Thornburg Small/Mid Cap Growth Fund

SYMBOL: TCGRX

Morningstar Rating • Info

Overall Morningstar Rating among 470 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, 3 stars, 1 star and 1 star among 470, 442 and 367 funds, as of 30 Nov 2025.

As of 30 Nov 2025

Fund Assets

$225.4 M

As of 31 Oct 2025

NAV

$33.65

As of 12 Dec 2025

Change

$-0.79

As of 12 Dec 2025

YTD NAV Performance

7.75%

As of 12 Dec 2025

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 Growth Index

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 Sep 2025)

YTD

10y

Inception

Total Return (%)

2.34

5.27

14.59

1.08

7.89

6.50

Russell 2500 Growth Index (%)

9.95

12.62

15.97

7.76

10.93

8.23

Morningstar Category Avg. (%)

9.26

13.41

17.23

8.04

11.27

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

491

470

442

367

—

YTD

10y

Inception

Total Return (%)

8.20

2.42

13.40

0.49

7.39

6.69

Russell 2500 Growth Index (%)

11.22

2.06

12.32

4.87

10.25

8.22

Morningstar Category Avg. (%)

8.73

1.72

12.95

5.21

10.71

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

491

470

442

367

—

YTD

10y

Inception

Total Return (%)

2.34

5.27

50.47

5.51

113.63

375.56

Russell 2500 Growth Index (%)

9.95

12.62

55.96

45.33

182.17

608.00

YTD

10y

Inception

Total Return (%)

8.20

2.42

45.84

2.47

103.98

402.79

Russell 2500 Growth Index (%)

11.22

2.06

41.69

26.83

165.26

616.22

2020

2021

2022

2023

2024

Total Return (%)

41.54

-4.38

-34.16

19.68

19.70

Russell 2500 Growth Index (%)

40.47

5.04

-26.21

18.93

13.90

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.

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 1 Feb 2025)

Gross Expense Ratio (%)

3.49

Net Expense Ratio (%)

