Thornburg Small/Mid Cap Core Fund
SYMBOL: TVIRX
Morningstar Rating • Info
Overall Morningstar Rating among 379 Large Blend funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 1 star and 2 stars among 379, 354 and 250 funds, as of 30 Jun 2025.
As of 30 Jun 2025
Fund Assets
$484.8 M
As of 30 Jun 2025
NAV
$79.90
As of 21 Jul 2025
Change
$-0.65
As of 21 Jul 2025
YTD NAV Performance
-0.86%
As of 21 Jul 2025
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 2500 Index
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Jun 2025)2020
2021
2022
2023
2024
Total Return (%)
11.80
13.90
-19.42
13.32
19.61
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 (%)
2.16
Net Expense Ratio (%)
1.21
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 30 Jun 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 ($)
26 Jun 2007
30 Jun 2007
0.05900
0.05900
—
—
26 Sep 2007
30 Sep 2007
0.11709
0.11709
—
—
19 Nov 2007
19 Nov 2007
3.93397
—
0.88171
3.05226
26 Dec 2007
31 Dec 2007
0.02099
0.02099
—
—
26 Mar 2008
31 Mar 2008
0.02408
0.02408
—
—
26 Jun 2008
30 Jun 2008
0.06458
0.06458
—
—
26 Sep 2008
30 Sep 2008
0.06536
0.06536
—
—
26 Dec 2008
31 Dec 2008
0.10766
0.10766
—
—
26 Mar 2009
31 Mar 2009
0.10055
0.10055
—
—
26 Jun 2009
30 Jun 2009
0.09644
0.09644
—
—
25 Sep 2009
30 Sep 2009
0.12197
0.12197
—
—
24 Dec 2009
31 Dec 2009
0.12439
0.12439
—
—
26 Mar 2010
31 Mar 2010
0.02560
0.02560
—
—
25 Jun 2010
30 Jun 2010
0.01605
0.01605
—
—
24 Sep 2010
30 Sep 2010
0.03128
0.03128
—
—
28 Sep 2012
30 Sep 2012
0.00000
0.00000
—
—
24 Sep 2014
30 Sep 2014
0.24254
0.24254
—
—
24 Dec 2014
31 Dec 2014
0.03423
0.03423
—
—
26 Sep 2016
30 Sep 2016
0.23031
0.23031
—
—
23 Dec 2016
31 Dec 2016
0.04486
0.04486
—
—
23 Jun 2017
30 Jun 2017
0.02568
0.02568
—
—
22 Sep 2017
30 Sep 2017
0.01779
0.01779
—
—
22 Dec 2017
31 Dec 2017
0.37539
0.37539
—
—
21 Dec 2018
31 Dec 2018
0.28048
0.28048
—
—
20 Dec 2019
31 Dec 2019
0.21009
0.21009
—
—
18 Nov 2021
18 Nov 2021
26.35024
—
7.96715
18.38309
16 Dec 2021
31 Dec 2021
0.32870
0.32870
—
—
15 Dec 2022
31 Dec 2022
0.13737
0.13737
—
—
Fund Facts
Fund Facts
(As of 30 Jun 2025)Net Fund Assets
$484.8 M
Benchmark
Russell 2500 Index
Morningstar Category
Large Blend
Fund Symbol
TVIRX
Share Class
R4
Share Class Inception Date
1 Feb 2007
Number of Holdings
47
Portfolio Turnover
33%
Distribution Frequency
Annually
Characteristics
Characteristics
Portfolio
(As of 30 Jun 2025)Portfolio
Benchmark
Weighted Average Market Cap
$10.7 B
$7.7 B
Median Market Cap
$8.7 B
$1.3 B
Price to Earnings - Forward 1YR
18.8x
16.4x
Price to Earnings - Trailing 12 Months
21.4x
18.1x
Price to Cash Flow
12.1x
9.8x
Portfolio
Benchmark
Price to Book Value
2.8x
2.2x
Return on Assets - 5 YR
6.1%
4.1%
Return on Equity - 5 YR
16.3%
5.1%
Historical 3YR Sales Growth
15.0%
15.2%
Active Share
95.2%
—
Risk & Return Profile
Risk & Return Profile
(As of 30 Jun 2025)3y
5y
10y
Annualized Alpha (%)
0.02
-0.46
0.41
Beta
0.89
0.87
0.84
R-Squared (%)
93.97
91.01
90.26
Standard Deviation (%)
18.99
18.26
17.38
Sharpe Ratio
0.29
0.36
0.32
Information Ratio
-0.22
-0.33
-0.13
Up Capture (%)
89.63
88.50
84.71
Down Capture (%)
89.94
91.33
83.22
Portfolio
Portfolio
Top Holdings
(As of 31 May 2025)Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
4.1
LPL Financial Holdings, Inc.
LPLA
Financials
3.4
Clean Harbors, Inc.
CLH
Industrials
3.0
TXNM Energy, Inc.
TXNM
Utilities
3.0
Pinnacle Financial Partners, Inc.
PNFP
Financials
3.0
BJ's Wholesale Club Holdings, Inc.
BJ
Consumer Staples
2.9
Nutanix, Inc.
NTNX
Information Technology
2.8
Sensient Technologies Corp.
SXT
Materials
2.8
Agilysys, Inc.
AGYS
Information Technology
2.7
TechnipFMC plc
FTI
Energy
2.6
Exposure Breakdown
Exposure Breakdown
(As of 30 Jun 2025)Sector Allocation
Fund (%)
Industrials
27.4
Financials
19.7
Information Technology
14.6
Consumer Discretionary
10.4
Consumer Staples
6.4
Energy
5.8
Utilities
5.4
Health Care
4.4
Materials
2.8
Real Estate
1.6
Cash & Cash Equivalents
1.4
Communication Services
0.0
Top 10 Industries
Fund (%)
Capital Goods
16.1
Financial Services
10.1
Commercial & Professional Services
9.2
Software & Services
7.2
Energy
5.8
Utilities
5.4
Banks
5.3
Insurance
4.4
Consumer Durables & Apparel
4.3
Technology Hardware & Equipment
4.2
Capitalization
Fund (%)
Large Cap (> $12 B)
39.2
Mid Cap ($2.5 to $12 B)
55.0
Small Cap (< $2.5 B)
5.8
Portfolio Managers
Portfolio Managers

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
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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