TVIFX

Thornburg American Opportunities Fund

Fund Assets

$494.6 M

As of 28 Feb 2026

NAV

$89.77

As of 10 Apr 2026

Change

$-0.39

As of 10 Apr 2026

YTD NAV Performance

7.65%

As of 10 Apr 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.

Overview Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 31 Mar 2026)

YTD

10y

Inception

Total Return (%)

3.02

15.67

11.58

3.87

8.67

9.45

Russell 1000 Value Index (%)

2.10

15.87

14.31

9.43

10.58

9.35

Russell 2500 Index (%)

2.04

23.45

13.25

5.48

10.58

9.85

YTD

10y

Inception

Total Return (%)

3.02

15.67

11.58

3.87

8.67

9.45

Russell 1000 Value Index (%)

2.10

15.87

14.31

9.43

10.58

9.35

Russell 2500 Index (%)

2.04

23.45

13.25

5.48

10.58

9.85

YTD

10y

Inception

Total Return (%)

3.02

15.67

38.92

20.88

129.77

1468.16

Russell 1000 Value Index (%)

2.10

15.87

49.36

56.92

173.37

1427.27

Russell 2500 Index (%)

2.04

23.45

45.24

30.59

173.48

1656.45

YTD

10y

Inception

Total Return (%)

3.02

15.67

38.92

20.88

129.77

1468.16

Russell 1000 Value Index (%)

2.10

15.87

49.36

56.92

173.37

1427.27

Russell 2500 Index (%)

2.04

23.45

45.24

30.59

173.48

1656.45

2020

2021

2022

2023

2024

2025

Total Return (%)

12.10

14.18

-19.19

13.61

19.92

-0.50

Russell 1000 Value Index (%)

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 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.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.01

Net Expense Ratio (%)

