Thornburg Small/Mid Cap Core Fund
SYMBOL: TVRFX
Morningstar Rating • Info
Overall Morningstar Rating among 381 Large Blend funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 1 star and 2 stars among 381, 355 and 256 funds, as of 31 Aug 2025.
As of 31 Aug 2025
Fund Assets
$491.3 M
As of 31 Jul 2025
NAV
$81.32
As of 11 Sep 2025
Change
$1.24
As of 11 Sep 2025
YTD NAV Performance
2.72%
As of 11 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
Performance
Performance
Returns
(As of 30 Jun 2025)2020
2021
2022
2023
2024
Total Return (%)
11.70
13.78
-19.49
13.19
19.48
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 (%)
1.88
Net Expense Ratio (%)
1.31
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 ($)
31 Mar 2004
31 Mar 2004
0.02376
0.02376
—
—
30 Jun 2004
30 Jun 2004
0.10846
0.10846
—
—
30 Sep 2004
30 Sep 2004
0.10047
0.10047
—
—
31 Dec 2004
31 Dec 2004
0.12624
0.12624
—
—
31 Mar 2005
31 Mar 2005
0.05312
0.05312
—
—
30 Jun 2005
30 Jun 2005
0.05638
0.05638
—
—
30 Sep 2005
30 Sep 2005
0.07780
0.07780
—
—
30 Dec 2005
31 Dec 2005
0.07354
0.07354
—
—
30 Mar 2006
31 Mar 2006
0.05452
0.05452
—
—
28 Jun 2006
30 Jun 2006
0.05785
0.05785
—
—
27 Sep 2006
30 Sep 2006
0.14464
0.14464
—
—
17 Nov 2006
17 Nov 2006
1.30207
—
0.04610
1.25597
26 Dec 2006
31 Dec 2006
0.08145
0.08145
—
—
26 Mar 2007
31 Mar 2007
0.05638
0.05638
—
—
26 Jun 2007
30 Jun 2007
0.02760
0.02760
—
—
26 Sep 2007
30 Sep 2007
0.09619
0.09619
—
—
19 Nov 2007
19 Nov 2007
3.93397
—
0.88171
3.05226
26 Mar 2008
31 Mar 2008
0.01300
0.01300
—
—
26 Jun 2008
30 Jun 2008
0.05670
0.05670
—
—
26 Sep 2008
30 Sep 2008
0.05714
0.05714
—
—
26 Dec 2008
31 Dec 2008
0.10148
0.10148
—
—
26 Mar 2009
31 Mar 2009
0.09516
0.09516
—
—
26 Jun 2009
30 Jun 2009
0.08932
0.08932
—
—
25 Sep 2009
30 Sep 2009
0.11303
0.11303
—
—
24 Dec 2009
31 Dec 2009
0.11637
0.11637
—
—
26 Mar 2010
31 Mar 2010
0.01536
0.01536
—
—
25 Jun 2010
30 Jun 2010
0.00896
0.00896
—
—
24 Sep 2010
30 Sep 2010
0.02999
0.02999
—
—
24 Dec 2013
31 Dec 2013
0.04352
0.04352
—
—
24 Sep 2014
30 Sep 2014
0.20992
0.20992
—
—
24 Dec 2014
31 Dec 2014
0.02160
0.02160
—
—
26 Sep 2016
30 Sep 2016
0.18002
0.18002
—
—
23 Dec 2016
31 Dec 2016
0.03027
0.03027
—
—
22 Sep 2017
30 Sep 2017
0.00205
0.00205
—
—
22 Dec 2017
31 Dec 2017
0.36300
0.36300
—
—
21 Dec 2018
31 Dec 2018
0.21639
0.21639
—
—
20 Dec 2019
31 Dec 2019
0.14174
0.14174
—
—
18 Nov 2021
18 Nov 2021
26.35024
—
7.96715
18.38309
16 Dec 2021
31 Dec 2021
0.25702
0.25702
—
—
15 Dec 2022
31 Dec 2022
0.06595
0.06595
—
—
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
TVRFX
Share Class
R3
Share Class Inception Date
1 Jul 2003
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 (%)
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 (%)
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 (%)
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
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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