1.36

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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,R4 Shares,Russell 2500 Growth Index
            2000-12-27,10000,10000
2000-12-31,9824,10056
2001-01-31,10309,10707
2001-02-28,8450,9055
2001-03-31,7713,8053
2001-04-30,8960,9281
2001-05-31,8843,9550
2001-06-30,8432,9766
2001-07-31,8013,9046
2001-08-31,7293,8444
2001-09-30,6531,7122
2001-10-31,6899,7824
2001-11-30,7552,8500
2001-12-31,7936,8967
2002-01-31,7928,8583
2002-02-28,7308,8053
2002-03-31,8053,8702
2002-04-30,7542,8413
2002-05-31,6889,7989
2002-06-30,6018,7255
2002-07-31,5432,6353
2002-08-31,5574,6352
2002-09-30,5398,5872
2002-10-31,5892,6209
2002-11-30,6251,6787
2002-12-31,5841,6358
2003-01-31,5900,6219
2003-02-28,5824,6074
2003-03-31,6075,6154
2003-04-30,6619,6691
2003-05-31,7405,7400
2003-06-30,7974,7552
2003-07-31,8375,8056
2003-08-31,8768,8488
2003-09-30,8458,8305
2003-10-31,9001,8988
2003-11-30,9135,9292
2003-12-31,9135,9302
2004-01-31,9310,9690
2004-02-29,9427,9780
2004-03-31,9192,9814
2004-04-30,8857,9398
2004-05-31,8907,9594
2004-06-30,9024,9828
2004-07-31,8447,9058
2004-08-31,8538,8876
2004-09-30,9090,9277
2004-10-31,9366,9540
2004-11-30,10060,10173
2004-12-31,10536,10660
2005-01-31,10184,10284
2005-02-28,10234,10488
2005-03-31,10209,10198
2005-04-30,10033,9647
2005-05-31,10618,10290
2005-06-30,10935,10561
2005-07-31,11511,11247
2005-08-31,11519,11117
2005-09-30,11879,11226
2005-10-31,11703,10859
2005-11-30,12332,11465
2005-12-31,12858,11531
2006-01-31,14056,12404
2006-02-28,13630,12367
2006-03-31,14004,12894
2006-04-30,13969,12934
2006-05-31,13315,12162
2006-06-30,13297,12105
2006-07-31,12982,11515
2006-08-31,13560,11792
2006-09-30,13916,11959
2006-10-31,14536,12548
2006-11-30,15487,12975
2006-12-31,15181,12945
2007-01-31,15809,13357
2007-02-28,15622,13350
2007-03-31,15885,13467
2007-04-30,16123,13881
2007-05-31,16828,14546
2007-06-30,16802,14408
2007-07-31,16573,13804
2007-08-31,16582,14016
2007-09-30,17609,14502
2007-10-31,18298,15103
2007-11-30,17033,14211
2007-12-31,16923,14199
2008-01-31,14951,13042
2008-02-29,14211,12780
2008-03-31,13837,12625
2008-04-30,14313,13386
2008-05-31,14636,14091
2008-06-30,13387,13082
2008-07-31,12868,13036
2008-08-31,12962,13254
2008-09-30,11364,11500
2008-10-31,8780,8910
2008-11-30,7973,7905
2008-12-31,8296,8306
2009-01-31,8024,7806
2009-02-28,7488,7131
2009-03-31,8185,7810
2009-04-30,9494,8972
2009-05-31,10106,9294
2009-06-30,10166,9512
2009-07-31,10803,10251
2009-08-31,11092,10460
2009-09-30,11585,11145
2009-10-31,11016,10533
2009-11-30,11330,10924
2009-12-31,12078,11766
2010-01-31,11483,11281
2010-02-28,11712,11856
2010-03-31,12256,12803
2010-04-30,12384,13251
2010-05-31,11423,12351
2010-06-30,10727,11552
2010-07-31,11330,12323
2010-08-31,10616,11542
2010-09-30,11763,13071
2010-10-31,12248,13562
2010-11-30,12384,14109
2010-12-31,13268,15162
2011-01-31,13353,15334
2011-02-28,13812,16174
2011-03-31,13897,16653
2011-04-30,14373,17235
2011-05-31,14262,17023
2011-06-30,13973,16716
2011-07-31,13727,16068
2011-08-31,12554,14752
2011-09-30,11364,13147
2011-10-31,13030,15178
2011-11-30,13217,15105
2011-12-31,13455,14924
2012-01-31,14347,16074
2012-02-29,15274,16813
2012-03-31,15945,17103
2012-04-30,15682,16957
2012-05-31,14330,15679
2012-06-30,14738,16184
2012-07-31,14840,16023
2012-08-31,15741,16642
2012-09-30,16302,17028
2012-10-31,15784,16708
2012-11-30,16149,17001
2012-12-31,16345,17331
2013-01-31,17135,18521
2013-02-28,17382,18636
2013-03-31,18164,19445
