Thornburg Developing World Fund

SYMBOL: THDCX

Morningstar Rating • Info

Overall Morningstar Rating among 709 Diversified Emerging Mkts funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 709, 637 and 426 funds, as of 31 Oct 2024.

As of 31 Oct 2024

Fund Assets

$651.9 M

As of 31 Oct 2024

NAV

$20.60

As of 20 Nov 2024

Change

$0.00

As of 20 Nov 2024

YTD NAV Performance

5.75%

As of 20 Nov 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 with Sales Charge (%)

9.11

16.31

-5.85

2.31

1.89

4.14

Total Return without Sales Charge (%)

10.11

17.31

-5.85

2.31

1.89

4.14

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 with Sales Charge (%)

6.75

19.09

-6.82

1.03

1.43

3.96

Total Return without Sales Charge (%)

7.75

20.09

-6.82

1.03

1.43

3.96

MSCI Emerging Markets Index (%)

11.66

25.32

-1.43

3.93

3.43

3.42

Morningstar Category Avg. (%)

9.43

23.07

-1.74

4.25

3.22

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return with Sales Charge (%)

9.11

16.31

-16.55

12.10

20.55

82.20

Total Return without Sales Charge (%)

10.11

17.31

-16.55

12.10

20.55

82.20

MSCI Emerging Markets Index (%)

16.86

26.05

1.21

32.25

48.37

72.58

YTD

10y

Inception

Total Return with Sales Charge (%)

6.75

19.09

-19.09

5.24

15.28

78.29

Total Return without Sales Charge (%)

7.75

20.09

-19.09

5.24

15.28

78.29

MSCI Emerging Markets Index (%)

11.66

25.32

-4.23

21.25

40.12

64.91

2018

2019

2020

2021

2022

2023

Total Return with Sales Charge (%)

-16.73

27.06

20.77

-4.72

-27.13

4.28

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 (%)

2.42

Net Expense Ratio (%)

