Thornburg Small/Mid Cap Growth Fund

SYMBOL: THIGX

Morningstar Rating • Info

Overall Morningstar Rating among 1140 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, 1 star, 1 star and 1 star among 1140, 1052 and 788 funds, as of 31 Aug 2022.

As of 31 Aug 2022

Fund Assets

$322.2 M

As of 31 Aug 2022

NAV

$24.15

As of 27 Sep 2022

Change

$0.26

As of 27 Sep 2022

YTD NAV Performance

-36.14%

As of 27 Sep 2022

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 Growth TR

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 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.

Returns

(As of 30 Jun 2022)

YTD

10y

Inception

Total Return (%)

-35.93

-39.59

-2.41

3.67

8.34

5.98

Russell 2500 Growth TR (%)

-29.45

-31.81

3.68

7.53

10.88

7.29

Morningstar Category Avg. (%)

-29.12

-23.86

8.1

11.01

12.51

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-30.04

-35.70

0.79

5.10

8.56

6.36

Russell 2500 Growth TR (%)

-22.89

-25.68

7.27

9.12

11.56

7.67

Morningstar Category Avg. (%)

-24.96

-23.75

10.16

11.46

12.74

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-35.93

-39.59

-7.06

19.77

122.68

248.52

Russell 2500 Growth TR (%)

-29.45

-31.81

11.44

43.75

180.85

354.52

YTD

10y

Inception

Total Return (%)

-30.04

-35.70

2.39

28.23

127.43

280.60

Russell 2500 Growth TR (%)

-22.89

-25.68

23.43

54.74

198.50

396.75

2016

2017

2018

2019

2020

2021

Total Return (%)

-1.95

24.40

-2.20

29.37

42.08

-3.99

Russell 2500 Growth TR (%)

9.73

24.46

-7.47

32.65

40.47

5.04

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 Core Growth Fund's name changed to Thornburg Small/Mid Cap Growth 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 the Russell 3000 Total Return Growth Index to the Russell 2500 Growth Index (Total Return).

Morningstar quartile ranking for Large Growth category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 1248, 1138, 1052 and 787 funds, respectively, as of 30 Jun 2022, and 1252, 1140, 1052 and 788 funds, respectively, as of 31 Aug 2022.

Prior to inception of I and 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, 27 Dec 2000; I shares, 3 Nov 2003; R3 shares 1 Jul 2003; R4, 1 Feb 2007; and R5 shares, 3 Oct 2005.

Fund Fees

(As of 30 Jun 2022)

Gross Expense Ratio (%)

1.04

Net Expense Ratio (%)