2013-04-30,18062,19513
2013-05-31,18776,20315
2013-06-30,18733,20072
2013-07-31,19796,21559
2013-08-31,19915,21116
2013-09-30,20773,22469
2013-10-31,21572,22991
2013-11-30,22481,23740
2013-12-31,23306,24376
2014-01-31,23017,23916
2014-02-28,23875,25164
2014-03-31,22753,24630
2014-04-30,21470,23761
2014-05-31,21742,24075
2014-06-30,22651,25343
2014-07-31,22320,24068
2014-08-31,23340,25391
2014-09-30,22558,24277
2014-10-31,23501,25346
2014-11-30,23382,25767
2014-12-31,23331,26095
2015-01-31,22872,25693
2015-02-28,24164,27584
2015-03-31,24164,28036
2015-04-30,24190,27453
2015-05-31,24351,28300
2015-06-30,24419,28208
2015-07-31,24666,28542
2015-08-31,23051,26542
2015-09-30,22261,25091
2015-10-31,23884,26402
2015-11-30,24649,27000
2015-12-31,23977,26046
2016-01-31,21207,23471
2016-02-29,20586,23542
2016-03-31,22252,25354
2016-04-30,21989,25597
2016-05-31,22600,26233
2016-06-30,22023,26038
2016-07-31,23340,27585
2016-08-31,23697,27777
2016-09-30,24079,27857
2016-10-31,23637,26402
2016-11-30,23824,28327
2016-12-31,23416,28580
2017-01-31,24640,29257
2017-02-28,25329,30144
2017-03-31,25541,30367
2017-04-30,26179,30901
2017-05-31,26629,30915
2017-06-30,26833,31620
2017-07-31,27683,32040
2017-08-31,27352,32103
2017-09-30,27700,33447
2017-10-31,27938,34341
2017-11-30,28482,35474
2017-12-31,29009,35570
2018-01-31,31100,37345
2018-02-28,30888,36121
2018-03-31,30735,36416
2018-04-30,31211,36184
2018-05-31,32044,38110
2018-06-30,32741,38429
2018-07-31,33055,39148
2018-08-31,34993,41793
2018-09-30,34474,41183
2018-10-31,31228,36236
2018-11-30,30871,36920
2018-12-31,28253,32914
2019-01-31,31406,36833
2019-02-28,32681,39261
2019-03-31,33319,39163
2019-04-30,35256,40534
2019-05-31,32265,37841
2019-06-30,34313,40785
2019-07-31,35061,41422
2019-08-31,33981,40245
2019-09-30,33565,39488
2019-10-31,34100,40501
2019-11-30,35852,43260
2019-12-31,36402,43661
2020-01-31,37709,43709
2020-02-29,35954,40745
2020-03-31,31736,33524
2020-04-30,36104,38899
2020-05-31,39659,42961
2020-06-30,41553,44543
2020-07-31,43989,46981
2020-08-31,47283,49095
2020-09-30,45071,48718
2020-10-31,44045,49293
2020-11-30,49065,56473
2020-12-31,51525,61331
2021-01-31,51515,63045
2021-02-28,52480,65025
2021-03-31,49105,62857
2021-04-30,52311,65065
2021-05-31,50101,63256
2021-06-30,52351,66651
2021-07-31,53217,65208
2021-08-31,53665,66840
2021-09-30,51634,64297
2021-10-31,54412,67593
2021-11-30,49832,64111
2021-12-31,49267,64425
2022-01-31,41901,55925
2022-02-28,42377,56093
2022-03-31,41931,56498
2022-04-30,36321,50046
2022-05-31,34521,48831
2022-06-30,31486,45452
2022-07-31,34967,50638
2022-08-31,34372,49675
2022-09-30,31605,45397
2022-10-31,33405,49086
2022-11-30,34476,50547
2022-12-31,32438,47538
2023-01-31,35161,52297
2023-02-28,34030,51470
2023-03-31,34551,50649
2023-04-30,34982,50010
2023-05-31,34952,49955
2023-06-30,38360,53898
2023-07-31,38821,55698
2023-08-31,38241,53431
2023-09-30,36262,50213
2023-10-31,32914,46728
2023-11-30,35726,50869
2023-12-31,38821,56538
2024-01-31,38985,55259
2024-02-29,42779,59736
2024-03-31,44118,61348
2024-04-30,41351,56776
2024-05-31,43032,59079
2024-06-30,42824,58762
2024-07-31,43865,62341
2024-08-31,45026,61858
2024-09-30,45175,62869
2024-10-31,44595,62712
2024-11-30,49088,70173
2024-12-31,46469,64396
2025-01-31,48195,66857
2025-02-28,43940,62407
2025-03-31,39521,57441
2025-04-30,39416,57254
2025-05-31,42645,61006
2025-06-30,45145,63937
2025-07-31,45651,65436
2025-08-31,46663,68871
2025-09-30,47556,70800
2025-10-31,49207,72609
2025-11-30,50279,71622

