Small/Mid Cap Growth Fund

Growth Investing with Both Feet on the Ground

Thornburg Small/Mid Cap Growth Fund is a bottom-up, fundamentals driven, and focused portfolio that invests primarily in US growth stocks across the small/mid capitalization spectrum.

“We search for companies at the earlier stages of their life cycles with attractive business models and promising, durable growth prospects. Our goal is to build a diversified portfolio which generates excess returns through a market cycle.”

— Steven Klopukh

Bottom-Up, Fundamentals Driven

The Fund’s flexible mandate gives us wide latitude to invest in different types of growth companies, up and down the small/mid capitalization spectrum.

While value managers often start from a place of valuation and decide whether a company is a good business, we tend to start from a place of growth. We want to find emerging growth companies with attractive and durable growth drivers.

What We Look For:

Durable growth characteristics:  A large addressable market, secular tailwinds, durable competitive advantages, and a high rate of growth with operational leverage.

Strong businesses:  High barriers to entry, quality management, durable competitive advantages, strong market share, high and sustainable margins.

High conviction:  We require high conviction to purchase a security based upon our fundamental analysis of a business’s long-term prospects.

Important Information