Thornburg Developing World Fund

SYMBOL: TDWRX

Morningstar Rating • Info

Overall Morningstar Rating among 705 Diversified Emerging Mkts funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 705, 631 and 426 funds, as of 30 Nov 2024.

As of 30 Nov 2024

Fund Assets

$620.2 M

As of 30 Nov 2024

NAV

$21.97

As of 24 Dec 2024

Change

$0.00

As of 24 Dec 2024

YTD NAV Performance

6.71%

As of 24 Dec 2024

Asset Category:

Emerging Markets Equity

Fund Benchmark:

MSCI Emerging Markets Index

Portfolio Managers

Charles Wilson, PhD

Portfolio Manager and Managing Director

Josh Rubin

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return (%)

11.32

19.04

-4.55

3.65

3.21

5.45

MSCI Emerging Markets Index (%)

16.86

26.05

0.40

5.75

4.02

3.76

Morningstar Category Avg. (%)

13.7

22.96

-0.07

5.84

3.72

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

5.42

9.13

-4.93

1.57

2.37

5.01

MSCI Emerging Markets Index (%)

7.65

11.86

-1.27

3.20

3.16

3.15

Morningstar Category Avg. (%)

7.07

11.5

-1.04

3.76

3.1

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

11.32

19.04

-13.05

19.64

37.14

119.24

MSCI Emerging Markets Index (%)

16.86

26.05

1.21

32.25

48.37

72.58

YTD

10y

Inception

Total Return (%)

5.42

9.13

-14.07

8.08

26.40

107.63

MSCI Emerging Markets Index (%)

7.65

11.86

-3.75

17.06

36.53

58.98

2018

2019

2020

2021

2022

2023

Total Return (%)

-14.82

29.72

23.21

-2.56

-25.44

6.72

MSCI Emerging Markets Index (%)

-14.58

18.42

18.31

-2.54

-20.09

9.83

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 795, 711, 639 and 426 funds, respectively, as of 30 Sep 2024.

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

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.24

Net Expense Ratio (%)

0.94

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, 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.

