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Thornburg Small/Mid Cap Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 523 Large Growth funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 1 star among 523, 493 and 395 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$277.0 M
As of 29 Feb 2024
NAV
$32.92
As of 18 Mar 2024
Change
$0.00
As of 18 Mar 2024
YTD NAV Performance
9.55%
As of 18 Mar 2024
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 Growth TR

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Flexible and focused equity portfolio that invests in primarily U.S growth companies across the small- and mid-capitalization spectrum.
  • Proven bottom-up fundamental research process that aims to identify emerging growth companies with attractive and durable growth drivers of revenue and earnings.
  • Actively managed fund 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 securities selected for their growth potential.

Investment Approach

The fund employs rigorous bottom-up, fundamental analysis to identify high-quality companies in the early stages of their growth trajectory and which the team believes will deliver attractive risk-adjusted returns over the long term. The portfolio is diversified across the growth spectrum with companies exhibiting consistent growth, emerging growth, or disruptive characteristics.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.15
20.15
-8.63
6.99
5.67
6.57
Russell 2500 Growth TR (%)
18.93
18.93
-2.68
11.43
8.78
7.82
Morningstar Category Avg. (%)
21.37
21.37
-0.86
12.46
9.23
Morningstar Quartile
3
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
10.28
26.25
-6.20
5.96
6.44
6.97
Russell 2500 Growth TR (%)
5.66
16.06
-2.79
8.76
9.03
8.02
Morningstar Category Avg. (%)
6.5
20.88
-0.1
10.26
9.59
Morningstar Quartile
1
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.15
20.15
-23.71
40.22
73.51
332.24
Russell 2500 Growth TR (%)
18.93
18.93
-7.82
71.78
131.94
465.38
YTD
1y
3y
5y
10y
Inception
Total Return (%)
10.28
26.25
-17.46
33.60
86.67
376.69
Russell 2500 Growth TR (%)
5.66
16.06
-8.13
52.15
137.39
497.36
2018
2019
2020
2021
2022
2023
Total Return (%)
-2.20
29.37
42.08
-3.99
-33.87
20.15
Russell 2500 Growth TR (%)
-7.47
32.65
40.47
5.04
-26.21
18.93
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.09
Net Expense Ratio (%)
0.95
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs Russell 2500 Growth TR)
Distributions

Distributions

(As of 18 Nov 2021)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
17 Nov 2005
30 Nov 2005
0.23968
0.00000
0.23968
19 Nov 2007
30 Nov 2007
0.01139
0.00000
0.01139
14 Nov 2019
30 Nov 2019
3.62416
0.00000
3.62416
19 Nov 2020
30 Nov 2020
3.21798
0.54559
2.67239
18 Nov 2021
30 Nov 2021
17.88056
0.59501
17.28555
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$277.0 M
Benchmark
Russell 2500 Growth TR
Morningstar Category
Large Growth
Fund Symbol
THIGX
Share Class
I
Share Class Inception Date
3 Nov 2003
Number of Holdings
46
Portfolio Turnover
45%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$11.0 B
$8.0 B
Median Market Cap
$9.1 B
$1.7 B
Price to Earnings - Forward 1YR
34.7x
20.9x
Price to Earnings - Trailing 12 Months
41.3x
23.3x
Price to Cash Flow
27.0x
14.6x
Portfolio
Benchmark
Price to Book Value
6.0x
5.0x
Return on Assets - 5 YR
5.9%
3.7%
Return on Equity - 5 YR
4.6%
0.1%
Historical 3YR Sales Growth
28.9%
29.0%
Active Share
93.0%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
-3.16
-1.86
-1.41
Beta
1.02
0.92
0.89
R-Squared (%)
91.35
89.28
86.56
Standard Deviation (%)
22.72
22.28
18.69
Sharpe Ratio
-0.39
0.18
0.27
Information Ratio
-0.51
-0.37
-0.36
Up Capture (%)
92.08
91.24
85.70
Down Capture (%)
104.14
98.50
91.63
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
3.8
Vertiv Holdings Co.
VRT
Industrials
3.7
Shockwave Medical, Inc.
SWAV
Health Care
3.3
Bentley Systems, Inc.
BSY
Information Technology
3.3
Freshpet, Inc.
FRPT
Consumer Staples
2.7
CCC Intelligent Solutions Holdings, Inc.
CCCS
Information Technology
2.7
Repligen Corp.
RGEN
Health Care
2.7
Onto Innovation, Inc.
ONTO
Information Technology
2.6
WillScot Mobile Mini Holdings Corp.
WSC
Industrials
2.6
Applied Industrial Technologies, Inc.
AIT
Industrials
2.6
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.1
21.9
Industrials
25.7
19.9
Health Care
20.0
20.7
Consumer Discretionary
7.9
13.4
Financials
7.7
8.4
Consumer Staples
6.4
4.0
Energy
2.6
3.7
Communication Services
2.1
1.9
Cash & Cash Equivalents
0.9
Real Estate
0.7
1.5
Materials
0.0
3.6
Utilities
0.0
1.0
Sector Allocation
Fund (%)
Information Technology
26.1
Industrials
25.7
Health Care
20.0
Consumer Discretionary
7.9
Financials
7.7
Consumer Staples
6.4
Energy
2.6
Communication Services
2.1
Cash & Cash Equivalents
0.9
Real Estate
0.7
Materials
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Software & Services
15.7
13.2
Capital Goods
14.7
14.0
Pharmaceuticals, Biotechnology & Life Sciences
12.4
13.3
Commercial & Professional Services
8.0
4.6
Semiconductors & Semiconductor Equipment
7.7
3.2
Health Care Equipment & Services
7.6
7.3
Food, Beverage & Tobacco
6.4
2.0
Financial Services
5.0
5.8
Consumer Durables & Apparel
3.7
3.3
Transportation
2.9
1.2
Top 10 Industries
Fund (%)
Software & Services
15.7
Capital Goods
14.7
Pharmaceuticals, Biotechnology & Life Sciences
12.4
Commercial & Professional Services
8.0
Semiconductors & Semiconductor Equipment
7.7
Health Care Equipment & Services
7.6
Food, Beverage & Tobacco
6.4
Financial Services
5.0
Consumer Durables & Apparel
3.7
Transportation
2.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
37.4
19.2
Mid Cap ($2.5 to $12 B)
59.2
61.8
Small Cap (< $2.5 B)
3.5
19.0
Capitalization
Fund (%)
Large Cap (> $12 B)
37.4
Mid Cap ($2.5 to $12 B)
59.2
Small Cap (< $2.5 B)
3.5
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…
Learn More

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