The Thornburg Developing World Fund invests 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 three kinds of holdings. The first is Basic Value - traditional low P/E ratio stocks. The second, Consistent Earners, are high-quality firms with consistent growth. The third is Emerging Franchise stocks, which are rapidly growing firms that are considered favorably valued.
Holdings as of 12/31/2011
Basic Value Holdings
Ticker Company Name % of Portfolio 891 HK Trinity Ltd. 3.4% POT CN Potash Corp. of Saskatchewan, Inc. 3.1% 700 HK Tencent Holdings Ltd. 3.1% BAP Credicorp Ltd. 3.0% HGTX3 BZ Cia Hering 2.9% INTP IJ PT Indocement Tunggal Prakarsa Tbk 2.9% 1128 HK Wynn Macau Ltd. 2.9% SCCO Southern Copper Corp. 2.7% BMRI IJ PT Bank Mandiri 2.6% SBER RU Sberbank of Russia 2.6% HDB HDFC Bank Ltd. ADR 2.5% SLB Schlumberger Ltd. 2.5% 883 HK CNOOC Ltd. 2.4% SAN Banco Santander Chile ADR 2.2% DASA3 BZ Diagnosticos da America SA 2.0% GARAN TI Turkiye Garanti Bankasi A.S. 1.9% BNK CN Bankers Petroleum Ltd. 1.8% NVTK LI Novatek OAO GDR 1.5% TTRAK TI Turk Traktor Ve Ziraat Makineleri AS 1.0%
Consistent Earners
Ticker Company Name % of Portfolio CL Colgate Palmolive Co. 3.2% CLS SJ Clicks Group Ltd. 2.9% CPALL/F TB CP All plc 2.8% TOTS3 BZ Totvs SA 2.5% 1066 HK Shandong Weigao Group Medical Polymer Co. Ltd. 2.3% RADL3 BZ Raia Drogasil SA 2.3% KO Coca Cola Co. 2.2% COAL IN Coal India Ltd. 1.9% 1044 HK Hengan International Group Co. Ltd. 1.9% APNT IN Asian Paints Ltd. 1.8% BIZIM TI Bizim Toptan Satis Magazalari AS 0.9%
Emerging Franchises
Ticker Company Name % of Portfolio LABB MM Genomma Lab Internacional SA 3.4% YNDX Yandex NV 3.1% MYOR IJ Mayora Indah 3.0% BIDU Baidu, Inc. ADR 2.8% MELI Mercadolibre, Inc. 2.8% PGOLD PM Puregold Price Club, Inc. 2.8% 8044 TT PChome Online, Inc. 2.1% OKEY LI O'Key Group S.A. 2.0% MAPI IJ PT Mitra Adiperkasa Tbk 1.7% JUBI IN Jubilant Foodworks Ltd. 1.5%
Special Situations/Fixed Income
Ticker Company Name % of Portfolio None --
Cash 2.8%
The securities mentioned above are provided for the general information of Thornburg Developing World Fund shareholders. This information should not be interpreted as a buy or sell recommendation. It should not be assumed that the investments in the securities were or will be profitable.
It is probable that buying or selling in the Thornburg Developing World Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
Holdings can and do vary over time.