Hypothetical Growth of $10,000

            Categories,R6 Shares,MSCI Emerging Markets Index
            2009-12-16,10000,10000
2009-12-31,10052,10170
2010-01-31,9546,9603
2010-02-28,9809,9637
2010-03-31,10602,10415
2010-04-30,10942,10541
2010-05-31,10241,9614
2010-06-30,10262,9543
2010-07-31,10972,10338
2010-08-31,10960,10137
2010-09-30,12142,11264
2010-10-31,12786,11591
2010-11-30,12673,11285
2010-12-31,13207,12090
2011-01-31,12648,11762
2011-02-28,12594,11652
2011-03-31,13333,12337
2011-04-30,14132,12720
2011-05-31,13927,12386
2011-06-30,13746,12196
2011-07-31,13685,12142
2011-08-31,12566,11057
2011-09-30,10575,9445
2011-10-31,12018,10696
2011-11-30,11625,9983
2011-12-31,11198,9863
2012-01-31,12278,10981
2012-02-29,12944,11639
2012-03-31,13170,11251
2012-04-30,13277,11116
2012-05-31,11891,9869
2012-06-30,12304,10250
2012-07-31,12411,10450
2012-08-31,12646,10416
2012-09-30,13356,11044
2012-10-31,13404,10977
2012-11-30,13384,11116
2012-12-31,13808,11660
2013-01-31,14614,11821
2013-02-28,14868,11672
2013-03-31,15271,11471
2013-04-30,15548,11558
2013-05-31,15683,11261
2013-06-30,14532,10544
2013-07-31,14666,10654
2013-08-31,14171,10471
2013-09-30,15187,11152
2013-10-31,15826,11694
2013-11-30,15901,11523
2013-12-31,16042,11357
2014-01-31,15166,10619
2014-02-28,16101,10971
2014-03-31,15991,11308
2014-04-30,15915,11345
2014-05-31,16505,11741
2014-06-30,16943,12053
2014-07-31,16715,12286
2014-08-31,16817,12563
2014-09-30,15986,11632
2014-10-31,16384,11769
2014-11-30,16426,11645
2014-12-31,15622,11108
2015-01-31,15479,11175
2015-02-28,15580,11521
2015-03-31,15309,11357
2015-04-30,16012,12230
2015-05-31,15775,11741
2015-06-30,15453,11436
2015-07-31,14810,10643
2015-08-31,13533,9680
2015-09-30,13000,9389
2015-10-31,13673,10059
2015-11-30,13452,9666
2015-12-31,13309,9451
2016-01-31,12755,8838
2016-02-29,12593,8823
2016-03-31,13770,9991
2016-04-30,14094,10045
2016-05-31,13847,9671
2016-06-30,13992,10057
2016-07-31,14615,10563
2016-08-31,14785,10826
2016-09-30,14795,10965
2016-10-31,14675,10991
2016-11-30,13775,10485
2016-12-31,13723,10508
2017-01-31,14169,11083
2017-02-28,14435,11423
2017-03-31,14876,11711
2017-04-30,15383,11967
2017-05-31,15726,12321
2017-06-30,16101,12445
2017-07-31,16911,13187
2017-08-31,17186,13481
2017-09-30,17482,13428
2017-10-31,17915,13898
2017-11-30,18218,13926
2017-12-31,18659,14426
2018-01-31,20103,15628
2018-02-28,19109,14908
2018-03-31,18564,14631
2018-04-30,18243,14566
2018-05-31,17863,14050
2018-06-30,17309,13466
2018-07-31,17733,13762
2018-08-31,17015,13390
2018-09-30,16929,13319
2018-10-31,15588,12159
2018-11-30,16375,12660
2018-12-31,15894,12324
2019-01-31,17456,13404
2019-02-28,17781,13434
2019-03-31,18237,13546
2019-04-30,18799,13832
2019-05-31,17587,12828
2019-06-30,18957,13629
2019-07-31,18676,13462
2019-08-31,18053,12806
2019-09-30,18325,13050
2019-10-31,19123,13600
2019-11-30,19211,13582
2019-12-31,20617,14595
2020-01-31,19878,13914
2020-02-29,18792,13181
2020-03-31,15516,11151
2020-04-30,17047,12172
2020-05-31,17457,12265
2020-06-30,18899,13167
2020-07-31,20510,14343
2020-08-31,21178,14660
2020-09-30,20857,14425
2020-10-31,21605,14723
2020-11-30,23635,16084
2020-12-31,25403,17267
2021-01-31,26152,17796
2021-02-28,26723,17932
2021-03-31,25804,17661
2021-04-30,26233,18101
2021-05-31,26509,18521
2021-06-30,26937,18553
2021-07-31,25492,17304
2021-08-31,26170,17757
2021-09-30,25215,17051
2021-10-31,25483,17220
2021-11-30,24163,16518
2021-12-31,24751,16828
2022-01-31,23895,16509
2022-02-28,22797,16016
2022-03-31,22173,15654
2022-04-30,20326,14783
2022-05-31,20852,14848
2022-06-30,19210,13862
2022-07-31,19103,13828
2022-08-31,19086,13885
2022-09-30,16935,12257
2022-10-31,16105,11877
2022-11-30,18666,13638
2022-12-31,18454,13447
2023-01-31,19927,14509
2023-02-28,18736,13568
2023-03-31,19318,13979
2023-04-30,19072,13820
2023-05-31,18618,13588
2023-06-30,19454,14104
2023-07-31,20263,14982
2023-08-31,19163,14059
2023-09-30,18418,13692
2023-10-31,17627,13160
2023-11-30,19027,14213
2023-12-31,19695,14768
2024-01-31,18886,14083
2024-02-29,20011,14753
2024-03-31,20475,15118
2024-04-30,20280,15186
2024-05-31,20624,15272
2024-06-30,21358,15874
2024-07-31,20828,15921
2024-08-31,20837,16178
2024-09-30,21924,17258
2024-10-31,21478,16491
2024-11-30,20763,15898

