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Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 403 Large Blend funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 1 star and 2 stars among 403, 365 and 253 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$551.8 M
As of 31 Oct 2024
NAV
$70.71
As of 9 Dec 2024
Change
$-0.92
As of 9 Dec 2024
YTD NAV Performance
25.64%
As of 9 Dec 2024
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 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
13.89
24.90
1.35
6.89
7.35
8.46
Total Return without Sales Charge (%)
14.89
25.90
1.35
6.89
7.35
8.46
Russell 2500 Index (%)
11.30
26.17
3.47
10.43
9.50
9.86
Morningstar Category Avg. (%)
14.3
27.57
6.7
11.18
9.42
Morningstar Quartile
3
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.71
35.27
5.71
7.95
7.94
8.78
Total Return without Sales Charge (%)
26.71
36.27
5.71
7.95
7.94
8.78
Russell 2500 Index (%)
21.12
34.10
6.24
10.95
9.85
10.12
Morningstar Category Avg. (%)
13.17
32.68
4.5
10.69
9
Morningstar Quartile
3
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
13.89
24.90
4.10
39.55
103.22
953.93
Total Return without Sales Charge (%)
14.89
25.90
4.10
39.55
103.22
953.93
Russell 2500 Index (%)
11.30
26.17
10.77
64.21
147.73
1428.74
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
25.71
35.27
18.12
46.57
114.62
1062.33
Total Return without Sales Charge (%)
26.71
36.27
18.12
46.57
114.62
1062.33
Russell 2500 Index (%)
21.12
34.10
19.91
68.12
155.93
1563.62
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-11.37
26.82
9.83
12.10
-21.12
11.04
Russell 2500 Index (%)
-10.00
27.77
19.99
18.18
-18.37
17.42
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
2.59
Net Expense Ratio (%)
2.34
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2024)
(Hypothetical Growth of $10,000 vs Russell 2500 Index)
Distributions

Distributions

(As of 18 Nov 2021)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
29 Dec 1995
31 Dec 1995
0.03800
0.03800
29 Mar 1996
31 Mar 1996
0.03900
0.03900
28 Jun 1996
30 Jun 1996
0.05200
0.05200
24 Sep 1996
30 Sep 1996
0.05200
0.05200
8 Nov 1996
8 Nov 1996
0.37000
0.37000
0.00000
24 Dec 1996
31 Dec 1996
0.03000
0.03000
24 Mar 1997
31 Mar 1997
0.01200
0.01200
24 Jun 1997
30 Jun 1997
0.03300
0.03300
24 Sep 1997
30 Sep 1997
0.00500
0.00500
7 Nov 1997
7 Nov 1997
1.35000
0.95000
0.40000
31 Mar 1998
31 Mar 1998
0.01200
0.01200
30 Jun 1998
30 Jun 1998
0.00900
0.00900
30 Sep 1998
30 Sep 1998
0.00300
0.00300
31 Mar 1999
31 Mar 1999
0.04000
0.04000
30 Jun 1999
30 Jun 1999
0.03000
0.03000
1 Nov 1999
1 Nov 1999
0.39000
0.00000
0.39000
31 Dec 1999
31 Dec 1999
0.00500
0.00500
31 Mar 2000
31 Mar 2000
0.05100
0.05100
30 Jun 2000
30 Jun 2000
0.39000
0.39000
29 Sep 2000
30 Sep 2000
0.16000
0.16000
7 Nov 2000
7 Nov 2000
0.25000
0.00000
0.25000
29 Dec 2000
31 Dec 2000
0.14900
0.14900
30 Mar 2001
31 Mar 2001
0.02400
0.02400
31 Mar 2004
31 Mar 2004
0.00515
0.00515
30 Sep 2004
30 Sep 2004
0.04548
0.04548
31 Dec 2004
31 Dec 2004
0.06480
0.06480
31 Mar 2005
31 Mar 2005
0.00743
0.00743
30 Sep 2005
30 Sep 2005
0.00710
0.00710
30 Dec 2005
31 Dec 2005
0.00899
0.00899
27 Sep 2006
30 Sep 2006
0.07560
0.07560
17 Nov 2006
17 Nov 2006
1.30207
0.04610
1.25597
26 Dec 2006
31 Dec 2006
0.00946
0.00946
26 Sep 2007
30 Sep 2007
0.02228
0.02228
19 Nov 2007
19 Nov 2007
3.93397
0.88171
3.05226
