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Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 385 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, 2 stars, 2 stars and 3 stars among 385, 359 and 245 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$535.1 M
As of 29 Feb 2024
NAV
$73.93
As of 18 Mar 2024
Change
$0.12
As of 18 Mar 2024
YTD NAV Performance
5.78%
As of 18 Mar 2024
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 TR

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.61
13.61
1.58
8.73
7.80
9.43
Russell 2500 TR (%)
17.42
17.42
4.24
11.67
8.36
9.72
Morningstar Category Avg. (%)
16
16
6.83
11.96
8.28
Morningstar Quartile
3
4
4
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.91
14.53
1.34
7.36
8.04
9.56
Russell 2500 TR (%)
2.68
12.25
2.15
8.84
8.36
9.76
Morningstar Category Avg. (%)
4.54
14.7
6.23
9.89
8.5
Morningstar Quartile
2
4
4
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.61
13.61
4.82
51.94
111.98
1175.74
Russell 2500 TR (%)
17.42
17.42
13.28
73.67
123.20
1273.49
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.91
14.53
4.08
42.63
116.63
1238.35
Russell 2500 TR (%)
2.68
12.25
6.58
52.71
123.22
1310.33
2018
2019
2020
2021
2022
2023
Total Return (%)
-9.39
29.31
12.10
14.18
-19.19
13.61
Russell 2500 TR (%)
-10.00
27.77
19.99
18.18
-18.37
17.42
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.08
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 TR)
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
30 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
30 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
30 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
30 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
30 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 29 Feb 2024)
Net Fund Assets
$535.1 M
Benchmark
Russell 2500 TR
Morningstar Category
Large Blend
Fund Symbol
TVIFX
Share Class
I
Share Class Inception Date
2 Nov 1998
Number of Holdings
50
Portfolio Turnover
38%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$9.0 B
$7.8 B
Median Market Cap
$6.4 B
$1.5 B
Price to Earnings - Forward 1YR
18.7x
15.9x
Price to Earnings - Trailing 12 Months
21.3x
16.6x
Price to Cash Flow
12.7x
9.7x
Portfolio
Benchmark
Price to Book Value
2.9x
2.3x
Return on Assets - 5 YR
5.2%
4.5%
Return on Equity - 5 YR
12.5%
6.8%
Historical 3YR Sales Growth
16.5%
20.9%
Active Share
94.9%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
-0.64
-0.30
1.11
Beta
0.89
0.85
0.81
R-Squared (%)
94.03
92.48
88.22
Standard Deviation (%)
18.35
20.11
16.35
Sharpe Ratio
-0.07
0.27
0.41
Information Ratio
-0.16
-0.23
-0.05
Up Capture (%)
89.21
87.34
81.88
Down Capture (%)
91.66
89.06
77.16
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
3.6
Builders FirstSource, Inc.
BLDR
Industrials
3.1
Deckers Outdoor Corp.
DECK
Consumer Discretionary
2.8
LPL Financial Holdings, Inc.
LPLA
Financials
2.7
ITT, Inc.
ITT
Industrials
2.7
Pinnacle Financial Partners, Inc.
PNFP
Financials
2.7
Clean Harbors, Inc.
CLH
Industrials
2.7
DigitalBridge Group, Inc.
DBRG
Real Estate
2.6
Avantor, Inc.
AVTR
Health Care
2.5
Applied Industrial Technologies, Inc.
AIT
Industrials
2.5
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
28.0
20.5
Financials
17.4
16.0
Information Technology
15.1
13.2
Health Care
9.6
12.2
Consumer Discretionary
9.4
13.0
Energy
5.6
4.8
Consumer Staples
4.9
3.3
Real Estate
4.1
6.6
Materials
3.7
5.4
Utilities
1.9
2.5
Cash & Cash Equivalents
0.3
Communication Services
0.0
2.4
Sector Allocation
Fund (%)
Industrials
28.0
Financials
17.4
Information Technology
15.1
Health Care
9.6
Consumer Discretionary
9.4
Energy
5.6
Consumer Staples
4.9
Real Estate
4.1
Materials
3.7
Utilities
1.9
Cash & Cash Equivalents
0.3
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.1
14.5
Financial Services
9.0
7.1
Commercial & Professional Services
8.5
3.9
Software & Services
6.1
6.7
Health Care Equipment & Services
5.6
4.6
Energy
5.6
4.8
Technology Hardware & Equipment
5.3
4.1
Insurance
4.3
3.3
Banks
4.2
5.6
Consumer Durables & Apparel
4.0
4.6
Top 10 Industries
Fund (%)
Capital Goods
17.1
Financial Services
9.0
Commercial & Professional Services
8.5
Software & Services
6.1
Health Care Equipment & Services
5.6
Energy
5.6
Technology Hardware & Equipment
5.3
Insurance
4.3
Banks
4.2
Consumer Durables & Apparel
4.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
29.4
18.1
Mid Cap ($2.5 to $12 B)
56.9
63.9
Small Cap (< $2.5 B)
13.7
18.0
Capitalization
Fund (%)
Large Cap (> $12 B)
29.4
Mid Cap ($2.5 to $12 B)
56.9
Small Cap (< $2.5 B)
13.7
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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