2.33

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,C Shares,MSCI Emerging Markets Index
            2009-12-16,10000,10000
2009-12-31,10050,10170
2010-01-31,9531,9603
2010-02-28,9782,9637
2010-03-31,10578,10415
2010-04-30,10905,10541
2010-05-31,10193,9614
2010-06-30,10218,9543
2010-07-31,10905,10338
2010-08-31,10888,10137
2010-09-30,12052,11264
2010-10-31,12680,11591
2010-11-30,12554,11285
2010-12-31,13077,12090
2011-01-31,12507,11762
2011-02-28,12440,11652
2011-03-31,13152,12337
2011-04-30,13932,12720
2011-05-31,13722,12386
2011-06-30,13529,12196
2011-07-31,13446,12142
2011-08-31,12339,11057
2011-09-30,10369,9445
2011-10-31,11777,10696
2011-11-30,11375,9983
2011-12-31,10956,9863
2012-01-31,11995,10981
2012-02-29,12632,11639
2012-03-31,12842,11251
2012-04-30,12934,11116
2012-05-31,11568,9869
2012-06-30,11962,10250
2012-07-31,12054,10450
2012-08-31,12272,10416
2012-09-30,12943,11044
2012-10-31,12976,10977
2012-11-30,12951,11116
2012-12-31,13345,11660
2013-01-31,14108,11821
2013-02-28,14334,11672
2013-03-31,14703,11471
2013-04-30,14963,11558
2013-05-31,15072,11261
2013-06-30,13949,10544
2013-07-31,14058,10654
2013-08-31,13580,10471
2013-09-30,14535,11152
2013-10-31,15130,11694
2013-11-30,15181,11523
2013-12-31,15307,11357
2014-01-31,14451,10619
2014-02-28,15332,10971
2014-03-31,15214,11308
2014-04-30,15122,11345
2014-05-31,15667,11741
2014-06-30,16069,12053
2014-07-31,15826,12286
2014-08-31,15910,12563
2014-09-30,15114,11632
2014-10-31,15466,11769
2014-11-30,15491,11645
2014-12-31,14720,11108
2015-01-31,14569,11175
2015-02-28,14653,11521
2015-03-31,14384,11357
2015-04-30,15022,12230
2015-05-31,14795,11741
2015-06-30,14468,11436
2015-07-31,13856,10643
2015-08-31,12649,9680
2015-09-30,12138,9389
2015-10-31,12750,10059
2015-11-30,12515,9666
2015-12-31,12373,9451
2016-01-31,11845,8838
2016-02-29,11677,8823
2016-03-31,12767,9991
2016-04-30,13052,10045
2016-05-31,12809,9671
2016-06-30,12926,10057
2016-07-31,13488,10563
2016-08-31,13630,10826
2016-09-30,13630,10965
2016-10-31,13496,10991
2016-11-30,12658,10485
2016-12-31,12591,10508
2017-01-31,12993,11083
2017-02-28,13219,11423
2017-03-31,13613,11711
2017-04-30,14066,11967
2017-05-31,14359,12321
2017-06-30,14689,12445
2017-07-31,15410,13187
2017-08-31,15645,13481
2017-09-30,15900,13428
2017-10-31,16270,13898
2017-11-30,16538,13926
2017-12-31,16916,14426
2018-01-31,18210,15628
2018-02-28,17286,14908
2018-03-31,16774,14631
2018-04-30,16471,14566
2018-05-31,16118,14050
2018-06-30,15598,13466
2018-07-31,15967,13762
2018-08-31,15295,13390
2018-09-30,15203,13319
2018-10-31,13977,12159
2018-11-30,14674,12660
2018-12-31,14229,12324
2019-01-31,15606,13404
2019-02-28,15883,13434
2019-03-31,16270,13546
2019-04-30,16757,13832
2019-05-31,15665,12828
2019-06-30,16866,13629
2019-07-31,16589,13462
2019-08-31,16026,12806
2019-09-30,16253,13050
2019-10-31,16942,13600
2019-11-30,17000,13582
2019-12-31,18221,14595
2020-01-31,17573,13914
2020-02-29,16588,13181
2020-03-31,13683,11151
2020-04-30,15013,12172
2020-05-31,15358,12265
2020-06-30,16604,13167
2020-07-31,18002,14343
2020-08-31,18575,14660
2020-09-30,18272,14425
2020-10-31,18903,14723
2020-11-30,20663,16084
2020-12-31,22187,17267
2021-01-31,22818,17796
2021-02-28,23298,17932
2021-03-31,22473,17661
2021-04-30,22818,18101
2021-05-31,23046,18521
2021-06-30,23391,18553
2021-07-31,22120,17304
2021-08-31,22684,17757
2021-09-30,21833,17051
2021-10-31,22035,17220
2021-11-30,20873,16518
2021-12-31,21353,16828
2022-01-31,20596,16509
2022-02-28,19636,16016
2022-03-31,19071,15654
2022-04-30,17455,14783
2022-05-31,17884,14848
2022-06-30,16461,13862
2022-07-31,16360,13828
2022-08-31,16327,13885
2022-09-30,14466,12257
2022-10-31,13742,11877
2022-11-30,15914,13638
2022-12-31,15717,13447
2023-01-31,16949,14509
2023-02-28,15919,13568
2023-03-31,16400,13979
2023-04-30,16164,13820
2023-05-31,15767,13588
2023-06-30,16451,14104
2023-07-31,17118,14982
2023-08-31,16172,14059
2023-09-30,15531,13692
2023-10-31,14847,13160
2023-11-30,16004,14213
2023-12-31,16547,14768
2024-01-31,15850,14083
2024-02-29,16767,14753
2024-03-31,17141,15118
2024-04-30,16963,15186
2024-05-31,17226,15272
2024-06-30,17821,15874
2024-07-31,17362,15921
2024-08-31,17337,16178
2024-09-30,18220,17258
2024-10-31,17829,16491

Hypothetical Growth of $10,000

(As of 31 Oct 2024)

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

                        Categories,C Shares,MSCI Emerging Markets Index
                        2023-10-31,10000,10000
2023-11-30,10779,10800
2023-12-31,11145,11223
2024-01-31,10675,10701
2024-02-29,11293,11211
2024-03-31,11545,11488
2024-04-30,11425,11540
2024-05-31,11602,11605
2024-06-30,12003,12063
2024-07-31,11694,12099
2024-08-31,11677,12294
2024-09-30,12272,13115
2024-10-31,11909,12532