26 Sep 2008
30 Sep 2008
0.00576
0.00576
26 Dec 2008
31 Dec 2008
0.05865
0.05865
26 Mar 2009
31 Mar 2009
0.05343
0.05343
26 Jun 2009
30 Jun 2009
0.04509
0.04509
25 Sep 2009
30 Sep 2009
0.06787
0.06787
24 Dec 2009
31 Dec 2009
0.06534
0.06534
22 Dec 2017
31 Dec 2017
0.24733
0.24733
18 Nov 2021
18 Nov 2021
26.35024
7.96715
18.38309
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$551.8 M
Benchmark
Russell 2500 Index
Morningstar Category
Large Blend
Fund Symbol
TVCFX
Share Class
C
Share Class Inception Date
2 Oct 1995
Number of Holdings
49
Portfolio Turnover
33%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$10.4 B
$7.6 B
Median Market Cap
$8.5 B
$1.5 B
Price to Earnings - Forward 1YR
21.9x
17.2x
Price to Earnings - Trailing 12 Months
26.2x
17.5x
Price to Cash Flow
15.5x
10.0x
Portfolio
Benchmark
Price to Book Value
2.9x
2.2x
Return on Assets - 5 YR
5.8%
3.9%
Return on Equity - 5 YR
17.8%
13.5%
Historical 3YR Sales Growth
14.7%
20.2%
Active Share
95.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
-0.08
-0.63
1.00
Beta
0.88
0.85
0.83
R-Squared (%)
94.43
92.81
89.19
Standard Deviation (%)
18.80
19.86
16.57
Sharpe Ratio
-0.13
0.27
0.41
Information Ratio
-0.03
-0.32
-0.07
Up Capture (%)
90.85
85.81
83.82
Down Capture (%)
91.31
88.59
79.73
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems Inc
CWST
Industrials
3.4
Clean Harbors Inc
CLH
Industrials
3.0
Vertiv Holdings Co
VRT
Industrials
3.0
Coherent Corp
COHR
Information Technology
2.9
Pinnacle Financial Partners Inc
PNFP
Financials
2.9
TransUnion
TRU
Industrials
2.8
Walker & Dunlop Inc
WD
Financials
2.6
Western Alliance Bancorp
WAL
Financials
2.6
Applied Industrial Technologies Inc
AIT
Industrials
2.6
TXNM Energy Inc
TXNM
Utilities
2.5
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
26.9
19.1
Financials
19.9
17.3
Information Technology
15.8
11.7
Consumer Discretionary
12.7
12.3
Health Care
6.4
12.6
Consumer Staples
4.6
3.3
Energy
3.8
4.9
Materials
3.3
6.1
Utilities
3.1
2.5
Real Estate
1.9
7.1
Cash & Cash Equivalents
1.5
Communication Services
0.0
3.1
Sector Allocation
Fund (%)
Industrials
26.9
Financials
19.9
Information Technology
15.8
Consumer Discretionary
12.7
Health Care
6.4
Consumer Staples
4.6
Energy
3.8
Materials
3.3
Utilities
3.1
Real Estate
1.9
Cash & Cash Equivalents
1.5
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.3
13.3
Financial Services
10.3
7.6
Commercial & Professional Services
9.3
3.6
Software & Services
8.2
6.3
Consumer Durables & Apparel
6.9
3.7
Banks
5.5
6.3
Pharmaceuticals, Biotechnology & Life Sciences
4.7
7.9
Technology Hardware & Equipment
4.4
3.6
Insurance
4.2
3.4
Energy
3.8
4.9
Top 10 Industries
Fund (%)
Capital Goods
15.3
Financial Services
10.3
Commercial & Professional Services
9.3
Software & Services
8.2
Consumer Durables & Apparel
6.9
Banks
5.5
Pharmaceuticals, Biotechnology & Life Sciences
4.7
Technology Hardware & Equipment
4.4
Insurance
4.2
Energy
3.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
36.6
20.2
Mid Cap ($2.5 to $12 B)
55.6
62.6
Small Cap (< $2.5 B)
7.8
17.2
Capitalization
Fund (%)
Large Cap (> $12 B)
36.6
Mid Cap ($2.5 to $12 B)
55.6
Small Cap (< $2.5 B)
7.8
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…
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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…
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