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Home Investments Mutual Funds Thornburg American Opportunities Fund TVAFX
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TVAFX

Thornburg American Opportunities Fund

Fund Assets
$523.7 M
As of 31 Aug 2026
NAV
$90.79
As of 21 Sep 2026
Change
$1.16
As of 21 Sep 2026
YTD NAV Performance
15.14%
As of 21 Sep 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
OverviewFund FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature

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.

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.

Related Content

Global Equity
Quality Without Dogma: Why Valuation Still Matters
Global Equity
Signal Over Noise: A Conversation on Global Markets
Global Equity
Hyperscalers at the Inflection
Fund Facts

Fund Facts

(As of 31 Aug 2026)
Net Fund Assets
$523.7 M
Benchmark
Russell 1000 Value Index
Fund Symbol
TVAFX
Share Class
A
Share Class Inception Date
2 Oct 1995
Distribution Frequency
Annually

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.

Performance

Performance

Returns

(As of 30 Jun 2026)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
5.15
6.57
10.26
3.00
8.30
9.03
Total Return without Sales Charge (%)
10.11
11.59
11.97
3.95
8.80
9.19
Russell 1000 Value Index (%)
16.23
27.09
17.78
11.17
11.52
9.73
Russell 2500 Index (%)
22.71
36.72
18.40
8.30
12.25
10.43
Morningstar Category Avg. (%)
21.59
33.88
16.49
8.03
11.34
—
Morningstar Quartile
—
4
4
4
4
—
Morningstar Quartile # of Funds
—
620
585
563
448
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
12.33
10.60
12.06
3.81
8.56
9.21
Total Return without Sales Charge (%)
17.63
15.81
13.79
4.77
9.07
9.37
Russell 1000 Value Index (%)
23.12
29.72
19.77
11.84
11.76
9.88
Russell 2500 Index (%)
20.88
25.54
17.48
7.87
11.42
10.32
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
5.15
6.57
34.06
15.93
121.99
1326.65
Total Return without Sales Charge (%)
10.11
11.59
40.37
21.40
132.43
1393.56
Russell 1000 Value Index (%)
16.23
27.09
63.37
69.80
197.57
1638.66
Russell 2500 Index (%)
22.71
36.72
66.00
48.95
217.55
2012.38
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
12.33
10.60
40.70
20.54
127.44
1424.09
Total Return without Sales Charge (%)
17.63
15.81
47.34
26.21
138.17
1495.57
Russell 1000 Value Index (%)
23.12
29.72
71.82
74.97
203.97
1741.77
Russell 2500 Index (%)
20.88
25.54
62.14
46.03
194.96
1980.88
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Return with Sales Charge (%)
1.81
17.79
-13.75
23.07
6.68
8.70
-23.17
8.04
14.04
-5.39
Russell 1000 Value Index (%)
17.34
13.66
-8.27
26.54
2.80
25.16
-7.54
11.46
14.37
15.91
Russell 2500 Index (%)
—
—
—
—
19.99
18.18
-18.37
17.42
12.00
11.91

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 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.

Fund Fees

Fund Fees

(As of 1 Feb 2026)
Gross Expense Ratio (%)
1.29
Net Expense Ratio (%)
1.29

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.

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 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.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2026)
(Hypothetical Growth of $10,000 vs Russell 1000 Value Index)

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

Distributions

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

Characteristics

Portfolio

(As of 31 Aug 2026)
Portfolio
Benchmark
Number of Holdings
43
—
Weighted Average Market Cap
$640.3 B
$813.3 B
Median Market Cap
$49.6 B
$15.8 B
Annual Portfolio Turnover
23%
—
Price to Earnings - Forward 1YR
14.9x
18.4x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
25.4x
23.6x
Price to Cash Flow
12.0x
14.1x
Price to Book Value
3.6x
3.5x
Active Share
90.7%
—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2026)
3y
5y
10y
Annualized Alpha (%)
-7.07
-6.88
-2.25
Beta
1.11
1.07
1.02
R-Squared (%)
78.19
83.35
84.53
Standard Deviation (%)
15.39
17.39
17.11
Sharpe Ratio
0.57
0.05
0.40
Information Ratio
-0.89
-1.00
-0.38
Tracking Error (%)
7.32
7.17
6.74
Up Capture (%)
87.58
88.33
93.30
Down Capture (%)
118.92
119.68
103.35

Past performance does not guarantee future results.