0.87

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

            Categories,I Shares,Russell 1000 Value Index
            1995-10-02,10000,10000
1995-10-31,9539,9940
1995-11-30,9950,10444
1995-12-31,9947,10706
1996-01-31,10250,11040
1996-02-29,10628,11123
1996-03-31,10981,11312
1996-04-30,11091,11356
1996-05-31,11378,11498
1996-06-30,11313,11507
1996-07-31,11338,11072
1996-08-31,11695,11389
1996-09-30,12402,11842
1996-10-31,12783,12300
1996-11-30,13710,13191
1996-12-31,13724,13023
1997-01-31,14319,13655
1997-02-28,14280,13855
1997-03-31,13736,13357
1997-04-30,14032,13918
1997-05-31,15098,14696
1997-06-30,15790,15326
1997-07-31,16941,16479
1997-08-31,16761,15892
1997-09-30,18186,16853
1997-10-31,17481,16382
1997-11-30,18135,17106
1997-12-31,18430,17605
1998-01-31,18504,17356
1998-02-28,20072,18525
1998-03-31,21656,19658
1998-04-30,21578,19789
1998-05-31,21432,19496
1998-06-30,21780,19746
1998-07-31,21325,19397
1998-08-31,17504,16510
1998-09-30,18842,17458
1998-10-31,20649,18810
1998-11-30,21637,19687
1998-12-31,22625,20357
1999-01-31,23883,20519
1999-02-28,22905,20230
1999-03-31,24629,20648
1999-04-30,26010,22577
1999-05-31,25796,22329
1999-06-30,27110,22977
1999-07-31,27061,22304
1999-08-31,26241,21477
1999-09-30,25660,20726
1999-10-31,27331,21919
1999-11-30,28295,21748
1999-12-31,31243,21853
2000-01-31,30201,21140
2000-02-29,31482,19569
2000-03-31,33587,21957
2000-04-30,33637,21701
2000-05-31,33248,21930
2000-06-30,34177,20928
2000-07-31,33722,21190
2000-08-31,33904,22369
2000-09-30,33727,22574
2000-10-31,33737,23128
2000-11-30,31843,22270
2000-12-31,32595,23385
2001-01-31,33970,23475
2001-02-28,31654,22823
2001-03-31,30530,22016
2001-04-30,32895,23096
2001-05-31,32563,23615
2001-06-30,31784,23091
2001-07-31,30723,23042
2001-08-31,29029,22119
2001-09-30,27220,20562
2001-10-31,26939,20385
2001-11-30,29164,21570
2001-12-31,30068,22078
2002-01-31,29351,21908
2002-02-28,28145,21943
2002-03-31,29621,22982
2002-04-30,28478,22193
2002-05-31,28322,22305
2002-06-30,25899,21024
2002-07-31,23601,19070
2002-08-31,23633,19214
2002-09-30,21782,17077
2002-10-31,23144,18342
2002-11-30,24194,19498
2002-12-31,22707,18651
2003-01-31,22489,18200
2003-02-28,22011,17714
2003-03-31,22406,17744
2003-04-30,24620,19306
2003-05-31,26554,20552
2003-06-30,27220,20809
2003-07-31,27605,21119
2003-08-31,28116,21448
2003-09-30,27783,21238
2003-10-31,29264,22538
2003-11-30,29535,22844
2003-12-31,30786,24252
2004-01-31,31579,24679
2004-02-29,31725,25207
2004-03-31,31508,24987
2004-04-30,30316,24376
2004-05-31,30390,24625
2004-06-30,30777,25207
2004-07-31,29560,24852
2004-08-31,29581,25205
2004-09-30,30015,25596
2004-10-31,30700,26021
2004-11-30,31817,27337
2004-12-31,33138,28252
2005-01-31,32375,27751
2005-02-28,32936,28670
2005-03-31,32621,28277
2005-04-30,31571,27770
2005-05-31,32876,28439
2005-06-30,33520,28750
2005-07-31,34935,29582
2005-08-31,34776,29454
2005-09-30,35467,29867
2005-10-31,34934,29109
2005-11-30,36364,30060
2005-12-31,36441,30245
2006-01-31,37993,31420
2006-02-28,37993,31611
2006-03-31,38951,32040
2006-04-30,39670,32854
2006-05-31,38372,32024
2006-06-30,38518,32229
2006-07-31,38863,33012
2006-08-31,39788,33565
2006-09-30,41176,34234
2006-10-31,42905,35354
2006-11-30,44386,36161
2006-12-31,44604,36973
2007-01-31,46283,37446
2007-02-28,45343,36862
2007-03-31,45905,37432
2007-04-30,46914,38815
2007-05-31,48990,40215
2007-06-30,49011,39276
2007-07-31,47539,37459
2007-08-31,48089,37879
2007-09-30,50492,39180
2007-10-31,51055,39185
2007-11-30,48654,37269
2007-12-31,47520,36909
2008-01-31,44106,35431
2008-02-29,42412,33946
2008-03-31,42034,33691
2008-04-30,43481,35333
2008-05-31,44467,35277
2008-06-30,40913,31900
2008-07-31,40287,31785
2008-08-31,39999,32325
2008-09-30,35727,29950
2008-10-31,28888,24765
2008-11-30,26842,22990
2008-12-31,27878,23309
2009-01-31,25758,20628
2009-02-28,23435,17872
2009-03-31,25592,19400
2009-04-30,29716,21480
2009-05-31,32469,22808
2009-06-30,33307,22640
2009-07-31,35588,24493
2009-08-31,37334,25774
2009-09-30,38598,26770
2009-10-31,37471,25950
2009-11-30,39340,27413
2009-12-31,40615,27898
2010-01-31,39444,27114
2010-02-28,40280,27969
2010-03-31,42619,29790
2010-04-30,42967,30561
2010-05-31,39154,28049
2010-06-30,36926,26470
2010-07-31,39170,28262
2010-08-31,36951,27053
2010-09-30,39993,29152
2010-10-31,41557,30026
2010-11-30,40911,29867
2010-12-31,44516,32224
