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Home » Investments » Mutual Funds » Thornburg Small/Mid Cap Core Fund
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Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 377 Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 377, 340 and 238 funds, as of 30 Nov 2024.

As of 30 Nov 2024
Fund Assets
$612.3 M
As of 30 Nov 2024
NAV
$85.62
As of 26 Dec 2024
Change
$0.13
As of 26 Dec 2024
YTD NAV Performance
22.51%
As of 26 Dec 2024
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 Index

Portfolio Managers

Steven Klopukh, CFA
Portfolio Manager and Managing Director
Tim McCarthy, CFA
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Fund?

 

  • 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

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund typically invests in a diversified selection of common stocks that we believe will have growing or stable revenues or earnings. The portfolio is diversified to include basic value stocks, but also includes stocks of companies with consistent earning characteristics and growing emerging franchises.

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Performance

Performance

Returns

(As of 30 Sep 2024)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return (%)
16.13
27.69
2.76
8.27
8.67
9.74
Russell 2500 Index (%)
11.30
26.17
3.47
10.43
9.50
9.86
Morningstar Category Avg. (%)
14.3
27.57
6.7
11.18
9.42
—
Morningstar Quartile
—
2
4
4
3
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
28.36
38.21
7.20
9.35
9.26
10.06
Russell 2500 Index (%)
21.12
34.10
6.24
10.95
9.85
10.12
Morningstar Category Avg. (%)
22.89
32.54
8.3
11.93
9.78
—
Morningstar Quartile
—
1
3
4
3
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
16.13
27.69
8.51
48.80
129.58
1381.45
Russell 2500 Index (%)
11.30
26.17
10.77
64.21
147.73
1428.74
YTD
1y
3y
5y
10y
Inception
Total Return (%)
28.36
38.21
23.18
56.35
142.54
1537.52
Russell 2500 Index (%)
21.12
34.10
19.91
68.12
155.93
1563.62
2018
2019
2020
2021
2022
2023
Total Return (%)
-9.39
29.31
12.10
14.18
-19.19
13.61
Russell 2500 Index (%)
-10.00
27.77
19.99
18.18
-18.37
17.42

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Effective December 18, 2020, Thornburg Value Fund's name changed to Thornburg Small/Mid Cap Core Fund, and the Fund adopted a policy, under normal conditions, to invest at least 80% of its net assets in small- and mid-capitalization companies. As a result, the Fund's investment benchmark changed from S&P 500 Total Return Index to the Russel 2500 Index (Total Return).

Morningstar quartile ranking for Mid-Cap Blend category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 427, 402, 365 and 253 funds, respectively, as of 30 Sep 2024.

Prior to inception of I or R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A and C shares, 2 Oct 1995; I shares, 2 Nov 1998; R3, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005.

Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.08
Net Expense Ratio (%)
0.95

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2024)
(Hypothetical Growth of $10,000 vs Russell 2500 Index)

