Thornburg Small/Mid Cap Core Fund

SYMBOL: TVRFX

Morningstar Rating • Info

Overall Morningstar Rating among 403 Large Blend funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 403, 365 and 253 funds, as of 31 Oct 2024.

As of 31 Oct 2024

Fund Assets

$551.8 M

As of 31 Oct 2024

NAV

$84.75

As of 22 Nov 2024

Change

$1.19

As of 22 Nov 2024

YTD NAV Performance

27.91%

As of 22 Nov 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

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return (%)

15.82

27.22

2.39

7.88

8.28

9.32

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

—

YTD

10y

Inception

Total Return (%)

15.32

33.77

1.00

7.38

8.11

9.27

Russell 2500 Index (%)

10.27

33.08

1.51

9.81

8.92

9.80

Morningstar Category Avg. (%)

13.17

32.68

4.5

10.69

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

15.82

27.22

7.34

46.15

121.46

1223.99

Russell 2500 Index (%)

11.30

26.17

10.77

64.21

147.73

1428.74

YTD

10y

Inception

Total Return (%)

15.32

33.77

3.03

42.76

118.13

1218.29

Russell 2500 Index (%)

10.27

33.08

4.61

59.63

135.03

1414.56

2018

2019

2020

2021

2022

2023

Total Return (%)

-9.72

28.86

11.70

13.78

-19.49

13.19

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

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.93

Net Expense Ratio (%)

