lockstep with Treasuries, as supply plays a crucial role in how Munis react in a rising rate environment.
Municipal Bonds

Municipal Revenues Hold Up Well, But Watch for Slower Growth

Municipal revenues remain firm, even as operating income for some entities deteriorates. However, recession and resulting slower growth are potential risks.
The silent generation represented by two ladies hugging.
Build Your Business

Managing Legacy Wealth Part 1 The Wealth Holders

Become an expert in Managing Legacy Wealth and position yourself for success
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