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Home » Investments » UCITS Funds » Thornburg Developing World Fund (UCITS)
Thornburg Developing World Fund (UCITS)
SYMBOL: THDEVWI ID
SHARE CLASS: I Acc
I Acc
$11.5 M
As of 31 Dec 2022
As of 14 Oct 2022
YTD NAV Performance
Inception Date
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Charles Wilson, PhD
Josh Rubin
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Why Invest in This Fund?
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.
The fund's goal is to provide investors with long-term capital appreciation.
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.
Thornburg Income Builder Opportunities Trust – 3rd Quarter Update
Average Annual Return
MSCI Emerging Markets NTR (%)
Morningstar Category Avg. (%)
Morningstar Quartile
Morningstar Category Return (%)
Morningstar Quartile Rank (%)
Source: Confluence
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.
Performance data shown does not reflect the deduction of the Fund's sales charge; if reflected, the performance would be reduced.
Morningstar quartile ranking for Global Emerging Markets Equity category is based on total returns before sales charges for 1-, 3- and 5-years, among 3336, 2595 and 2000 funds, respectively, as of 30 Sep 2022.
Share class inception dates: I Acc shares, 2 Jul 2013.
Hypothetical Growth of $10,000
Categories,I Shares,MSCI Emerging Markets NTR
2013-07-02,10000,10000
2013-08-31,9750,10017
2015-08-31,8840,9260
(Hypothetical Growth of $10,000 vs MSCI Emerging Markets NTR)
2020-01-31,10249,9645
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.
The performance data quoted represents past performance; it does not guarantee future results.
Net Fund Assets
MSCI Emerging Markets NTR
EAA Fund Global Emerging Markets Equity
Fund Symbol
THDEVWI ID
Share Class
Share Class Inception Date
Portfolio Turnover
Weighted Average Market Cap
$100.1 B
$93.6 B
Median Market Cap
$6.7 B
Price to Earnings - Forward 1YR
Price to Earnings - Trailing 12 Months
Price to Cash Flow
Return on Assets - 5 YR
Return on Equity - 5 YR
Historical 3YR Sales Growth
Active Share
R-Squared (%)
Information Ratio
Taiwan Semiconductor Manufacturing Co. Ltd.
Tencent Holdings Ltd.
Yum China Holdings, Inc.
AIA Group Ltd.
Samsung Electronics Co. Ltd.
HDFC Bank Ltd.
HDFCB
Alibaba Group Holding Ltd.
Bank Rakyat Indonesia Persero Tbk PT
BBRI
Hon Hai Precision Industry Co. Ltd.
Postal Savings Bank of China Co. Ltd.
Portfolio holdings are subject to change daily.
Fund (%)
Cash & Cash Equivalents
Top 10 Industries
Diversified Financials
Semiconductors & Semiconductor Equipment
Technology Hardware & Equipment
Food & Staples Retailing
Asia Pacific ex Japan
Korea, Republic of (South Korea)
Large Cap (> $12 B)
Mid Cap ($2.5 to $12 B)
Small Cap (< $2.5 B)
Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
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…
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…
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…
This does not constitute or contain an offer, solicitation, recommendation or investment advice with respect to the purchase of the Funds described herein or any security. The Fund's shares may not be sold to citizens or residents of the United States or in any other state, country or jurisdiction where it would be unlawful to offer, solicit an offer for, or sell the shares. For information regarding the jurisdictions in which the Fund is registered or passported, please contact Thornburg at contactglobal@thornburg.com or +1.855.732.9301. Fund shares may be sold on a private placement basis depending on the jurisdiction. This should not be used or distributed in any jurisdiction, other than in those in which the Fund is authorized, where authorization for distribution is required. Thornburg is authorized by the Fund to facilitate the distribution of shares of the Fund in certain jurisdictions through dealers, referral agents, sub-distributors and other financial intermediaries.
Any entity forwarding this, which is produced by Thornburg in the United States, to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.
The Fund is a sub-fund of Thornburg Global Investment plc ("TGI"), an open-ended investment company with variable capital constituted as an umbrella fund with segregated liability between sub-funds, authorized and regulated by the Central Bank of Ireland ("CBI") as an Undertaking for Collective Investments in Transferable Securities ("UCITS"). Authorization of TGI by the CBI is not an endorsement or guarantee by the CBI nor is the CBI responsible for the contents of any marketing material or the Fund's prospectus, supplement or applicable Key Investor Information Document ("KIID"). Authorization by the CBI shall not constitute a warranty as to the performance of TGI and the CBI shall not be liable for the performance of TGI.
Before investing, investors should review the Fund's full prospectus and supplement, together with the applicable KIID and the most recent annual and semi-annual reports.
Copies of the Fund's prospectus and supplement can be obtained from State Street Fund Services (Ireland) Limited, by visiting www.thornburgglobal.com or by contacting the local paying or representative agent or local distributor in the jurisdictions in which the Fund is available for distribution, and are available in English.
