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Trending ETFs

Name

As of 03/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$73.31

$496 M

0.00%

$0.00

2.30%

Vitals

YTD Return

8.8%

1 yr return

28.9%

3 Yr Avg Return

2.1%

5 Yr Avg Return

7.6%

Net Assets

$496 M

Holdings in Top 10

27.4%

52 WEEK LOW AND HIGH

$74.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.30%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$73.31

$496 M

0.00%

$0.00

2.30%

TVIRX - Profile

Distributions

  • YTD Total Return 8.8%
  • 3 Yr Annualized Total Return 2.1%
  • 5 Yr Annualized Total Return 7.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.01%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Thornburg Small/Mid Cap Core Fund
  • Fund Family Name
    THORNBURG
  • Inception Date
    Feb 01, 2007
  • Shares Outstanding
    N/A
  • Share Class
    R4
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Steven Klopukh

Fund Description

Under normal conditions, the Fund invests at least 80% of its net assets in small- and mid-capitalization companies. The Fund currently defines small- and mid-capitalization companies to be those within the market capitalization range comprised by the Russell 2500 Index – Total Return. As of November 30, 2023, the market capitalization range of the Russell 2500 Index – Total Return was approximately $23.93 million to $21.11 billion. The Russell 2500 Index – Total Return is completely reconstituted on an annual basis by the index provider, which generally results in updates to the capitalization range of the index and to the companies included in the index. The capitalization range of companies in which the Fund invests will in general also change annually to reflect the reconstitution of the index. The Fund may change the definition of what constitutes “small- and mid-capitalization companies” without advance notice to shareholders. As used herein, the term “net assets” includes the amount of any borrowings made by the Fund for investment purposes.

The Fund expects to invest primarily in domestic common stocks. However, the Fund may own foreign common stocks which, in the opinion of the Fund’s investment advisor, Thornburg Investment Management, Inc. (“Thornburg”), offer prospects for meeting the Fund’s investment goals.

With its core approach to stock selection, the Fund seeks to invest in a broadly diversified portfolio of companies the Fund categorizes as basic values, consistent earners, and emerging franchises, as described in more detail below. The relative proportions of securities invested in each of those categories will vary over time.

Thornburg primarily takes a bottom-up, fundamental view in determining the attractiveness of individual securities and in making investment decisions. Among the specific factors considered by Thornburg in identifying securities for inclusion in the Fund are:

earnings growth potential

durable business model

industry growth potential

innovation driving the potential to disrupt entrenched competitors

intrinsic value appreciation potential

potential size of addressable market

management strength

leverage

return on invested capital

valuation metrics, including: price/earnings (“PE”) ratio; enterprise value/revenue ratio; PE/growth rate ratio, enterprise value/EBITDA (earnings before interest, taxes, depreciation and amortization) ratio; and free cash flow yield.

Thornburg typically categorizes the Fund’s equity investments in one of the following three categories:

Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

Consistent Earner: Companies which generally exhibit predictable growth and profitability, and consistent cash flow and/or dividends.

Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

Inclusion of any investment in any of the three described categories represents Thornburg’s opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size.

The Fund selects foreign securities issued by companies domiciled in countries whose currencies are freely convertible into U.S. dollars, or in companies in other countries whose business is conducted primarily in U.S. dollars.

The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals.

The Fund’s policy of investing at least 80% of its net assets in small- and mid-capitalization companies may be changed by the Fund’s Trustees without a shareholder vote upon 60 days’ notice to shareholders.

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TVIRX - Performance

Return Ranking - Trailing

Period TVIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% 0.4% 17.9% 68.60%
1 Yr 28.9% 3.1% 55.0% 71.12%
3 Yr 2.1%* -9.6% 31.7% 97.81%
5 Yr 7.6%* -7.9% 109.6% 97.52%
10 Yr 8.3%* 0.4% 20.9% 93.12%

* Annualized

Return Ranking - Calendar

Period TVIRX Return Category Return Low Category Return High Rank in Category (%)
2023 13.3% -42.6% 47.4% 73.03%
2022 -19.6% -56.3% -4.2% 29.85%
2021 -15.8% -27.2% 53.7% 99.11%
2020 11.9% -36.2% 2181.7% 45.95%
2019 28.5% -22.7% 40.4% 16.78%

Total Return Ranking - Trailing

Period TVIRX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.8% 0.4% 17.9% 68.60%
1 Yr 28.9% 3.1% 55.0% 71.12%
3 Yr 2.1%* -9.6% 31.7% 97.81%
5 Yr 7.6%* -7.9% 109.6% 97.52%
10 Yr 8.3%* 0.4% 20.9% 93.12%

* Annualized

Total Return Ranking - Calendar

Period TVIRX Return Category Return Low Category Return High Rank in Category (%)
2023 13.3% -5.0% 47.4% 92.12%
2022 -19.4% -36.8% -2.2% 72.47%
2021 13.9% 3.0% 124.3% 97.56%
2020 11.9% -15.8% 2266.0% 82.12%
2019 28.9% -0.4% 241.3% 61.66%

