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Thornburg Small/Mid Cap Growth Strategy

Strategy Overview
The Small/Mid Cap Growth Strategy employs rigorous bottom-up, fundamental analysis to identify high quality companies in the early stages of their growth trajectory and 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 disruptive stocks, but also includes stocks of companies with consistent growth characteristics and growing 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 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 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 Growth Strategy - Gross (%)
-14.68
-9.20
-0.63
-4.81
Thornburg Small/Mid Cap Growth Strategy - Net (%)
-14.88
-9.99
-1.50
-5.63
Russell 2500 Growth Index (%)
-10.80
-6.37
0.55
-1.53
YTD
1y
3y
Inception
Thornburg Small/Mid Cap Growth Strategy - Gross (%)
-14.78
-3.36
4.16
-4.74
Thornburg Small/Mid Cap Growth Strategy - Net (%)
-15.04
-4.20
3.26
-5.56
Russell 2500 Growth Index (%)
-11.09
0.84
4.59
-1.57
2021
2022
2023
2024
Thornburg Small/Mid Cap Growth Strategy - Gross (%)
-3.18
-33.27
21.28
21.33
Thornburg Small/Mid Cap Growth Strategy - Net (%)
-3.99
-33.86
20.23
20.29
Russell 2500 Growth Index (%)
5.04
-26.21
18.93
13.90
Strategy Facts

Strategy Facts

(As of 30 Apr 2025)
Strategy Assets
$200.1 M
Benchmark
Russell 2500 Growth Index
Number of Holdings
45
Portfolio Turnover
30%
eVestment Category
US Small-Mid Cap Growth Equity
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$10.1 B
$6.9 B
Median Market Cap
$6.6 B
$1.2 B
Price to Earnings - Forward 1YR
30.0x
19.8x
Price to Earnings - Trailing 12 Months
32.4x
21.7x
Price to Cash Flow
22.4x
13.2x
Portfolio
Benchmark
Price to Book Value
5.1x
4.2x
Return on Assets - 5 YR
3.4%
3.8%
Return on Equity - 5 YR
-1.0%
-0.4%
Historical 3YR Sales Growth
19.7%
22.6%
Active Share
93.8%
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
5.4
CyberArk Software Ltd.
CYBR
Information Technology
4.2
Applied Industrial Technologies, Inc.
AIT
Industrials
3.4
Monday.com Ltd.
MNDY
Information Technology
3.3
SharkNinja, Inc.
SN
Consumer Discretionary
3.2
TransUnion
TRU
Industrials
3.2
Vertiv Holdings Co.
VRT
Industrials
3.1
Ryan Specialty Holdings, Inc.
RYAN
Financials
3.1
On Holding AG
ONON
Consumer Discretionary
3.1
Liberty Media Corp-Liberty Formula One
FWONK
Communication Services
2.9
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.3
18.8
Industrials
26.2
20.8
Health Care
17.4
21.4
Consumer Discretionary
9.6
13.9
Financials
9.4
10.4
Consumer Staples
5.1
3.4
Communication Services
2.9
1.8
Energy
2.7
3.8
Cash & Cash Equivalents
0.5
Materials
0.0
3.6
Real Estate
0.0
1.3
Utilities
0.0
0.8
Sector Allocation
Portfolio (%)
Information Technology
26.3
Industrials
26.2
Health Care
17.4
Consumer Discretionary
9.6
Financials
9.4
Consumer Staples
5.1
Communication Services
2.9
Energy
2.7
Cash & Cash Equivalents
0.5
Materials
0.0
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Software & Services
17.7
12.6
Capital Goods
16.2
15.2
Pharmaceuticals, Biotechnology & Life Sciences
9.6
13.9
Commercial & Professional Services
8.6
4.0
Health Care Equipment & Services
7.8
7.5
Financial Services
6.3
7.4
Consumer Durables & Apparel
6.3
2.6
Semiconductors & Semiconductor Equipment
6.2
2.6
Food, Beverage & Tobacco
5.1
1.4
Consumer Services
3.3
7.2
Top 10 Industries
Portfolio (%)
Software & Services
17.7
Capital Goods
16.2
Pharmaceuticals, Biotechnology & Life Sciences
9.6
Commercial & Professional Services
8.6
Health Care Equipment & Services
7.8
Financial Services
6.3
Consumer Durables & Apparel
6.3
Semiconductors & Semiconductor Equipment
6.2
Food, Beverage & Tobacco
5.1
Consumer Services
3.3
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
34.3
15.0
Mid Cap ($2.5 to $12 B)
56.2
63.5
Small Cap (< $2.5 B)
9.6
21.5
Capitalization
Portfolio (%)
Large Cap (> $12 B)
34.3
Mid Cap ($2.5 to $12 B)
56.2
Small Cap (< $2.5 B)
9.6
Portfolio Managers

Portfolio Managers

Steven Klopukh, CFA

Steven Klopukh, CFA

Portfolio Manager and Managing Director
Steven Klopukh is a 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…
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Tim McCarthy, CFA

Tim McCarthy, CFA

Portfolio Manager and Managing Director
Tim McCarthy is a 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…
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