2011-01-31,46687,32953
2011-02-28,48974,34169
2011-03-31,48581,34304
2011-04-30,48710,35218
2011-05-31,48116,34846
2011-06-30,47107,34131
2011-07-31,45840,32999
2011-08-31,40501,30940
2011-09-30,36533,28602
2011-10-31,40837,31876
2011-11-30,39312,31711
2011-12-31,38673,32350
2012-01-31,41352,33574
2012-02-29,44056,34912
2012-03-31,44949,35947
2012-04-30,43098,35581
2012-05-31,37561,33494
2012-06-30,38984,35157
2012-07-31,38518,35521
2012-08-31,40019,36292
2012-09-30,41713,37444
2012-10-31,41015,37260
2012-11-30,41726,37245
2012-12-31,42981,38014
2013-01-31,45453,40485
2013-02-28,45569,41066
2013-03-31,47743,42693
2013-04-30,48739,43338
2013-05-31,50253,44451
2013-06-30,48881,44059
2013-07-31,51883,46438
2013-08-31,51495,44676
2013-09-30,54290,45795
2013-10-31,56256,47801
2013-11-30,57951,49134
2013-12-31,60181,50379
2014-01-31,58464,48590
2014-02-28,61780,50691
2014-03-31,61754,51901
2014-04-30,62053,52394
2014-05-31,63198,53161
2014-06-30,64849,54550
2014-07-31,63835,53620
2014-08-31,65746,55591
2014-09-30,64530,54445
2014-10-31,65263,55668
2014-11-30,67515,56808
2014-12-31,67354,57156
2015-01-31,66134,54871
2015-02-28,70107,57526
2015-03-31,69753,56743
2015-04-30,71326,57274
2015-05-31,72651,57962
2015-06-30,72158,56805
2015-07-31,73141,57054
2015-08-31,69365,53656
2015-09-30,66257,52036
2015-10-31,70243,55962
2015-11-30,70755,56177
2015-12-31,69929,54968
2016-01-31,65588,52128
2016-02-29,64146,52115
2016-03-31,68250,55869
2016-04-30,68486,57043
2016-05-31,70020,57929
2016-06-30,69535,58430
2016-07-31,72328,60126
2016-08-31,72551,60590
2016-09-30,73391,60463
2016-10-31,72110,59528
2016-11-30,74157,62927
2016-12-31,74844,64500
2017-01-31,76563,64960
2017-02-28,79472,67294
2017-03-31,80755,66608
2017-04-30,83109,66483
2017-05-31,84669,66418
2017-06-30,85825,67504
2017-07-31,87308,68401
2017-08-31,87931,67604
2017-09-30,88952,69607
2017-10-31,90410,70112
2017-11-30,92439,72259
2017-12-31,92665,73314
2018-01-31,97814,76148
2018-02-28,93199,72512
2018-03-31,91092,71237
2018-04-30,92252,71472
2018-05-31,94906,71896
2018-06-30,94946,72074
2018-07-31,98267,74927
2018-08-31,99841,76034
2018-09-30,99627,76185
2018-10-31,91639,72240
2018-11-30,93226,74397
2018-12-31,83961,67253
2019-01-31,91868,72487
2019-02-28,93831,74803
2019-03-31,95740,75279
2019-04-30,99519,77949
2019-05-31,91047,72937
2019-06-30,97260,78173
2019-07-31,99129,78821
2019-08-31,97300,76503
2019-09-30,99559,79233
2019-10-31,101522,80340
2019-11-30,104736,82824
2019-12-31,108567,85103
2020-01-31,105864,83272
2020-02-29,98564,75207
2020-03-31,80084,62355
2020-04-30,90669,69365
2020-05-31,93994,71742
2020-06-30,95292,71266
2020-07-31,100551,74083
2020-08-31,107621,77146
2020-09-30,104309,75251
2020-10-31,106188,74262
2020-11-30,116543,84252
2020-12-31,121707,87482
2021-01-31,119315,86681
2021-02-28,128588,91919
2021-03-31,129724,97328
2021-04-30,136632,101220
2021-05-31,134591,103583
2021-06-30,135496,102397
2021-07-31,135780,103215
2021-08-31,139309,105262
2021-09-30,136524,101598
2021-10-31,141674,106757
2021-11-30,132937,102995
2021-12-31,138963,109492
2022-01-31,128848,106942
2022-02-28,132189,105701
2022-03-31,134187,108685
2022-04-30,123055,102555
2022-05-31,123345,104548
2022-06-30,112104,95414
2022-07-31,120930,101741
2022-08-31,116099,98709
2022-09-30,105348,90054
2022-10-31,113666,99287
2022-11-30,119350,105492
2022-12-31,112296,101239
2023-01-31,121149,106485
2023-02-28,116859,102731
2023-03-31,112880,102258
2023-04-30,112752,103798
2023-05-31,108316,99795
2023-06-30,118137,106424
2023-07-31,121459,110167
2023-08-31,120327,107193
2023-09-30,116019,103056
2023-10-31,109904,99420
2023-11-30,118484,106921
2023-12-31,127574,112844
2024-01-31,125694,112961
2024-02-29,133835,117128
2024-03-31,140899,122984
2024-04-30,133178,117730
2024-05-31,138599,121462
2024-06-30,136573,120320
2024-07-31,143454,126471
2024-08-31,145973,129863
2024-09-30,148145,131666
2024-10-31,147543,130217
2024-11-30,163752,138532
2024-12-31,152983,129058
2025-01-31,155976,135031
2025-02-28,146576,135579
2025-03-31,135569,131814
2025-04-30,134893,127796
2025-05-31,144294,132284
2025-06-30,149861,136806
2025-07-31,153183,137591
2025-08-31,154370,141976
2025-09-30,153658,144097
2025-10-31,150920,144734
2025-11-30,152125,148578
2025-12-31,152216,149586
2026-01-31,158440,156413
2026-02-28,165888,160468
2026-03-31,156816,152727

