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 5/31/2010
Basic Value Holdings
Ticker Company Name % of Portfolio 2628 HK China Life Insurance Co. 3.8% GARAN TI Turkiye Garanti Bankasi A.S. 3.0% 144 HK China Merchants Holdings International Co. Ltd. 2.4% 883 HK Cnooc Ltd. 2.3% SQM Sociedad Quimica Minera de Chile SA ADR 2.3% 2454 TT Mediatek, Inc. 2.3% SCCO Southern Copper Corp. 2.2% CAIR IN Cairn India Ltd. 2.1% TRU SJ Truworths International Ltd. 2.0% 941 HK China Mobile Ltd. 1.8% OGZD LI OAO Gazprom ADR 1.8% SLB Schlumberger Ltd. 1.8% MC FP LVMH Moet Hennessy Louis Vuitton SA 1.0% 2888 HK Standard Chartered plc 1.0%
Consistent Earners
Ticker Company Name % of Portfolio CL Colgate Palmolive Co. 4.0% DABUR IN Dabur India Ltd. 2.8% MON Monsanto Co. 2.7% NATU3 BZ Natura Cosmeticos SA 2.7% PHST LI Pharmstandard GDR 2.6% DASA3 BZ Diagnosticos da America SA 2.6% BIMAS TI Bim Birlesik Magazalar A.S. 2.3% KOMB CP Komercni Banka a.s. 1.9% CLS SJ Clicks Group Ltd. 1.8% INFY Infosys Technologies Ltd. ADR 1.8% NCSP LI Novorossiysk Sea Trade Port GDR 1.4% EUR PW Eurocash SA 1.0% WALMEXV MM Wal-Mart de Mexico SAB de C.V. 0.9% SAB LN Sabmiller plc 0.9%
Emerging Franchises
Ticker Company Name % of Portfolio TOTS3 BZ Totvs SA 3.5% EDU New Oriental Education & Technology Group, Inc. ADR 3.0% HH IN Hero Honda Motors Ltd. 3.0% COMI EY Commercial International Bank 2.9% LABB MX Genomma Lab Internacional SA 2.7% INTP IJ PT Indocement Tunggal Prakarsa Tbk 2.7% CIEL3 BZ Cielo SA 2.6% 2331 HK Li Ning Co. Ltd. 2.5% 700 HK Tencent Holdings Ltd. 2.4% 2877 HK China Shineway Pharmaceutical Group Ltd. 2.3% MELI Mercadolibre, Inc. 1.9% 1099 HK Sinopharm Group Co. H 1.8% CTRP Ctrip.com International Ltd. ADR 1.7% DROG3 BZ Drogasil S.A. 1.5% MGNT LI Magnit OJCS GDR 1.5%
Special Situations/Fixed Income
Ticker Company Name % of Portfolio None --
Cash 4.7%
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.
