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Welcome to Thornburg

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Thornburg Small/Mid Cap Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 521 Large Growth funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 1 star and 1 star among 521, 490 and 384 funds, as of 31 Aug 2023.

As of 31 Aug 2023
Fund Assets
$288.2 M
As of 31 Aug 2023
NAV
$24.14
As of 2 Oct 2023
Change
$-0.23
As of 2 Oct 2023
YTD NAV Performance
10.73%
As of 2 Oct 2023
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 Sep 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.79
14.74
-6.99
1.02
5.73
5.82
Russell 2500 Growth TR (%)
5.63
10.61
1.01
4.05
8.37
7.35
Morningstar Category Avg. (%)
14.25
17.25
6.99
8.35
10.61
Morningstar Quartile
1
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.79
14.74
-6.99
1.02
5.73
5.82
Russell 2500 Growth TR (%)
5.63
10.61
1.01
4.05
8.37
7.35
Morningstar Category Avg. (%)
18.19
8.76
5.7
8.67
10.27
Morningstar Quartile
2
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.79
14.74
-19.55
5.18
74.56
262.62
Russell 2500 Growth TR (%)
5.63
10.61
3.07
21.93
123.48
402.13
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.79
14.74
-19.55
5.18
74.56
262.62
Russell 2500 Growth TR (%)
5.63
10.61
3.07
21.93
123.48
402.13
2017
2018
2019
2020
2021
2022
Total Return (%)
23.88
-2.61
28.84
41.54
-4.38
-34.16
Russell 2500 Growth TR (%)
24.46
-7.47
32.65
40.47
5.04
-26.21
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
2.97
Net Expense Ratio (%)
1.36
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(Hypothetical Growth of $10,000 vs Russell 2500 Growth TR)
Distributions

Distributions

(As of 18 Nov 2021)
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
19 Nov 2007
0.01139
0.00000
0.01139
28 Sep 2012
0.00000
0.00000
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 2023)
Net Fund Assets
$288.2 M
Benchmark
Russell 2500 Growth TR
Morningstar Category
Large Growth
Fund Symbol
TCGRX
Share Class
R4
Share Class Inception Date
1 Feb 2007
Number of Holdings
49
Portfolio Turnover
58%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$8.9 B
$6.0 B
Median Market Cap
$7.2 B
$1.5 B
Price to Earnings - Forward 1YR
33.2x
19.8x
Price to Earnings - Trailing 12 Months
35.6x
21.6x
Price to Cash Flow
24.3x
13.7x
Portfolio
Benchmark
Price to Book Value
4.7x
4.9x
Return on Assets - 5 YR
4.1%
2.9%
Return on Equity - 5 YR
5.9%
-1.1%
Historical 3YR Sales Growth
33.1%
31.3%
Active Share
92.6%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
10y
Annualized Alpha (%)
-8.00
-2.50
-1.10
Beta
1.00
0.90
0.88
R-Squared (%)
89.53
89.89
85.92
Standard Deviation (%)
22.14
22.25
17.97
Sharpe Ratio
-0.17
0.09
0.38
Information Ratio
-1.23
-0.45
-0.35
Up Capture (%)
85.04
88.42
86.06
Down Capture (%)
115.30
97.39
91.20
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2023)
Name
Ticker/Symbol
Sector
Weight %
Bentley Systems, Inc.
BSY
Information Technology
3.8
TechnipFMC plc
FTI
Energy
3.8
Casella Waste Systems, Inc.
CWST
Industrials
3.6
Celsius Holdings, Inc.
CELH
Consumer Staples
3.5
Chart Industries, Inc.
GTLS
Industrials
3.3
Shockwave Medical, Inc.
SWAV
Health Care
2.9
Ryan Specialty Holdings, Inc.
RYAN
Financials
2.7
Freshpet, Inc.
FRPT
Consumer Staples
2.7
Vertiv Holdings Co.
VRT
Industrials
2.6
BioMarin Pharmaceutical, Inc.
BMRN
Health Care
2.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
27.3
19.5
Information Technology
21.6
21.2
Health Care
17.2
20.8
Consumer Discretionary
11.6
12.9
Consumer Staples
8.5
3.9
Financials
5.8
8.4
Energy
3.8
4.8
Communication Services
2.4
2.1
Materials
1.5
3.7
Cash & Cash Equivalents
0.4
Utilities
0.0
1.1
Real Estate
0.0
1.5
Sector Allocation
Fund (%)
Industrials
27.3
Information Technology
21.6
Health Care
17.2
Consumer Discretionary
11.6
Consumer Staples
8.5
Financials
5.8
Energy
3.8
Communication Services
2.4
Materials
1.5
Cash & Cash Equivalents
0.4
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
14.2
13.4
Software & Services
11.4
12.6
Pharmaceuticals, Biotechnology & Life Sciences
9.3
12.4
Commercial & Professional Services
9.1
4.8
Health Care Equipment & Services
7.9
8.4
Food, Beverage & Tobacco
7.1
2.1
Semiconductors & Semiconductor Equipment
6.2
3.8
Consumer Durables & Apparel
4.1
2.9
Technology Hardware & Equipment
4.0
4.8
Transportation
3.9
1.3
Top 10 Industries
Fund (%)
Capital Goods
14.2
Software & Services
11.4
Pharmaceuticals, Biotechnology & Life Sciences
9.3
Commercial & Professional Services
9.1
Health Care Equipment & Services
7.9
Food, Beverage & Tobacco
7.1
Semiconductors & Semiconductor Equipment
6.2
Consumer Durables & Apparel
4.1
Technology Hardware & Equipment
4.0
Transportation
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
30.0
12.6
Mid Cap ($2.5 to $12 B)
62.7
65.0
Small Cap (< $2.5 B)
7.2
22.4
Capitalization
Fund (%)
Large Cap (> $12 B)
30.0
Mid Cap ($2.5 to $12 B)
62.7
Small Cap (< $2.5 B)
7.2
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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