Thornburg Small/Mid Cap Core Fund

SYMBOL: TVRRX

Morningstar Rating • Info

Overall Morningstar Rating among 380 Large Blend funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 2 stars and 3 stars among 380, 356 and 228 funds, as of 30 Apr 2023.

As of 30 Apr 2023

Fund Assets

$517.6 M

As of 30 Apr 2023

NAV

$62.70

As of 8 Jun 2023

Change

$-0.30

As of 8 Jun 2023

YTD NAV Performance

2.10%

As of 8 Jun 2023

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 TR

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, 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.

Returns

(As of 31 Mar 2023)

YTD

10y

Inception

Total Return (%)

0.52

-15.87

12.13

4.38

8.99

9.20

Russell 2500 TR (%)

3.39

-10.39

19.42

6.65

9.07

9.49

Morningstar Category Avg. (%)

3.37

-6.85

19.55

7.13

9.01

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-3.53

-12.18

4.84

2.68

7.99

8.97

Russell 2500 TR (%)

0.25

-5.34

10.31

4.97

8.37

9.31

Morningstar Category Avg. (%)

3.37

-6.85

19.55

7.13

9.01

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

0.52

-15.87

40.96

23.91

136.43

1023.14

Russell 2500 TR (%)

3.39

-10.39

70.30

37.95

138.23

1109.35

YTD

10y

Inception

Total Return (%)

-3.53

-12.18

15.25

14.14

115.59

977.83

Russell 2500 TR (%)

0.25

-5.34

34.24

27.46

123.39

1072.65

2017

2018

2019

2020

2021

2022

Total Return (%)

23.81

-9.39

29.32

12.09

14.19

-19.20

Russell 2500 TR (%)

16.81

-10.00

27.77

19.99

18.18

-18.37

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 Value Fund's name changed to Thornburg Small/Mid Cap Core 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 S&P 500 Total Return Index to the Russel 2500 Index (Total Return).

Morningstar quartile ranking for Mid-Cap Blend category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 413, 375, 351 and 224 funds, respectively, as of 31 Mar 2023, and 417, 380, 356 and 228 funds, respectively, as of 30 Apr 2023.

Prior to inception of I or 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, 2 Oct 1995; I shares, 2 Nov 1998; R3, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

1.64

Net Expense Ratio (%)

