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Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 378 Large Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 1 star and 2 stars among 378, 353 and 245 funds, as of 31 May 2025.

As of 31 May 2025
Fund Assets
$470.9 M
As of 31 May 2025
NAV
$77.80
As of 30 Jun 2025
Change
$0.02
As of 30 Jun 2025
YTD NAV Performance
-2.25%
As of 30 Jun 2025
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 Index

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 31 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-15.46
-8.51
-1.60
9.65
5.98
8.66
Total Return without Sales Charge (%)
-11.47
-4.19
-0.08
10.67
6.47
8.83
Russell 2500 Index (%)
-7.50
-3.11
1.78
14.91
7.46
9.42
Morningstar Category Avg. (%)
-4.55
-0.13
4.46
16.02
7.99
Morningstar Quartile
4
4
4
4
Morningstar Quartile # of Funds
408
378
353
245
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-10.08
-0.99
3.32
7.53
6.21
8.83
Total Return without Sales Charge (%)
-5.84
3.68
4.92
8.52
6.70
9.00
Russell 2500 Index (%)
-3.99
3.49
6.04
11.07
7.82
9.50
Morningstar Category Avg. (%)
-1.26
5.81
7.93
12.41
8.31
Morningstar Quartile
3
4
4
4
Morningstar Quartile # of Funds
408
378
353
245
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-15.46
-8.51
-4.73
58.54
78.70
1057.82
Total Return without Sales Charge (%)
-11.47
-4.19
-0.24
66.00
87.10
1112.12
Russell 2500 Index (%)
-7.50
-3.11
5.43
100.37
105.34
1322.86
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-10.08
-0.99
10.30
43.76
82.63
1131.44
Total Return without Sales Charge (%)
-5.84
3.68
15.50
50.53
91.22
1189.19
Russell 2500 Index (%)
-3.99
3.49
19.23
69.07
112.39
1376.89
2020
2021
2022
2023
2024
Total Return with Sales Charge (%)
6.68
8.70
-23.17
8.04
14.04
Russell 2500 Index (%)
19.99
18.18
-18.37
17.42
12.00
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.38
Net Expense Ratio (%)
1.38
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 May 2025)
(Hypothetical Growth of $10,000 vs Russell 2500 Index)
Distributions

Distributions

(As of 15 Dec 2022)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
29 Dec 1995
31 Dec 1995
0.04700
0.04700
29 Mar 1996
31 Mar 1996
0.06000
0.06000
28 Jun 1996
30 Jun 1996
0.08200
0.08200
24 Sep 1996
30 Sep 1996
0.09100
0.09100
8 Nov 1996
8 Nov 1996
0.37000
0.37000
0.00000
24 Dec 1996
31 Dec 1996
0.05100
0.05100
24 Mar 1997
31 Mar 1997
0.03700
0.03700
24 Jun 1997
30 Jun 1997
0.06700
0.06700
24 Sep 1997
30 Sep 1997
0.04700
0.04700
7 Nov 1997
7 Nov 1997
1.35000
0.95000
0.40000
24 Dec 1997
31 Dec 1997
0.03000
0.03000
31 Mar 1998
31 Mar 1998
0.04400
0.04400
30 Jun 1998
30 Jun 1998
0.05400
0.05400
30 Sep 1998
30 Sep 1998
0.05000
0.05000
31 Mar 1999
31 Mar 1999
0.10500
0.10500
30 Jun 1999
30 Jun 1999
0.08000
0.08000
30 Sep 1999
30 Sep 1999
0.01000
0.01000
1 Nov 1999
1 Nov 1999
0.39000
0.00000
0.39000
31 Dec 1999
31 Dec 1999
0.05000
0.05000
31 Mar 2000
31 Mar 2000
0.10300
0.10300
30 Jun 2000
30 Jun 2000
0.45800
0.45800
29 Sep 2000
30 Sep 2000
0.24500
0.24500
7 Nov 2000
7 Nov 2000
0.25000
0.00000
0.25000
29 Dec 2000
31 Dec 2000
0.20400
0.20400
30 Mar 2001
31 Mar 2001
0.07600
0.07600
29 Jun 2001
30 Jun 2001
0.05100
0.05100
30 Jun 2003
30 Jun 2003
0.04000
0.04000
31 Mar 2004
31 Mar 2004
0.05000
0.05000
30 Jun 2004
30 Jun 2004
0.04000
0.04000
30 Sep 2004
30 Sep 2004
0.09455
0.09455
31 Dec 2004
31 Dec 2004
0.11900
0.11900
31 Mar 2005
31 Mar 2005
0.05000
0.05000
30 Jun 2005
30 Jun 2005
0.05000
0.05000
30 Sep 2005
30 Sep 2005
0.06000
0.06000
30 Dec 2005
31 Dec 2005
0.06750
0.06750
30 Mar 2006
31 Mar 2006
0.05000
0.05000
28 Jun 2006
30 Jun 2006
0.05000
0.05000
27 Sep 2006
30 Sep 2006
0.14000
0.14000
17 Nov 2006
17 Nov 2006
1.30207
0.04610
1.25597
26 Dec 2006
31 Dec 2006
0.08144
0.08144
26 Mar 2007
31 Mar 2007
0.06000
0.06000
26 Jun 2007
30 Jun 2007
0.03000
0.03000
26 Sep 2007
30 Sep 2007
0.10000
0.10000
19 Nov 2007
19 Nov 2007
3.93397
0.88171
3.05226
26 Dec 2007
31 Dec 2007
0.00575
0.00575
26 Mar 2008
31 Mar 2008
0.01500
0.01500
26 Jun 2008
30 Jun 2008
0.06000
0.06000
26 Sep 2008
30 Sep 2008
0.06000
0.06000
26 Dec 2008
31 Dec 2008
0.10200
0.10200
26 Mar 2009
31 Mar 2009
0.09000
0.09000
26 Jun 2009
30 Jun 2009
0.09000
0.09000
25 Sep 2009
30 Sep 2009
0.12000
0.12000
24 Dec 2009
31 Dec 2009
0.12000
0.12000
26 Mar 2010
31 Mar 2010
0.02400
0.02400
25 Jun 2010
30 Jun 2010
0.01000
0.01000
24 Sep 2010
30 Sep 2010
0.02300
0.02300
24 Dec 2013
31 Dec 2013
0.06100
0.06100
24 Sep 2014
30 Sep 2014
0.20000
0.20000
24 Dec 2014
31 Dec 2014
0.01850
0.01850
26 Sep 2016
30 Sep 2016
0.16750
0.16750
23 Dec 2016
31 Dec 2016
0.02100
0.02100
22 Dec 2017
31 Dec 2017
0.35931
0.35931
21 Dec 2018
31 Dec 2018
0.28688
0.28688
20 Dec 2019
31 Dec 2019
0.17720
0.17720
18 Nov 2021
18 Nov 2021
26.35024
7.96715
18.38309
16 Dec 2021
31 Dec 2021
0.30107
0.30107
15 Dec 2022
31 Dec 2022
0.02668
0.02668
Fund Facts

