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Thornburg's Developing World Fund is ahead of its peers

Thornburg's Developing World Fund is ahead of its peers

This has been a tough year for emerging-markets investors. Fueled by unrest in Brazil and a sluggish economy in China, the broad MSCI emerging-markets index is down 14% this year. The drop has been led by stock market sell-offs in Brazil (-26% in local currency), China (-11.5%), Russia (-9%) and South Korea (-8%). In U.S. dollars, returns are even worse. It seems it would be a difficult time to manage an emerging-markets fund. Not so for Lewis Kaufman, manager of Thornburg's Developing World Fund. The Santa Fe, N.M., fund is up more than 3% this year, beating 96% of its peers. Kaufman, 37, has managed the fund since its inception in 2009. He has avoided South Korea — he said...

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