0.95

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

            Categories,R5 Shares,Russell 2500 TR
            1995-10-02,10000,10000
1995-10-31,9539,9777
1995-11-30,9950,10195
1995-12-31,9947,10369
1996-01-31,10250,10442
1996-02-29,10628,10757
1996-03-31,10981,10976
1996-04-30,11091,11484
1996-05-31,11378,11795
1996-06-30,11313,11433
1996-07-31,11338,10596
1996-08-31,11695,11205
1996-09-30,12402,11691
1996-10-31,12783,11614
1996-11-30,13709,12176
1996-12-31,13723,12342
1997-01-31,14317,12683
1997-02-28,14278,12495
1997-03-31,13733,11929
1997-04-30,14029,12080
1997-05-31,15094,13192
1997-06-30,15786,13731
1997-07-31,16936,14536
1997-08-31,16755,14738
1997-09-30,18179,15702
1997-10-31,17473,14996
1997-11-30,18127,15064
1997-12-31,18421,15349
1998-01-31,18494,15114
1998-02-28,20061,16211
1998-03-31,21643,16923
1998-04-30,21564,16986
1998-05-31,21418,16198
1998-06-30,21765,16217
1998-07-31,21310,15103
1998-08-31,17490,12254
1998-09-30,18827,13124
1998-10-31,20632,13842
1998-11-30,21616,14527
1998-12-31,22611,15408
1999-01-31,23857,15381
1999-02-28,22877,14371
1999-03-31,24594,14678
1999-04-30,25975,15991
1999-05-31,25769,16240
1999-06-30,27083,17085
1999-07-31,27033,16749
1999-08-31,26212,16225
1999-09-30,25624,15983
1999-10-31,27306,16333
1999-11-30,28250,17256
1999-12-31,31198,19128
2000-01-31,30155,18688
2000-02-29,31448,21387
2000-03-31,33552,21059
2000-04-30,33603,19927
2000-05-31,33214,18971
2000-06-30,34133,20217
2000-07-31,33689,19702
2000-08-31,33872,21399
2000-09-30,33696,20702
2000-10-31,33707,20134
2000-11-30,31808,18363
2000-12-31,32565,19944
2001-01-31,33945,20599
2001-02-28,31631,19273
2001-03-31,30506,18216
2001-04-30,32869,19824
2001-05-31,32547,20421
2001-06-30,31767,20711
2001-07-31,30702,19970
2001-08-31,29011,19316
2001-09-30,27203,16816
2001-10-31,26920,17685
2001-11-30,29144,19116
2001-12-31,30043,20187
2002-01-31,29332,19937
2002-02-28,28127,19588
2002-03-31,29602,20942
2002-04-30,28460,20889
2002-05-31,28302,20276
2002-06-30,25891,19134
2002-07-31,23573,16850
2002-08-31,23613,16901
2002-09-30,21743,15562
2002-10-31,23104,16069
2002-11-30,24150,17381
2002-12-31,22668,16595
2003-01-31,22445,16154
2003-02-28,21958,15766
2003-03-31,22354,15916
2003-04-30,24558,17335
2003-05-31,26501,19039
2003-06-30,27162,19403
2003-07-31,27551,20446
2003-08-31,28056,21392
2003-09-30,27728,21101
2003-10-31,29203,22769
2003-11-30,29477,23626
2003-12-31,30722,24147
2004-01-31,31514,25028
2004-02-29,31661,25415
2004-03-31,31439,25568
2004-04-30,30253,24340
2004-05-31,30327,24837
2004-06-30,30707,25654
2004-07-31,29497,24161
2004-08-31,29528,24099
2004-09-30,29957,25008
2004-10-31,30639,25579
2004-11-30,31747,27488
2004-12-31,33069,28565
2005-01-31,32298,27605
2005-02-28,32872,28230
2005-03-31,32562,27668
2005-04-30,31513,26423
2005-05-31,32816,28022
2005-06-30,33461,28919
2005-07-31,34863,30628
2005-08-31,34704,30171
2005-09-30,35393,30332
2005-10-31,34860,29390
2005-11-30,36288,30809
2005-12-31,36362,30881
2006-01-31,37911,33065
2006-02-28,37900,33038
2006-03-31,38856,34322
2006-04-30,39574,34442
2006-05-31,38278,32816
2006-06-30,38430,32832
2006-07-31,38774,31799
2006-08-31,39707,32605
2006-09-30,41080,33002
2006-10-31,42817,34588
2006-11-30,44284,35716
2006-12-31,44496,35873
2007-01-31,46172,36841
2007-02-28,45222,36789
2007-03-31,45787,37147
2007-04-30,46794,38104
2007-05-31,48854,39695
2007-06-30,48877,38983
2007-07-31,47408,36743
2007-08-31,47969,37133
2007-09-30,50375,38007
2007-10-31,50926,38984
2007-11-30,48529,36594
2007-12-31,47395,36366
2008-01-31,44000,34145
2008-02-29,42296,33207
2008-03-31,41924,32960
2008-04-30,43356,34735
2008-05-31,44340,36384
2008-06-30,40799,33417
2008-07-31,40175,33649
2008-08-31,39875,34610
2008-09-30,35617,31171
2008-10-31,28794,24456
2008-11-30,26754,21804
2008-12-31,27789,22988
2009-01-31,25673,20919
2009-02-28,23356,18657
2009-03-31,25509,20360
2009-04-30,29623,23497
2009-05-31,32370,24213