1.31

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

            Categories,R3 Shares,Russell 2500 Index
            1995-10-02,10000,10000
1995-10-31,9539,9777
1995-11-30,9950,10195
1995-12-31,9947,10369
1996-01-31,10250,10442
1996-02-29,10628,10757
1996-03-31,10981,10976
1996-04-30,11091,11484
1996-05-31,11378,11795
1996-06-30,11313,11433
1996-07-31,11338,10596
1996-08-31,11695,11205
1996-09-30,12402,11691
1996-10-31,12778,11614
1996-11-30,13699,12176
1996-12-31,13709,12342
1997-01-31,14297,12683
1997-02-28,14253,12495
1997-03-31,13704,11929
1997-04-30,13995,12080
1997-05-31,15052,13192
1997-06-30,15737,13731
1997-07-31,16877,14536
1997-08-31,16691,14738
1997-09-30,18104,15702
1997-10-31,17394,14996
1997-11-30,18039,15064
1997-12-31,18325,15349
1998-01-31,18392,15114
1998-02-28,19944,16211
1998-03-31,21509,16923
1998-04-30,21423,16986
1998-05-31,21270,16198
1998-06-30,21608,16217
1998-07-31,21148,15103
1998-08-31,17350,12254
1998-09-30,18670,13124
1998-10-31,20453,13842
1998-11-30,21421,14527
1998-12-31,22399,15408
1999-01-31,23626,15381
1999-02-28,22648,14371
1999-03-31,24340,14678
1999-04-30,25697,15991
1999-05-31,25484,16240
1999-06-30,26774,17085
1999-07-31,26716,16749
1999-08-31,25895,16225
1999-09-30,25305,15983
1999-10-31,26956,16333
1999-11-30,27879,17256
1999-12-31,30778,19128
2000-01-31,29738,18688
2000-02-29,31003,21387
2000-03-31,33066,21059
2000-04-30,33104,19927
2000-05-31,32710,18971
2000-06-30,33603,20217
2000-07-31,33154,19702
2000-08-31,33323,21399
2000-09-30,33138,20702
2000-10-31,33137,20134
2000-11-30,31259,18363
2000-12-31,31992,19944
2001-01-31,33336,20599
2001-02-28,31053,19273
2001-03-31,29938,18216
2001-04-30,32246,19824
2001-05-31,31919,20421
2001-06-30,31143,20711
2001-07-31,30089,19970
2001-08-31,28421,19316
2001-09-30,26640,16816
2001-10-31,26353,17685
2001-11-30,28521,19116
2001-12-31,29390,20187
2002-01-31,28684,19937
2002-02-28,27497,19588
2002-03-31,28929,20942
2002-04-30,27803,20889
2002-05-31,27639,20276
2002-06-30,25276,19134
2002-07-31,23004,16850
2002-08-31,23035,16901
2002-09-30,21203,15562
2002-10-31,22522,16069
2002-11-30,23535,17381
2002-12-31,22082,16595
2003-01-31,21857,16154
2003-02-28,21375,15766
2003-03-31,21754,15916
2003-04-30,23891,17335
2003-05-31,25772,19039
2003-06-30,26406,19403
2003-07-31,26774,20446
2003-08-31,27235,21392
2003-09-30,26908,21101
2003-10-31,28331,22769
2003-11-30,28587,23626
2003-12-31,29786,24147
2004-01-31,30544,25028
2004-02-29,30677,25415
2004-03-31,30455,25568
2004-04-30,29297,24340
2004-05-31,29359,24837
2004-06-30,29716,25654
2004-07-31,28543,24161
2004-08-31,28553,24099
2004-09-30,28965,25008
2004-10-31,29616,25579
2004-11-30,30690,27488
2004-12-31,31945,28565
2005-01-31,31199,27605
2005-02-28,31738,28230
2005-03-31,31420,27668
2005-04-30,30402,26423
2005-05-31,31648,28022
2005-06-30,32257,28919
2005-07-31,33600,30628
2005-08-31,33433,30171
2005-09-30,34087,30332
2005-10-31,33555,29390
2005-11-30,34921,30809
2005-12-31,34987,30881
2006-01-31,36461,33065
2006-02-28,36451,33038
2006-03-31,37354,34322
2006-04-30,38024,34442
2006-05-31,36768,32816
2006-06-30,36904,32832
2006-07-31,37208,31799
2006-08-31,38089,32605
2006-09-30,39405,33002
2006-10-31,41048,34588
2006-11-30,42448,35716
2006-12-31,42635,35873
2007-01-31,44227,36841
2007-02-28,43311,36789
2007-03-31,43830,37147
2007-04-30,44791,38104
2007-05-31,46746,39695
2007-06-30,46754,38983
2007-07-31,45323,36743
2007-08-31,45836,37133
2007-09-30,48116,38007
2007-10-31,48631,38984
2007-11-30,46329,36594
2007-12-31,45226,36366
2008-01-31,41966,34145
2008-02-29,40330,33207
2008-03-31,39970,32960
2008-04-30,41328,34735
2008-05-31,42250,36384
2008-06-30,38863,33417
2008-07-31,38256,33649
2008-08-31,37964,34610
2008-09-30,33901,31171
2008-10-31,27391,24456
2008-11-30,25444,21804
2008-12-31,26424,22988
2009-01-31,24407,20919
2009-02-28,22193,18657
2009-03-31,24226,20360
2009-04-30,28133,23497
2009-05-31,30737,24213
2009-06-30,31511,24488
2009-07-31,33656,26697
2009-08-31,35295,27788
2009-09-30,36484,29400
2009-10-31,35407,27698
2009-11-30,37152,28815
2009-12-31,38347,30893
2010-01-31,37229,29859
2010-02-28,38011,31343
