Thornburg Developing World Fund Q1 2025 Commentary

2025-06-04 07:00:00 ET

Summary

• Global markets experienced substantial volatility during the quarter, largely driven by escalating trade tensions initiated by the U.S.
• In 1Q25, the portfolio (I share class) returned 0%, -293 basis points behind the MSCI Emerging Markets Index.
• Entering 2025, we were mindful of rising economic uncertainty, particularly around tariff risk tied to the Trump administration’s ‘America First’ agenda.

Market Review

Global markets experienced substantial volatility during the quarter, largely driven by escalating trade tensions initiated by the U.S. Following a year in which U.S. equities outperformed international markets by approximately 20%, optimism from November's election and AI enthusiasm supported expectations for continued U.S. market exceptionalism entering 2025. However, reality diverged significantly, with the S&P 500 Index trailing international equities by its widest margin since 2009....

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