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 03/31/2013
Basic Value Holdings
Ticker Company Name % of Portfolio SCB/F TB Siam Commercial Bank plc 2.8% KROT3 BZ Kroton Educacional S.A. 2.3% 27 HK Galaxy Entertainment Group Ltd. 2.3% BAP Credicorp Ltd. 2.2% GTE CN Gran Tierra Energy, Inc. 2.1% SCCO Southern Copper Corp. 2.0% BMRI IJ PT Bank Mandiri 1.8% SECB PM Security Bank Corp. 1.6% CIB Bancolombia S.A. ADR 1.5% CTIP3 BZ CETIP SA 1.5% 2333 HK Great Wall Motor Co. Ltd. 1.2% SQM Sociedad Quimica Minera de Chile SA ADR 1.0% SBER RU Sberbank-CLS 0.9% ICT PM International Container Terminal Services, Inc. 0.6% NTES NetEase.com, Inc. ADR 0.4%
Consistent Earners
Ticker Company Name % of Portfolio 700 HK Tencent Holdings Ltd. 2.7% QCOM Qualcomm, Inc. 2.5% MGNT LI Magnit OJCS GDR 2.4% PSMT PriceSmart, Inc. 2.3% YUM Yum! Brands, Inc. 2.3% LABB MM Genomma Lab Internacional SA 2.2% MJN Mead Johnson Nutrition Co. 2.1% JMT PL Jeronimo Martins SGPS SA 1.9% HDB HDFC Bank Ltd. ADR 1.8% CLS SJ Clicks Group Ltd. 1.5% CPALL/F TB CP All plc 1.5% QUAL3 BZ Qualicorp SA 1.4% 1044 HK Hengan International Group Co. Ltd. 1.0% BIMAS TI Bim Birlesik Magazalar A.S. 0.9% HERFY AB Herfy Food Services Co. 0.9%
Emerging Franchises
Ticker Company Name % of Portfolio 3918 HK NagaCorp Ltd. 3.0% 1913 HK Prada S.p.A. 2.5% YNDX Yandex NV 2.4% 1112 HK Biostime International Holdings Ltd. 2.4% MAPI IJ PT Mitra Adiperkasa 2.4% PGOLD PM Puregold Price Club, Inc. 2.3% TTKPT IN TTK Prestige Ltd. 2.3% 3658 TT Hermes Microvision, Inc. 2.3% ERAA IJ PT Erajaya Swasembada Tbk 2.2% 867 HK China Medical System Holdings Ltd. 2.2% LINX3 BZ Linx S.A. 2.2% BLOOM PM Bloomberry Resorts Corp. 1.9% IMCH3 BZ International Meal Co. Holdings S.A. 1.7% JUBI IN Jubilant FoodWorks Ltd. 1.7% TLW LN Tullow Oil plc 1.7% VGI/F TB VGI Global Media PCL 1.6% 3337 HK Anton Oilfield Services Group 1.4% MELI MercadoLibre, Inc. 1.2% OTB MK Oldtown Berhad 0.9% Forus CI Forus SA 0.6% VIPS Vipshop Holdings Ltd. ADR 0.5% SINA SINA Corp. 0.5%
Special Situations/Fixed Income
Ticker Company Name % of Portfolio None --
Cash 8.3%
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.
