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Home Investments Mutual Funds Thornburg American Opportunities Fund TAOZ
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TAOZ

Thornburg American Opportunities Fund

Fund Assets
$465.8 M
As of 31 Mar 2026
NAV
$84.73
As of 13 May 2026
Change
$0.30
As of 13 May 2026
YTD NAV Performance
5.91%
As of 13 May 2026
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 1000 Value Index

Portfolio Managers

Miguel Oleaga
Portfolio Manager and Managing Director
Neal BasuMullick, CFA
Portfolio Manager and Managing Director

Important Update to the Fund

Effective March 23, 2026, the Fund’s name, principal investment strategies and benchmarks were changed.

The Fund offers both mutual fund share classes and an ETF class of shares. The ETF class shares are listed and traded on a national securities exchange and are not individually redeemable, unlike the mutual fund class shares. An investment in the ETF class shares is not an investment in a mutual fund, and an investment in the mutual fund class shares is not an investment in an ETF.

Use the share class drop-down above to switch between the ETF and Mutual Fund class shares.

OverviewFund FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Fund?

  • High conviction U.S. equity exposure: Invests in a focused set of high-quality U.S. businesses, agnostic to index weighting or style classifications.
  • Differentiated return potential, built from the bottom-up: Fundamental research focused on durable business models, strong free-cash-flow generation, and identifiable catalysts for value realization.
  • Quality-biased valuation discipline: Seeks to outperform traditional U.S. value strategies over a full market cycle by avoiding structurally challenged companies and emphasizing resilient franchises trading at attractive valuations.

Investment Objective

The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund seeks value opportunities across the U.S. equity market, primarily within large-cap companies. It employs a fundamental, bottom-up process to identify businesses with durable quality, trading at a discount to our estimate of long-term intrinsic value, and with a clear path to value realization. The portfolio typically holds 30–40 securities and is diversified across sectors and styles, with risk managed through position sizing, valuation discipline, and continuous reassessment of investment theses.

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Fund Facts

Fund Facts

(As of 31 Mar 2026)
Net Fund Assets
$465.8 M
Exchange
NASDAQ
Benchmark
Russell 1000 Value Index
Fund Symbol
TAOZ
Share Class
ETF
Share Class Inception Date
1 Apr 2026
CUSIP
885216226
Distribution Frequency
Annual
Gross Expense Ratio (%)
0.93%
Net Expense Ratio (%)
0.79%

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.

For ETF Class Shares:
Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least March 27, 2027, 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.

Pricing & Trading

Pricing & Trading

(As of 12 May 2026)
NAV
$84.43
Market Price / Closing Price
$84.51
Premium / Discount (%)
0.08%
30-Day Median Bid-Ask Spread (%)
0.27%
30-Day Average Volume
—
Shares Outstanding
5,592,715
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Premium/Discount History Timeframe
Days at Premium
25
Days at Discount
4
Days at NAV
0
Days at Premium
0
Days at Discount
0
Days at NAV
1
Performance

Performance

Returns

(As of 30 Apr 2026)
Inception
Net Asset Value (%)
5.80
Market Price (%)
5.94

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.

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.

As of March 23, 2026, the fund's primary benchmark changed from the Russell 2500 Index to the Russell 1000 Value Index.

Before March 23, 2026, the Fund was managed with different a different principal investment strategy under the name “Thornburg Small/Mid Cap Core Fund” and may have achieved different performance results under its current principal investment strategy from the performance shown for periods before that date.

For ETF Class Shares:
Total returns are calculated quarterly using the daily 4:00pm net asset value (NAV). Distributions, if any, are assumed to be reinvested back into the fund on the pay date at the NAV on that date. Performance data quoted represents past performance and past performance is no guarantee of future results. Current performance may be lower or higher than quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, are subject to market volatility. They may be worth more or less than their original cost. ETF class shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The inception date for the Fund's ETF Class is April 1, 2026. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

Characteristics

Characteristics

Portfolio

(As of 31 Mar 2026)
Portfolio
Benchmark
Number of Holdings
42
—
Weighted Average Market Cap
$52.4 B
$370.4 B
Median Market Cap
$11.8 B
$14.8 B
Annual Portfolio Turnover
23%
—
Price to Earnings - Forward 1YR
17.8x
16.9x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
24.8x
21.3x
Price to Cash Flow
13.1x
12.4x
Price to Book Value
3.4x
3.0x
Active Share
98.7%
—
Portfolio

Portfolio

Top Holdings

(As of 13 May 2026)
Name
Ticker/Symbol
Market Value
Weight %
Alphabet, Inc.
GOOGL
$37,291,733.90
7.63%
Apple, Inc.
AAPL
$26,919,662.00
5.50%
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$22,760,232.63
4.65%
Coherent Corp.
COHR
$19,912,666.41
4.07%
Eli Lilly & Co.
LLY
$17,795,882.86
3.64%
Meta Platforms, Inc.
META
$17,389,917.00
3.56%
Netflix, Inc.
NFLX
$17,085,372.30
3.49%
Colliers International Group, Inc.
CIGI
$16,932,832.20
3.46%
The Charles Schwab Corp.
SCHW
$16,110,927.54
3.29%
Citigroup, Inc.
C
$15,428,208.80
3.15%
Download Holdings

Portfolio holdings are subject to change daily.

