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Thornburg Small/Mid Cap Core Strategy

Strategy Overview
The Small/Mid Cap Core Strategy employs rigorous bottom-up, fundamental analysis to identify high quality companies which we believe will deliver attractive risk-adjusted returns over the long term. Consisting primarily of U.S. companies, the portfolio is diversified to include basic value stocks, consistent earners, and emerging franchises. The strategy focuses primarily on companies in the mid- and small-capitalization range.
Strategy Inception Date
1 Jan 2021

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Flexible, diversified and focused equity portfolio that invests primary in U.S. small- and mid-capitalization companies across the style spectrum.
  • Proven bottom-up fundamental research process that aims to identify companies with attractive business models and promising growth prospects that exhibit growing, or stable, revenues and earnings; and are trading at a reasonable valuation.
  • Actively managed strategy that seeks to deliver attractive risk-adjusted returns and outperform the benchmark over a full market cycle.
Performance

Performance

Returns

(As of 31 Mar 2025)
YTD
1y
3y
Inception
Thornburg Small/Mid Cap Core Strategy - Gross (%)
-11.16
-2.86
1.28
3.50
Thornburg Small/Mid Cap Core Strategy - Net (%)
-11.36
-3.70
0.41
2.62
Russell 2500 Index (%)
-7.50
-3.11
1.78
3.84
YTD
1y
3y
Inception
Thornburg Small/Mid Cap Core Strategy - Gross (%)
-11.16
-2.86
1.28
3.50
Thornburg Small/Mid Cap Core Strategy - Net (%)
-11.36
-3.70
0.41
2.62
Russell 2500 Index (%)
-7.50
-3.11
1.78
3.84
2021
2022
2023
2024
Thornburg Small/Mid Cap Core Strategy - Gross (%)
15.13
-18.46
14.68
21.04
Thornburg Small/Mid Cap Core Strategy - Net (%)
14.18
-19.17
13.70
20.01
Russell 2500 Index (%)
18.18
-18.37
17.42
12.00
Strategy Facts

Strategy Facts

(As of 31 Mar 2025)
Strategy Assets
$483.9 M
Benchmark
Russell 2500 Index
Number of Holdings
46
Portfolio Turnover
26%
eVestment Category
US Small-Mid Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Mar 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$9.5 B
$7.7 B
Median Market Cap
$8.6 B
$1.2 B
Price to Earnings - Forward 1YR
17.0x
15.3x
Price to Earnings - Trailing 12 Months
18.7x
17.3x
Price to Cash Flow
11.0x
9.4x
Portfolio
Benchmark
Price to Book Value
2.6x
2.1x
Return on Assets - 5 YR
6.8%
4.6%
Return on Equity - 5 YR
19.8%
13.0%
Historical 3YR Sales Growth
12.7%
15.1%
Active Share
95.7%
Portfolio

Portfolio

Top Holdings

(As of 28 Feb 2025)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
4.1
Casella Waste Systems, Inc.
CWST
Industrials
3.9
LPL Financial Holdings, Inc.
LPLA
Financials
3.6
LPL Financial Holdings, Inc.
LPLA
Financials
3.3
Pinnacle Financial Partners, Inc.
PNFP
Financials
3.1
TXNM Energy, Inc.
TXNM
Utilities
3.1
TXNM Energy, Inc.
TXNM
Utilities
3.1
Pinnacle Financial Partners, Inc.
PNFP
Financials
3.0
Applied Industrial Technologies, Inc.
AIT
Industrials
2.9
Clean Harbors, Inc.
CLH
Industrials
2.9
Exposure Breakdown

Exposure Breakdown

(As of 31 Mar 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
26.0
18.6
Financials
21.7
18.6
Information Technology
13.0
11.1
Consumer Discretionary
10.5
11.8
Energy
6.3
5.5
Health Care
6.0
11.8
Utilities
5.1
3.0
Consumer Staples
5.0
3.7
Materials
2.3
5.6
Cash & Cash Equivalents
2.3
Real Estate
1.8
7.2
Communication Services
0.0
3.1
Sector Allocation
Portfolio (%)
Industrials
26.0
Financials
21.7
Information Technology
13.0
Consumer Discretionary
10.5
Energy
6.3
Health Care
6.0
Utilities
5.1
Consumer Staples
5.0
Materials
2.3
Cash & Cash Equivalents
2.3
Real Estate
1.8
Communication Services
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
14.3
13.2
Financial Services
10.6
8.1
Commercial & Professional Services
9.6
3.4
Software & Services
6.4
5.8
Energy
6.3
5.5
Banks
5.9
6.6
Insurance
5.2
3.9
Utilities
5.1
3.0
Consumer Durables & Apparel
4.5
3.4
Pharmaceuticals, Biotechnology & Life Sciences
4.0
7.2
Top 10 Industries
Portfolio (%)
Capital Goods
14.3
Financial Services
10.6
Commercial & Professional Services
9.6
Software & Services
6.4
Energy
6.3
Banks
5.9
Insurance
5.2
Utilities
5.1
Consumer Durables & Apparel
4.5
Pharmaceuticals, Biotechnology & Life Sciences
4.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
29.9
19.2
Mid Cap ($2.5 to $12 B)
60.0
62.9
Small Cap (< $2.5 B)
10.1
17.9
Capitalization
Portfolio (%)
Large Cap (> $12 B)
29.9
Mid Cap ($2.5 to $12 B)
60.0
Small Cap (< $2.5 B)
10.1
Portfolio Managers

Portfolio Managers

Steven Klopukh, CFA

Steven Klopukh, CFA

Portfolio Manager and Managing Director
Steven Klopukh is portfolio manager at Thornburg Investment Management. He joined the firm in 2020 to lead Thornburg’s small- and mid-cap investment strategies. Prior to Thornburg, Steven worked at Allianz Global Investors, where he spent 18 years, most recently as a director and lead portfolio manager U.S. Small- & Mid-Cap Growth team. While at Allianz Global Investors, Steven managed the…
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Tim McCarthy, CFA

Tim McCarthy, CFA

Portfolio Manager and Managing Director
Tim McCarthy is portfolio manager at Thornburg Investment Management. He joined the firm in 2020 to co-manage Thornburg’s small- and mid-cap investment growth strategies. Prior to Thornburg, Tim spent 17 years at Allianz Global Investors, where he was senior portfolio manager and director and performed research responsibilities for the U.S. Small- & Mid-Cap Growth team. He was also a portfolio…
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