0.95

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2023, 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,I Shares,Russell 2500 Growth TR
            2000-12-27,10000,10000
2000-12-31,9825,10056
2001-01-31,10316,10707
2001-02-28,8460,9055
2001-03-31,7727,8053
2001-04-30,8981,9281
2001-05-31,8868,9550
2001-06-30,8461,9766
2001-07-31,8045,9046
2001-08-31,7326,8444
2001-09-30,6564,7122
2001-10-31,6938,7824
2001-11-30,7599,8500
2001-12-31,7990,8967
2002-01-31,7986,8583
2002-02-28,7366,8053
2002-03-31,8121,8702
2002-04-30,7610,8413
2002-05-31,6955,7989
2002-06-30,6079,7255
2002-07-31,5490,6353
2002-08-31,5637,6352
2002-09-30,5462,5872
2002-10-31,5965,6209
2002-11-30,6332,6787
2002-12-31,5920,6358
2003-01-31,5983,6219
2003-02-28,5909,6074
2003-03-31,6167,6154
2003-04-30,6722,6691
2003-05-31,7525,7400
2003-06-30,8107,7552
2003-07-31,8520,8056
2003-08-31,8924,8488
2003-09-30,8614,8305
2003-10-31,9173,8988
2003-11-30,9318,9292
2003-12-31,9318,9302
2004-01-31,9497,9690
2004-02-29,9625,9780
2004-03-31,9395,9814
2004-04-30,9054,9398
2004-05-31,9113,9594
2004-06-30,9233,9828
2004-07-31,8653,9058
2004-08-31,8747,8876
2004-09-30,9318,9277
2004-10-31,9608,9540
2004-11-30,10324,10173
2004-12-31,10818,10660
2005-01-31,10469,10284
2005-02-28,10520,10488
2005-03-31,10503,10198
2005-04-30,10324,9647
2005-05-31,10929,10290
2005-06-30,11270,10561
2005-07-31,11867,11247
2005-08-31,11884,11117
2005-09-30,12251,11226
2005-10-31,12080,10859
2005-11-30,12730,11465
2005-12-31,13276,11531
2006-01-31,14524,12404
2006-02-28,14100,12367
2006-03-31,14490,12894
2006-04-30,14464,12934
2006-05-31,13788,12162
2006-06-30,13779,12105
2006-07-31,13458,11515
2006-08-31,14065,11792
2006-09-30,14438,11959
2006-10-31,15088,12548
2006-11-30,16075,12975
2006-12-31,15764,12945
2007-01-31,16431,13357
2007-02-28,16240,13350
2007-03-31,16509,13467
2007-04-30,16769,13881
2007-05-31,17505,14546
2007-06-30,17471,14408
2007-07-31,17245,13804
2007-08-31,17254,14016
2007-09-30,18337,14502
2007-10-31,19065,15103
2007-11-30,17749,14211
2007-12-31,17637,14199
2008-01-31,15599,13042
2008-02-29,14827,12780
2008-03-31,14446,12625
2008-04-30,14949,13386
2008-05-31,15287,14091
2008-06-30,13995,13082
2008-07-31,13449,13036
2008-08-31,13553,13254
2008-09-30,11888,11500
2008-10-31,9191,8910
2008-11-30,8341,7905
2008-12-31,8688,8306
2009-01-31,8411,7806
2009-02-28,7839,7131
2009-03-31,8576,7810
2009-04-30,9954,8972
2009-05-31,10605,9294
2009-06-30,10665,9512
2009-07-31,11342,10251
2009-08-31,11645,10460
2009-09-30,12174,11145
2009-10-31,11567,10533
2009-11-30,11914,10924
2009-12-31,12703,11766
2010-01-31,12079,11281
2010-02-28,12321,11856
2010-03-31,12902,12803
2010-04-30,13041,13251
2010-05-31,12027,12351
2010-06-30,11298,11552
2010-07-31,11940,12323
2010-08-31,11194,11542
2010-09-30,12408,13071
2010-10-31,12920,13562
2010-11-30,13076,14109
2010-12-31,14004,15162
2011-01-31,14099,15334
2011-02-28,14585,16174
2011-03-31,14689,16653
2011-04-30,15192,17235
2011-05-31,15079,17023
2011-06-30,14784,16716
2011-07-31,14533,16068
2011-08-31,13293,14752
2011-09-30,12035,13147
2011-10-31,13804,15178
2011-11-30,14004,15105
2011-12-31,14264,14924
2012-01-31,15209,16074
2012-02-29,16206,16813
2012-03-31,16917,17103
2012-04-30,16648,16957
2012-05-31,15218,15679
2012-06-30,15651,16184
2012-07-31,15772,16023
2012-08-31,16735,16642
2012-09-30,17333,17028
2012-10-31,16787,16708
2012-11-30,17186,17001
2012-12-31,17394,17331
2013-01-31,18252,18521
2013-02-28,18512,18636
2013-03-31,19362,19445
2013-04-30,19258,19513
2013-05-31,20021,20315
2013-06-30,19978,20072
2013-07-31,21122,21559
2013-08-31,21261,21116
2013-09-30,22189,22469
2013-10-31,23047,22991
2013-11-30,24019,23740
2013-12-31,24912,24376
2014-01-31,24608,23916
2014-02-28,25536,25164
2014-03-31,24339,24630
2014-04-30,22978,23761
2014-05-31,23282,24075
2014-06-30,24261,25343
2014-07-31,23915,24068
2014-08-31,25024,25391
2014-09-30,24192,24277
2014-10-31,25206,25346
2014-11-30,25094,25767
2014-12-31,25042,26095
2015-01-31,24556,25693
2015-02-28,25952,27584
2015-03-31,25961,28036
2015-04-30,25996,27453
2015-05-31,26178,28300
2015-06-30,26256,28208
2015-07-31,26542,28542
2015-08-31,24808,26542
2015-09-30,23967,25091
2015-10-31,25718,26402
2015-11-30,26550,27000
2015-12-31,25839,26046
2016-01-31,22865,23471
2016-02-29,22198,23542
2016-03-31,24001,25354
2016-04-30,23732,25597
2016-05-31,24400,26233
2016-06-30,23784,26038
2016-07-31,25206,27585
2016-08-31,25614,27777
2016-09-30,26022,27857
2016-10-31,25553,26402
2016-11-30,25770,28327
2016-12-31,25337,28580
2017-01-31,26672,29257
2017-02-28,27426,30144
2017-03-31,27669,30367
2017-04-30,28363,30901
2017-05-31,28866,30915
2017-06-30,29100,31620
2017-07-31,30019,32040
2017-08-31,29681,32103
2017-09-30,30062,33447
2017-10-31,30340,34341
2017-11-30,30938,35474
2017-12-31,31519,35570
2018-01-31,33808,37345
2018-02-28,33583,36121
2018-03-31,33427,36416
2018-04-30,33964,36184
2018-05-31,34875,38110
2018-06-30,35638,38429
2018-07-31,36002,39148
2018-08-31,38126,41793
2018-09-30,37571,41183
2018-10-31,34042,36236
2018-11-30,33669,36920
2018-12-31,30825,32914
2019-01-31,34268,36833
2019-02-28,35681,39261
2019-03-31,36383,39163
2019-04-30,38508,40534
2019-05-31,35256,37841
2019-06-30,37502,40785
2019-07-31,38334,41422
2019-08-31,37172,40245
2019-09-30,36722,39488
2019-10-31,37328,40501
2019-11-30,39254,43260
2019-12-31,39878,43661
2020-01-31,41316,43709
2020-02-29,39406,40745
2020-03-31,34791,33524
2020-04-30,39595,38899
2020-05-31,43510,42961
2020-06-30,45600,44543
2020-07-31,48304,46981
2020-08-31,51926,49095
2020-09-30,49515,48718
2020-10-31,48408,49293
2020-11-30,53941,56473
2020-12-31,56661,61331
2021-01-31,56681,63045
2021-02-28,57755,65025
2021-03-31,54051,62857
2021-04-30,57604,65065
2021-05-31,55195,63256
2021-06-30,57695,66651
2021-07-31,58668,65208
2021-08-31,59190,66840
2021-09-30,56962,64297
2021-10-31,60043,67593
2021-11-30,55004,64111
2021-12-31,54400,64425
2022-01-31,46288,55925
2022-02-28,46834,56093
2022-03-31,46345,56498
2022-04-30,40160,50046
2022-05-31,38189,48831
2022-06-30,34852,45452
2022-07-31,38707,50638
2022-08-31,38060,49675