2010-03-31,40192,33739
2010-04-30,40503,35337
2010-05-31,36898,32705
2010-06-30,34784,30371
2010-07-31,36885,32508
2010-08-31,34784,30583
2010-09-30,37631,34081
2010-10-31,39099,35388
2010-11-30,38477,36383
2010-12-31,41849,39144
2011-01-31,43877,39669
2011-02-28,46005,41604
2011-03-31,45620,42550
2011-04-30,45732,43778
2011-05-31,45147,43253
2011-06-30,44176,42301
2011-07-31,42982,40690
2011-08-31,37967,37359
2011-09-30,34233,33324
2011-10-31,38253,38208
2011-11-30,36809,38076
2011-12-31,36200,38162
2012-01-31,38688,40698
2012-02-29,41202,42209
2012-03-31,42023,43117
2012-04-30,40281,42804
2012-05-31,35104,39878
2012-06-30,36411,41331
2012-07-31,35976,41049
2012-08-31,37357,42524
2012-09-30,38925,43632
2012-10-31,38265,43175
2012-11-30,38912,43838
2012-12-31,40057,44984
2013-01-31,42359,48059
2013-02-28,42459,48611
2013-03-31,44462,50764
2013-04-30,45383,50920
2013-05-31,46777,52493
2013-06-30,45483,51918
2013-07-31,48258,55310
2013-08-31,47884,53562
2013-09-30,50473,56630
2013-10-31,52290,58461
2013-11-30,53858,60015
2013-12-31,55903,61536
2014-01-31,54284,60132
2014-02-28,57348,63180
2014-03-31,57311,62952
2014-04-30,57572,61499
2014-05-31,58619,62221
2014-06-30,60138,65196
2014-07-31,59167,61990
2014-08-31,60923,65052
2014-09-30,59786,61711
2014-10-31,60437,64442
2014-11-30,62513,65002
2014-12-31,62340,65887
2015-01-31,61189,64537
2015-02-28,64856,68385
2015-03-31,64505,69293
2015-04-30,65945,68079
2015-05-31,67134,69538
2015-06-30,66671,69055
2015-07-31,67559,68927
2015-08-31,64042,64846
2015-09-30,61151,61945
2015-10-31,64818,65407
2015-11-30,65269,66691
2015-12-31,64493,63975
2016-01-31,60463,58874
2016-02-29,59124,59288
2016-03-31,62891,64227
2016-04-30,63091,65174
2016-05-31,64480,66548
2016-06-30,64017,66521
2016-07-31,66558,69991
2016-08-31,66746,70549
2016-09-30,67512,70887
2016-10-31,66306,68010
2016-11-30,68177,73795
2016-12-31,68780,75228
2017-01-31,70338,76272
2017-02-28,72989,78109
2017-03-31,74145,78054
2017-04-30,76281,78656
2017-05-31,77689,77777
2017-06-30,78732,79720
2017-07-31,80063,80545
2017-08-31,80604,79877
2017-09-30,81524,83500
2017-10-31,82830,84794
2017-11-30,84665,87580
2017-12-31,84842,87874
2018-01-31,89529,90554
2018-02-28,85285,86831
2018-03-31,83339,87664
2018-04-30,84375,87872
2018-05-31,86775,92004
2018-06-30,86775,92669
2018-07-31,89782,94462
2018-08-31,91197,98513
2018-09-30,90982,97021
2018-10-31,83655,87171
2018-11-30,85082,88817
2018-12-31,76597,79085
2019-01-31,83786,88190
2019-02-28,85548,92355
2019-03-31,87260,91594
2019-04-30,90696,94804
2019-05-31,82936,88059
2019-06-30,88566,94306
2019-07-31,90252,95287
2019-08-31,88553,91476
2019-09-30,90595,93097
2019-10-31,92345,94879
2019-11-30,95235,98952
2019-12-31,98700,101044
2020-01-31,96223,98992
2020-02-29,89554,90692
2020-03-31,72736,71012
2020-04-30,82326,81345
2020-05-31,85324,87353
2020-06-30,86480,89876
2020-07-31,91231,93457
2020-08-31,97620,97689
2020-09-30,94584,95163
2020-10-31,96248,96886
2020-11-30,105598,112669
2020-12-31,110247,121246
2021-01-31,108049,124217
2021-02-28,116420,132321
2021-03-31,117411,134497
2021-04-30,123623,139870
2021-05-31,121743,140160
2021-06-30,122530,141816
2021-07-31,122746,139332
2021-08-31,125897,142495
2021-09-30,123343,138013
2021-10-31,127954,144780
2021-11-30,120034,138740
2021-12-31,125443,143291
2022-01-31,116258,131364
2022-02-28,119256,132844
2022-03-31,121014,134956
2022-04-30,110950,123457
2022-05-31,111174,123874
2022-06-30,101006,112039
2022-07-31,108916,123631
2022-08-31,104556,120345
2022-09-30,94836,108882
2022-10-31,102298,119329
2022-11-30,107382,124366
2022-12-31,100999,116970
2023-01-31,108935,128665
2023-02-28,105036,125645
2023-03-31,101430,120935
2023-04-30,101292,119357
2023-05-31,97272,117265
2023-06-30,106054,127254
2023-07-31,109021,133581
2023-08-31,107969,128336
2023-09-30,104070,121169
2023-10-31,98549,113809
2023-11-30,106209,124054
2023-12-31,114318,137349
2024-01-31,112610,133757
2024-02-29,119873,141033
2024-03-31,126153,146853
2024-04-30,119218,137015
2024-05-31,124014,142715
2024-06-30,122168,140576
2024-07-31,128293,151020
2024-08-31,130501,150632
2024-09-30,132399,152874
2024-10-31,131829,151456

