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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg Small/Mid Cap Growth Fund

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
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 30 Jun 2022)
YTD
1y
3y
5y
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
4
4
4
4
YTD
1y
3y
5y
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
4
4
4
4
YTD
1y
3y
5y
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
1y
3y
5y
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
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
1.04
Net Expense Ratio (%)
0.95
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2022)
(Hypothetical Growth of $10,000 vs Russell 2500 Growth TR)
Distributions

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

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
I
Share Class Inception Date
3 Nov 2003
Number of Holdings
49
Portfolio Turnover
161%
Distribution Frequency
Annually
Characteristics

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

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
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
Portfolio

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
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
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

0%
5%
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

0%
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
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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