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

Distributions

(As of 15 Dec 2022)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 1999
31 Mar 1999
0.13000
0.13000
—
—
30 Jun 1999
30 Jun 1999
0.09000
0.09000
—
—
30 Sep 1999
30 Sep 1999
0.02500
0.02500
—
—
1 Nov 1999
1 Nov 1999
0.39000
—
0.00000
0.39000
31 Dec 1999
31 Dec 1999
0.06500
0.06500
—
—
31 Mar 2000
31 Mar 2000
0.12000
0.12000
—
—
30 Jun 2000
30 Jun 2000
0.48200
0.48200
—
—
29 Sep 2000
30 Sep 2000
0.27500
0.27500
—
—
7 Nov 2000
7 Nov 2000
0.25000
—
0.00000
0.25000
29 Dec 2000
31 Dec 2000
0.22200
0.22200
—
—
30 Mar 2001
31 Mar 2001
0.09300
0.09300
—
—
29 Jun 2001
30 Jun 2001
0.06900
0.06900
—
—
30 Jun 2003
30 Jun 2003
0.08000
0.08000
—
—
31 Mar 2004
31 Mar 2004
0.07220
0.07220
—
—
30 Jun 2004
30 Jun 2004
0.10064
0.10064
—
—
30 Sep 2004
30 Sep 2004
0.12363
0.12363
—
—
31 Dec 2004
31 Dec 2004
0.15384
0.15384
—
—
31 Mar 2005
31 Mar 2005
0.07220
0.07220
—
—
30 Jun 2005
30 Jun 2005
0.08689
0.08689
—
—
30 Sep 2005
30 Sep 2005
0.09998
0.09998
—
—
30 Dec 2005
31 Dec 2005
0.10248
0.10248
—
—
30 Mar 2006
31 Mar 2006
0.08495
0.08495
—
—
28 Jun 2006
30 Jun 2006
0.08387
0.08387
—
—
27 Sep 2006
30 Sep 2006
0.17014
0.17014
—
—
17 Nov 2006
17 Nov 2006
1.30207
—
0.04610
1.25597
26 Dec 2006
31 Dec 2006
0.11506
0.11506
—
—
26 Mar 2007
31 Mar 2007
0.09310
0.09310
—
—
26 Jun 2007
30 Jun 2007
0.06783
0.06783
—
—
26 Sep 2007
30 Sep 2007
0.13794
0.13794
—
—
19 Nov 2007
19 Nov 2007
3.93397
—
0.88171
3.05226
26 Dec 2007
31 Dec 2007
0.03981
0.03981
—
—
26 Mar 2008
31 Mar 2008
0.04699
0.04699
—
—
26 Jun 2008
30 Jun 2008
0.09184
0.09184
—
—
26 Sep 2008
30 Sep 2008
0.08956
0.08956
—
—
26 Dec 2008
31 Dec 2008
0.12036
0.12036
—
—
26 Mar 2009
31 Mar 2009
0.11227
0.11227
—
—
26 Jun 2009
30 Jun 2009
0.11027
0.11027
—
—
25 Sep 2009
30 Sep 2009
0.14081
0.14081
—
—
24 Dec 2009
31 Dec 2009
0.14663
0.14663
—
—
26 Mar 2010
31 Mar 2010
0.04830
0.04830
—
—
25 Jun 2010
30 Jun 2010
0.04124
0.04124
—
—
24 Sep 2010
30 Sep 2010
0.05889
0.05889
—
—
25 Mar 2011
31 Mar 2011
0.01567
0.01567
—
—
23 Dec 2011
31 Dec 2011
0.02612
0.02612
—
—
24 Dec 2013
31 Dec 2013
0.23120
0.23120
—
—
24 Sep 2014
30 Sep 2014
0.34892
0.34892
—
—
24 Dec 2014
31 Dec 2014
0.06660
0.06660
—
—
24 Jun 2015
30 Jun 2015
0.00408
0.00408
—
—
26 Sep 2016
30 Sep 2016
0.38588
0.38588
—
—
23 Dec 2016
31 Dec 2016
0.08127
0.08127
—
—
23 Jun 2017
30 Jun 2017
0.10405
0.10405
—
—
22 Sep 2017
30 Sep 2017
0.06112
0.06112
—
—
22 Dec 2017
31 Dec 2017
0.42313
0.42313
—
—
21 Dec 2018
31 Dec 2018
0.49871
0.49871
—
—
20 Dec 2019
31 Dec 2019
0.42716
0.42716
—
—
18 Nov 2021
18 Nov 2021
26.35024
—
7.96715
18.38309
16 Dec 2021
31 Dec 2021
0.54507
0.54507
—
—
15 Dec 2022
31 Dec 2022
0.31668
0.31668
—
—
Fund Facts

Fund Facts

(As of 30 Nov 2024)
Net Fund Assets
$612.3 M
Benchmark
Russell 2500 Index
Morningstar Category
Large Blend
Fund Symbol
TVIFX
Share Class
I
Share Class Inception Date
2 Nov 1998
Number of Holdings
47
Portfolio Turnover
33%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Nov 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$11.6 B
$8.5 B
Median Market Cap
$10.1 B
$1.6 B
Price to Earnings - Forward 1YR
23.9x
18.7x
Price to Earnings - Trailing 12 Months
25.8x
19.1x
Price to Cash Flow
16.8x
10.9x
Portfolio
Benchmark
Price to Book Value
3.3x
2.5x
Return on Assets - 5 YR
6.2%
3.8%
Return on Equity - 5 YR
18.6%
13.4%
Historical 3YR Sales Growth
15.2%
20.7%
Active Share
95.9%
—
Risk & Return Profile