Hypothetical Growth of $10,000

(As of 31 Mar 2026)

(Hypothetical Growth of $10,000 vs Russell 1000 Value Index)

                        Categories,I Shares,Russell 1000 Value Index
                        2025-03-31,10000,10000
2025-04-30,9950,9695
2025-05-31,10644,10036
2025-06-30,11054,10379
2025-07-31,11299,10438
2025-08-31,11387,10771
2025-09-30,11334,10932
2025-10-31,11132,10980
2025-11-30,11221,11272
2025-12-31,11228,11348
2026-01-31,11687,11866
2026-02-28,12236,12174
2026-03-31,11567,11587

                        Categories,I Shares,Russell 1000 Value Index
                        2023-03-31,10000,10000
2023-04-30,9989,10151
2023-05-31,9596,9759
2023-06-30,10466,10407
2023-07-31,10760,10773
2023-08-31,10660,10483
2023-09-30,10278,10078
2023-10-31,9736,9722
2023-11-30,10496,10456
2023-12-31,11302,11035
2024-01-31,11135,11047
2024-02-29,11856,11454
2024-03-31,12482,12027
2024-04-30,11798,11513
2024-05-31,12278,11878
2024-06-30,12099,11766
2024-07-31,12709,12368
2024-08-31,12932,12700
2024-09-30,13124,12876
2024-10-31,13071,12734
2024-11-30,14507,13547
2024-12-31,13553,12621
2025-01-31,13818,13205
2025-02-28,12985,13259
2025-03-31,12010,12890
2025-04-30,11950,12497
2025-05-31,12783,12936
2025-06-30,13276,13379
2025-07-31,13571,13455
2025-08-31,13676,13884
2025-09-30,13613,14092
2025-10-31,13370,14154
2025-11-30,13477,14530
2025-12-31,13485,14628
2026-01-31,14036,15296
2026-02-28,14696,15693
2026-03-31,13892,14936