2009-06-30,33194,24488
2009-07-31,35470,26697
2009-08-31,37225,27788
2009-09-30,38484,29400
2009-10-31,37347,27698
2009-11-30,39212,28815
2009-12-31,40492,30893
2010-01-31,39311,29859
2010-02-28,40145,31343
2010-03-31,42475,33739
2010-04-30,42822,35337
2010-05-31,39019,32705
2010-06-30,36789,30371
2010-07-31,39027,32508
2010-08-31,36815,30583
2010-09-30,39845,34081
2010-10-31,41405,35388
2010-11-30,40760,36383
2010-12-31,44356,39144
2011-01-31,46508,39669
2011-02-28,48776,41604
2011-03-31,48380,42550
2011-04-30,48522,43778
2011-05-31,47903,43253
2011-06-30,46897,42301
2011-07-31,45647,40690
2011-08-31,40336,37359
2011-09-30,36378,33324
2011-10-31,40658,38208
2011-11-30,39137,38076
2011-12-31,38504,38162
2012-01-31,41161,40698
2012-02-29,43843,42209
2012-03-31,44732,43117
2012-04-30,42889,42804
2012-05-31,37382,39878
2012-06-30,38788,41331
2012-07-31,38337,41049
2012-08-31,39820,42524
2012-09-30,41509,43632
2012-10-31,40812,43175
2012-11-30,41522,43838
2012-12-31,42760,44984
2013-01-31,45222,48059
2013-02-28,45339,48611
2013-03-31,47505,50764
2013-04-30,48498,50920
2013-05-31,49994,52493
2013-06-30,48627,51918
2013-07-31,51618,55310
2013-08-31,51232,53562
2013-09-30,54017,56630
2013-10-31,55964,58461
2013-11-30,57666,60015
2013-12-31,59879,61536
2014-01-31,58169,60132
2014-02-28,61460,63180
2014-03-31,61434,62952
2014-04-30,61745,61499
2014-05-31,62886,62221
2014-06-30,64531,65196
2014-07-31,63508,61990
2014-08-31,65425,65052
2014-09-30,64213,61711
2014-10-31,64930,64442
2014-11-30,67175,65002
2014-12-31,67014,65887
2015-01-31,65799,64537
2015-02-28,69758,68385
2015-03-31,69405,69293
2015-04-30,70973,68079
2015-05-31,72279,69538
2015-06-30,71809,69055
2015-07-31,72776,68927
2015-08-31,69026,64846
2015-09-30,65916,61945
2015-10-31,69888,65407
2015-11-30,70398,66691
2015-12-31,69588,63975
2016-01-31,65250,58874
2016-02-29,63826,59288
2016-03-31,67902,64227
2016-04-30,68138,65174
2016-05-31,69666,66548
2016-06-30,69183,66521
2016-07-31,71966,69991
2016-08-31,72188,70549
2016-09-30,73022,70887
2016-10-31,71746,68010
2016-11-30,73785,73795
2016-12-31,74470,75228
2017-01-31,76183,76272
2017-02-28,79081,78109
2017-03-31,80360,78054
2017-04-30,82692,78656
2017-05-31,84246,77777
2017-06-30,85396,79720
2017-07-31,86874,80545
2017-08-31,87494,79877
2017-09-30,88512,83500
2017-10-31,89952,84794
2017-11-30,91973,87580
2017-12-31,92200,87874
2018-01-31,97330,90554
2018-02-28,92732,86831
2018-03-31,90645,87664
2018-04-30,91801,87872
2018-05-31,94433,92004
2018-06-30,94472,92669
2018-07-31,97768,94462
2018-08-31,99336,98513
2018-09-30,99137,97021
2018-10-31,91190,87171
2018-11-30,92758,88817
2018-12-31,83539,79085
2019-01-31,91417,88190
2019-02-28,93359,92355
2019-03-31,95262,91594
2019-04-30,99027,94804
2019-05-31,90586,88059
2019-06-30,96763,94306
2019-07-31,98638,95287
2019-08-31,96816,91476
2019-09-30,99067,93097
2019-10-31,101010,94879
2019-11-30,104212,98952
2019-12-31,108030,101044
2020-01-31,105323,98992
2020-02-29,98062,90692
2020-03-31,79676,71012
2020-04-30,90209,81345
2020-05-31,93523,87353
2020-06-30,94816,89876
2020-07-31,100056,93457
2020-08-31,107087,97689
2020-09-30,103787,95163
2020-10-31,105646,96886
2020-11-30,115950,112669
2020-12-31,121096,121246
2021-01-31,118712,124217
2021-02-28,127939,132321
2021-03-31,129070,134497
2021-04-30,135940,139870
2021-05-31,133906,140160
2021-06-30,134822,141816
2021-07-31,135091,139332
2021-08-31,138607,142495
2021-09-30,135832,138013
2021-10-31,140964,144780
2021-11-30,132272,138740
2021-12-31,138280,143291
2022-01-31,128196,131364
2022-02-28,131527,132844
2022-03-31,133501,134956
2022-04-30,122439,123457
2022-05-31,122729,123874
2022-06-30,111540,112039
2022-07-31,120321,123631
2022-08-31,115523,120345
2022-09-30,104823,108882
2022-10-31,113097,119329
2022-11-30,118746,124366
2022-12-31,111731,116970
2023-01-31,120556,128665
2023-02-28,116280,125645
2023-03-31,112314,120935
2023-04-30,112186,119357
2023-05-31,107783,117265

