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Home » Investments » Mutual Funds » Thornburg Small/Mid Cap Growth Fund
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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

Steven Klopukh, CFA
Portfolio Manager and Managing Director
Tim McCarthy, CFA
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
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.

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Performance

Performance

Returns

(As of 30 Sep 2023)
Average Annual Return
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

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 Mid-Cap Growth category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 560, 519, 486 and 379 funds, respectively, as of 30 Jun 2023.

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

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
2.97
Net Expense Ratio (%)
1.36

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(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

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

Past performance does not guarantee future results.

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
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector
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

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

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…
Learn More
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

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Report
Semi-annual report
Prospectus
Statement of Additional Information (SAI)

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 Ratingâ„¢, 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.

© 2023 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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