The KIIDs can be obtained from www.thornburgglobal.com and are available in one of the official languages of each of the EU Member States into which the Fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive).
In addition, a summary of investor rights is available from www.thornburgglobal.com. The summary is available in English.
The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. The Fund can terminate such notifications for any share class and/or the Fund at any time using the process contained in Article 93a of the UCITS Directive.
Investments carry risks, including possible loss of principal. Additional risks may be associated with investments 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 insured, nor are they bank deposits or guaranteed by a bank or any other entity. For risks materially relevant to the Fund, please read the Fund's Annual Report or Prospectus/Supplement available at thornburgglobal.com.
No securities commission or regulatory authority has in any way passed upon the merits of an investment in the Fund or the accuracy or adequacy of this information or the material contained herein or otherwise. Neither this or the Offering Documents have been approved in any jurisdiction where the Fund has not been registered for public offer and sale. This information is not, and under no circumstances is to be construed as the Offering Documents, a public offering or an offering memorandum as defined under applicable securities legislation. Application for shares may only be made by way of the Fund's most recent Offering Documents.
This communication is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
For Hong Kong: This document is issued by Thornburg Investment Management (Asia) Limited ("Company"), a wholly-owned subsidiary of Thornburg Investment Management, Inc. The Company is currently licensed with the Hong Kong SFC for Type 1 regulated activity, with the CE No.: BPQ208.
This material has not been reviewed nor endorsed by any regulatory authority in Hong Kong, including the Securities and Futures Commission, nor has a copy been registered with the Registrar of Companies in Hong Kong. Hong Kong residents are advised to exercise caution in relation to this information. This is directed at and intended for "Professional Investors" within the meaning of Part1 of Schedule 1 to the Securities and Futures Ordinance.
This material is for the confidential use of the recipient only and should not be given, forwarded or shown to any other person (other than employees, agents or consultants in connection with the recipient's consideration thereof).
For Singapore: Recipients of this information in Singapore should note shares of the Fund may not be offered or sold, nor may this or any other information or material in connection with the offer or sale of such share be circulated or distributed, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A(1)(c) of the Securities and Futures Act (Cap. 289) of Singapore) (the SFA), (ii) to a relevant person as defined in Section 305 of the SFA or any person pursuant to an offer referred to in Section 305(2) of the SFA and in accordance with the conditions specified in Section 305 of the SFA, or (iii) pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
For Denmark: The Fund is only available to professional investors.
For Germany: The local information agent is GerFIS - German Fund Information Service UG (Haftungsbeschränkt), which may be contacted at Zum Eichhagen 4, 21382 Brietlingen, Germany.
For Italy: The Fund is only available to professional investors.
For Luxembourg: The local paying and representative agent is CACEIS Bank, Luxembourg Branch, which may be contacted at 5 Allée Scheffer, 2520 Luxembourg.
For Norway: The Fund is only available to professional investors.
For Spain: The local representative is Allfunds Bank, S.A., which may be contacted at Estafeta, 6, La Moraleja, Complejo Plaza de la Fuente, Alcobendas, Madrid.
For Sweden: The local paying agent is Skandinaviska Enskilda Banken (publ) AB, which may be contacted at Kungsträdgårdsgatan 8 SE-106 40 Stockholm.
For Switzerland: The Fund is authorized by the Swiss Financial Supervisory Authority (FINMA) for distribution respectively offering to qualified and non-qualified investors in Switzerland. The Swiss representative is Waystone Fund Services (Switzerland) S.A., Av. Villamont 17, 1005 Lausanne, Switzerland, web: www.waystone.com. The Swiss paying agent is Banque Cantonale de Genéve, 17, quai de l'Ile, 1204 Geneva, Switzerland. Investors in Switzerland can obtain the documents of the Company (each in their latest form as approved by FINMA) such as the Prospectus for Switzerland, the KIIDs respectively the key investor information document, the Memorandum & Articles of Association, the semi-annual and annual reports, the list of purchases and sales during the accounting period, and further information free of charge from the Swiss representative.
For the European Union: KBA Investments Limited is a sub-distributor in certain countries in the European Union for Thornburg Global Investment plc on behalf of sub-distributor Thornburg Investment Management Limited, registered in England and Wales, no: 08533188. For the full list of EU countries, please visit the MFSA Financial Services Register at https://www.mfsa.mt/financial-services-register/.
Registered Office: Trident Park, Notabile Gardens, No 2 - Level 3, Zone 2, Central Business District, Birkirkara, Malta.
This material is for investment professionals and institutional investors only.
Manager: KBA Consulting Management Limited | www.kbassociates.ie | +353.1.668.7684
Administrator: State Street Fund Services (Ireland) Limited | ThornburgTA@statestreet.com | +353.1.242.5580
Distributor: Thornburg Investment Management, United States | contactglobal@thornburg.com | +1.855.732.9301