Hypothetical Growth of $10,000

(As of 31 Aug 2022)

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

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 ($)
            2005-11-30,0.23968
2007-11-30,0.01139
2019-11-30,3.62416
2020-11-30,3.21798
2021-11-30,17.88056

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2005-11-17,0.23968,0,0.00000,0.23968
2007-11-19,0.01139,0,0.00000,0.01139
2019-11-14,3.62416,0,0.00000,3.62416
2020-11-19,3.21798,0,0.54559,2.67239
2021-11-18,17.88056,0,0.59501,17.28555

Distributions

(As of 30 Nov 2021)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2005

0.23968

—

0.00000

0.23968

19 Nov 2007

0.01139

—

0.00000

0.01139

14 Nov 2019

3.62416

—

0.00000

3.62416

19 Nov 2020

3.21798

—

0.54559

2.67239

18 Nov 2021

17.88056

—

0.59501

17.28555

Fund Facts

(As of 31 Aug 2022)

Net Fund Assets

$322.2 M

Benchmark

Russell 2500 Growth TR

Morningstar Category

Large Growth

Fund Symbol

THIGX

Share Class

Share Class Inception Date

3 Nov 2003

Number of Holdings

Portfolio Turnover

161%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2022)

Portfolio

Benchmark

Weighted Average Market Cap

$7.6 B

$5.8 B

Median Market Cap

$4.6 B

$1.6 B

Price to Earnings - Forward 1YR

29.7x

15.5x

Price to Earnings - Trailing 12 Months

40.5x

21.1x

Price to Cash Flow

24.4x

12.9x

Portfolio

Benchmark

Price to Book Value

5.1x

4.5x

Return on Assets - 5 YR

5.1%

3.5%

Return on Equity - 5 YR

2.1%

-1.2%

Historical 3YR Sales Growth

23.7%

22.8%

Active Share

92.4%

—

Risk & Return Profile

(As of 31 Jul 2022)