Hypothetical Growth of $10,000

(As of 30 Nov 2025)

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

                        Categories,R4 Shares,Russell 2500 Growth Index
                        2024-11-30,10000,10000
2024-12-31,9467,9177
2025-01-31,9818,9527
2025-02-28,8951,8893
2025-03-31,8051,8186
2025-04-30,8030,8159
2025-05-31,8687,8694
2025-06-30,9197,9111
2025-07-31,9300,9325
2025-08-31,9506,9814
2025-09-30,9688,10089
2025-10-31,10024,10347
2025-11-30,10242,10206

                        Categories,R4 Shares,Russell 2500 Growth Index
                        2022-11-30,10000,10000
2022-12-31,9409,9405
2023-01-31,10199,10346
2023-02-28,9871,10183
2023-03-31,10022,10020
2023-04-30,10147,9894
2023-05-31,10138,9883
2023-06-30,11126,10663
2023-07-31,11260,11019
2023-08-31,11092,10571
2023-09-30,10518,9934
2023-10-31,9547,9245
2023-11-30,10363,10064
2023-12-31,11260,11185
2024-01-31,11308,10932
2024-02-29,12408,11818
2024-03-31,12797,12137
2024-04-30,11994,11232
2024-05-31,12482,11688
2024-06-30,12421,11625
2024-07-31,12723,12333
2024-08-31,13060,12238
2024-09-30,13103,12438
2024-10-31,12935,12407
2024-11-30,14238,13883
2024-12-31,13479,12740
2025-01-31,13979,13227
2025-02-28,12745,12346
2025-03-31,11463,11364
2025-04-30,11433,11327
2025-05-31,12369,12069
2025-06-30,13095,12649
2025-07-31,13241,12946
2025-08-31,13535,13625
2025-09-30,13794,14007
2025-10-31,14273,14365
2025-11-30,14584,14169

                        Categories,R4 Shares,Russell 2500 Growth Index
                        2020-11-30,10000,10000
2020-12-31,10501,10860
2021-01-31,10499,11164
2021-02-28,10696,11515
2021-03-31,10008,11130
2021-04-30,10662,11521
2021-05-31,10211,11201
2021-06-30,10670,11802
2021-07-31,10846,11547
2021-08-31,10937,11836
2021-09-30,10524,11385
2021-10-31,11090,11969
2021-11-30,10156,11353
2021-12-31,10041,11408
2022-01-31,8540,9903
2022-02-28,8637,9933
2022-03-31,8546,10004
2022-04-30,7403,8862
2022-05-31,7036,8647
2022-06-30,6417,8049
2022-07-31,7127,8967
2022-08-31,7005,8796
2022-09-30,6441,8039
2022-10-31,6808,8692
2022-11-30,7027,8951
2022-12-31,6611,8418
2023-01-31,7166,9261
2023-02-28,6936,9114
2023-03-31,7042,8969
2023-04-30,7130,8856
2023-05-31,7124,8846
2023-06-30,7818,9544
2023-07-31,7912,9863
2023-08-31,7794,9461
2023-09-30,7391,8892
2023-10-31,6708,8274
2023-11-30,7281,9008
2023-12-31,7912,10012
2024-01-31,7946,9785
2024-02-29,8719,10578
2024-03-31,8992,10863
2024-04-30,8428,10054
2024-05-31,8770,10462
2024-06-30,8728,10405
2024-07-31,8940,11039
2024-08-31,9177,10954
2024-09-30,9207,11133
2024-10-31,9089,11105
2024-11-30,10005,12426
2024-12-31,9471,11403
2025-01-31,9823,11839
2025-02-28,8955,11051
2025-03-31,8055,10171
2025-04-30,8033,10138
2025-05-31,8692,10803
2025-06-30,9201,11322
2025-07-31,9304,11587
2025-08-31,9510,12196
2025-09-30,9692,12537
2025-10-31,10029,12857
2025-11-30,10247,12683