Hypothetical Growth of $10,000

(As of 31 May 2023)

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

                        Categories,R5 Shares,Russell 2500 TR
                        2022-05-31,10000,10000
2022-06-30,9088,9045
2022-07-31,9804,9980
2022-08-31,9413,9715
2022-09-30,8541,8790
2022-10-31,9215,9633
2022-11-30,9675,10040
2022-12-31,9104,9443
2023-01-31,9823,10387
2023-02-28,9475,10143
2023-03-31,9151,9763
2023-04-30,9141,9635
2023-05-31,8782,9466

                        Categories,R5 Shares,Russell 2500 TR
                        2020-05-31,10000,10000
2020-06-30,10138,10289
2020-07-31,10699,10699
2020-08-31,11450,11183
2020-09-30,11098,10894
2020-10-31,11296,11091
2020-11-30,12398,12898
2020-12-31,12948,13880
2021-01-31,12693,14220
2021-02-28,13680,15148
2021-03-31,13801,15397
2021-04-30,14536,16012
2021-05-31,14318,16045
2021-06-30,14416,16235
2021-07-31,14445,15950
2021-08-31,14821,16313
2021-09-30,14524,15799
2021-10-31,15073,16574
2021-11-30,14143,15883
2021-12-31,14786,16404
2022-01-31,13707,15038
2022-02-28,14064,15208
2022-03-31,14275,15449
2022-04-30,13092,14133
2022-05-31,13123,14181
2022-06-30,11927,12826
2022-07-31,12865,14153
2022-08-31,12352,13777
2022-09-30,11208,12465
2022-10-31,12093,13660
2022-11-30,12697,14237
2022-12-31,11947,13390
2023-01-31,12891,14729
2023-02-28,12433,14384
2023-03-31,12009,13844
2023-04-30,11996,13664
2023-05-31,11525,13424

                        Categories,R5 Shares,Russell 2500 TR
                        2018-05-31,10000,10000
2018-06-30,10004,10072
2018-07-31,10353,10267
2018-08-31,10519,10708
2018-09-30,10498,10545
2018-10-31,9657,9475
2018-11-30,9823,9654
2018-12-31,8846,8596
2019-01-31,9681,9585
2019-02-28,9886,10038
2019-03-31,10088,9955
2019-04-30,10486,10304
2019-05-31,9593,9571
2019-06-30,10247,10250
2019-07-31,10445,10357
2019-08-31,10252,9943
2019-09-30,10491,10119
2019-10-31,10696,10313
2019-11-30,11036,10755
2019-12-31,11440,10983
2020-01-31,11153,10760
2020-02-29,10384,9857
2020-03-31,8437,7718
2020-04-30,9553,8841
2020-05-31,9904,9495
2020-06-30,10041,9769
2020-07-31,10595,10158
2020-08-31,11340,10618
2020-09-30,10991,10343
2020-10-31,11187,10531
2020-11-30,12279,12246
2020-12-31,12824,13178
2021-01-31,12571,13501
2021-02-28,13548,14382
2021-03-31,13668,14619
2021-04-30,14395,15203
2021-05-31,14180,15234
2021-06-30,14277,15414
2021-07-31,14306,15144
2021-08-31,14678,15488
2021-09-30,14384,15001
2021-10-31,14927,15736
2021-11-30,14007,15080
2021-12-31,14643,15574
2022-01-31,13575,14278
2022-02-28,13928,14439
2022-03-31,14137,14668
2022-04-30,12966,13419
2022-05-31,12996,13464
2022-06-30,11812,12178
2022-07-31,12741,13438
2022-08-31,12233,13080
2022-09-30,11100,11835
2022-10-31,11976,12970
2022-11-30,12575,13517
2022-12-31,11832,12714
2023-01-31,12766,13985
2023-02-28,12313,13656
2023-03-31,11893,13145
2023-04-30,11880,12973
2023-05-31,11414,12746