                        Categories,I Shares,Russell 1000 Value Index
                        2021-03-31,10000,10000
2021-04-30,10533,10400
2021-05-31,10375,10643
2021-06-30,10445,10521
2021-07-31,10467,10605
2021-08-31,10739,10815
2021-09-30,10524,10439
2021-10-31,10921,10969
2021-11-30,10248,10582
2021-12-31,10712,11250
2022-01-31,9932,10988
2022-02-28,10190,10860
2022-03-31,10344,11167
2022-04-30,9486,10537
2022-05-31,9508,10742
2022-06-30,8642,9803
2022-07-31,9322,10453
2022-08-31,8950,10142
2022-09-30,8121,9253
2022-10-31,8762,10201
2022-11-30,9200,10839
2022-12-31,8656,10402
2023-01-31,9339,10941
2023-02-28,9008,10555
2023-03-31,8702,10507
2023-04-30,8692,10665
2023-05-31,8350,10254
2023-06-30,9107,10935
2023-07-31,9363,11319
2023-08-31,9276,11014
2023-09-30,8944,10589
2023-10-31,8472,10215
2023-11-30,9133,10986
2023-12-31,9834,11594
2024-01-31,9689,11606
2024-02-29,10317,12034
2024-03-31,10861,12636
2024-04-30,10266,12096
2024-05-31,10684,12480
2024-06-30,10528,12362
2024-07-31,11058,12994
2024-08-31,11253,13343
2024-09-30,11420,13528
2024-10-31,11374,13379
2024-11-30,12623,14234
2024-12-31,11793,13260
2025-01-31,12024,13874
2025-02-28,11299,13930
2025-03-31,10451,13543
2025-04-30,10398,13131
2025-05-31,11123,13592
2025-06-30,11552,14056
2025-07-31,11808,14137
2025-08-31,11900,14587
2025-09-30,11845,14805
2025-10-31,11634,14871
2025-11-30,11727,15266
2025-12-31,11734,15369
2026-01-31,12214,16071
2026-02-28,12788,16487
2026-03-31,12088,15692

                        Categories,I Shares,Russell 1000 Value Index
                        2016-03-31,10000,10000
2016-04-30,10035,10210
2016-05-31,10259,10369
2016-06-30,10188,10458
2016-07-31,10598,10762
2016-08-31,10630,10845
2016-09-30,10753,10822
2016-10-31,10566,10655
2016-11-30,10865,11263
2016-12-31,10966,11545
2017-01-31,11218,11627
2017-02-28,11644,12045
2017-03-31,11832,11922
2017-04-30,12177,11900
2017-05-31,12406,11888
2017-06-30,12575,12083
2017-07-31,12792,12243
2017-08-31,12884,12101
2017-09-30,13033,12459
2017-10-31,13247,12549
2017-11-30,13544,12934
2017-12-31,13577,13122
2018-01-31,14332,13630
2018-02-28,13655,12979
2018-03-31,13347,12751
2018-04-30,13517,12793
2018-05-31,13906,12869
2018-06-30,13911,12901
2018-07-31,14398,13411
2018-08-31,14629,13609
2018-09-30,14597,13636
2018-10-31,13427,12930
2018-11-30,13659,13316
2018-12-31,12302,12038
2019-01-31,13460,12975
2019-02-28,13748,13389
2019-03-31,14028,13474
2019-04-30,14581,13952
2019-05-31,13340,13055
2019-06-30,14250,13992
2019-07-31,14524,14108
2019-08-31,14256,13693
2019-09-30,14587,14182
2019-10-31,14875,14380
2019-11-30,15346,14825
2019-12-31,15907,15233
2020-01-31,15511,14905
2020-02-29,14442,13461
2020-03-31,11734,11161
2020-04-30,13285,12416
2020-05-31,13772,12841
2020-06-30,13962,12756
2020-07-31,14733,13260
2020-08-31,15769,13808
2020-09-30,15283,13469
2020-10-31,15559,13292
2020-11-30,17076,15080
2020-12-31,17833,15658
2021-01-31,17482,15515
2021-02-28,18841,16453
2021-03-31,19007,17421
2021-04-30,20019,18117
2021-05-31,19720,18540
2021-06-30,19853,18328
2021-07-31,19894,18475
2021-08-31,20411,18841
2021-09-30,20003,18185
2021-10-31,20758,19108
2021-11-30,19478,18435
2021-12-31,20361,19598
2022-01-31,18879,19142
2022-02-28,19368,18919
2022-03-31,19661,19454
2022-04-30,18030,18356
2022-05-31,18072,18713
2022-06-30,16425,17078
2022-07-31,17719,18211
2022-08-31,17011,17668
2022-09-30,15436,16119
2022-10-31,16654,17771
2022-11-30,17487,18882
2022-12-31,16453,18121
2023-01-31,17751,19060
2023-02-28,17122,18388
2023-03-31,16539,18303
2023-04-30,16520,18579
2023-05-31,15870,17862
2023-06-30,17309,19049
2023-07-31,17796,19719
2023-08-31,17630,19186
2023-09-30,16999,18446
2023-10-31,16103,17795
2023-11-30,17360,19138
2023-12-31,18692,20198
2024-01-31,18417,20219
2024-02-29,19609,20965
2024-03-31,20644,22013
2024-04-30,19513,21073
2024-05-31,20307,21741
2024-06-30,20011,21536
2024-07-31,21019,22637
2024-08-31,21388,23244
2024-09-30,21706,23567
2024-10-31,21618,23307
2024-11-30,23993,24796
2024-12-31,22415,23100
2025-01-31,22854,24169
2025-02-28,21476,24267
2025-03-31,19863,23593
2025-04-30,19764,22874
2025-05-31,21142,23678
2025-06-30,21958,24487
2025-07-31,22444,24628
2025-08-31,22618,25412
2025-09-30,22514,25792
2025-10-31,22113,25906
2025-11-30,22289,26594
2025-12-31,22303,26774
2026-01-31,23215,27996
2026-02-28,24306,28722
2026-03-31,22977,27337