                        Categories,C Shares,MSCI Emerging Markets Index
                        2021-10-31,10000,10000
2021-11-30,9473,9592
2021-12-31,9690,9772
2022-01-31,9347,9587
2022-02-28,8911,9301
2022-03-31,8655,9091
2022-04-30,7921,8585
2022-05-31,8116,8623
2022-06-30,7470,8050
2022-07-31,7425,8030
2022-08-31,7409,8064
2022-09-30,6565,7118
2022-10-31,6236,6897
2022-11-30,7222,7920
2022-12-31,7132,7809
2023-01-31,7692,8426
2023-02-28,7224,7879
2023-03-31,7443,8118
2023-04-30,7335,8026
2023-05-31,7155,7891
2023-06-30,7466,8191
2023-07-31,7768,8701
2023-08-31,7339,8165
2023-09-30,7048,7951
2023-10-31,6738,7642
2023-11-30,7263,8254
2023-12-31,7509,8577
2024-01-31,7193,8178
2024-02-29,7609,8567
2024-03-31,7779,8780
2024-04-30,7698,8819
2024-05-31,7817,8869
2024-06-30,8087,9219
2024-07-31,7879,9246
2024-08-31,7868,9395
2024-09-30,8268,10023
2024-10-31,8091,9577

                        Categories,C Shares,MSCI Emerging Markets Index
                        2019-10-31,10000,10000
2019-11-30,10035,9986
2019-12-31,10755,10731
2020-01-31,10373,10231
2020-02-29,9791,9692
2020-03-31,8076,8199
2020-04-30,8862,8950
2020-05-31,9065,9018
2020-06-30,9801,9681
2020-07-31,10626,10546
2020-08-31,10964,10780
2020-09-30,10785,10607
2020-10-31,11158,10825
2020-11-30,12197,11826
2020-12-31,13096,12696
2021-01-31,13469,13085
2021-02-28,13752,13185
2021-03-31,13265,12986
2021-04-30,13469,13309
2021-05-31,13603,13618
2021-06-30,13807,13641
2021-07-31,13056,12723
2021-08-31,13389,13056
2021-09-30,12887,12537
2021-10-31,13007,12661
2021-11-30,12321,12145
2021-12-31,12604,12373
2022-01-31,12157,12139
2022-02-28,11590,11776
2022-03-31,11257,11510
2022-04-30,10303,10870
2022-05-31,10556,10918
2022-06-30,9717,10192
2022-07-31,9657,10167
2022-08-31,9637,10210
2022-09-30,8539,9013
2022-10-31,8111,8733
2022-11-30,9393,10028
2022-12-31,9277,9887
2023-01-31,10004,10668
2023-02-28,9397,9976
2023-03-31,9680,10278
2023-04-30,9541,10162
2023-05-31,9307,9991
2023-06-30,9710,10370
2023-07-31,10104,11016
2023-08-31,9546,10337
2023-09-30,9167,10067
2023-10-31,8764,9676
2023-11-30,9446,10450
2023-12-31,9767,10859
2024-01-31,9356,10355
2024-02-29,9897,10847
2024-03-31,10118,11116
2024-04-30,10013,11166
2024-05-31,10168,11229
2024-06-30,10519,11672
2024-07-31,10248,11706
2024-08-31,10233,11895
2024-09-30,10755,12690
2024-10-31,10524,12125

