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Home » Investments » Mutual Funds » Thornburg Developing World Fund
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Thornburg Developing World Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 715 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, 2 stars, 3 stars and 3 stars among 715, 641 and 386 funds, as of 31 Jul 2023.

As of 31 Jul 2023
Fund Assets
$1.0 B
As of 31 Aug 2023
NAV
$21.14
As of 30 Aug 2023
Change
$-0.01
As of 30 Aug 2023
YTD NAV Performance
4.29%
As of 30 Aug 2023
Asset Category:
Emerging Markets Equity
Fund Benchmark:
MSCI Emerging Markets NTR

Portfolio Managers

Ben Kirby, CFA
Co-Head of Investments and Managing Director
Charles Wilson, PhD
Portfolio Manager and Managing Director
Josh Rubin
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
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.

Related Content

Markets & Economy
Thornburg Investment Income Builder Fund – Third Quarter Update
Outlook
Volatility Will Persist–Focus on Income, Fundamentals and Valuations
Income
Thornburg Income Builder Opportunities Trust – 3rd Quarter Update
Performance

Performance

Returns

(As of 30 Jun 2023)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.33
1.16
0.86
2.26
2.86
4.99
MSCI Emerging Markets NTR (%)
4.89
1.75
2.32
0.93
2.95
2.57
Morningstar Category Avg. (%)
7.11
5.39
3.4
1.48
2.89
—
Morningstar Quartile
—
4
3
2
3
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.75
0.30
-3.37
2.30
2.96
4.81
MSCI Emerging Markets NTR (%)
4.55
1.25
-1.39
0.98
2.99
2.52
Morningstar Category Avg. (%)
12.7
10.48
2.63
2.17
3.25
—
Morningstar Quartile
—
4
3
2
3
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.33
1.16
2.60
11.82
32.61
93.31
MSCI Emerging Markets NTR (%)
4.89
1.75
7.12
4.74
33.76
41.04
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.75
0.30
-9.78
12.05
33.88
90.42
MSCI Emerging Markets NTR (%)
4.55
1.25
-4.10
5.00
34.26
40.59
2017
2018
2019
2020
2021
2022
Total Return (%)
35.86
-14.87
29.49
23.13
-2.67
-25.50
MSCI Emerging Markets NTR (%)
37.28
-14.58
18.42
18.31
-2.54
-20.09

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Diversified Emerging Mkts category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 804, 723, 642 and 371 funds, respectively, as of 30 Sep 2022.

Prior to inception of R5 and R6 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 16 Dec 2009; R5 and R6 shares, 1 Feb 2013.

Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
1.23
Net Expense Ratio (%)
1.04

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Distributions

Distributions

(As of 15 Dec 2022)
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
27 Dec 2010
0.03462
0.03462
—
—
28 Sep 2012
0.00000
0.00000
—
—
24 Dec 2012
0.09131
0.09131
—
—
24 Dec 2013
0.00733
0.00733
—
—
24 Sep 2014
0.06228
0.06228
—
—
24 Dec 2014
0.00707
0.00707
—
—
24 Sep 2015
0.09745
0.09745
—
—
24 Dec 2015
0.01053
0.01053
—
—
26 Sep 2016
0.08792
0.08792
—
—
24 Mar 2017
0.01443
0.01443
—
—
23 Jun 2017
0.06498
0.06498
—
—
22 Sep 2017
0.08000
0.08000
—
—
21 Dec 2018
0.23768
0.23768
—
—
20 Dec 2019
0.30919
0.30919
—
—
17 Dec 2020
0.04266
0.04266
—
—
15 Dec 2022
0.35878
0.35878
—
—
Fund Facts

Fund Facts

(As of 31 Aug 2023)
Net Fund Assets
$1.0 B
Benchmark
MSCI Emerging Markets NTR
Morningstar Category
Diversified Emerging Mkts
Fund Symbol
THDIX
Share Class
I
Share Class Inception Date
16 Dec 2009
Number of Holdings
48
Portfolio Turnover
68%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$104.7 B
$103.5 B
Median Market Cap
$18.1 B
$6.4 B
Price to Earnings - Forward 1YR
18.0x
12.5x
Price to Earnings - Trailing 12 Months
17.3x
11.1x
Price to Cash Flow
10.5x
6.2x
Portfolio
Benchmark
Price to Book Value
2.6x
1.5x
Return on Assets - 5 YR
9.5%
8.2%
Return on Equity - 5 YR
17.7%
15.3%
Historical 3YR Sales Growth
22.5%
20.6%
Active Share
74.8%
—
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
10y
Annualized Alpha (%)
-1.40
1.44
0.12
Beta
1.05
1.06
0.95
R-Squared (%)
96.34
96.90
91.48
Standard Deviation (%)
18.94
20.06
16.66
Sharpe Ratio
-0.02
0.03
0.11
Information Ratio
-0.39
0.36
-0.02
Up Capture (%)
109.61
113.98
95.69
Down Capture (%)
116.66
108.58
95.67

Past performance does not guarantee future results.

Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2023)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
7.0
Tencent Holdings Ltd.
700
Communication Services
4.8
Yum China Holdings, Inc.
9987
Consumer Discretionary
4.0
Samsung Electronics Co. Ltd.
005930
Information Technology
3.6
AIA Group Ltd.
1299
Financials
3.5
Bank Rakyat Indonesia Persero Tbk PT
BBRI
Financials
2.9
Naspers Ltd.
NPN
Consumer Discretionary
2.9
Varun Beverages Ltd.
VBL
Consumer Staples
2.8
Max Healthcare Institute Ltd.
MAXHEALT
Health Care
2.7
HDFC Bank Ltd.
HDFCB
Financials
2.7
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Consumer Discretionary
22.2
13.9
Financials
21.3
21.8
Information Technology
15.5
20.6
Consumer Staples
11.7
6.3
Communication Services
5.5
9.7
Health Care
5.1
3.8
Industrials
4.7
6.6
Energy
4.6
5.1
Materials
2.7
7.9
Utilities
2.3
2.5
Cash & Cash Equivalents
2.3
—
Real Estate
2.2
1.8
Sector Allocation
Fund (%)
Consumer Discretionary
22.2
Financials
21.3
Information Technology
15.5
Consumer Staples
11.7
Communication Services
5.5
Health Care
5.1
Industrials
4.7
Energy
4.6
Materials
2.7
Utilities
2.3
Cash & Cash Equivalents
2.3
Real Estate
2.2
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Banks
11.1
16.3
Semiconductors & Semiconductor Equipment
9.5
9.2
Consumer Discretionary Distribution & Retail
9.4
5.9
Consumer Services
9.1
2.8
Financial Services
6.8
2.6
Consumer Staples Distribution & Retail
6.8
1.6
Technology Hardware & Equipment
6.0
8.9
Food, Beverage & Tobacco
4.9
3.9
Media & Entertainment
4.7
6.7
Energy
4.6
5.1
Top 10 Industries
Fund (%)
Banks
11.1
Semiconductors & Semiconductor Equipment
9.5
Consumer Discretionary Distribution & Retail
9.4
Consumer Services
9.1
Financial Services
6.8
Consumer Staples Distribution & Retail
6.8
Technology Hardware & Equipment
6.0
Food, Beverage & Tobacco
4.9
Media & Entertainment
4.7
Energy
4.6
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
China
22.9
29.8
Asia Pacific ex Japan
India
16.1
14.9
Asia Pacific ex Japan
Taiwan
11.6
15.0
Asia Pacific ex Japan
Brazil
7.5
5.3
Latin America
Korea, Republic of (South Korea)
6.5
12.2
Asia Pacific ex Japan
Mexico
5.6
2.8
Latin America
United Arab Emirates
4.5
1.3
Other
Saudi Arabia
3.7
4.2
Other
Hong Kong
3.4
—
Asia Pacific ex Japan
Thailand
2.7
2.0
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
China
22.9
India
16.1
Taiwan
11.6
Brazil
7.5
Korea, Republic of (South Korea)
6.5
Mexico
5.6
United Arab Emirates
4.5
Saudi Arabia
3.7
Hong Kong
3.4
Thailand
2.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Large Cap (> $12 B)
71.5
70.8
Mid Cap ($2.5 to $12 B)
25.9
28.0
Small Cap (< $2.5 B)
2.7
1.2
Capitalization
Fund (%)
Large Cap (> $12 B)
71.5
Mid Cap ($2.5 to $12 B)
25.9
Small Cap (< $2.5 B)
2.7

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

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…
Learn More
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…
Learn More
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…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Report
Semi-annual report
Prospectus
Statement of Additional Information (SAI)

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 thornburg.com. 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.

To determine a fund's Morningstar Ratingâ„¢, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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.

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