NAV & Total Return History


TVIRX - Holdings

Concentration Analysis

TVIRX Category Low Category High TVIRX % Rank
Net Assets 496 M 2.59 M 1.55 T 63.64%
Number of Holdings 49 1 4053 81.78%
Net Assets in Top 10 143 M 885 K 387 B 68.49%
Weighting of Top 10 27.38% 0.3% 112.0% 85.01%

Top 10 Holdings

  1. Casella Waste Systems Inc 3.52%
  2. Builders FirstSource Inc 2.95%
  3. Clean Harbors Inc 2.73%
  4. BJ's Wholesale Club Holdings Inc 2.67%
  5. Walker Dunlop Inc 2.65%
  6. ITT Inc 2.60%
  7. Pinnacle Financial Partners Inc 2.60%
  8. LPL Financial Holdings Inc 2.56%
  9. Deckers Outdoor Corp 2.56%
  10. Applied Industrial Technologies Inc 2.54%

Asset Allocation

Weighting Return Low Return High TVIRX % Rank
Stocks
100.17% 0.00% 124.03% 2.66%
Preferred Stocks
0.00% 0.00% 2.38% 71.46%
Other
0.00% -13.91% 100.00% 72.79%
Convertible Bonds
0.00% 0.00% 5.54% 70.59%
Cash
0.00% 0.00% 99.06% 98.98%
Bonds
0.00% -0.50% 94.15% 72.09%

Stock Sector Breakdown

Weighting Return Low Return High TVIRX % Rank
Technology
18.04% 0.00% 48.94% 84.49%
Industrials
17.50% 0.00% 29.90% 3.98%
Financial Services
12.38% 0.00% 55.59% 75.89%
Basic Materials
10.90% 0.00% 25.70% 1.51%
Healthcare
9.19% 0.00% 60.70% 93.79%
Energy
8.89% 0.00% 41.64% 4.14%
Consumer Cyclical
7.05% 0.00% 30.33% 87.35%
Real Estate
5.47% 0.00% 31.91% 5.73%
Consumer Defense
4.70% 0.00% 47.71% 87.51%
Communication Services
3.29% 0.00% 27.94% 91.41%
Utilities
2.58% 0.00% 20.91% 53.38%

Stock Geographic Breakdown

Weighting Return Low Return High TVIRX % Rank
US
100.17% 0.00% 124.03% 2.27%
Non US
0.00% 0.00% 62.81% 77.01%

TVIRX - Expenses

Operational Fees

TVIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.30% 0.01% 16.07% 2.99%
Management Fee 0.87% 0.00% 1.89% 94.66%
12b-1 Fee 0.25% 0.00% 1.00% 51.79%
Administrative Fee 0.10% 0.00% 0.85% 60.74%

Sales Fees

TVIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TVIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TVIRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 496.00% 45.23%

TVIRX - Distributions

Dividend Yield Analysis

TVIRX Category Low Category High TVIRX % Rank
Dividend Yield 0.00% 0.00% 25.03% 96.87%

Dividend Distribution Analysis

TVIRX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Monthly Annual

Net Income Ratio Analysis

TVIRX Category Low Category High TVIRX % Rank
Net Income Ratio 0.01% -54.00% 6.06% 83.88%

Capital Gain Distribution Analysis

TVIRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Monthly Annually

Distributions History

View More +

TVIRX - Fund Manager Analysis

Managers

Steven Klopukh


Start Date

Tenure

Tenure Rank

Dec 18, 2020

1.45

1.5%

Steven Klopukh is 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 the top-performing AllianzGI Mid-Cap Fund as lead portfolio manager since 2014. With over 20 years of investment industry experience, Steven was also vice president and fundamental equity analyst at CDC Investment Management Corp., where he collaborated on quantitatively enhanced, risk targeted large-cap core and market-neutral equity strategies. Before that, he was in the investment banking associate program at Morgan Stanley Dean Witter, where he was involved in M&A, debt and equity capital raising, and consumer products corporate finance. Steven has a BS, magna cum laude, from Fairleigh Dickinson University and an MBA with honors from the University of Chicago Booth School of Business. He is also a CFA charterholder.

Tim McCarthy


Start Date

Tenure

Tenure Rank

Feb 01, 2022

0.33

0.3%

Tim McCarthy is 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 portfolio manager and analyst on the Small-Cap team and a member of the Quantitative Analytics & Risk Strategy group. His extensive investment-industry experi-ence includes serving as a portfolio product specialist at FactSet Research Systems, where he held responsibilities for portfolio construction, risk analysis, and performance. Tim holds a BS in business administration with a concentration in finance from the University of Vermont. He is a CFA charterholder and a member of the CFA Society of San Francisco.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.21 2.42