                        Categories,R5 Shares,Russell 2500 TR
                        2013-05-31,10000,10000
2013-06-30,9727,9891
2013-07-31,10325,10537
2013-08-31,10248,10204
2013-09-30,10805,10788
2013-10-31,11194,11137
2013-11-30,11535,11433
2013-12-31,11977,11723
2014-01-31,11635,11455
2014-02-28,12294,12036
2014-03-31,12288,11993
2014-04-30,12351,11716
2014-05-31,12579,11853
2014-06-30,12908,12420
2014-07-31,12703,11809
2014-08-31,13087,12393
2014-09-30,12844,11756
2014-10-31,12988,12276
2014-11-30,13437,12383
2014-12-31,13404,12552
2015-01-31,13161,12294
2015-02-28,13953,13027
2015-03-31,13883,13200
2015-04-30,14196,12969
2015-05-31,14458,13247
2015-06-30,14364,13155
2015-07-31,14557,13131
2015-08-31,13807,12353
2015-09-30,13185,11801
2015-10-31,13979,12460
2015-11-30,14081,12705
2015-12-31,13919,12187
2016-01-31,13052,11216
2016-02-29,12767,11294
2016-03-31,13582,12235
2016-04-30,13629,12416
2016-05-31,13935,12678
2016-06-30,13838,12672
2016-07-31,14395,13333
2016-08-31,14439,13440
2016-09-30,14606,13504
2016-10-31,14351,12956
2016-11-30,14759,14058
2016-12-31,14896,14331
2017-01-31,15238,14530
2017-02-28,15818,14880
2017-03-31,16074,14869
2017-04-30,16540,14984
2017-05-31,16851,14817
2017-06-30,17081,15187
2017-07-31,17377,15344
2017-08-31,17501,15217
2017-09-30,17705,15907
2017-10-31,17993,16153
2017-11-30,18397,16684
2017-12-31,18442,16740
2018-01-31,19468,17251
2018-02-28,18549,16541
2018-03-31,18131,16700
2018-04-30,18363,16740
2018-05-31,18889,17527
2018-06-30,18897,17654
2018-07-31,19556,17995
2018-08-31,19870,18767
2018-09-30,19830,18483
2018-10-31,18240,16606
2018-11-30,18554,16920
2018-12-31,16710,15066
2019-01-31,18286,16800
2019-02-28,18674,17594
2019-03-31,19055,17449
2019-04-30,19808,18060
2019-05-31,18119,16775
2019-06-30,19355,17966
2019-07-31,19730,18152
2019-08-31,19366,17426
2019-09-30,19816,17735
2019-10-31,20205,18075
2019-11-30,20845,18850
2019-12-31,21609,19249
2020-01-31,21067,18858
2020-02-29,19615,17277
2020-03-31,15937,13528
2020-04-30,18044,15496
2020-05-31,18707,16641
2020-06-30,18966,17122
2020-07-31,20014,17804
2020-08-31,21420,18610
2020-09-30,20760,18129
2020-10-31,21132,18457
2020-11-30,23193,21464
2020-12-31,24222,23098
2021-01-31,23745,23664
2021-02-28,25591,25207
2021-03-31,25817,25622
2021-04-30,27191,26646
2021-05-31,26785,26701
2021-06-30,26968,27016
2021-07-31,27022,26543
2021-08-31,27725,27146
2021-09-30,27170,26292
2021-10-31,28196,27581
2021-11-30,26458,26430
2021-12-31,27659,27297
2022-01-31,25642,25025
2022-02-28,26309,25307
2022-03-31,26703,25709
2022-04-30,24491,23519
2022-05-31,24549,23598
2022-06-30,22311,21344
2022-07-31,24067,23552
2022-08-31,23108,22926
2022-09-30,20967,20742
2022-10-31,22622,22732
2022-11-30,23752,23692
2022-12-31,22349,22283
2023-01-31,24114,24511
2023-02-28,23259,23936
2023-03-31,22466,23038
2023-04-30,22440,22738
2023-05-31,21559,22339