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 ($)
            1999-03-31,0.13000
1999-06-30,0.09000
1999-09-30,0.02500
1999-11-01,0.39000
1999-12-31,0.06500
2000-03-31,0.12000
2000-06-30,0.48200
2000-09-30,0.27500
2000-11-07,0.25000
2000-12-31,0.22200
2001-03-31,0.09300
2001-06-30,0.06900
2003-06-30,0.08000
2004-03-31,0.07220
2004-06-30,0.10064
2004-09-30,0.12363
2004-12-31,0.15384
2005-03-31,0.07220
2005-06-30,0.08689
2005-09-30,0.09998
2005-12-31,0.10248
2006-03-31,0.08495
2006-06-30,0.08387
2006-09-30,0.17014
2006-11-17,1.30207
2006-12-31,0.11506
2007-03-31,0.09310
2007-06-30,0.06783
2007-09-30,0.13794
2007-11-19,3.93397
2007-12-31,0.03981
2008-03-31,0.04699
2008-06-30,0.09184
2008-09-30,0.08956
2008-12-31,0.12036
2009-03-31,0.11227
2009-06-30,0.11027
2009-09-30,0.14081
2009-12-31,0.14663
2010-03-31,0.04830
2010-06-30,0.04124
2010-09-30,0.05889
2011-03-31,0.01567
2011-12-31,0.02612
2013-12-31,0.23120
2014-09-30,0.34892
2014-12-31,0.06660
2015-06-30,0.00408
2016-09-30,0.38588
2016-12-31,0.08127
2017-06-30,0.10405
2017-09-30,0.06112
2017-12-31,0.42313
2018-12-31,0.49871
2019-12-31,0.42716
2021-11-18,26.35024
2021-12-31,0.54507
2022-12-31,0.31668