10y

Annualized Alpha (%)

-8.60

-4.79

-2.50

Beta

0.96

0.95

0.94

R-Squared (%)

89.97

89.38

88.77

Standard Deviation (%)

36.05

30.56

25.05

Sharpe Ratio

-0.03

0.19

0.49

Information Ratio

-0.84

-0.61

-0.47

Up Capture (%)

95.78

93.23

91.97

Down Capture (%)

99.71

95.79

93.50

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jul 2022)

Name

Ticker/Symbol

Sector

Weight %

Calix, Inc.

CALX

Information Technology

4.6

Chart Industries, Inc.

GTLS

Industrials

3.8

Casella Waste Systems, Inc.

CWST

Industrials

3.6

Avantor, Inc.

AVTR

Health Care

3.5

Bentley Systems, Inc.

BSY

Information Technology

3.0

Shockwave Medical, Inc.

SWAV

Health Care

3.0

Horizon Therapeutics plc

HZNP

Health Care

2.9

Ryan Specialty Holdings, Inc.

RYAN

Financials

2.9

Entegris, Inc.

ENTG

Information Technology

2.9

Black Knight, Inc.

BKI

Information Technology

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2022)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

30.4

22.6

Health Care

21.0

19.6

Industrials

19.1

18.0

Consumer Discretionary

8.7

12.1

Consumer Staples

7.7

3.7

Financials

3.6

7.0

Materials

2.7

5.2

Energy

2.3

5.9

Communication Services

2.1

1.9

Cash & Cash Equivalents

1.4

—

Real Estate

0.9

2.6

Utilities

0.0

1.3

Sector Allocation

Fund (%)

Information Technology

30.4

Health Care

21.0

Industrials

19.1

Consumer Discretionary

8.7

Consumer Staples

7.7

Financials

3.6

Materials

2.7

Energy

2.3

Communication Services

2.1

Cash & Cash Equivalents

1.4

Real Estate

0.9

Utilities

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Software & Services

17.3

15.3

Pharmaceuticals, Biotechnology & Life Sciences

11.5

10.9

Health Care Equipment & Services

9.5

8.8

Capital Goods

8.6

13.0

Commercial & Professional Services

7.5

3.9

Technology Hardware & Equipment

7.0

3.7

Semiconductors & Semiconductor Equipment

6.1

3.6

Food, Beverage & Tobacco

6.1

2.1

Retailing

3.8

3.7

Automobiles & Components

3.4

1.1

Top 10 Industries

Fund (%)

Software & Services

17.3

Pharmaceuticals, Biotechnology & Life Sciences

11.5

Health Care Equipment & Services

9.5

Capital Goods

8.6

Commercial & Professional Services

7.5

Technology Hardware & Equipment

7.0

Semiconductors & Semiconductor Equipment

6.1

Food, Beverage & Tobacco

6.1

Retailing

3.8

Automobiles & Components

3.4

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Large Cap (> $12 B)

23.8

11.3

Mid Cap ($2.5 to $12 B)

65.2

65.4

Small Cap (< $2.5 B)

11.1

23.3

Capitalization

Fund (%)

Large Cap (> $12 B)

23.8

Mid Cap ($2.5 to $12 B)

65.2

Small Cap (< $2.5 B)

11.1

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

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

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.

© 2022 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 Corporation.

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 Corporation (TSC) does not act as broker of record for investors.

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As the storm that crushed the travel and lodging industries clears, we see post-Covid investment opportunities and pitfalls in the skies ahead.

Markets & Economy

Is the Fed Gambling with Markets & the Economy?

Jason Brady believes “We're not going to see anything near the Fed's 2% target inflation… forcing the Fed to continue to be very hawkish."

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Thornburg Small/Mid Cap Growth 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

The Death of the 60/40 Portfolio? Think Again.

Navigating the Post-COVID Resurgence in Travel and Hospitality

Is the Fed Gambling with Markets & the Economy?

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Thornburg Small/Mid Cap Growth 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

The Death of the 60/40 Portfolio? Think Again.

Navigating the Post-COVID Resurgence in Travel and Hospitality

Is the Fed Gambling with Markets & the Economy?