Thornburg Emerging Markets ADR Completion Strategy
BENCHMARK: MSCI Emerging Markets Index
Strategy Overview
The investment strategy aims to give investors full exposure to the potential returns of emerging market stocks. It does this by investing in a combination of two components: a completion fund1 focused on emerging markets, managed by Thornburg, and American Depositary Receipts (ADRs) of emerging market companies. The completion fund provides access to emerging market securities that tend to be difficult to access through ADRs alone. Using this two-pronged approach allows the strategy to offer the customization and tax benefits of a separately managed account for the directly held ADRs, while also widening the range of emerging market securities available for investment through the completion fund portion.
Strategy Inception Date
1 Oct 2024
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 31 Dec 2024)Strategy Facts
Strategy Facts
(As of 28 Feb 2025)Strategy Assets
$0.1 M
Benchmark
MSCI Emerging Markets Index
Number of Holdings
62
Portfolio Turnover
74%
Characteristics
Characteristics
Portfolio
(As of 28 Feb 2025)Portfolio
Benchmark
Weighted Average Market Cap
$163.0 B
$174.6 B
Median Market Cap
$19.5 B
$8.3 B
Price to Earnings - Forward 1YR
12.6x
12.5x
Price to Earnings - Trailing 12 Months
14.5x
14.8x
Price to Cash Flow
9.4x
8.1x
Portfolio
Benchmark
Price to Book Value
2.1x
1.8x
Return on Assets - 5 YR
9.1%
8.0%
Return on Equity - 5 YR
17.4%
16.1%
Historical 3YR Sales Growth
19.4%
18.5%
Active Share
71.2%
—
Portfolio
Portfolio
Top Holdings
(As of 31 Jan 2025)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
12.6
Naspers Ltd.
NPSNY
Consumer Discretionary
5.7
Micron Technology, Inc.
MU
Information Technology
3.2
China Construction Bank Corp.
CICHY
Financials
3.0
Alibaba Group Holding Ltd.
BABA
Consumer Discretionary
2.5
Infosys Ltd.
INFY
Information Technology
2.2
Samsung Electronics Co. Ltd.*
005930
Information Technology
2.1
ICICI Bank Ltd.
IBN
Financials
1.9
DBS Group Holdings Ltd.
DBSDY
Financials
1.8
Converge Information and Communications Technology Solutions, Inc.*
CNVRG
Communication Services
1.8
Exposure Breakdown
Exposure Breakdown
(As of 28 Feb 2025)Sector Allocation
Portfolio (%)
Financials
23.9
Information Technology
23.2
Consumer Discretionary
20.0
Consumer Staples
9.3
Energy
6.2
Industrials
6.1
Cash & Cash Equivalents
3.1
Real Estate
3.0
Utilities
2.2
Communication Services
1.8
Health Care
1.3
Materials
0.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
17.0
Banks
16.1
Consumer Discretionary Distribution & Retail
11.8
Energy
6.2
Financial Services
5.8
Consumer Services
4.5
Transportation
4.0
Food, Beverage & Tobacco
4.0
Consumer Staples Distribution & Retail
3.9
Technology Hardware & Equipment
3.2
Top 10 Countries
Portfolio (%)
China
19.5
Taiwan
15.9
India
15.3
South Africa
7.5
Korea, Republic of (South Korea)
6.7
United States
4.2
Hong Kong
3.4
Brazil
3.3
United Arab Emirates
3.1
Mexico
2.9
Capitalization
Portfolio (%)
Large Cap (> $12 B)
73.0
Mid Cap ($2.5 to $12 B)
21.9
Small Cap (< $2.5 B)
5.1
Portfolio Managers
Portfolio Managers

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
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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Portfolio managers are supported by the entire Thornburg investment team.
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