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 ($)
            2005-01-31,0
2005-02-28,0
2005-03-31,0.07680
2005-04-30,0
2005-05-31,0
2005-06-30,0.08905
2005-07-31,0
2005-08-31,0
2005-09-30,0.09860
2005-10-31,0
2005-11-30,0
2005-12-31,0.09906
2006-01-31,0
2006-02-28,0
2006-03-31,0.08499
2006-04-30,0
2006-05-31,0
2006-06-30,0.07938
2006-07-31,0
2006-08-31,0
2006-09-30,0.17815
2006-10-31,0
2006-11-30,1.30207
2006-12-31,0.10967
2007-01-31,0
2007-02-28,0
2007-03-31,0.08620
2007-04-30,0
2007-05-31,0
2007-06-30,0.07023
2007-07-31,0
2007-08-31,0
2007-09-30,0.14496
2007-10-31,0
2007-11-30,3.93397
2007-12-31,0.03787
2008-01-31,0
2008-02-29,0
2008-03-31,0.04112
2008-04-30,0
2008-05-31,0
2008-06-30,0.08697
2008-07-31,0
2008-08-31,0
2008-09-30,0.08330
2008-10-31,0
2008-11-30,0
2008-12-31,0.12179
2009-01-31,0
2009-02-28,0
2009-03-31,0.11271
2009-04-30,0
2009-05-31,0
2009-06-30,0.11074
2009-07-31,0
2009-08-31,0
2009-09-30,0.13972
2009-10-31,0
2009-11-30,0
2009-12-31,0.14290
2010-01-31,0
2010-02-28,0
2010-03-31,0.04572
2010-04-30,0
2010-05-31,0
2010-06-30,0.03566
2010-07-31,0
2010-08-31,0
2010-09-30,0.05622
2010-10-31,0
2010-11-30,0
2010-12-31,0
2011-01-31,0
2011-02-28,0
2011-03-31,0.01275
2011-04-30,0
2011-05-31,0
2011-06-30,0
2011-07-31,0
2011-08-31,0
2011-09-30,0
2011-10-31,0
2011-11-30,0
2011-12-31,0.00923
2012-01-31,0
2012-02-29,0
2012-03-31,0
2012-04-30,0
2012-05-31,0
2012-06-30,0
2012-07-31,0
2012-08-31,0
2012-09-30,0
2012-10-31,0
2012-11-30,0
2012-12-31,0
2013-01-31,0
2013-02-28,0
2013-03-31,0
2013-04-30,0
2013-05-31,0
2013-06-30,0
2013-07-31,0
2013-08-31,0
2013-09-30,0
2013-10-31,0
2013-11-30,0
2013-12-31,0.22426
2014-01-31,0
2014-02-28,0
2014-03-31,0
2014-04-30,0
2014-05-31,0
2014-06-30,0
2014-07-31,0
2014-08-31,0
2014-09-30,0.34882
2014-10-31,0
2014-11-30,0
2014-12-31,0.06665
2015-01-31,0
2015-02-28,0
2015-03-31,0
2015-04-30,0
2015-05-31,0
2015-06-30,0
2015-07-31,0
2015-08-31,0
2015-09-30,0
2015-10-31,0
2015-11-30,0
2015-12-31,0
2016-01-31,0
2016-02-29,0
2016-03-31,0
2016-04-30,0
2016-05-31,0
2016-06-30,0
2016-07-31,0
2016-08-31,0
2016-09-30,0.38392
2016-10-31,0
2016-11-30,0
2016-12-31,0.08099
2017-01-31,0
2017-02-28,0
2017-03-31,0
2017-04-30,0
2017-05-31,0
2017-06-30,0.10258
2017-07-31,0
2017-08-31,0
2017-09-30,0.06146
2017-10-31,0
2017-11-30,0
2017-12-31,0.42373
2018-01-31,0
2018-02-28,0
2018-03-31,0
2018-04-30,0
2018-05-31,0
2018-06-30,0
2018-07-31,0
2018-08-31,0
2018-09-30,0
2018-10-31,0
2018-11-30,0
2018-12-31,0.49761
2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0
2019-07-31,0
2019-08-31,0
2019-09-30,0
2019-10-31,0
2019-11-30,0
2019-12-31,0.42748
2020-01-31,0
2020-02-29,0
2020-03-31,0
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,0
2020-12-31,0
2021-01-31,0
2021-02-28,0
2021-03-31,0
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,26.35024
2021-12-31,0.54555
2022-01-31,0
2022-02-28,0
2022-03-31,0
2022-04-30,0
2022-05-31,0
2022-06-30,0
2022-07-31,0
2022-08-31,0
2022-09-30,0
2022-10-31,0
2022-11-30,0
2022-12-31,0.30673