                        Categories,R4 Shares,Russell 2500 Growth Index
                        2015-11-30,10000,10000
2015-12-31,9728,9647
2016-01-31,8603,8693
2016-02-29,8352,8719
2016-03-31,9028,9390
2016-04-30,8921,9480
2016-05-31,9169,9716
2016-06-30,8934,9644
2016-07-31,9469,10217
2016-08-31,9614,10288
2016-09-30,9769,10317
2016-10-31,9590,9778
2016-11-30,9666,10491
2016-12-31,9500,10585
2017-01-31,9997,10836
2017-02-28,10276,11164
2017-03-31,10362,11247
2017-04-30,10621,11445
2017-05-31,10803,11450
2017-06-30,10886,11711
2017-07-31,11231,11867
2017-08-31,11097,11890
2017-09-30,11238,12387
2017-10-31,11334,12719
2017-11-30,11555,13138
2017-12-31,11769,13174
2018-01-31,12617,13831
2018-02-28,12531,13378
2018-03-31,12469,13487
2018-04-30,12662,13401
2018-05-31,13000,14114
2018-06-30,13283,14233
2018-07-31,13410,14499
2018-08-31,14197,15479
2018-09-30,13986,15253
2018-10-31,12669,13421
2018-11-30,12524,13674
2018-12-31,11462,12190
2019-01-31,12741,13642
2019-02-28,13259,14541
2019-03-31,13517,14505
2019-04-30,14303,15012
2019-05-31,13090,14015
2019-06-30,13921,15105
2019-07-31,14224,15341
2019-08-31,13786,14905
2019-09-30,13617,14625
2019-10-31,13834,15000
2019-11-30,14545,16022
2019-12-31,14768,16171
2020-01-31,15298,16188
2020-02-29,14587,15090
2020-03-31,12875,12416
2020-04-30,14647,14407
2020-05-31,16090,15911
2020-06-30,16858,16497
2020-07-31,17846,17400
2020-08-31,19182,18183
2020-09-30,18285,18043
2020-10-31,17869,18256
2020-11-30,19906,20915
2020-12-31,20903,22715
2021-01-31,20899,23350
2021-02-28,21291,24083
2021-03-31,19922,23280
2021-04-30,21223,24098
2021-05-31,20326,23428
2021-06-30,21239,24685
2021-07-31,21590,24151
2021-08-31,21772,24755
2021-09-30,20948,23813
2021-10-31,22075,25034
2021-11-30,20217,23744
2021-12-31,19987,23861
2022-01-31,16999,20713
2022-02-28,17192,20775
2022-03-31,17011,20925
2022-04-30,14736,18535
2022-05-31,14005,18085
2022-06-30,12774,16834
2022-07-31,14186,18754
2022-08-31,13945,18398
2022-09-30,12822,16813
2022-10-31,13552,18180
2022-11-30,13987,18721
2022-12-31,13160,17607
2023-01-31,14265,19369
2023-02-28,13806,19063
2023-03-31,14017,18759
2023-04-30,14192,18522
2023-05-31,14180,18502
2023-06-30,15563,19962
2023-07-31,15750,20629
2023-08-31,15514,19789
2023-09-30,14711,18597
2023-10-31,13353,17307
2023-11-30,14494,18840
2023-12-31,15750,20940
2024-01-31,15816,20466
2024-02-29,17355,22124
2024-03-31,17899,22721
2024-04-30,16776,21028
2024-05-31,17458,21881
2024-06-30,17374,21763
2024-07-31,17796,23089
2024-08-31,18267,22910
2024-09-30,18327,23284
2024-10-31,18092,23226
2024-11-30,19915,25990
2024-12-31,18853,23850
2025-01-31,19553,24762
2025-02-28,17826,23113
2025-03-31,16033,21274
2025-04-30,15991,21205
2025-05-31,17301,22594
2025-06-30,18315,23680
2025-07-31,18521,24235
2025-08-31,18931,25507
2025-09-30,19293,26222
2025-10-31,19963,26892
2025-11-30,20398,26526

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 ($)
            2007-11-19,0.01139
2012-09-30,0.00000
2019-11-14,3.62416
2020-11-19,3.21798
2021-11-18,17.88056

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2007-11-19,1195430400,0.01139,0,0.00000,0.01139
2012-09-28,1348963200,0.00000,0.00000,0,0
2019-11-14,1573689600,3.62416,0,0.00000,3.62416
2020-11-19,1605744000,3.21798,0,0.54559,2.67239
2021-11-18,1637193600,17.88056,0,0.59501,17.28555

