Thornburg Small/Mid Cap Growth Fund

SYMBOL: THCRX

Morningstar Rating • Info

Overall Morningstar Rating among 485 Large Growth funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 1 star and 1 star among 485, 453 and 377 funds, as of 31 Aug 2025.

As of 31 Aug 2025

Fund Assets

$217.5 M

As of 31 Jul 2025

NAV

$31.28

As of 11 Sep 2025

Change

$0.50

As of 11 Sep 2025

YTD NAV Performance

2.76%

As of 11 Sep 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 Jun 2025)

YTD

10y

Inception

Total Return (%)

-2.89

5.31

12.65

1.58

6.23

6.28

Russell 2500 Growth Index (%)

-0.71

8.81

12.05

7.50

8.53

7.86

Morningstar Category Avg. (%)

4.42

15.12

14.9

9.32

9.84

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

503

485

453

377

—

YTD

10y

Inception

Total Return (%)

0.33

3.53

10.61

-0.36

7.20

6.38

Russell 2500 Growth Index (%)

6.95

11.34

11.51

7.00

10.00

8.13

Morningstar Category Avg. (%)

6.31

15.04

11.45

8.17

9.87

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

503

485

453

377

—

YTD

10y

Inception

Total Return (%)

-2.89

5.31

42.94

8.13

83.06

345.12

Russell 2500 Growth Index (%)

-0.71

8.81

40.67

43.54

126.67

539.37

YTD

10y

Inception

Total Return (%)

0.33

3.53

35.31

-1.80

100.36

359.87

Russell 2500 Growth Index (%)

6.95

11.34

38.64

40.28

159.48

588.71

2020

2021

2022

2023

2024

Total Return (%)

41.38

-4.47

-34.21

19.54

19.61

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 (%)

1.88

Net Expense Ratio (%)

1.46

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,R3 Shares,Russell 2500 Growth Index
            2000-12-27,10000,10000
2000-12-31,9824,10056
2001-01-31,10310,10707
2001-02-28,8451,9055
2001-03-31,7714,8053
2001-04-30,8961,9281
2001-05-31,8844,9550
2001-06-30,8434,9766
2001-07-31,8015,9046
2001-08-31,7295,8444
2001-09-30,6533,7122
2001-10-31,6901,7824
2001-11-30,7554,8500
2001-12-31,7940,8967
2002-01-31,7931,8583
2002-02-28,7312,8053
2002-03-31,8057,8702
2002-04-30,7546,8413
2002-05-31,6893,7989
2002-06-30,6022,7255
2002-07-31,5436,6353
2002-08-31,5578,6352
2002-09-30,5402,5872
2002-10-31,5896,6209
2002-11-30,6256,6787
2002-12-31,5846,6358
2003-01-31,5905,6219
2003-02-28,5829,6074
2003-03-31,6080,6154
2003-04-30,6625,6691
2003-05-31,7412,7400
2003-06-30,7982,7552
2003-07-31,8384,8056
2003-08-31,8777,8488
2003-09-30,8467,8305
2003-10-31,9028,8988
2003-11-30,9179,9292
2003-12-31,9196,9302
2004-01-31,9389,9690
2004-02-29,9523,9780
2004-03-31,9305,9814
2004-04-30,8886,9398
2004-05-31,8953,9594
2004-06-30,9079,9828
2004-07-31,8476,9058
2004-08-31,8576,8876
2004-09-30,9129,9277
2004-10-31,9405,9540
2004-11-30,10101,10173
2004-12-31,10578,10660
2005-01-31,10235,10284
2005-02-28,10276,10488
2005-03-31,10260,10198
2005-04-30,10084,9647
2005-05-31,10662,10290
2005-06-30,10997,10561
2005-07-31,11575,11247
2005-08-31,11583,11117
2005-09-30,11943,11226
2005-10-31,11759,10859
2005-11-30,12398,11465
2005-12-31,12926,11531
2006-01-31,14126,12404
2006-02-28,13700,12367
2006-03-31,14075,12894
2006-04-30,14041,12934
2006-05-31,13377,12162
2006-06-30,13368,12105
2006-07-31,13053,11515
2006-08-31,13624,11792
2006-09-30,13990,11959
2006-10-31,14612,12548
2006-11-30,15557,12975
2006-12-31,15250,12945
2007-01-31,15889,13357
2007-02-28,15701,13350
2007-03-31,15957,13467
2007-04-30,16195,13881
2007-05-31,16894,14546
2007-06-30,16860,14408
2007-07-31,16638,13804
2007-08-31,16638,14016
2007-09-30,17668,14502
2007-10-31,18358,15103
2007-11-30,17091,14211
2007-12-31,16972,14199
2008-01-31,14995,13042
2008-02-29,14254,12780
2008-03-31,13879,12625
2008-04-30,14356,13386
2008-05-31,14671,14091
2008-06-30,13427,13082
2008-07-31,12899,13036
2008-08-31,12993,13254
2008-09-30,11391,11500
2008-10-31,8801,8910
2008-11-30,7992,7905
2008-12-31,8315,8306
2009-01-31,8043,7806
2009-02-28,7497,7131
2009-03-31,8205,7810
2009-04-30,9508,8972
2009-05-31,10130,9294
2009-06-30,10181,9512
2009-07-31,10820,10251
2009-08-31,11110,10460
2009-09-30,11604,11145
2009-10-31,11025,10533
2009-11-30,11348,10924
2009-12-31,12090,11766
2010-01-31,11502,11281
2010-02-28,11723,11856
2010-03-31,12269,12803
2010-04-30,12396,13251
2010-05-31,11434,12351
2010-06-30,10735,11552
2010-07-31,11331,12323
2010-08-31,10624,11542
2010-09-30,11774,13071
2010-10-31,12252,13562
2010-11-30,12388,14109
2010-12-31,13274,15162
2011-01-31,13351,15334
2011-02-28,13811,16174
2011-03-31,13904,16653
2011-04-30,14373,17235
2011-05-31,14254,17023
2011-06-30,13973,16716
2011-07-31,13725,16068
2011-08-31,12550,14752
2011-09-30,11357,13147
2011-10-31,13027,15178
2011-11-30,13206,15105
2011-12-31,13444,14924
2012-01-31,14330,16074
2012-02-29,15259,16813
2012-03-31,15932,17103
2012-04-30,15668,16957
2012-05-31,14313,15679
2012-06-30,14722,16184
2012-07-31,14825,16023
2012-08-31,15719,16642
2012-09-30,16281,17028
2012-10-31,15762,16708
2012-11-30,16120,17001
2012-12-31,16315,17331
2013-01-31,17108,18521
2013-02-28,17346,18636
2013-03-31,18130,19445
2013-04-30,18028,19513
2013-05-31,18735,20315
2013-06-30,18693,20072
2013-07-31,19749,21559
2013-08-31,19868,21116
2013-09-30,20729,22469
2013-10-31,21521,22991
2013-11-30,22424,23740
2013-12-31,23242,24376
2014-01-31,22952,23916
2014-02-28,23804,25164
2014-03-31,22680,24630
2014-04-30,21402,23761
2014-05-31,21674,24075
2014-06-30,22578,25343
2014-07-31,22245,24068
2014-08-31,23268,25391
2014-09-30,22484,24277
2014-10-31,23421,25346
2014-11-30,23302,25767
2014-12-31,23242,26095
2015-01-31,22791,25693
2015-02-28,24077,27584
2015-03-31,24069,28036
2015-04-30,24094,27453
2015-05-31,24247,28300
2015-06-30,24316,28208
2015-07-31,24563,28542
2015-08-31,22952,26542
2015-09-30,22160,25091
2015-10-31,23770,26402
2015-11-30,24537,27000
2015-12-31,23864,26046
2016-01-31,21104,23471
2016-02-29,20482,23542
2016-03-31,22143,25354
2016-04-30,21879,25597
2016-05-31,22484,26233
2016-06-30,21905,26038
2016-07-31,23217,27585
2016-08-31,23574,27777
2016-09-30,23941,27857
2016-10-31,23498,26402
2016-11-30,23685,28327
2016-12-31,23276,28580
2017-01-31,24495,29257
2017-02-28,25176,30144
2017-03-31,25389,30367
2017-04-30,26020,30901
2017-05-31,26463,30915
2017-06-30,26667,31620
2017-07-31,27502,32040
2017-08-31,27178,32103
2017-09-30,27519,33447
2017-10-31,27758,34341
2017-11-30,28294,35474
2017-12-31,28814,35570
2018-01-31,30893,37345
2018-02-28,30671,36121
2018-03-31,30518,36416
2018-04-30,30995,36184
2018-05-31,31822,38110
2018-06-30,32503,38429
2018-07-31,32810,39148
2018-08-31,34735,41793
2018-09-30,34216,41183
2018-10-31,30995,36236
2018-11-30,30637,36920
2018-12-31,28030,32914
2019-01-31,31157,36833
2019-02-28,32427,39261
2019-03-31,33048,39163
2019-04-30,34965,40534
2019-05-31,31992,37841
2019-06-30,34028,40785
2019-07-31,34761,41422
2019-08-31,33696,40245
2019-09-30,33270,39488
2019-10-31,33807,40501
2019-11-30,35536,43260
2019-12-31,36079,43661
2020-01-31,37362,43709
2020-02-29,35630,40745
2020-03-31,31444,33524
2020-04-30,35770,38899
2020-05-31,39291,42961
2020-06-30,41164,44543
2020-07-31,43580,46981
2020-08-31,46829,49095
2020-09-30,44638,48718
2020-10-31,43617,49293
2020-11-30,48590,56473
2020-12-31,51010,61331
2021-01-31,51010,63045
2021-02-28,51960,65025
2021-03-31,48600,62857
2021-04-30,51780,65065
2021-05-31,49590,63256
2021-06-30,51810,66651
2021-07-31,52660,65208
2021-08-31,53110,66840
2021-09-30,51090,64297
2021-10-31,53830,67593
2021-11-30,49300,64111
2021-12-31,48728,64425
2022-01-31,41440,55925
2022-02-28,41922,56093
2022-03-31,41470,56498
2022-04-30,35913,50046
2022-05-31,34137,48831
2022-06-30,31140,45452
2022-07-31,34573,50638
2022-08-31,33986,49675
2022-09-30,31245,45397
2022-10-31,33007,49086
2022-11-30,34076,50547
2022-12-31,32059,47538
2023-01-31,34754,52297
2023-02-28,33625,51470
2023-03-31,34137,50649
2023-04-30,34558,50010
2023-05-31,34528,49955
2023-06-30,37886,53898
2023-07-31,38353,55698
2023-08-31,37766,53431
2023-09-30,35808,50213
2023-10-31,32495,46728
2023-11-30,35266,50869
2023-12-31,38323,56538
2024-01-31,38488,55259
2024-02-29,42238,59736
2024-03-31,43548,61348
2024-04-30,40807,56776
2024-05-31,42464,59079
2024-06-30,42268,58762
2024-07-31,43277,62341
2024-08-31,44421,61858
2024-09-30,44572,62869
2024-10-31,44000,62712
2024-11-30,48427,70173
2024-12-31,45837,64396
2025-01-31,47523,66857
2025-02-28,43322,62407
2025-03-31,38970,57441
2025-04-30,38865,57254
2025-05-31,42042,61006
2025-06-30,44512,63937
2025-07-31,45008,65436
2025-08-31,45987,68871

Hypothetical Growth of $10,000

(As of 31 Aug 2025)

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

                        Categories,R3 Shares,Russell 2500 Growth Index
                        2024-08-31,10000,10000
2024-09-30,10034,10163
2024-10-31,9905,10138
2024-11-30,10902,11344
2024-12-31,10319,10410
2025-01-31,10698,10808
2025-02-28,9753,10089
2025-03-31,8773,9286
2025-04-30,8749,9256
2025-05-31,9464,9862
2025-06-30,10020,10336
2025-07-31,10132,10578
2025-08-31,10353,11134

                        Categories,R3 Shares,Russell 2500 Growth Index
                        2022-08-31,10000,10000
2022-09-30,9194,9139
2022-10-31,9712,9881
2022-11-30,10027,10175
2022-12-31,9433,9570
2023-01-31,10226,10528
2023-02-28,9894,10361
2023-03-31,10044,10196
2023-04-30,10168,10067
2023-05-31,10160,10056
2023-06-30,11148,10850
2023-07-31,11285,11212
2023-08-31,11112,10756
2023-09-30,10536,10108
2023-10-31,9561,9407
2023-11-30,10377,10240
2023-12-31,11276,11381
2024-01-31,11325,11124
2024-02-29,12428,12025
2024-03-31,12813,12350
2024-04-30,12007,11430
2024-05-31,12494,11893
2024-06-30,12437,11829
2024-07-31,12734,12550
2024-08-31,13070,12453
2024-09-30,13115,12656
2024-10-31,12946,12624
2024-11-30,14249,14126
2024-12-31,13487,12963
2025-01-31,13983,13459
2025-02-28,12747,12563
2025-03-31,11467,11563
2025-04-30,11436,11526
2025-05-31,12370,12281
2025-06-30,13097,12871
2025-07-31,13243,13173
2025-08-31,13531,13864

                        Categories,R3 Shares,Russell 2500 Growth Index
                        2020-08-31,10000,10000
2020-09-30,9532,9923
2020-10-31,9314,10040
2020-11-30,10376,11503
2020-12-31,10893,12492
2021-01-31,10893,12841
2021-02-28,11096,13245
2021-03-31,10378,12803
2021-04-30,11057,13253
2021-05-31,10589,12884
2021-06-30,11064,13576
2021-07-31,11245,13282
2021-08-31,11341,13614
2021-09-30,10910,13096
2021-10-31,11495,13768
2021-11-30,10528,13058
2021-12-31,10405,13122
2022-01-31,8849,11391
2022-02-28,8952,11425
2022-03-31,8856,11508
2022-04-30,7669,10194
2022-05-31,7290,9946
2022-06-30,6650,9258
2022-07-31,7383,10314
2022-08-31,7257,10118
2022-09-30,6672,9247
2022-10-31,7048,9998
2022-11-30,7277,10296
2022-12-31,6846,9683
2023-01-31,7421,10652
2023-02-28,7180,10484
2023-03-31,7290,10317
2023-04-30,7380,10186
2023-05-31,7373,10175
2023-06-30,8090,10978
2023-07-31,8190,11345
2023-08-31,8065,10883
2023-09-30,7647,10228
2023-10-31,6939,9518
2023-11-30,7531,10361
2023-12-31,8184,11516
2024-01-31,8219,11255
2024-02-29,9020,12167
2024-03-31,9299,12496
2024-04-30,8714,11565
2024-05-31,9068,12034
2024-06-30,9026,11969
2024-07-31,9241,12698
2024-08-31,9486,12600
2024-09-30,9518,12805
2024-10-31,9396,12774
2024-11-30,10341,14293
2024-12-31,9788,13116
2025-01-31,10148,13618
2025-02-28,9251,12711
2025-03-31,8322,11700
2025-04-30,8299,11662
2025-05-31,8978,12426
2025-06-30,9505,13023
2025-07-31,9611,13328
2025-08-31,9820,14028

                        Categories,R3 Shares,Russell 2500 Growth Index
                        2015-08-31,10000,10000
2015-09-30,9655,9453
2015-10-31,10356,9947
2015-11-30,10690,10173
2015-12-31,10397,9813
2016-01-31,9195,8843
2016-02-29,8924,8870
2016-03-31,9647,9552
2016-04-30,9532,9644
2016-05-31,9796,9883
2016-06-30,9543,9810
2016-07-31,10115,10393
2016-08-31,10271,10465
2016-09-30,10431,10495
2016-10-31,10238,9947
2016-11-30,10319,10672
2016-12-31,10141,10768
2017-01-31,10672,11023
2017-02-28,10969,11357
2017-03-31,11062,11441
2017-04-30,11336,11642
2017-05-31,11529,11647
2017-06-30,11618,11913
2017-07-31,11982,12072
2017-08-31,11841,12095
2017-09-30,11990,12601
2017-10-31,12094,12938
2017-11-30,12327,13365
2017-12-31,12554,13401
2018-01-31,13460,14070
2018-02-28,13363,13609
2018-03-31,13296,13720
2018-04-30,13504,13633
2018-05-31,13864,14358
2018-06-30,14161,14478
2018-07-31,14295,14750
2018-08-31,15134,15746
2018-09-30,14907,15516
2018-10-31,13504,13652
2018-11-30,13348,13910
2018-12-31,12212,12401
2019-01-31,13575,13877
2019-02-28,14128,14792
2019-03-31,14399,14755
2019-04-30,15234,15272
2019-05-31,13938,14257
2019-06-30,14826,15366
2019-07-31,15145,15606
2019-08-31,14681,15163
2019-09-30,14495,14878
2019-10-31,14729,15259
2019-11-30,15482,16299
2019-12-31,15719,16450
2020-01-31,16278,16468
2020-02-29,15523,15351
2020-03-31,13700,12630
2020-04-30,15584,14656
2020-05-31,17118,16186
2020-06-30,17934,16782
2020-07-31,18987,17700
2020-08-31,20403,18497
2020-09-30,19448,18355
2020-10-31,19003,18572
2020-11-30,21170,21277
2020-12-31,22224,23107
2021-01-31,22224,23753
2021-02-28,22638,24499
2021-03-31,21174,23682
2021-04-30,22560,24514
2021-05-31,21605,23832
2021-06-30,22573,25111
2021-07-31,22943,24568
2021-08-31,23139,25183
2021-09-30,22259,24224
2021-10-31,23453,25466
2021-11-30,21479,24154
2021-12-31,21230,24273
2022-01-31,18055,21070
2022-02-28,18265,21134
2022-03-31,18068,21286
2022-04-30,15647,18855
2022-05-31,14873,18398
2022-06-30,13567,17125
2022-07-31,15063,19078
2022-08-31,14807,18716
2022-09-30,13613,17104
2022-10-31,14381,18494
2022-11-30,14846,19044
2022-12-31,13967,17911
2023-01-31,15142,19703
2023-02-28,14650,19392
2023-03-31,14873,19083
2023-04-30,15056,18842
2023-05-31,15043,18821
2023-06-30,16506,20307
2023-07-31,16710,20985
2023-08-31,16454,20131
2023-09-30,15601,18918
2023-10-31,14158,17605
2023-11-30,15365,19166
2023-12-31,16697,21301
2024-01-31,16769,20819
2024-02-29,18402,22506
2024-03-31,18973,23113
2024-04-30,17779,21391
2024-05-31,18501,22259
2024-06-30,18415,22139
2024-07-31,18855,23487
2024-08-31,19354,23306
2024-09-30,19419,23686
2024-10-31,19170,23627
2024-11-30,21099,26438
2024-12-31,19970,24262
2025-01-31,20705,25189
2025-02-28,18875,23513
2025-03-31,16979,21641
2025-04-30,16933,21571
2025-05-31,18317,22984
2025-06-30,19393,24089
2025-07-31,19609,24654
2025-08-31,20036,25948

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 ($)
            2005-11-17,0.23968
2007-11-19,0.01139
2019-11-14,3.62416
2020-11-19,3.21798
2021-11-18,17.88056

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-11-17,1132185600,0.23968,0,0.00000,0.23968
2007-11-19,1195430400,0.01139,0,0.00000,0.01139
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 ($)

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 Jul 2025)

Net Fund Assets

$217.5 M

Benchmark

Russell 2500 Growth Index

Morningstar Category

Large Growth

Fund Symbol

THCRX

Share Class

Share Class Inception Date

1 Jul 2003

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jul 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$12.8 B

$7.7 B

Median Market Cap

$7.7 B

$1.5 B

Annual Portfolio Turnover

33%

—

Price to Earnings - Forward 1YR

36.0x

22.6x

Price to Earnings - Trailing 12 Months

41.7x

26.8x

Portfolio

Benchmark

Price to Cash Flow

26.5x

15.7x

Price to Book Value

6.1x

4.9x

Return on Equity - 5 YR

-0.7%

-5.7%

Historical 3YR Sales Growth

21.9%

24.1%

Active Share

93.0%

—

Risk & Return Profile

(As of 31 Jul 2025)

10y

Annualized Alpha (%)

1.51

-4.95

-0.85

Beta

0.92

0.97

0.90

R-Squared (%)

90.32

89.30

87.39

Standard Deviation (%)

19.67

21.43

19.57

Sharpe Ratio

0.25

-0.08

0.24

Information Ratio

0.13

-0.81

-0.26

Up Capture (%)

90.59

86.22

88.33

Down Capture (%)

84.94

104.18

92.14

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jul 2025)

Name

Ticker/Symbol

Sector

Weight %

Casella Waste Systems, Inc.

CWST

Industrials

4.1

CyberArk Software Ltd.

CYBR

Information Technology

4.0

Credo Technology Group Holding Ltd.

CRDO

Information Technology

4.0

Vertiv Holdings Co.

VRT

Industrials

3.9

SharkNinja, Inc.

Consumer Discretionary

3.7

Argan, Inc.

AGX

Industrials

3.4

Agilysys, Inc.

AGYS

Information Technology

3.3

TransUnion

TRU

Industrials

3.0

Rambus, Inc.

RMBS

Information Technology

2.9

StandardAero, Inc.

SARO

Industrials

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jul 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

28.8

22.2

Industrials

26.0

20.3

Consumer Discretionary

13.8

14.1

Health Care

12.9

19.6

Financials

9.0

11.5

Consumer Staples

4.1

3.3

Energy

2.6

1.9

Communication Services

2.4

Cash & Cash Equivalents

0.5

—

Utilities

0.0

0.4

Real Estate

0.0

2.0

Materials

0.0

2.3

Sector Allocation

Fund (%)

Information Technology

28.8

Industrials

26.0

Consumer Discretionary

13.8

Health Care

12.9

Financials

9.0

Consumer Staples

4.1

Energy

2.6

Communication Services

2.4

Cash & Cash Equivalents

0.5

Utilities

0.0

Real Estate

0.0

Materials

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Software & Services

17.9

12.3

Capital Goods

17.4

15.4

Semiconductors & Semiconductor Equipment

8.3

4.4

Consumer Services

7.5

8.2

Commercial & Professional Services

7.1

4.0

Health Care Equipment & Services

6.9

7.8

Financial Services

6.6

7.3

Consumer Durables & Apparel

6.3

3.1

Pharmaceuticals, Biotechnology & Life Sciences

6.0

11.9

Food, Beverage & Tobacco

4.1

1.5

Top 10 Industries

Fund (%)

Software & Services

17.9

Capital Goods

17.4

Semiconductors & Semiconductor Equipment

8.3

Consumer Services

7.5

Commercial & Professional Services

7.1

Health Care Equipment & Services

6.9

Financial Services

6.6

Consumer Durables & Apparel

6.3

Pharmaceuticals, Biotechnology & Life Sciences

6.0

Food, Beverage & Tobacco

4.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Large Cap (> $12 B)

43.2

20.5

Mid Cap ($2.5 to $12 B)

54.9

60.2

Small Cap (< $2.5 B)

1.9

19.3

Capitalization

Fund (%)

Large Cap (> $12 B)

43.2

Mid Cap ($2.5 to $12 B)

54.9

Small Cap (< $2.5 B)

1.9

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 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

Investment Perspectives from the Road: Hong Kong and China

The U.S.-China Relationship, the Fed, and Data Reliability

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World

Solving the Hunt for Yield Amid Rate Volatility and Compressed Spreads