Hypothetical Growth of $10,000

(As of 30 Nov 2024)

(Hypothetical Growth of $10,000 vs MSCI Emerging Markets Index)

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2023-11-30,10000,10000
2023-12-31,10351,10391
2024-01-31,9926,9908
2024-02-29,10517,10380
2024-03-31,10761,10637
2024-04-30,10659,10685
2024-05-31,10839,10745
2024-06-30,11225,11169
2024-07-31,10947,11202
2024-08-31,10952,11383
2024-09-30,11523,12143
2024-10-31,11289,11603
2024-11-30,10913,11186

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2021-11-30,10000,10000
2021-12-31,10244,10188
2022-01-31,9889,9995
2022-02-28,9435,9696
2022-03-31,9177,9477
2022-04-30,8412,8950
2022-05-31,8630,8989
2022-06-30,7951,8392
2022-07-31,7906,8371
2022-08-31,7899,8406
2022-09-30,7009,7421
2022-10-31,6665,7190
2022-11-30,7725,8257
2022-12-31,7637,8141
2023-01-31,8247,8784
2023-02-28,7754,8214
2023-03-31,7995,8463
2023-04-30,7893,8367
2023-05-31,7705,8226
2023-06-30,8051,8539
2023-07-31,8386,9070
2023-08-31,7931,8512
2023-09-30,7622,8289
2023-10-31,7295,7967
2023-11-30,7874,8605
2023-12-31,8151,8941
2024-01-31,7816,8526
2024-02-29,8282,8931
2024-03-31,8474,9153
2024-04-30,8393,9194
2024-05-31,8535,9246
2024-06-30,8839,9610
2024-07-31,8620,9639
2024-08-31,8624,9794
2024-09-30,9074,10448
2024-10-31,8889,9984
2024-11-30,8593,9625

                        Categories,R6 Shares,MSCI Emerging Markets Index
                        2019-11-30,10000,10000
2019-12-31,10732,10746
2020-01-31,10347,10245
2020-02-29,9782,9705
2020-03-31,8077,8210
2020-04-30,8874,8962
2020-05-31,9087,9031
2020-06-30,9837,9695
2020-07-31,10676,10561
2020-08-31,11024,10794
2020-09-30,10857,10621
2020-10-31,11246,10840
2020-11-30,12303,11843
2020-12-31,13223,12713
2021-01-31,13613,13103
2021-02-28,13910,13203
2021-03-31,13432,13004
2021-04-30,13655,13328
2021-05-31,13799,13637
2021-06-30,14022,13660
2021-07-31,13269,12741
2021-08-31,13622,13074
2021-09-30,13125,12555
2021-10-31,13265,12679
2021-11-30,12577,12162
2021-12-31,12884,12390
2022-01-31,12438,12156
2022-02-28,11867,11792
2022-03-31,11542,11526
2022-04-30,10580,10885
2022-05-31,10854,10933
2022-06-30,10000,10206
2022-07-31,9944,10181
2022-08-31,9935,10224
2022-09-30,8815,9025
2022-10-31,8383,8745
2022-11-30,9716,10042
2022-12-31,9606,9901
2023-01-31,10373,10683
2023-02-28,9753,9990
2023-03-31,10056,10292
2023-04-30,9928,10176
2023-05-31,9691,10005
2023-06-30,10126,10385
2023-07-31,10548,11031
2023-08-31,9975,10352
2023-09-30,9587,10081
2023-10-31,9175,9689
2023-11-30,9904,10465
2023-12-31,10252,10874
2024-01-31,9831,10369
2024-02-29,10416,10862
2024-03-31,10658,11131
2024-04-30,10556,11181
2024-05-31,10735,11244
2024-06-30,11117,11688
2024-07-31,10842,11723
2024-08-31,10847,11912
2024-09-30,11412,12707
2024-10-31,11180,12142
2024-11-30,10808,11706