Hypothetical Growth of $10,000

(As of 31 Oct 2024)

(Hypothetical Growth of $10,000 vs Russell 2500 Index)

                        Categories,R3 Shares,Russell 2500 Index
                        2023-10-31,10000,10000
2023-11-30,10777,10900
2023-12-31,11600,12068
2024-01-31,11427,11753
2024-02-29,12164,12392
2024-03-31,12801,12903
2024-04-30,12097,12039
2024-05-31,12584,12540
2024-06-30,12397,12352
2024-07-31,13018,13270
2024-08-31,13242,13235
2024-09-30,13435,13433
2024-10-31,13377,13308

                        Categories,R3 Shares,Russell 2500 Index
                        2021-10-31,10000,10000
2021-11-30,9381,9583
2021-12-31,9804,9897
2022-01-31,9086,9073
2022-02-28,9320,9176
2022-03-31,9458,9321
2022-04-30,8671,8527
2022-05-31,8689,8556
2022-06-30,7894,7739
2022-07-31,8512,8539
2022-08-31,8171,8312
2022-09-30,7412,7521
2022-10-31,7995,8242
2022-11-30,8392,8590
2022-12-31,7893,8079
2023-01-31,8514,8887
2023-02-28,8209,8678
2023-03-31,7927,8353
2023-04-30,7916,8244
2023-05-31,7602,8099
2023-06-30,8288,8789
2023-07-31,8520,9226
2023-08-31,8438,8864
2023-09-30,8133,8369
2023-10-31,7702,7861
2023-11-30,8301,8568
2023-12-31,8934,9487
2024-01-31,8801,9239
2024-02-29,9368,9741
2024-03-31,9859,10143
2024-04-30,9317,9464
2024-05-31,9692,9857
2024-06-30,9548,9710
2024-07-31,10026,10431
2024-08-31,10199,10404
2024-09-30,10347,10559
2024-10-31,10303,10461

                        Categories,R3 Shares,Russell 2500 Index
                        2019-10-31,10000,10000
2019-11-30,10313,10429
2019-12-31,10688,10650
2020-01-31,10420,10433
2020-02-29,9698,9559
2020-03-31,7877,7484
2020-04-30,8915,8573
2020-05-31,9240,9207
2020-06-30,9365,9473
2020-07-31,9879,9850
2020-08-31,10571,10296
2020-09-30,10243,10030
2020-10-31,10423,10212
2020-11-30,11435,11875
2020-12-31,11939,12779
2021-01-31,11701,13092
2021-02-28,12607,13946
2021-03-31,12714,14176
2021-04-30,13387,14742
2021-05-31,13184,14772
2021-06-30,13269,14947
2021-07-31,13292,14685
2021-08-31,13633,15019
2021-09-30,13357,14546
2021-10-31,13856,15259
2021-11-30,12999,14623
2021-12-31,13584,15102
2022-01-31,12590,13845
2022-02-28,12914,14001
2022-03-31,13105,14224
2022-04-30,12015,13012
2022-05-31,12039,13056
2022-06-30,10938,11809
2022-07-31,11795,13030
2022-08-31,11322,12684
2022-09-30,10270,11476
2022-10-31,11078,12577
2022-11-30,11628,13108
2022-12-31,10937,12328
2023-01-31,11797,13561
2023-02-28,11374,13243
2023-03-31,10984,12746
2023-04-30,10969,12580
2023-05-31,10534,12359
2023-06-30,11485,13412
2023-07-31,11806,14079
2023-08-31,11692,13526
2023-09-30,11270,12771
2023-10-31,10672,11995
2023-11-30,11501,13075
2023-12-31,12379,14476
2024-01-31,12194,14098
2024-02-29,12981,14864
2024-03-31,13661,15478
2024-04-30,12910,14441
2024-05-31,13429,15042
2024-06-30,13230,14816
2024-07-31,13893,15917
2024-08-31,14132,15876
2024-09-30,14337,16112
2024-10-31,14276,15963

