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Thornburg Small/Mid Cap Core Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 373 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 373, 348 and 254 funds, as of 30 Sep 2025.

As of 30 Sep 2025
Fund Assets
$490.6 M
As of 31 Aug 2025
NAV
$78.41
As of 15 Oct 2025
Change
$-0.07
As of 15 Oct 2025
YTD NAV Performance
-0.96%
As of 15 Oct 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 Sep 2025)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
3.35
13.00
7.66
8.39
9.11
Russell 2500 Index (%)
9.48
10.16
15.65
12.09
10.52
9.87
Morningstar Category Avg. (%)
2.36
10.67
12.73
12.89
8.82
Morningstar Quartile
3
4
4
4
Morningstar Quartile # of Funds
419
373
348
254
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
3.35
13.00
7.66
8.39
9.11
Russell 2500 Index (%)
9.48
10.16
15.65
12.09
10.52
9.87
Morningstar Category Avg. (%)
6.81
8.61
12.25
11.82
9.86
Morningstar Quartile
3
4
4
4
Morningstar Quartile # of Funds
419
373
348
254
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
3.35
44.28
44.67
123.76
1268.33
Russell 2500 Index (%)
9.48
10.16
54.67
76.97
171.87
1584.07
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
3.35
44.28
44.67
123.76
1268.33
Russell 2500 Index (%)
9.48
10.16
54.67
76.97
171.87
1584.07
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 30 Sep 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 Aug 2025)
Net Fund Assets
$490.6 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 Aug 2025)
Portfolio
Benchmark
Number of Holdings
49
Weighted Average Market Cap
$10.6 B
$8.4 B
Median Market Cap
$8.4 B
$1.5 B
Annual Portfolio Turnover
33%
Price to Earnings - Forward 1YR
19.3x
17.2x
Price to Earnings - Trailing 12 Months
23.2x
20.1x
Portfolio
Benchmark
Price to Cash Flow
13.2x
10.6x
Price to Book Value
2.9x
2.3x
Return on Equity - 5 YR
15.9%
4.4%
Historical 3YR Sales Growth
13.2%
15.5%
Active Share
95.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2025)
3y
5y
10y
Annualized Alpha (%)
0.00
-1.91
0.02
Beta
0.89
0.86
0.84
R-Squared (%)
92.53
90.79
89.79
Standard Deviation (%)
18.36
17.94
17.29
Sharpe Ratio
0.28
0.25
0.36
Information Ratio
-0.23
-0.59
-0.24
Up Capture (%)
87.73
83.73
83.75
Down Capture (%)
87.76
91.33
83.80
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2025)
Name
Ticker/Symbol
Sector
Weight %
Casella Waste Systems, Inc.
CWST
Industrials
3.2
Talen Energy Corp.
TLN
Utilities
3.1
Sensient Technologies Corp.
SXT
Materials
2.9
Clean Harbors, Inc.
CLH
Industrials
2.9
Applied Industrial Technologies, Inc.
AIT
Industrials
2.6
Marex Group plc
MRX
Financials
2.6
Western Alliance Bancorp
WAL
Financials
2.6
SunOpta, Inc.
STKL
Consumer Staples
2.6
ITT, Inc.
ITT
Industrials
2.5
LPL Financial Holdings, Inc.
LPLA
Financials
2.5
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
29.9
20.2
Financials
17.3
17.9
Information Technology
15.3
13.5
Consumer Discretionary
10.8
12.1
Consumer Staples
6.4
3.5
Energy
5.6
3.7
Utilities
5.5
2.9
Health Care
4.3
11.3
Materials
2.9
5.2
Real Estate
1.6
6.7
Cash & Cash Equivalents
0.4
Communication Services
0.0
2.9
Sector Allocation
Fund (%)
Industrials
29.9
Financials
17.3
Information Technology
15.3
Consumer Discretionary
10.8
Consumer Staples
6.4
Energy
5.6
Utilities
5.5
Health Care
4.3
Materials
2.9
Real Estate
1.6
Cash & Cash Equivalents
0.4
Communication Services
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.9
15.1
Financial Services
10.0
8.0
Commercial & Professional Services
9.8
3.1
Software & Services
7.6
6.1
Energy
5.6
3.7
Utilities
5.5
2.9
Technology Hardware & Equipment
5.5
4.6
Banks
5.1
6.7
Consumer Durables & Apparel
4.5
3.6
Consumer Services
4.2
4.1
Top 10 Industries
Fund (%)
Capital Goods
17.9
Financial Services
10.0
Commercial & Professional Services
9.8
Software & Services
7.6
Energy
5.6
Utilities
5.5
Technology Hardware & Equipment
5.5
Banks
5.1
Consumer Durables & Apparel
4.5
Consumer Services
4.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Large Cap (> $12 B)
36.9
23.4
Mid Cap ($2.5 to $12 B)
56.4
60.6
Small Cap (< $2.5 B)
6.7
16.0
Capitalization
Fund (%)
Large Cap (> $12 B)
36.9
Mid Cap ($2.5 to $12 B)
56.4
Small Cap (< $2.5 B)
6.7
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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