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
1999-03-31,922838400,0.13000,0.13000,0,0
1999-06-30,930700800,0.09000,0.09000,0,0
1999-09-30,938649600,0.02500,0.02500,0,0
1999-11-01,941414400,0.39000,0,0.00000,0.39000
1999-12-31,946598400,0.06500,0.06500,0,0
2000-03-31,954460800,0.12000,0.12000,0,0
2000-06-30,962323200,0.48200,0.48200,0,0
2000-09-29,970272000,0.27500,0.27500,0,0
2000-11-07,973555200,0.25000,0,0.00000,0.25000
2000-12-29,978220800,0.22200,0.22200,0,0
2001-03-30,985996800,0.09300,0.09300,0,0
2001-06-29,993859200,0.06900,0.06900,0,0
2003-06-30,1056931200,0.08000,0.08000,0,0
2004-03-31,1080691200,0.07220,0.07220,0,0
2004-06-30,1088553600,0.10064,0.10064,0,0
2004-09-30,1096502400,0.12363,0.12363,0,0
2004-12-31,1104451200,0.15384,0.15384,0,0
2005-03-31,1112227200,0.07220,0.07220,0,0
2005-06-30,1120089600,0.08689,0.08689,0,0
2005-09-30,1128038400,0.09998,0.09998,0,0
2005-12-30,1135987200,0.10248,0.10248,0,0
2006-03-30,1143763200,0.08495,0.08495,0,0
2006-06-28,1151625600,0.08387,0.08387,0,0
2006-09-27,1159574400,0.17014,0.17014,0,0
2006-11-17,1163721600,1.30207,0,0.04610,1.25597
2006-12-26,1167523200,0.11506,0.11506,0,0
2007-03-26,1175299200,0.09310,0.09310,0,0
2007-06-26,1183161600,0.06783,0.06783,0,0
2007-09-26,1191110400,0.13794,0.13794,0,0
2007-11-19,1195430400,3.93397,0,0.88171,3.05226
2007-12-26,1199059200,0.03981,0.03981,0,0
2008-03-26,1206921600,0.04699,0.04699,0,0
2008-06-26,1214784000,0.09184,0.09184,0,0
2008-09-26,1222732800,0.08956,0.08956,0,0
2008-12-26,1230681600,0.12036,0.12036,0,0
2009-03-26,1238457600,0.11227,0.11227,0,0
2009-06-26,1246320000,0.11027,0.11027,0,0
2009-09-25,1254268800,0.14081,0.14081,0,0
2009-12-24,1262217600,0.14663,0.14663,0,0
2010-03-26,1269993600,0.04830,0.04830,0,0
2010-06-25,1277856000,0.04124,0.04124,0,0
2010-09-24,1285804800,0.05889,0.05889,0,0
2011-03-25,1301529600,0.01567,0.01567,0,0
2011-12-23,1325289600,0.02612,0.02612,0,0
2013-12-24,1388448000,0.23120,0.23120,0,0
2014-09-24,1412035200,0.34892,0.34892,0,0
2014-12-24,1419984000,0.06660,0.06660,0,0
2015-06-24,1435622400,0.00408,0.00408,0,0
2016-09-26,1475193600,0.38588,0.38588,0,0
2016-12-23,1483142400,0.08127,0.08127,0,0
2017-06-23,1498780800,0.10405,0.10405,0,0
2017-09-22,1506729600,0.06112,0.06112,0,0
2017-12-22,1514678400,0.42313,0.42313,0,0
2018-12-21,1546214400,0.49871,0.49871,0,0
2019-12-20,1577750400,0.42716,0.42716,0,0
2021-11-18,1637193600,26.35024,0,7.96715,18.38309
2021-12-16,1640908800,0.54507,0.54507,0,0
2022-12-15,1672444800,0.31668,0.31668,0,0

