Overview
Investment Strategy
The Fund invests at least 80% of its assets in equity securities and debt obligations of developing country issuers. A developing country issuer is a company or sovereign entity that is domiciled or otherwise tied economically to one or more developing countries. The Fund portfolio is diversified to include basic value stocks, companies with consistent earnings, and emerging franchises.
Fund Objective
The Fund seeks long-term capital appreciation. There is no guarantee that the Fund will meet its objectives.
Fund Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
| Share Class |
Symbol |
|
Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | THDAX |
|
118 | 885-216-408 | 12/16/09 | ||||
| C | THDCX |
|
680 | 885-216-507 | 12/16/09 | ||||
| I | THDIX |
|
288 | 885-216-606 | 12/16/09 | ||||
| Net Assets as of 12/31/11: $62.0 M | |||||||||
| Capital Gains Paid Annually: No 2011 Capital Gains Paid | |||||||||
| Benchmark: MSCI Emerging Markets Index | |||||||||
Performance and Expenses
Average Annualized Total ReturnsImportant Information: 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.
Month Ended - 1/31/12
| A Shares (THDAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | -3.40 % | N/A | 9.59 % |
| With sales charge | -7.77 % | N/A | 7.25 % |
| C Shares (THDCX) | |||
| Without sales charge | -4.09 % | N/A | 8.93 % |
| With sales charge | -5.05 % | N/A | 8.93 % |
| I Shares (THDIX) | |||
| Without sales charge | -2.85 % | N/A | 10.25 % |
| Benchmark Index | |||
| MSCI Emerging Markets Index | -6.64 % | N/A | 4.50 % |
Quarter Ended - 12/31/11
| A Shares (THDAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | -15.63 % | N/A | 5.17 % |
| With sales charge | -19.44 % | N/A | 2.84 % |
| C Shares (THDCX) | |||
| Without sales charge | -16.22 % | N/A | 4.57 % |
| With sales charge | -17.06 % | N/A | 4.57 % |
| I Shares (THDIX) | |||
| Without sales charge | -15.10 % | N/A | 5.85 % |
| Benchmark Index | |||
| MSCI Emerging Markets Index | -18.42 % | N/A | -0.68 % |
*Inception Date 12/16/09 for the Class A, C Shares, and I Shares. Index returns are since inception of the A shares.
The maximum sales charge for the Fund's A shares is 4.50%. C shares include a 1.00% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for the I shares.
The Developing World Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.
Fund Operating Expenses
| Class A | Class C | Class I | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.89 % |
2.89 % |
1.47 % |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 1.83 % |
2.38 % |
1.09 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/11) | 1.72 % |
2.38 % |
1.09 % |
*Thornburg Investment Management and Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2013, so that actual expenses do not exceed the net expense ratio above.
For more information regarding fund expenses, please see the fund prospectus.
Hypothetical Growth of $10,000 as of 12/31/11 †
(Thornburg Developing World Fund vs. MSCI Emerging Markets Index)
† The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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 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.
Attributes and Holdings
Top Ten Countries - 12/31/11
 | Software & Services | 16.4% |
|
 |
Food, Bev. and Tobacco | 5.2% |
 |
Banks | 14.8% |  |
Household Products | 5.1% | |
 |
Food & Staples Retailing | 13.8% |  |
Retailing | 4.6% | |
 |
Materials | 10.5% |  |
Consumer Services | 4.4% | |
 |
Energy | 10.2% |  |
Health Care | 4.3% |
|
Top Ten Positions - 12/31/11
Developing World Fund Holdings
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Key Portfolio Attributes -
12/31/11
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| Portfolio Composition - 12/31/11 | Capitalization Exposure - 12/31/11 | |||||||||||||||||||||||||||||
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Price/Earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings. P/E equals a company’s market value per share divided by earnings per share.
Price/Cash Flow is the measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share.
Price/Book ratio (P/B ratio) is a ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.
Management
Portfolio Management
For a biography on the portfolio manager, click on the photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
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.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