Risk & Return Profile

(As of 30 Nov 2024)
3y
5y
10y
Annualized Alpha (%)
1.47
-0.14
0.94
Beta
0.89
0.86
0.83
R-Squared (%)
94.89
92.82
89.54
Standard Deviation (%)
19.38
20.35
16.86
Sharpe Ratio
0.17
0.34
0.45
Information Ratio
0.19
-0.25
-0.09
Up Capture (%)
92.72
87.38
83.77
Down Capture (%)
88.42
88.59
79.73

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems Inc
CWST
Industrials
3.4
Clean Harbors Inc
CLH
Industrials
3.0
Vertiv Holdings Co
VRT
Industrials
3.0
Coherent Corp
COHR
Information Technology
2.9
Pinnacle Financial Partners Inc
PNFP
Financials
2.9
TransUnion
TRU
Industrials
2.8
Walker & Dunlop Inc
WD
Financials
2.6
Western Alliance Bancorp
WAL
Financials
2.6
Applied Industrial Technologies Inc
AIT
Industrials
2.6
TXNM Energy Inc
TXNM
Utilities
2.5
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2024)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
27.8
19.3
Financials
19.5
17.9
Information Technology
14.7
11.9
Consumer Discretionary
13.1
12.3
Health Care
5.9
12.0
Consumer Staples
4.8
3.4
Energy
4.0
5.1
Utilities
3.7
2.6
Cash & Cash Equivalents
2.7
—
Materials
2.0
5.9
Real Estate
1.8
6.8
Communication Services
0.0
2.9
Sector Allocation
Fund (%)
Industrials
27.8
Financials
19.5
Information Technology
14.7
Consumer Discretionary
13.1
Health Care
5.9
Consumer Staples
4.8
Energy
4.0
Utilities
3.7
Cash & Cash Equivalents
2.7
Materials
2.0
Real Estate
1.8
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
16.1
13.7
Financial Services
9.3
7.8
Commercial & Professional Services
9.2
3.4
Consumer Durables & Apparel
7.3
3.6
Software & Services
7.3
6.5
Banks
5.8
6.6
Insurance
4.4
3.5
Pharmaceuticals, Biotechnology & Life Sciences
4.2
7.5
Technology Hardware & Equipment
4.1
3.6
Energy
4.0
5.1
Top 10 Industries
Fund (%)
Capital Goods
16.1
Financial Services
9.3
Commercial & Professional Services
9.2
Consumer Durables & Apparel
7.3
Software & Services
7.3
Banks
5.8
Insurance
4.4
Pharmaceuticals, Biotechnology & Life Sciences
4.2
Technology Hardware & Equipment
4.1
Energy
4.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
41.8
23.2
Mid Cap ($2.5 to $12 B)
51.5
61.8
Small Cap (< $2.5 B)
6.7
15.0
Capitalization
Fund (%)
Large Cap (> $12 B)
41.8
Mid Cap ($2.5 to $12 B)
51.5
Small Cap (< $2.5 B)
6.7

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

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…
Learn More
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…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Financial Statements
Semi-annual report
Prospectus
Statement of Additional Information (SAI)
Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Global Equity

Forget the Magnificent 7 – Why You Should Invest in Europe’s Fantastic 5
Europe has its own crop of market-beating growth stocks that are overlooked compared to the Magnificent Seven in the US.
By Nicholas Anderson, CFA
12 Nov 2024
5 min read
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Markets & Economy

Value vs. Growth: Does Another Fed Hike Matter?
Discover why value and income-oriented stocks are set to outperform in today's market dominated by rising interest rates and persistent inflation.
By Thornburg Investment Management
18 Oct 2023
3 min read
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Woman calculates some financial decisions over her desk.
Fixed Income

The Value of Dividends and Munis to Stoke Income
Explore the impact of high dividend stocks and municipal bonds in a rising rate environment amid increasing government debt and new administrative policies.
By Thornburg Investment Management
30 Apr 2024
3 min read
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