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

Due to the change in the Fund’s investment goals, principal investment strategies and benchmark, effective March 23, 2026, the Risk & Return Profile shown above may not be representative of the Fund’s current risk and return characteristics.

For ETF Class Shares
The inception date for the Fund's ETF Class is April 1, 2026. The Risk & Return Profile metrics are therefore based on the Fund's Class I shares. The Fund's Class I shares are a mutual fund class of shares of the Fund. The Fund's ETF Class and mutual fund class shares, including the Class I shares, are invested in the same portfolio of securities. Unlike the Fund's mutual fund class shares, the Fund's ETF Class shares are listed and traded on a national securities exchange and are not individually redeemable. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

Portfolio

Portfolio

Top Holdings

(As of 22 Sep 2026)
Name
Ticker/Symbol
Market Value
Weight %
Alphabet, Inc.
GOOGL
$26,742,729.86
5.31%
Apple, Inc.
AAPL
$25,467,567.40
5.06%
Meta Platforms, Inc.
META
$21,335,254.84
4.24%
Eli Lilly & Co.
LLY
$20,902,786.16
4.15%
Samsung Electronics Co. Ltd.
005935
$20,838,848.95
4.14%
Round One Corp.
4680
$20,343,972.62
4.04%
The Charles Schwab Corp.
SCHW
$19,058,734.72
3.78%
IQVIA Holdings, Inc.
IQV
$18,563,156.04
3.69%
Coherent Corp.
COHR
$17,087,180.40
3.39%
Colliers International Group, Inc.
CIGI
$16,369,676.40
3.25%
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 Aug 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
20.2
19.2
Financials
19.0
19.2
Communication Services
12.8
3.3
Consumer Discretionary
12.7
10.4
Industrials
10.4
10.7
Health Care
9.3
13.0
Energy
4.6
6.2
Utilities
3.5
3.5
Real Estate
3.4
3.4
Consumer Staples
2.4
7.2
Cash & Equivalents
1.6
—
Materials
0.0
3.7
Sector Allocation
Fund (%)
Information Technology
20.2
Financials
19.0
Communication Services
12.8
Consumer Discretionary
12.7
Industrials
10.4
Health Care
9.3
Energy
4.6
Utilities
3.5
Real Estate
3.4
Consumer Staples
2.4
Cash & Equivalents
1.6
Materials
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Financial Services
13.8
9.6
Technology Hardware & Equipment
11.5
8.3
Media & Entertainment
11.1
1.8
Software & Services
8.6
8.4
Pharmaceuticals, Biotechnology & Life Sciences
7.4
8.3
Consumer Services
6.5
1.3
Consumer Durables & Apparel
5.2
0.8
Energy
4.6
6.2
Commercial & Professional Services
4.2
1.4
Capital Goods
3.9
7.0
Top 10 Industries
Fund (%)
Financial Services
13.8
Technology Hardware & Equipment
11.5
Media & Entertainment
11.1
Software & Services
8.6
Pharmaceuticals, Biotechnology & Life Sciences
7.4
Consumer Services
6.5
Consumer Durables & Apparel
5.2
Energy
4.6
Commercial & Professional Services
4.2
Capital Goods
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
79.0
94.6
Mid Cap ($2.5 to $12 B)
16.5
5.4
Small Cap (< $2.5 B)
4.5
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
79.0
Mid Cap ($2.5 to $12 B)
16.5
Small Cap (< $2.5 B)
4.5

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)
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.

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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