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Thornburg Small/Mid Cap Core Fund

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 252 funds, as of 31 Jul 2025.

As of 31 Jul 2025
Fund Assets
$491.3 M
As of 31 Jul 2025
NAV
$82.08
As of 8 Sep 2025
Change
$0.16
As of 8 Sep 2025
YTD NAV Performance
1.85%
As of 8 Sep 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 30 Jun 2025)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-2.17
9.44
9.87
9.19
7.30
9.19
Russell 2500 Index (%)
0.44
9.91
11.31
11.44
8.39
9.64
Morningstar Category Avg. (%)
2.36
10.67
12.73
12.89
8.82
Morningstar Quartile
3
4
4
4
Morningstar Quartile # of Funds
407
379
354
252
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.74
5.48
9.68
7.20
8.05
9.24
Russell 2500 Index (%)
7.75
10.04
11.26
11.15
9.84
9.84
Morningstar Category Avg. (%)
3.75
6.6
9.86
12.05
8.95
Morningstar Quartile
2
4
4
4
Morningstar Quartile # of Funds
407
379
354
252
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-2.17
9.44
32.63
55.21
102.34
1265.49
Russell 2500 Index (%)
0.44
9.91
37.90
71.91
123.74
1445.02
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.74
5.48
31.93
41.59
116.87
1306.20
Russell 2500 Index (%)
7.75
10.04
37.73
69.67
155.61
1557.52
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 31 Aug 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 31 Jul 2025)
Net Fund Assets
$491.3 M
Benchmark
Russell 2500 Index
Morningstar Category
Large Blend
Fund Symbol
TVIRX
Share Class
R4
Share Class Inception Date
1 Feb 2007
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Jul 2025)
Portfolio
Benchmark
Number of Holdings
47
Weighted Average Market Cap
$11.6 B
$8.1 B
Median Market Cap
$8.9 B
$1.4 B
Annual Portfolio Turnover
33%
Price to Earnings - Forward 1YR
19.1x
16.5x
Price to Earnings - Trailing 12 Months
21.9x
18.3x
Portfolio
Benchmark
Price to Cash Flow
12.6x
9.9x
Price to Book Value
2.9x
2.2x
Return on Equity - 5 YR
16.4%
5.0%
Historical 3YR Sales Growth
14.9%
15.4%
Active Share
95.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2025)
3y
5y
10y
Annualized Alpha (%)
0.53
-0.73
0.31
Beta
0.90
0.87
0.84
R-Squared (%)
93.88
91.14
90.33
Standard Deviation (%)
18.57
18.15
17.39
Sharpe Ratio
0.19
0.32
0.32
Information Ratio
-0.04
-0.37
-0.15
Up Capture (%)
91.40
87.66
84.90
Down Capture (%)
89.94
91.33
83.89
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2025)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
3.6
Talen Energy Corp.
TLN
Utilities
3.2
Vertiv Holdings Co.
VRT
Industrials
3.2
LPL Financial Holdings, Inc.
LPLA
Financials
3.2
Sensient Technologies Corp.
SXT
Materials
3.1
Coherent Corp.
COHR
Information Technology
3.0
Clean Harbors, Inc.
CLH
Industrials
3.0
MYR Group, Inc.
MYRG
Industrials
2.9
Applied Industrial Technologies, Inc.
AIT
Industrials
2.9
TXNM Energy, Inc.
TXNM
Utilities
2.8
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
28.1
20.6
Financials
18.9
17.6
Information Technology
14.7
13.5
Consumer Discretionary
10.6
12.0
Consumer Staples
6.2
3.8
Utilities
6.1
3.1
Energy
5.8
3.7
Health Care
4.2
11.0
Materials
3.1
5.1
Real Estate
1.6
6.6
Cash & Cash Equivalents
0.7
Communication Services
0.0
3.0
Sector Allocation
Fund (%)
Industrials
28.1
Financials
18.9
Information Technology
14.7
Consumer Discretionary
10.6
Consumer Staples
6.2
Utilities
6.1
Energy
5.8
Health Care
4.2
Materials
3.1
Real Estate
1.6
Cash & Cash Equivalents
0.7
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
16.9
15.3
Financial Services
10.2
7.9
Commercial & Professional Services
9.1
3.2
Software & Services
7.1
6.3
Utilities
6.1
3.1
Energy
5.8
3.7
Technology Hardware & Equipment
4.7
4.6
Consumer Durables & Apparel
4.7
3.4
Banks
4.6
6.5
Insurance
4.1
3.3
Top 10 Industries
Fund (%)
Capital Goods
16.9
Financial Services
10.2
Commercial & Professional Services
9.1
Software & Services
7.1
Utilities
6.1
Energy
5.8
Technology Hardware & Equipment
4.7
Consumer Durables & Apparel
4.7
Banks
4.6
Insurance
4.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
40.1
21.6
Mid Cap ($2.5 to $12 B)
55.9
61.6
Small Cap (< $2.5 B)
4.1
16.9
Capitalization
Fund (%)
Large Cap (> $12 B)
40.1
Mid Cap ($2.5 to $12 B)
55.9
Small Cap (< $2.5 B)
4.1
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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