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
2005-03-31,0.07680,0.07680,0,0
,0,0,0,0
,0,0,0,0
2005-06-30,0.08905,0.08905,0,0
,0,0,0,0
,0,0,0,0
2005-09-30,0.09860,0.09860,0,0
,0,0,0,0
,0,0,0,0
2005-12-30,0.09906,0.09906,0,0
,0,0,0,0
,0,0,0,0
2006-03-30,0.08499,0.08499,0,0
,0,0,0,0
,0,0,0,0
2006-06-28,0.07938,0.07938,0,0
,0,0,0,0
,0,0,0,0
2006-09-27,0.17815,0.17815,0,0
,0,0,0,0
2006-11-17,1.30207,0,0.04610,1.25597
2006-12-26,0.10967,0.10967,0,0
,0,0,0,0
,0,0,0,0
2007-03-26,0.08620,0.08620,0,0
,0,0,0,0
,0,0,0,0
2007-06-26,0.07023,0.07023,0,0
,0,0,0,0
,0,0,0,0
2007-09-26,0.14496,0.14496,0,0
,0,0,0,0
2007-11-19,3.93397,0,0.88171,3.05226
2007-12-26,0.03787,0.03787,0,0
,0,0,0,0
,0,0,0,0
2008-03-26,0.04112,0.04112,0,0
,0,0,0,0
,0,0,0,0
2008-06-26,0.08697,0.08697,0,0
,0,0,0,0
,0,0,0,0
2008-09-26,0.08330,0.08330,0,0
,0,0,0,0
,0,0,0,0
2008-12-26,0.12179,0.12179,0,0
,0,0,0,0
,0,0,0,0
2009-03-26,0.11271,0.11271,0,0
,0,0,0,0
,0,0,0,0
2009-06-26,0.11074,0.11074,0,0
,0,0,0,0
,0,0,0,0
2009-09-25,0.13972,0.13972,0,0
,0,0,0,0
,0,0,0,0
2009-12-24,0.14290,0.14290,0,0
,0,0,0,0
,0,0,0,0
2010-03-26,0.04572,0.04572,0,0
,0,0,0,0
,0,0,0,0
2010-06-25,0.03566,0.03566,0,0
,0,0,0,0
,0,0,0,0
2010-09-24,0.05622,0.05622,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2011-03-25,0.01275,0.01275,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2011-12-23,0.00923,0.00923,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2013-12-24,0.22426,0.22426,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2014-09-24,0.34882,0.34882,0,0
,0,0,0,0
,0,0,0,0
2014-12-24,0.06665,0.06665,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2016-09-26,0.38392,0.38392,0,0
,0,0,0,0
,0,0,0,0
2016-12-23,0.08099,0.08099,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2017-06-23,0.10258,0.10258,0,0
,0,0,0,0
,0,0,0,0
2017-09-22,0.06146,0.06146,0,0
,0,0,0,0
,0,0,0,0
2017-12-22,0.42373,0.42373,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2018-12-21,0.49761,0.49761,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2019-12-20,0.42748,0.42748,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2021-11-18,26.35024,0,7.96715,18.38309
2021-12-16,0.54555,0.54555,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2022-12-15,0.30673,0.30673,0,0

Distributions

(As of 31 Dec 2022)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

—

31 Mar 2005

0.07680

—

30 Jun 2005

0.08905

—

30 Sep 2005

0.09860

—

30 Dec 2005

0.09906

—

30 Mar 2006

0.08499

—

28 Jun 2006

0.07938

—

27 Sep 2006

0.17815

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

0.10967

—

26 Mar 2007

0.08620

—

26 Jun 2007

0.07023

—

26 Sep 2007

0.14496

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Dec 2007

0.03787

—

26 Mar 2008

0.04112

—

26 Jun 2008

0.08697

—

26 Sep 2008

0.08330

—

26 Dec 2008

0.12179

—

26 Mar 2009

0.11271

—

26 Jun 2009

0.11074

—

25 Sep 2009

0.13972

—

24 Dec 2009

0.14290

—

26 Mar 2010

0.04572

—

25 Jun 2010

0.03566

—

24 Sep 2010

0.05622

—

25 Mar 2011

0.01275

—

23 Dec 2011

0.00923

—

24 Dec 2013

0.22426

—

24 Sep 2014

0.34882

—

24 Dec 2014

0.06665

—

26 Sep 2016

0.38392

—

23 Dec 2016

0.08099

—

23 Jun 2017

0.10258

—

22 Sep 2017

0.06146

—

22 Dec 2017

0.42373

—

21 Dec 2018

0.49761

—

20 Dec 2019

0.42748

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

0.54555

—

15 Dec 2022

0.30673

—

Fund Facts

(As of 30 Apr 2023)