The holdings information shown is based off of data obtained by a third-party vendor. While the third-party vendor is considered reliable, the data it provides may be incomplete or inaccurate at times. Holdings information based on incomplete or inaccurate data will be updated without notice.

Exposure Breakdown

Exposure Breakdown

(As of 31 Mar 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
26.3
13.5
Cash & Equivalents
15.8
—
Financials
13.2
20.0
Information Technology
10.5
11.7
Consumer Discretionary
7.4
7.0
Energy
6.9
7.7
Health Care
5.0
11.7
Materials
3.0
4.4
Communication Services
2.6
7.9
Utilities
2.5
4.7
Real Estate
2.4
4.0
Consumer Staples
1.1
7.5
Unassigned
3.2
—
Sector Allocation
Fund (%)
Industrials
26.3
Cash & Equivalents
15.8
Financials
13.2
Information Technology
10.5
Consumer Discretionary
7.4
Energy
6.9
Health Care
5.0
Materials
3.0
Communication Services
2.6
Utilities
2.5
Real Estate
2.4
Consumer Staples
1.1
Unassigned
3.2
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.3
10.3
Energy
6.9
7.7
Commercial & Professional Services
6.4
0.9
Financial Services
6.2
9.9
Banks
5.0
6.8
Technology Hardware & Equipment
4.7
3.6
Semiconductors & Semiconductor Equipment
3.6
5.2
Consumer Durables & Apparel
3.5
1.0
Unassigned
3.2
—
Health Care Equipment & Services
3.1
4.7
Top 10 Industries
Fund (%)
Capital Goods
17.3
Energy
6.9
Commercial & Professional Services
6.4
Financial Services
6.2
Banks
5.0
Technology Hardware & Equipment
4.7
Semiconductors & Semiconductor Equipment
3.6
Consumer Durables & Apparel
3.5
Unassigned
3.2
Health Care Equipment & Services
3.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
59.1
93.7
Mid Cap ($2.5 to $12 B)
34.8
6.1
Small Cap (< $2.5 B)
6.1
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
59.1
Mid Cap ($2.5 to $12 B)
34.8
Small Cap (< $2.5 B)
6.1

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

Portfolio Managers

Miguel Oleaga

Miguel Oleaga

Portfolio Manager and Managing Director
Miguel Oleaga is a portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at…
Learn More
Neal BasuMullick, CFA

Neal BasuMullick, CFA

Portfolio Manager and Managing Director
Neal BasuMullick is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer…
Learn More

Literature

Fact Sheet
Summary Prospectus
Annual Financial Statements
Semi-Annual Financial Statements
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.

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.

For ETF Class Shares:
The Advisor and certain Portfolios have received an exemptive order from the Securities and Exchange Commission permitting these Portfolios to offer both a mutual fund share class and an exchange-traded share class that operates as an ETF. Under this structure, the ETF class shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund share classes are purchased and redeemed at the Portfolio’s net asset value next determined after receipt of the order. Because all of the classes of a multi-class Portfolio are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. In addition, shareholders of the mutual fund and ETF classes of a multi-class Portfolio will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, please see the applicable multi-class Portfolio’s prospectus.

Each Fund’s ETF Class shares are listed and traded on a national securities exchange and, unlike the Fund's mutual fund class shares, are not individually redeemable. In addition to ETF Class shares, the Fund offers one or more classes of mutual fund shares. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

The Fund's ETF Class shares are distributed by ALPS Distributors, Inc.

Tax efficiency benefits associated with ETF Class shares are not guaranteed and may vary based on market conditions, portfolio activity, and shareholder transactions.

The Fund is actively managed and does not seek to replicate the performance of a specified index.

Expenses differ between the Fund's ETF Class shares and mutual fund share classes.

Risks associated with investing in the Fund's ETF Class shares may include, but are not limited to: (1) Investment Adviser Risk, which is the risk that the Adviser’s investment decisions may not produce the intended results. (2) Derivatives Risk, as the Funds’ use of derivatives—including futures, options, swaps, and forward contracts—may expose them to risks related to the underlying instruments as well as additional risks such as counterparty default, liquidity constraints, valuation difficulties, and potential delays in closing positions.

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