Investment Objective
The Strategy seeks long-term capital appreciation by investing primarily in developing country issuers. There is no guarantee that the Strategy will meet its objectives.
Principal Investment Strategies
The Strategy invests primarily in equity securities of developing country issuers and issuers which are, in Thornburg’s opinion, tied economically to one or more developing countries. The Strategy may invest in companies of any size. The Strategy also may invest in debt securities of any type.
Supplemental Information as of 12/31/2011
| Returns (annualized for periods over one year) | ||||
|---|---|---|---|---|
| QTR | YTD | 1-Year | Inception† | |
| Developing World Composite (Net) | 6.02% | -15.11% | -15.11% | 5.34% |
| Developing World Composite (Gross) | 6.29% | -14.18% | -14.18% | 6.48% |
| MSCI Emerging Markets Index | 4.42% | -18.42% | -18.42% | -1.52% |
Performance data for the Developing World Strategy is from the Developing World Composite, inception date of January 1, 2010. The composite represents all assets under management in fully discretionary, fee based accounts. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Portfolio returns net of fees may include management, advisory and/or custodial fees. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Portfolio returns gross of fees do not reflect the deduction of management fees. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of .75%, this increase would be 142%.
The Strategy 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 Strategy will have continued access to profitable IPOs. As Strategy assets grow, the impact of IPO investments on performance may decline.
Basic Value
Consistent Earners
Emerging Franchises
Cash | Ten Largest Countries |
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† Inception 1/1/2010
Valuations are computed and reported in U.S. dollars.
Source: Advent/APX, FactSet, Vestmark, and Thornburg.
Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate.
Any securities, sectors, industries, countries or regions mentioned illustrate the holdings and activity in the portfolio as of the stated time period. Holdings are subject to change daily. Under no circumstances does the holdings information represent a recommendation to buy or sell any security. It should not be assumed that the investments in the securities were or will be profitable. The holdings identified do not represent all of the securities purchased, sold or recommended for advisory clients. To obtain a list of all securities recommended for the portfolio in the preceding year, please email a request to: mcg@thornburg.com.
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.
Thornburg Investment Management, Inc. (the “Firm”) is an independent investment adviser registered under the Investment Advisers Act of 1940. The Firm’s clientele consists of mutual funds, commingled funds and taxable and non-taxable separately managed accounts in U.S., non-U.S. and global equity strategies and in U.S. fixed income strategies. The Firm has been verified for the period July 1, 1998 through December 31, 2010. Copies of the verification report are available upon request. Additional information regarding the Firm’s policies for calculating and reporting performance results is available upon request.
Thornburg Investment Management claims compliance with the Global Investment Performance Standards (GIPS®)
Click here to view the Developing World Composite GIPS compliant presentation.
To receive a complete list and description of Thornburg Investment Management's composites please contact MCG at mcg@thornburg.com.
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