Net Fund Assets

$517.6 M

Benchmark

Russell 2500 TR

Morningstar Category

Large Blend

Fund Symbol

TVRRX

Share Class

Share Class Inception Date

1 Feb 2005

Number of Holdings

Portfolio Turnover

46%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Apr 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$7.8 B

$6.3 B

Median Market Cap

$5.5 B

$1.3 B

Price to Earnings - Forward 1YR

17.2x

13.8x

Price to Earnings - Trailing 12 Months

15.1x

12.7x

Price to Cash Flow

8.9x

7.9x

Portfolio

Benchmark

Price to Book Value

2.5x

2.1x

Return on Assets - 5 YR

6.9%

5.1%

Return on Equity - 5 YR

20.1%

7.5%

Historical 3YR Sales Growth

13.9%

20.6%

Active Share

95.2%

—

Risk & Return Profile

(As of 31 Mar 2023)

10y

Annualized Alpha (%)

-4.92

-1.60

1.08

Beta

0.92

0.90

0.86

R-Squared (%)

92.06

92.38

90.67

Standard Deviation (%)

23.85

23.49

18.54

Sharpe Ratio

0.46

0.12

0.43

Information Ratio

-1.02

-0.32

-0.01

Up Capture (%)

91.19

89.17

83.51

Down Capture (%)

94.59

90.35

82.39

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 30 Apr 2023)

Name

Ticker/Symbol

Sector

Weight %

Casella Waste Systems, Inc.

CWST

Industrials

3.9

The AES Corp.

AES

Utilities

3.2

Clean Harbors, Inc.

CLH

Industrials

3.2

Deckers Outdoor Corp.

DECK

Consumer Discretionary

3.0

BJ's Wholesale Club Holdings, Inc.

Consumer Staples

3.0

Agilysys, Inc.

AGYS

Information Technology

2.8

Sensient Technologies Corp.

SXT

Materials

2.8

Assurant, Inc.

AIZ

Financials

2.7

LPL Financial Holdings, Inc.

LPLA

Financials

2.7

TechnipFMC plc

FTI

Energy

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Apr 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

21.9

19.7

Information Technology

13.9

11.8

Health Care

11.2

13.0

Financials

11.0

15.6

Energy

9.0

4.7

Consumer Discretionary

8.7

12.4

Materials

7.8

5.8

Consumer Staples

7.4

3.7

Real Estate

3.8

7.7

Utilities

3.2

3.0

Communication Services

1.1

2.7

Cash & Cash Equivalents

0.7

—

Sector Allocation

Fund (%)

Industrials

21.9

Information Technology

13.9

Health Care

11.2

Financials

11.0

Energy

9.0

Consumer Discretionary

8.7

Materials

7.8

Consumer Staples

7.4

Real Estate

3.8

Utilities

3.2

Communication Services

1.1

Cash & Cash Equivalents

0.7

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

12.6

13.7

Commercial & Professional Services

9.3

4.0

Energy

9.0

4.7

Materials

7.8

5.8

Health Care Equipment & Services

7.5

6.0

Software & Services

7.2

6.1

Financial Services

6.9

6.4

Technology Hardware & Equipment

4.6

3.4

Food, Beverage & Tobacco

4.5

1.9

Consumer Durables & Apparel

4.1

3.9

Top 10 Industries

Fund (%)

Capital Goods

12.6

Commercial & Professional Services

9.3

Energy

9.0

Materials

7.8

Health Care Equipment & Services

7.5

Software & Services

7.2

Financial Services

6.9

Technology Hardware & Equipment

4.6

Food, Beverage & Tobacco

4.5

Consumer Durables & Apparel

4.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

Large Cap (> $12 B)

25.0

10.8

Mid Cap ($2.5 to $12 B)

57.0

67.4

Small Cap (< $2.5 B)

18.1

21.8

Capitalization

Fund (%)

Large Cap (> $12 B)

25.0

Mid Cap ($2.5 to $12 B)

57.0

Small Cap (< $2.5 B)

18.1

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

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

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…

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Fact Sheet

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 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.

© 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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Thornburg Small/Mid Cap Core 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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Create an account to save this article or product.

Thornburg Small/Mid Cap Core 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

Turning Commercial Real Estate Distress into Opportunity

Tread Carefully: Investment Opportunities in Artificial Intelligence

Can the Fed Bring Prices Down to Its 2% Target?

Dream. Plan. Achieve.

Global Market Observations: Is a Recession a Foregone Conclusion?

Global Markets Observations: Risk Assets Ride Out the Banking Scare