                        Categories,C Shares,MSCI Emerging Markets Index
                        2014-10-31,10000,10000
2014-11-30,10016,9894
2014-12-31,9518,9438
2015-01-31,9420,9495
2015-02-28,9474,9789
2015-03-31,9301,9650
2015-04-30,9713,10392
2015-05-31,9566,9976
2015-06-30,9355,9717
2015-07-31,8959,9043
2015-08-31,8179,8225
2015-09-30,7848,7978
2015-10-31,8244,8547
2015-11-30,8092,8213
2015-12-31,8000,8030
2016-01-31,7659,7509
2016-02-29,7550,7497
2016-03-31,8255,8489
2016-04-30,8439,8535
2016-05-31,8282,8217
2016-06-30,8358,8545
2016-07-31,8721,8975
2016-08-31,8813,9198
2016-09-30,8813,9317
2016-10-31,8726,9339
2016-11-30,8184,8909
2016-12-31,8141,8929
2017-01-31,8401,9417
2017-02-28,8547,9705
2017-03-31,8802,9950
2017-04-30,9095,10168
2017-05-31,9285,10469
2017-06-30,9498,10574
2017-07-31,9964,11205
2017-08-31,10116,11455
2017-09-30,10281,11409
2017-10-31,10520,11809
2017-11-30,10693,11833
2017-12-31,10938,12257
2018-01-31,11774,13279
2018-02-28,11177,12667
2018-03-31,10846,12431
2018-04-30,10650,12376
2018-05-31,10422,11938
2018-06-30,10085,11442
2018-07-31,10324,11693
2018-08-31,9890,11377
2018-09-30,9830,11316
2018-10-31,9037,10331
2018-11-30,9488,10757
2018-12-31,9200,10472
2019-01-31,10091,11389
2019-02-28,10270,11414
2019-03-31,10520,11510
2019-04-30,10835,11752
2019-05-31,10129,10900
2019-06-30,10905,11580
2019-07-31,10726,11438
2019-08-31,10362,10881
2019-09-30,10509,11088
2019-10-31,10954,11556
2019-11-30,10992,11540
2019-12-31,11781,12401
2020-01-31,11362,11823
2020-02-29,10725,11199
2020-03-31,8847,9474
2020-04-30,9707,10342
2020-05-31,9930,10421
2020-06-30,10736,11187
2020-07-31,11640,12187
2020-08-31,12010,12457
2020-09-30,11814,12257
2020-10-31,12222,12509
2020-11-30,13360,13666
2020-12-31,14346,14671
2021-01-31,14754,15121
2021-02-28,15064,15236
2021-03-31,14531,15006
2021-04-30,14754,15380
2021-05-31,14901,15737
2021-06-30,15124,15764
2021-07-31,14302,14703
2021-08-31,14667,15088
2021-09-30,14117,14488
2021-10-31,14248,14631
2021-11-30,13496,14035
2021-12-31,13807,14298
2022-01-31,13317,14027
2022-02-28,12696,13608
2022-03-31,12331,13301
2022-04-30,11286,12561
2022-05-31,11564,12616
2022-06-30,10644,11778
2022-07-31,10578,11749
2022-08-31,10557,11798
2022-09-30,9353,10415
2022-10-31,8885,10092
2022-11-30,10290,11588
2022-12-31,10162,11425
2023-01-31,10959,12328
2023-02-28,10293,11528
2023-03-31,10604,11877
2023-04-30,10451,11743
2023-05-31,10195,11546
2023-06-30,10637,11984
2023-07-31,11068,12730
2023-08-31,10457,11946
2023-09-30,10042,11633
2023-10-31,9600,11181
2023-11-30,10348,12076
2023-12-31,10699,12548
2024-01-31,10248,11966
2024-02-29,10842,12535
2024-03-31,11083,12845
2024-04-30,10968,12903
2024-05-31,11138,12976
2024-06-30,11523,13488
2024-07-31,11226,13528
2024-08-31,11210,13746
2024-09-30,11781,14664
2024-10-31,11528,14012

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 ($)
            2010-12-31,0.01355
2017-06-30,0.01294
2017-09-30,0.02418
2019-12-31,0.05310
2022-12-31,0.04539
2023-12-31,0.12059

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2010-12-27,1293753600,0.01355,0.01355,0,0
2017-06-23,1498780800,0.01294,0.01294,0,0
2017-09-22,1506729600,0.02418,0.02418,0,0
2019-12-20,1577750400,0.05310,0.05310,0,0
2022-12-15,1672444800,0.04539,0.04539,0,0
2023-12-14,1703980800,0.12059,0.12059,0,0

Distributions

(As of 14 Dec 2023)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

27 Dec 2010

31 Dec 2010

0.01355

—

23 Jun 2017

30 Jun 2017

0.01294

—

22 Sep 2017

30 Sep 2017

0.02418

—

20 Dec 2019

31 Dec 2019

0.05310

—

15 Dec 2022

31 Dec 2022

0.04539

—

14 Dec 2023

31 Dec 2023

0.12059

—

Fund Facts

(As of 31 Oct 2024)

Net Fund Assets

$651.9 M

Benchmark

MSCI Emerging Markets Index

Morningstar Category

Diversified Emerging Mkts

Fund Symbol

THDCX

Share Class

Share Class Inception Date

16 Dec 2009

Number of Holdings

Portfolio Turnover

91%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Oct 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$156.3 B

$162.2 B

Median Market Cap

$24.9 B

$8.3 B

Price to Earnings - Forward 1YR

13.5x

13.0x

Price to Earnings - Trailing 12 Months

16.4x

15.9x

Price to Cash Flow

10.1x

8.5x

Portfolio

Benchmark

Price to Book Value

2.2x

1.8x

Return on Assets - 5 YR

8.3%

7.4%

Return on Equity - 5 YR

16.6%

15.6%

Historical 3YR Sales Growth

21.7%

19.8%

Active Share

68.8%

—

Risk & Return Profile

(As of 30 Sep 2024)