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2013-12-31,0.04702
2014-09-30,0.07570
2014-12-31,0.00941
2015-09-30,0.12036
2015-12-31,0.01293
2016-09-30,0.09262
2017-03-31,0.01443
2017-06-30,0.06700
2017-09-30,0.08403
2018-12-31,0.25596
2019-12-31,0.32983
2020-12-31,0.06541
2022-12-31,0.38093
2023-12-31,0.45402
2024-12-31,0.65178

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2013-12-24,1388448000,0.04702,0.04702,0,0
2014-09-24,1412035200,0.07570,0.07570,0,0
2014-12-24,1419984000,0.00941,0.00941,0,0
2015-09-24,1443571200,0.12036,0.12036,0,0
2015-12-24,1451520000,0.01293,0.01293,0,0
2016-09-26,1475193600,0.09262,0.09262,0,0
2017-03-24,1490918400,0.01443,0.01443,0,0
2017-06-23,1498780800,0.06700,0.06700,0,0
2017-09-22,1506729600,0.08403,0.08403,0,0
2018-12-21,1546214400,0.25596,0.25596,0,0
2019-12-20,1577750400,0.32983,0.32983,0,0
2020-12-17,1609372800,0.06541,0.06541,0,0
2022-12-15,1672444800,0.38093,0.38093,0,0
2023-12-14,1703980800,0.45402,0.45402,0,0
2024-12-19,1735603200,0.65178,0.65178,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

24 Dec 2013

31 Dec 2013

0.04702

—

24 Sep 2014

30 Sep 2014

0.07570

—

24 Dec 2014

31 Dec 2014

0.00941

—

24 Sep 2015

30 Sep 2015

0.12036

—

24 Dec 2015

31 Dec 2015

0.01293

—

26 Sep 2016

30 Sep 2016

0.09262

—

24 Mar 2017

31 Mar 2017

0.01443

—

23 Jun 2017

30 Jun 2017

0.06700

—

22 Sep 2017

30 Sep 2017

0.08403

—

21 Dec 2018

31 Dec 2018

0.25596

—

20 Dec 2019

31 Dec 2019

0.32983

—

17 Dec 2020

31 Dec 2020

0.06541

—

15 Dec 2022

31 Dec 2022

0.38093

—

14 Dec 2023

31 Dec 2023

0.45402

—

19 Dec 2024

31 Dec 2024

0.65178

—

Fund Facts

(As of 30 Nov 2024)

Net Fund Assets

$620.2 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

TDWRX

Share Class

Share Class Inception Date

1 Feb 2013

Number of Holdings

Portfolio Turnover

91%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Nov 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$145.4 B

$156.4 B

Median Market Cap

$24.8 B

$8.4 B

Price to Earnings - Forward 1YR

13.1x

12.8x

Price to Earnings - Trailing 12 Months

15.4x

14.9x

Price to Cash Flow

9.8x

8.3x

Portfolio

Benchmark

Price to Book Value

2.2x

1.8x

Return on Assets - 5 YR

8.4%

7.4%

Return on Equity - 5 YR

17.1%

15.7%

Historical 3YR Sales Growth

21.3%

19.9%

Active Share

70.0%

—

Risk & Return Profile

(As of 30 Nov 2024)

10y

Annualized Alpha (%)

-3.67

-1.64

-0.67

Beta

1.02

1.03

0.95

R-Squared (%)

94.81

95.87

92.72

Standard Deviation (%)

18.29

19.61

16.90

Sharpe Ratio

-0.49

-0.05

0.03

Information Ratio

-0.90

-0.43

-0.19

Up Capture (%)

93.93

101.35

94.82

Down Capture (%)

110.13

108.48

98.23

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Oct 2024)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co Ltd

2330

Information Technology

11.3

Naspers Ltd

NPN

Consumer Discretionary

5.9

China Construction Bank Corp

939

Financials

2.8

SK Hynix Inc

000660

Information Technology

2.8

Samsung Electronics Co Ltd

005930

Information Technology

2.8

Alibaba Group Holding Ltd

9988

Consumer Discretionary

2.4

ICICI Bank Ltd

ICICIBC

Financials

2.2

Varun Beverages Ltd

VBL

Consumer Staples

2.1

Adani Ports & Special Economic Zone Ltd

ADSEZ

Industrials

1.9

Reliance Industries Ltd

1536180D

Energy

1.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Nov 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.7

23.8

Information Technology

22.2

23.4

Consumer Discretionary

19.9

13.3

Consumer Staples

10.5

4.9

Energy

7.6

4.7

Industrials

6.2

6.8

Real Estate

3.1

1.6

Utilities

2.1

2.7

Communication Services

1.7

9.3

Health Care

1.7

3.5

Cash & Cash Equivalents

0.4

—

Materials

0.0

6.1

Sector Allocation

Fund (%)

Financials

24.7

Information Technology

22.2

Consumer Discretionary

19.9

Consumer Staples

10.5

Energy

7.6

Industrials

6.2

Real Estate

3.1

Utilities

2.1

Communication Services

1.7

Health Care

1.7

Cash & Cash Equivalents

0.4

Materials

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

15.6

17.8

Semiconductors & Semiconductor Equipment

15.2

12.8

Consumer Discretionary Distribution & Retail

11.3

5.2

Energy

7.6

4.7

Financial Services

5.5

2.9

Consumer Services

5.0

3.1

Food, Beverage & Tobacco

4.9

3.1

Technology Hardware & Equipment

4.5

7.8

Consumer Staples Distribution & Retail

4.1

1.2

Transportation

3.9

1.9

Top 10 Industries

Fund (%)

Banks

15.6

Semiconductors & Semiconductor Equipment

15.2

Consumer Discretionary Distribution & Retail

11.3

Energy

7.6

Financial Services

5.5

Consumer Services

5.0

Food, Beverage & Tobacco

4.9

Technology Hardware & Equipment

4.5

Consumer Staples Distribution & Retail

4.1

Transportation

3.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

India

20.1

19.9

Asia Pacific ex Japan

China

17.8

27.0

Asia Pacific ex Japan

Taiwan

17.3

18.9

Asia Pacific ex Japan

Korea, Republic of (South Korea)

9.7

Asia Pacific ex Japan

South Africa

7.4

3.1

Other

Brazil

4.9

4.5

Latin America

United Arab Emirates

4.2

1.3

Other

Hong Kong

3.1

—

Asia Pacific ex Japan

Mexico

3.1

1.8

Latin America

Saudi Arabia

2.1

4.0

Other

Top 10 Countries

Fund (%)

India

20.1

China

17.8

Taiwan

17.3

Korea, Republic of (South Korea)

9.7

South Africa

7.4

Brazil

4.9

United Arab Emirates

4.2

Hong Kong

3.1

Mexico

3.1

Saudi Arabia

2.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

Large Cap (> $12 B)

70.4

74.3

Mid Cap ($2.5 to $12 B)

23.9

25.5

Small Cap (< $2.5 B)

5.7

0.3

Capitalization

Fund (%)

Large Cap (> $12 B)

70.4

Mid Cap ($2.5 to $12 B)

23.9

Small Cap (< $2.5 B)

5.7

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

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

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

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Annual TSR

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 Rating™, 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.

© 2024 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 LLC.

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 LLC (TSL) does not act as broker of record for investors.

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

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Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Charles Wilson, PhD

Josh Rubin

Literature

Important Information

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Thornburg Developing World Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Charles Wilson, PhD

Josh Rubin

Literature

Important Information

More Insights

State of Mass Public Transit: Moving Forward or Spinning Its Wheels?

The Decline of US Treasuries? What Treasury Auctions Reveal

Restructuring and Refinancing Opportunities in Commercial Real Estate

Forget the Magnificent 7 – Why You Should Invest in Europe’s Fantastic 5

Value vs. Growth: Does Another Fed Hike Matter?

The Value of Dividends and Munis to Stoke Income