                        Categories,R3 Shares,Russell 2500 Index
                        2014-10-31,10000,10000
2014-11-30,10344,10087
2014-12-31,10315,10224
2015-01-31,10124,10015
2015-02-28,10731,10612
2015-03-31,10673,10753
2015-04-30,10911,10564
2015-05-31,11108,10791
2015-06-30,11031,10716
2015-07-31,11179,10696
2015-08-31,10597,10063
2015-09-30,10118,9612
2015-10-31,10725,10150
2015-11-30,10800,10349
2015-12-31,10671,9928
2016-01-31,10004,9136
2016-02-29,9783,9200
2016-03-31,10406,9967
2016-04-30,10439,10113
2016-05-31,10669,10327
2016-06-30,10592,10323
2016-07-31,11013,10861
2016-08-31,11044,10948
2016-09-30,11171,11000
2016-10-31,10971,10554
2016-11-30,11281,11451
2016-12-31,11381,11674
2017-01-31,11638,11836
2017-02-28,12077,12121
2017-03-31,12268,12112
2017-04-30,12622,12206
2017-05-31,12855,12069
2017-06-30,13027,12371
2017-07-31,13248,12499
2017-08-31,13337,12395
2017-09-30,13489,12957
2017-10-31,13705,13158
2017-11-30,14009,13590
2017-12-31,14038,13636
2018-01-31,14814,14052
2018-02-28,14111,13474
2018-03-31,13790,13603
2018-04-30,13961,13636
2018-05-31,14358,14277
2018-06-30,14358,14380
2018-07-31,14856,14658
2018-08-31,15090,15287
2018-09-30,15054,15055
2018-10-31,13842,13527
2018-11-30,14078,13782
2018-12-31,12674,12272
2019-01-31,13863,13685
2019-02-28,14155,14331
2019-03-31,14438,14213
2019-04-30,15007,14711
2019-05-31,13723,13665
2019-06-30,14654,14634
2019-07-31,14933,14786
2019-08-31,14652,14195
2019-09-30,14990,14447
2019-10-31,15280,14723
2019-11-30,15758,15355
2019-12-31,16331,15680
2020-01-31,15921,15361
2020-02-29,14818,14073
2020-03-31,12035,11019
2020-04-30,13622,12623
2020-05-31,14118,13555
2020-06-30,14309,13947
2020-07-31,15095,14502
2020-08-31,16153,15159
2020-09-30,15650,14767
2020-10-31,15926,15035
2020-11-30,17473,17484
2020-12-31,18242,18815
2021-01-31,17878,19276
2021-02-28,19263,20533
2021-03-31,19427,20871
2021-04-30,20455,21705
2021-05-31,20144,21750
2021-06-30,20274,22007
2021-07-31,20310,21621
2021-08-31,20831,22112
2021-09-30,20409,21416
2021-10-31,21172,22467
2021-11-30,19861,21529
2021-12-31,20756,22235
2022-01-31,19236,20385
2022-02-28,19733,20614
2022-03-31,20023,20942
2022-04-30,18358,19158
2022-05-31,18395,19222
2022-06-30,16713,17386
2022-07-31,18022,19185
2022-08-31,17300,18675
2022-09-30,15692,16896
2022-10-31,16927,18517
2022-11-30,17768,19299
2022-12-31,16712,18151
2023-01-31,18025,19966
2023-02-28,17380,19497
2023-03-31,16783,18766
2023-04-30,16760,18522
2023-05-31,16095,18197
2023-06-30,17548,19747
2023-07-31,18039,20729
2023-08-31,17865,19915
2023-09-30,17220,18803
2023-10-31,16306,17661
2023-11-30,17574,19250
2023-12-31,18915,21313
2024-01-31,18633,20756
2024-02-29,19835,21885
2024-03-31,20874,22788
2024-04-30,19726,21262
2024-05-31,20520,22146
2024-06-30,20214,21814
2024-07-31,21228,23435
2024-08-31,21593,23375
2024-09-30,21907,23723
2024-10-31,21813,23503

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

            Categories,Total ($)
            2004-03-31,0.02376
2004-06-30,0.10846
2004-09-30,0.10047
2004-12-31,0.12624
2005-03-31,0.05312
2005-06-30,0.05638
2005-09-30,0.07780
2005-12-31,0.07354
2006-03-31,0.05452
2006-06-30,0.05785
2006-09-30,0.14464
2006-11-17,1.30207
2006-12-31,0.08145
2007-03-31,0.05638
2007-06-30,0.02760
2007-09-30,0.09619
2007-11-19,3.93397
2008-03-31,0.01300
2008-06-30,0.05670
2008-09-30,0.05714
2008-12-31,0.10148
2009-03-31,0.09516
2009-06-30,0.08932
2009-09-30,0.11303
2009-12-31,0.11637
2010-03-31,0.01536
2010-06-30,0.00896
2010-09-30,0.02999
2013-12-31,0.04352
2014-09-30,0.20992
2014-12-31,0.02160
2016-09-30,0.18002
2016-12-31,0.03027
2017-09-30,0.00205
2017-12-31,0.36300
2018-12-31,0.21639
2019-12-31,0.14174
2021-11-18,26.35024
2021-12-31,0.25702
2022-12-31,0.06595

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2004-03-31,1080691200,0.02376,0.02376,0,0
2004-06-30,1088553600,0.10846,0.10846,0,0
2004-09-30,1096502400,0.10047,0.10047,0,0
2004-12-31,1104451200,0.12624,0.12624,0,0
2005-03-31,1112227200,0.05312,0.05312,0,0
2005-06-30,1120089600,0.05638,0.05638,0,0
2005-09-30,1128038400,0.07780,0.07780,0,0
2005-12-30,1135987200,0.07354,0.07354,0,0
2006-03-30,1143763200,0.05452,0.05452,0,0
2006-06-28,1151625600,0.05785,0.05785,0,0
2006-09-27,1159574400,0.14464,0.14464,0,0
2006-11-17,1163721600,1.30207,0,0.04610,1.25597
2006-12-26,1167523200,0.08145,0.08145,0,0
2007-03-26,1175299200,0.05638,0.05638,0,0
2007-06-26,1183161600,0.02760,0.02760,0,0
2007-09-26,1191110400,0.09619,0.09619,0,0
2007-11-19,1195430400,3.93397,0,0.88171,3.05226
2008-03-26,1206921600,0.01300,0.01300,0,0
2008-06-26,1214784000,0.05670,0.05670,0,0
2008-09-26,1222732800,0.05714,0.05714,0,0
2008-12-26,1230681600,0.10148,0.10148,0,0
2009-03-26,1238457600,0.09516,0.09516,0,0
2009-06-26,1246320000,0.08932,0.08932,0,0
2009-09-25,1254268800,0.11303,0.11303,0,0
2009-12-24,1262217600,0.11637,0.11637,0,0
2010-03-26,1269993600,0.01536,0.01536,0,0
2010-06-25,1277856000,0.00896,0.00896,0,0
2010-09-24,1285804800,0.02999,0.02999,0,0
2013-12-24,1388448000,0.04352,0.04352,0,0
2014-09-24,1412035200,0.20992,0.20992,0,0
2014-12-24,1419984000,0.02160,0.02160,0,0
2016-09-26,1475193600,0.18002,0.18002,0,0
2016-12-23,1483142400,0.03027,0.03027,0,0
2017-09-22,1506729600,0.00205,0.00205,0,0
2017-12-22,1514678400,0.36300,0.36300,0,0
2018-12-21,1546214400,0.21639,0.21639,0,0
2019-12-20,1577750400,0.14174,0.14174,0,0
2021-11-18,1637193600,26.35024,0,7.96715,18.38309
2021-12-16,1640908800,0.25702,0.25702,0,0
2022-12-15,1672444800,0.06595,0.06595,0,0

Distributions

(As of 15 Dec 2022)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 2004

0.02376

—

30 Jun 2004

0.10846

—

30 Sep 2004

0.10047

—

31 Dec 2004

0.12624

—

31 Mar 2005

0.05312

—

30 Jun 2005

0.05638

—

30 Sep 2005

0.07780

—

30 Dec 2005

31 Dec 2005

0.07354

—

30 Mar 2006

31 Mar 2006

0.05452

—

28 Jun 2006

30 Jun 2006

0.05785

—

27 Sep 2006

30 Sep 2006

0.14464

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

31 Dec 2006

0.08145

—

26 Mar 2007

31 Mar 2007

0.05638

—

26 Jun 2007

30 Jun 2007

0.02760

—

26 Sep 2007

30 Sep 2007

0.09619

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Mar 2008

31 Mar 2008

0.01300

—

26 Jun 2008

30 Jun 2008

0.05670

—

26 Sep 2008

30 Sep 2008

0.05714

—

26 Dec 2008

31 Dec 2008

0.10148

—

26 Mar 2009

31 Mar 2009

0.09516

—

26 Jun 2009

30 Jun 2009

0.08932

—

25 Sep 2009

30 Sep 2009

0.11303

—

24 Dec 2009

31 Dec 2009

0.11637

—

26 Mar 2010

31 Mar 2010

0.01536

—

25 Jun 2010

30 Jun 2010

0.00896

—

24 Sep 2010

30 Sep 2010

0.02999

—

24 Dec 2013

31 Dec 2013

0.04352

—

24 Sep 2014

30 Sep 2014

0.20992

—

24 Dec 2014

31 Dec 2014

0.02160

—

26 Sep 2016

30 Sep 2016

0.18002

—

23 Dec 2016

31 Dec 2016

0.03027

—

22 Sep 2017

30 Sep 2017

0.00205

—

22 Dec 2017

31 Dec 2017

0.36300

—

21 Dec 2018

31 Dec 2018

0.21639

—

20 Dec 2019

31 Dec 2019

0.14174

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

31 Dec 2021

0.25702

—

15 Dec 2022

31 Dec 2022

0.06595

—

Fund Facts

(As of 31 Oct 2024)

Net Fund Assets

$551.8 M

Benchmark

Russell 2500 Index

Morningstar Category

Large Blend

Fund Symbol

TVRFX

Share Class

Share Class Inception Date

1 Jul 2003

Number of Holdings

Portfolio Turnover

33%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Oct 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$10.4 B

$7.6 B

Median Market Cap

$8.5 B

$1.5 B

Price to Earnings - Forward 1YR

21.9x

17.2x

Price to Earnings - Trailing 12 Months

26.2x

17.5x

Price to Cash Flow

15.5x

10.0x

Portfolio

Benchmark

Price to Book Value

2.9x

2.2x

Return on Assets - 5 YR

5.8%

3.9%

Return on Equity - 5 YR

17.8%

13.5%

Historical 3YR Sales Growth

14.7%

20.2%

Active Share

95.8%

—

Risk & Return Profile

(As of 30 Sep 2024)

10y

Annualized Alpha (%)

-0.39

-0.65

0.74

Beta

0.88

0.85

0.82

R-Squared (%)

94.48

92.81

88.94

Standard Deviation (%)

18.90

19.86

16.57

Sharpe Ratio

-0.05

0.30

0.42

Information Ratio

-0.14

-0.34

-0.13

Up Capture (%)

90.17

85.99

82.96

Down Capture (%)

91.82

88.91

79.90

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Sep 2024)

Name

Ticker/Symbol

Sector

Weight %

Casella Waste Systems, Inc.

CWST

Industrials

3.4

Clean Harbors, Inc.

CLH

Industrials

3.1

Coherent Corp.

COHR

Information Technology

2.9

TransUnion

TRU

Industrials

2.9

Vertiv Holdings Co.

VRT

Industrials

2.7

Walker & Dunlop, Inc.

Financials

2.7

Western Alliance Bancorp

WAL

Financials

2.7

Pinnacle Financial Partners, Inc.

PNFP

Financials

2.6

Builders FirstSource, Inc.

BLDR

Industrials

2.6

SharkNinja, Inc.

Consumer Discretionary

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

26.9

19.1

Financials

19.9

17.3

Information Technology

15.8

11.7

Consumer Discretionary

12.7

12.3

Health Care

6.4

12.6

Consumer Staples

4.6

3.3

Energy

3.8

4.9

Materials

3.3

6.1

Utilities

3.1

2.5

Real Estate

1.9

7.1

Cash & Cash Equivalents

1.5

—

Communication Services

0.0

3.1

Sector Allocation

Fund (%)

Industrials

26.9

Financials

19.9

Information Technology

15.8

Consumer Discretionary

12.7

Health Care

6.4

Consumer Staples

4.6

Energy

3.8

Materials

3.3

Utilities

3.1

Real Estate

1.9

Cash & Cash Equivalents

1.5

Communication Services

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

15.3

13.3

Financial Services

10.3

7.6

Commercial & Professional Services

9.3

3.6

Software & Services

8.2

6.3

Consumer Durables & Apparel

6.9

3.7

Banks

5.5

6.3

Pharmaceuticals, Biotechnology & Life Sciences

4.7

7.9

Technology Hardware & Equipment

4.4

3.6

Insurance

4.2

3.4

Energy

3.8

4.9

Top 10 Industries

Fund (%)

Capital Goods

15.3

Financial Services

10.3

Commercial & Professional Services

9.3

Software & Services

8.2

Consumer Durables & Apparel

6.9

Banks

5.5

Pharmaceuticals, Biotechnology & Life Sciences

4.7

Technology Hardware & Equipment

4.4

Insurance

4.2

Energy

3.8

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Large Cap (> $12 B)

36.6

20.2

Mid Cap ($2.5 to $12 B)

55.6

62.6

Small Cap (< $2.5 B)

7.8

17.2

Capitalization

Fund (%)

Large Cap (> $12 B)

36.6

Mid Cap ($2.5 to $12 B)

55.6

Small Cap (< $2.5 B)

7.8

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

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

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 Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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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Thornburg Small/Mid Cap Core Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Steven Klopukh, CFA

Tim McCarthy, CFA

Literature

Important Information

More Insights

Market Concentration and the Fed’s Policy Outlook

Value vs. Growth: Does Another Fed Hike Matter?

The Value of Dividends and Munis to Stoke Income

Navigating Recession, the Fed, Inflation and Borrowing

Recession and Reversion to the Mean

How to Position Bond Portfolios as the Fed Ponders a Pivot

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Thornburg Small/Mid Cap Core Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Steven Klopukh, CFA

Tim McCarthy, CFA

Literature

Important Information

More Insights

Market Concentration and the Fed’s Policy Outlook

Value vs. Growth: Does Another Fed Hike Matter?

The Value of Dividends and Munis to Stoke Income

Navigating Recession, the Fed, Inflation and Borrowing

Recession and Reversion to the Mean

How to Position Bond Portfolios as the Fed Ponders a Pivot