10y

Annualized Alpha (%)

-4.93

-2.17

-0.66

Beta

1.04

0.95

R-Squared (%)

95.69

96.23

92.74

Standard Deviation (%)

18.41

19.59

16.86

Sharpe Ratio

-0.45

0.06

0.09

Information Ratio

-1.31

-0.57

-0.20

Up Capture (%)

94.07

101.38

95.35

Down Capture (%)

116.30

111.02

98.84

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Sep 2024)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

10.7

Naspers Ltd.

NPN

Consumer Discretionary

5.9

Samsung Electronics Co. Ltd.

005930

Information Technology

3.8

SK Hynix, Inc.

000660

Information Technology

3.1

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.7

China Construction Bank Corp.

939

Financials

2.7

ICICI Bank Ltd.

ICICIBC

Financials

2.1

HCL Technologies Ltd.

HCLT

Information Technology

2.0

Varun Beverages Ltd.

VBL

Consumer Staples

2.0

Reliance Industries Ltd.

RELIANCE

Energy

2.0

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Financials

24.6

23.2

Information Technology

22.5

23.7

Consumer Discretionary

19.0

13.5

Consumer Staples

10.2

5.0

Energy

7.3

4.6

Industrials

6.9

6.7

Real Estate

3.1

1.6

Utilities

2.1

2.8

Health Care

1.7

3.5

Communication Services

1.6

9.0

Cash & Cash Equivalents

1.1

—

Materials

0.0

6.5

Sector Allocation

Fund (%)

Financials

24.6

Information Technology

22.5

Consumer Discretionary

19.0

Consumer Staples

10.2

Energy

7.3

Industrials

6.9

Real Estate

3.1

Utilities

2.1

Health Care

1.7

Communication Services

1.6

Cash & Cash Equivalents

1.1

Materials

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

15.5

17.3

Semiconductors & Semiconductor Equipment

15.4

13.2

Consumer Discretionary Distribution & Retail

11.6

5.5

Energy

7.3

4.6

Financial Services

5.5

2.9

Technology Hardware & Equipment

4.9

8.0

Consumer Services

4.8

3.1

Food, Beverage & Tobacco

4.7

3.1

Transportation

4.2

1.9

Consumer Staples Distribution & Retail

4.0

1.2

Top 10 Industries

Fund (%)

Banks

15.5

Semiconductors & Semiconductor Equipment

15.4

Consumer Discretionary Distribution & Retail

11.6

Energy

7.3

Financial Services

5.5

Technology Hardware & Equipment

4.9

Consumer Services

4.8

Food, Beverage & Tobacco

4.7

Transportation

4.2

Consumer Staples Distribution & Retail

4.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

India

19.3

18.8

Asia Pacific ex Japan

China

18.4

27.4

Asia Pacific ex Japan

Taiwan

16.3

19.1

Asia Pacific ex Japan

Korea, Republic of (South Korea)

10.7

10.1

Asia Pacific ex Japan

South Africa

7.3

3.2

Other

Brazil

5.1

4.8

Latin America

United Arab Emirates

4.1

1.2

Other

Hong Kong

3.1

—

Asia Pacific ex Japan

Mexico

3.0

1.9

Latin America

Saudi Arabia

2.0

3.9

Other

Top 10 Countries

Fund (%)

India

19.3

China

18.4

Taiwan

16.3

Korea, Republic of (South Korea)

10.7

South Africa

7.3

Brazil

5.1

United Arab Emirates

4.1

Hong Kong

3.1

Mexico

3.0

Saudi Arabia

2.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

Large Cap (> $12 B)

71.4

75.1

Mid Cap ($2.5 to $12 B)

22.9

24.7

Small Cap (< $2.5 B)

5.7

0.2

Capitalization

Fund (%)

Large Cap (> $12 B)

71.4

Mid Cap ($2.5 to $12 B)

22.9

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…

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 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

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

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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

Market Concentration and the Fed’s Policy Outlook

Value vs. Growth: Does Another Fed Hike Matter?

The Value of Dividends and Munis to Stoke Income

Navigating Recession, the Fed, Inflation and Borrowing

Recession and Reversion to the Mean

How to Position Bond Portfolios as the Fed Ponders a Pivot