Fund Facts

(As of 31 May 2025)
Net Fund Assets
$470.9 M
Benchmark
Russell 2500 Index
Morningstar Category
Large Blend
Fund Symbol
TVAFX
Share Class
A
Share Class Inception Date
2 Oct 1995
Number of Holdings
48
Portfolio Turnover
33%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$10.2 B
$8.6 B
Median Market Cap
$8.7 B
$1.3 B
Price to Earnings - Forward 1YR
18.2x
16.3x
Price to Earnings - Trailing 12 Months
20.4x
17.7x
Price to Cash Flow
11.9x
9.7x
Portfolio
Benchmark
Price to Book Value
2.7x
2.2x
Return on Assets - 5 YR
6.1%
4.7%
Return on Equity - 5 YR
16.9%
12.7%
Historical 3YR Sales Growth
13.5%
15.1%
Active Share
95.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2025)
3y
5y
10y
Annualized Alpha (%)
-0.12
-0.64
0.41
Beta
0.90
0.87
0.84
R-Squared (%)
94.41
90.89
90.23
Standard Deviation (%)
19.75
18.22
17.36
Sharpe Ratio
0.04
0.34
0.30
Information Ratio
-0.13
-0.35
-0.12
Up Capture (%)
89.88
87.94
84.72
Down Capture (%)
90.56
91.33
83.25
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
4.5
TXNM Energy, Inc.
TXNM
Utilities
3.3
BJ's Wholesale Club Holdings, Inc.
BJ
Consumer Staples
3.2
Clean Harbors, Inc.
CLH
Industrials
3.1
Sensient Technologies Corp.
SXT
Materials
3.0
LPL Financial Holdings, Inc.
LPLA
Financials
3.0
Pinnacle Financial Partners, Inc.
PNFP
Financials
3.0
Applied Industrial Technologies, Inc.
AIT
Industrials
3.0
Marex Group plc
MRX
Financials
2.8
Nutanix, Inc.
NTNX
Information Technology
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 May 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
27.4
19.3
Financials
20.4
18.5
Information Technology
14.1
11.8
Consumer Discretionary
10.5
12.4
Consumer Staples
6.8
3.7
Energy
5.9
5.0
Utilities
5.3
3.1
Health Care
4.5
11.1
Materials
2.8
5.3
Real Estate
1.7
6.7
Cash & Cash Equivalents
0.8
Communication Services
0.0
3.0
Sector Allocation
Fund (%)
Industrials
27.4
Financials
20.4
Information Technology
14.1
Consumer Discretionary
10.5
Consumer Staples
6.8
Energy
5.9
Utilities
5.3
Health Care
4.5
Materials
2.8
Real Estate
1.7
Cash & Cash Equivalents
0.8
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.7
14.1
Financial Services
10.5
8.4
Commercial & Professional Services
9.6
3.3
Software & Services
7.3
6.0
Energy
5.9
5.0
Banks
5.3
6.4
Utilities
5.3
3.1
Insurance
4.6
3.8
Consumer Durables & Apparel
4.4
3.3
Food, Beverage & Tobacco
4.0
1.4
Top 10 Industries
Fund (%)
Capital Goods
15.7
Financial Services
10.5
Commercial & Professional Services
9.6
Software & Services
7.3
Energy
5.9
Banks
5.3
Utilities
5.3
Insurance
4.6
Consumer Durables & Apparel
4.4
Food, Beverage & Tobacco
4.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
29.5
23.4
Mid Cap ($2.5 to $12 B)
61.6
59.5
Small Cap (< $2.5 B)
8.8
17.1
Capitalization
Fund (%)
Large Cap (> $12 B)
29.5
Mid Cap ($2.5 to $12 B)
61.6
Small Cap (< $2.5 B)
8.8
Portfolio Managers

Portfolio Managers

Steven Klopukh, CFA

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…
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Tim McCarthy, CFA

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…
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