Distributions

(As of 15 Dec 2022)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Mar 1999

0.13000

—

30 Jun 1999

0.09000

—

30 Sep 1999

0.02500

—

1 Nov 1999

0.39000

—

0.00000

0.39000

31 Dec 1999

0.06500

—

31 Mar 2000

0.12000

—

30 Jun 2000

0.48200

—

29 Sep 2000

30 Sep 2000

0.27500

—

7 Nov 2000

0.25000

—

0.00000

0.25000

29 Dec 2000

31 Dec 2000

0.22200

—

30 Mar 2001

31 Mar 2001

0.09300

—

29 Jun 2001

30 Jun 2001

0.06900

—

30 Jun 2003

0.08000

—

31 Mar 2004

0.07220

—

30 Jun 2004

0.10064

—

30 Sep 2004

0.12363

—

31 Dec 2004

0.15384

—

31 Mar 2005

0.07220

—

30 Jun 2005

0.08689

—

30 Sep 2005

0.09998

—

30 Dec 2005

31 Dec 2005

0.10248

—

30 Mar 2006

31 Mar 2006

0.08495

—

28 Jun 2006

30 Jun 2006

0.08387

—

27 Sep 2006

30 Sep 2006

0.17014

—

17 Nov 2006

1.30207

—

0.04610

1.25597

26 Dec 2006

31 Dec 2006

0.11506

—

26 Mar 2007

31 Mar 2007

0.09310

—

26 Jun 2007

30 Jun 2007

0.06783

—

26 Sep 2007

30 Sep 2007

0.13794

—

19 Nov 2007

3.93397

—

0.88171

3.05226

26 Dec 2007

31 Dec 2007

0.03981

—

26 Mar 2008

31 Mar 2008

0.04699

—

26 Jun 2008

30 Jun 2008

0.09184

—

26 Sep 2008

30 Sep 2008

0.08956

—

26 Dec 2008

31 Dec 2008

0.12036

—

26 Mar 2009

31 Mar 2009

0.11227

—

26 Jun 2009

30 Jun 2009

0.11027

—

25 Sep 2009

30 Sep 2009

0.14081

—

24 Dec 2009

31 Dec 2009

0.14663

—

26 Mar 2010

31 Mar 2010

0.04830

—

25 Jun 2010

30 Jun 2010

0.04124

—

24 Sep 2010

30 Sep 2010

0.05889

—

25 Mar 2011

31 Mar 2011

0.01567

—

23 Dec 2011

31 Dec 2011

0.02612

—

24 Dec 2013

31 Dec 2013

0.23120

—

24 Sep 2014

30 Sep 2014

0.34892

—

24 Dec 2014

31 Dec 2014

0.06660

—

24 Jun 2015

30 Jun 2015

0.00408

—

26 Sep 2016

30 Sep 2016

0.38588

—

23 Dec 2016

31 Dec 2016

0.08127

—

23 Jun 2017

30 Jun 2017

0.10405

—

22 Sep 2017

30 Sep 2017

0.06112

—

22 Dec 2017

31 Dec 2017

0.42313

—

21 Dec 2018

31 Dec 2018

0.49871

—

20 Dec 2019

31 Dec 2019

0.42716

—

18 Nov 2021

26.35024

—

7.96715

18.38309

16 Dec 2021

31 Dec 2021

0.54507

—

15 Dec 2022

31 Dec 2022

0.31668

—

Characteristics

Portfolio

(As of 28 Feb 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$50.4 B

—

Median Market Cap

$10.4 B

—

Annual Portfolio Turnover

23%

—

Portfolio

Benchmark

Price to Earnings - Forward 1YR

18.6x

—

Price to Earnings - Trailing 12 Months

27.0x

—

Price to Cash Flow

13.6x

—

Price to Book Value

3.4x

—

Portfolio

Top Holdings

(As of 10 Apr 2026)

Name

Ticker/Symbol

Market Value

Weight %

THORNBURG CAPITAL MANAGEMENT FUND

LIQUID

$119,595,326.44

24.53%

Apple, Inc.

AAPL

$31,167,888.99

6.39%

Alphabet, Inc.

GOOGL

$30,635,871.59

6.28%

Colliers International Group, Inc.

CIGI

$19,775,183.40

4.06%

Meta Platforms, Inc.

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

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

Commentary

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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TVIFX

Thornburg American Opportunities Fund

Portfolio Managers

Important Update to the Fund

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Characteristics

Portfolio

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Miguel Oleaga

Neal BasuMullick, CFA

Literature

Important Information

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TVIFX

Thornburg American Opportunities Fund

Portfolio Managers

Important Update to the Fund

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Characteristics

Portfolio

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Miguel Oleaga

Neal BasuMullick, CFA

Literature

Important Information

More Insights

A Disinflationary Paradox of High Oil Prices

Oil Shock Hits Different in a World of Shrinking Petrodollars

Global Markets Amid the Energy Shock: Policy, Inflation, and Opportunity

Navigating Supply, Rates, and Opportunities in Real Estate

Structural Forces Are Reshaping the Investment Landscape

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict