Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

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.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 365 Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 4 stars among 365, 336 and 218 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$564.6 M
As of 31 Oct 2022
NAV
$65.65
As of 1 Dec 2022
Change
$-0.07
As of 1 Dec 2022
YTD NAV Performance
-14.21%
As of 1 Dec 2022
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 TR
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Flexible, diversified and focused equity portfolio that invests primary in U.S. small- and mid-capitalization companies across the style spectrum.
  • Proven bottom-up fundamental research process that aims to identify companies with attractive business models and promising growth prospects that exhibit growing, or stable, revenues and earnings; and are trading at a reasonable valuation.
  • Actively managed strategy 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 and debt securities of all types.

Investment Approach

The fund typically invests in a diversified selection of common stocks that we believe will have growing or stable revenues or earnings. The portfolio is diversified to include basic value stocks, but also includes stocks of companies with consistent earning characteristics and growing emerging franchises.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-24.19
-22.84
1.90
3.44
9.71
9.11
Russell 2500 TR (%)
-24.01
-21.11
5.36
5.45
9.58
9.25
Morningstar Category Avg. (%)
-23.28
-15.83
6.77
7.74
10.38
Morningstar Quartile
4
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-14.11
-10.22
4.45
5.24
11.08
9.56
Russell 2500 TR (%)
-13.21
-10.36
7.92
7.27
10.99
9.72
Morningstar Category Avg. (%)
-14.23
-12.33
8.05
7.07
10.21
Morningstar Quartile
4
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-24.19
-22.84
5.81
18.43
152.55
953.48
Russell 2500 TR (%)
-24.01
-21.11
16.96
30.40
149.55
988.82
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-14.11
-10.22
13.95
29.11
186.03
1093.50
Russell 2500 TR (%)
-13.21
-10.36
25.68
42.00
183.69
1143.66
2016
2017
2018
2019
2020
2021
Total Return (%)
7.03
23.81
-9.39
29.31
12.10
14.18
Russell 2500 TR (%)
17.59
16.81
-10.00
27.77
19.99
18.18
Fund Fees

Fund Fees

(As of 30 Sep 2022)
Gross Expense Ratio (%)
1.06
Net Expense Ratio (%)
0.95
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2022)
(Hypothetical Growth of $10,000 vs Russell 2500 TR)
Distributions

Distributions

(As of 31 Dec 2021)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 1999
0.13000
0.13000
30 Jun 1999
0.09000
0.09000
30 Sep 1999
0.02500
0.02500
1 Nov 1999
0.39000
0.00000
0.39000
31 Dec 1999
0.06500
0.06500
31 Mar 2000
0.12000
0.12000
30 Jun 2000
0.48200
0.48200
29 Sep 2000
0.27500
0.27500
7 Nov 2000
0.25000
0.00000
0.25000
29 Dec 2000
0.22200
0.22200
30 Mar 2001
0.09300
0.09300
29 Jun 2001
0.06900
0.06900
30 Jun 2003
0.08000
0.08000
31 Mar 2004
0.07220
0.07220
30 Jun 2004
0.10064
0.10064
30 Sep 2004
0.12363
0.12363
31 Dec 2004
0.15384
0.15384
31 Mar 2005
0.07220
0.07220
30 Jun 2005
0.08689
0.08689
30 Sep 2005
0.09998
0.09998
30 Dec 2005
0.10248
0.10248
30 Mar 2006
0.08495
0.08495
28 Jun 2006
0.08387
0.08387
27 Sep 2006
0.17014
0.17014
17 Nov 2006
1.30207
0.04610
1.25597
26 Dec 2006
0.11506
0.11506
26 Mar 2007
0.09310
0.09310
26 Jun 2007
0.06783
0.06783
26 Sep 2007
0.13794
0.13794
19 Nov 2007
3.93397
0.88171
3.05226
26 Dec 2007
0.03981
0.03981
26 Mar 2008
0.04699
0.04699
26 Jun 2008
0.09184
0.09184
26 Sep 2008
0.08956
0.08956
26 Dec 2008
0.12036
0.12036
26 Mar 2009
0.11227
0.11227
26 Jun 2009
0.11027
0.11027
25 Sep 2009
0.14081
0.14081
24 Dec 2009
0.14663
0.14663
26 Mar 2010
0.04830
0.04830
25 Jun 2010
0.04124
0.04124
24 Sep 2010
0.05889
0.05889
25 Mar 2011
0.01567
0.01567
23 Dec 2011
0.02612
0.02612
24 Dec 2013
0.23120
0.23120
24 Sep 2014
0.34892
0.34892
24 Dec 2014
0.06660
0.06660
24 Jun 2015
0.00408
0.00408
26 Sep 2016
0.38588
0.38588
23 Dec 2016
0.08127
0.08127
23 Jun 2017
0.10405
0.10405
22 Sep 2017
0.06112
0.06112
22 Dec 2017
0.42313
0.42313
21 Dec 2018
0.49871
0.49871
20 Dec 2019
0.42716
0.42716
18 Nov 2021
26.35024
7.96715
18.38309
16 Dec 2021
0.54507
0.54507
Fund Facts

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$564.6 M
Benchmark
Russell 2500 TR
Morningstar Category
Large Blend
Fund Symbol
TVIFX
Share Class
I
Share Class Inception Date
2 Nov 1998
Number of Holdings
52
Portfolio Turnover
46%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$8.1 B
$5.9 B
Median Market Cap
$6.3 B
$1.4 B
Price to Earnings - Forward 1YR
14.4x
12.5x
Price to Earnings - Trailing 12 Months
10.9x
13.3x
Price to Cash Flow
12.7x
9.0x
Portfolio
Benchmark
Price to Book Value
2.4x
2.2x
Return on Assets - 5 YR
5.9%
4.2%
Return on Equity - 5 YR
20.3%
5.6%
Historical 3YR Sales Growth
7.6%
13.1%
Active Share
95.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
5y
10y
Annualized Alpha (%)
-3.30
-1.64
1.48
Beta
0.90
0.89
0.85
R-Squared (%)
93.06
92.20
90.48
Standard Deviation (%)
27.22
22.86
18.07
Sharpe Ratio
0.12
0.15
0.55
Information Ratio
-0.52
-0.34
0.00
Up Capture (%)
89.88
87.69
82.56
Down Capture (%)
91.98
88.90
80.97
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
Chesapeake Energy Corp.
CHK
Energy
5.1
The AES Corp.
AES
Utilities
3.5
Casella Waste Systems, Inc.
CWST
Industrials
3.4
LPL Financial Holdings, Inc.
LPLA
Financials
3.4
Matador Resources Co.
MTDR
Energy
3.0
BJ's Wholesale Club Holdings, Inc.
BJ
Consumer Staples
3.0
Clean Harbors, Inc.
CLH
Industrials
2.8
Agilysys, Inc.
AGYS
Information Technology
2.8
Assurant, Inc.
AIZ
Financials
2.7
SunOpta, Inc.
STKL
Consumer Staples
2.6
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
Industrials
18.6
17.7
Information Technology
14.8
14.0
Financials
12.3
16.6
Energy
11.3
5.6
Health Care
10.8
12.6
Consumer Staples
7.9
3.3
Materials
7.1
5.5
Consumer Discretionary
7.0
11.2
Real Estate
3.6
7.9
Utilities
3.5
3.0
Communication Services
2.6
2.6
Cash & Cash Equivalents
0.6
Sector Allocation
Fund (%)
Industrials
18.6
Information Technology
14.8
Financials
12.3
Energy
11.3
Health Care
10.8
Consumer Staples
7.9
Materials
7.1
Consumer Discretionary
7.0
Real Estate
3.6
Utilities
3.5
Communication Services
2.6
Cash & Cash Equivalents
0.6
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Energy
11.3
5.6
Software & Services
10.6
8.5
Capital Goods
9.8
12.7
Commercial & Professional Services
8.8
3.1
Materials
7.1
5.5
Banks
6.1
8.2
Health Care Equipment & Services
5.9
5.7
Pharmaceuticals, Biotechnology & Life Sciences
4.9
6.9
Food, Beverage & Tobacco
4.9
1.8
Retailing
3.9
3.1
Top 10 Industries
Fund (%)
Energy
11.3
Software & Services
10.6
Capital Goods
9.8
Commercial & Professional Services
8.8
Materials
7.1
Banks
6.1
Health Care Equipment & Services
5.9
Pharmaceuticals, Biotechnology & Life Sciences
4.9
Food, Beverage & Tobacco
4.9
Retailing
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
26.3
9.9
Mid Cap ($2.5 to $12 B)
58.6
67.2
Small Cap (< $2.5 B)
15.0
22.9
Capitalization
Fund (%)
Large Cap (> $12 B)
26.3
Mid Cap ($2.5 to $12 B)
58.6
Small Cap (< $2.5 B)
15.0
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

More Insights

Fixed Income

The Changing Tides within Fixed Income Liquidity

Portfolio Manager & Managing Director Christian Hoffmann discusses the factors impacting liquidity in the fixed income markets and the squeeze we see today.
Advising Clients

When it Comes to Investing, It’s Not Over Until the Full-Bodied Lady Sings

Finally, the answer to the often-asked question, "How is Investing Like Opera?"
Advising Clients

The Power of “May I Ask You?”

Jan and Hollis share ideas on how to talk to a client, family member or friend who's experienced a heart-breaking life-event.
Feedback