Distributions

(As of 18 Nov 2021)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

19 Nov 2007

0.01139

—

0.00000

0.01139

28 Sep 2012

30 Sep 2012

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

(As of 31 Oct 2025)

Net Fund Assets

$225.4 M

Benchmark

Russell 2500 Growth Index

Morningstar Category

Large Growth

Fund Symbol

TCGRX

Share Class

Share Class Inception Date

1 Feb 2007

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Oct 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$15.1 B

$9.8 B

Median Market Cap

$7.8 B

$1.6 B

Annual Portfolio Turnover

34%

—

Price to Earnings - Forward 1YR

33.3x

23.4x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

35.7x

30.4x

Price to Cash Flow

27.1x

16.5x

Price to Book Value

5.8x

5.3x

Active Share

91.8%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

0.81

-4.90

-1.57

Beta

0.92

0.95

0.90

R-Squared (%)

89.25

90.38

87.23

Standard Deviation (%)

18.63

21.03

19.26

Sharpe Ratio

0.47

-0.04

0.29

Information Ratio

-0.06

-0.88

-0.41

Up Capture (%)

88.82

84.36

86.53

Down Capture (%)

84.34

101.48

93.06

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Oct 2025)

Name

Ticker/Symbol

Sector

Weight %

Credo Technology Group Holding Ltd.

CRDO

Information Technology

4.9

Vertiv Holdings Co.

VRT

Industrials

4.4

Argan, Inc.

AGX

Industrials

3.9

Pure Storage, Inc.

PSTG

Information Technology

3.8

Agilysys, Inc.

AGYS

Information Technology

3.5

Insmed, Inc.

INSM

Health Care

3.5

Casella Waste Systems, Inc.

CWST

Industrials

3.3

Repligen Corp.

RGEN

Health Care

3.2

SiTime Corp.

SITM

Information Technology

2.9

Rambus, Inc.

RMBS

Information Technology

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

31.7

23.8

Industrials

24.7

21.5

Health Care

17.5

21.5

Consumer Discretionary

9.7

11.8

Financials

7.1

9.8

Consumer Staples

4.1

2.5

Energy

2.5

2.0

Communication Services

2.2

2.6

Cash & Equivalents

0.5

—

Utilities

0.0

0.4

Materials

0.0

2.2

Real Estate

0.0

1.9

Sector Allocation

Fund (%)

Information Technology

31.7

Industrials

24.7

Health Care

17.5

Consumer Discretionary

9.7

Financials

7.1

Consumer Staples

4.1

Energy

2.5

Communication Services

2.2

Cash & Equivalents

0.5

Utilities

0.0

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

17.7

17.5

Software & Services

16.5

11.6

Semiconductors & Semiconductor Equipment

10.6

5.7

Pharmaceuticals, Biotechnology & Life Sciences

10.3

14.2

Health Care Equipment & Services

7.3

7.4

Financial Services

7.1

6.2

Consumer Services

5.9

6.1

Commercial & Professional Services

5.7

3.1

Technology Hardware & Equipment

4.7

6.5

Food, Beverage & Tobacco

4.1

1.3

Top 10 Industries

Fund (%)

Capital Goods

17.7

Software & Services

16.5

Semiconductors & Semiconductor Equipment

10.6

Pharmaceuticals, Biotechnology & Life Sciences

10.3

Health Care Equipment & Services

7.3

Financial Services

7.1

Consumer Services

5.9

Commercial & Professional Services

5.7

Technology Hardware & Equipment

4.7

Food, Beverage & Tobacco

4.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Large Cap (> $12 B)

38.3

26.6

Mid Cap ($2.5 to $12 B)

54.9

56.0

Small Cap (< $2.5 B)

6.8

17.4

Capitalization

Fund (%)

Large Cap (> $12 B)

38.3

Mid Cap ($2.5 to $12 B)

54.9

Small Cap (< $2.5 B)

6.8

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

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…

Learn More

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…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

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.

© 2025 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 LLC.

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 LLC (TSL) does not act as broker of record for investors.

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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

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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

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