Thornburg Small/Mid Cap Growth Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
8.1%
1 yr return
19.9%
3 Yr Avg Return
-7.9%
5 Yr Avg Return
3.5%
Net Assets
$277 M
Holdings in Top 10
29.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.93%
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 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
THCRX - Profile
Distributions
- YTD Total Return 8.1%
- 3 Yr Annualized Total Return -7.9%
- 5 Yr Annualized Total Return 3.5%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio -1.17%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameThornburg Small/Mid Cap Growth Fund
-
Fund Family NameTHORNBURG
-
Inception DateJul 16, 2003
-
Shares OutstandingN/A
-
Share ClassR3
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteven 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 Growth Index – Total Return. As of November 30, 2023, the market capitalization range of the Russell 2500 Growth Index – Total Return was approximately $23.93 million to $21.11 billion. The Russell 2500 Growth 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 goal.
The Fund seeks to invest in a diversified portfolio of companies the Fund categorizes as consistent growers, disruptors, 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:
Consistent Grower: Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies may have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets.
Disruptor: Companies which are at the early stages of growth; which usually possess highly innovative or differentiated products and services, but which may require substantial additional time or investment to capitalize on market opportunities and achieve profitability. Companies in this category often are in leadership positions in growing markets. These companies may operate in niche markets with large or dominant share.
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.
THCRX - Performance
Return Ranking - Trailing
Period | THCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.1% | -13.4% | 20.8% | 52.54% |
1 Yr | 19.9% | -22.3% | 67.2% | 90.51% |
3 Yr | -7.9%* | -30.9% | 22.0% | 96.12% |
5 Yr | 3.5%* | -16.5% | 28.1% | 98.20% |
10 Yr | 7.0%* | -5.5% | 19.1% | 97.89% |
* Annualized
Return Ranking - Calendar
Period | THCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 19.5% | -74.1% | 72.4% | 85.73% |
2022 | -34.2% | -85.9% | 4.7% | 51.62% |
2021 | -36.6% | -52.4% | 60.5% | 99.38% |
2020 | 32.4% | -34.3% | 145.0% | 27.87% |
2019 | 17.1% | -21.8% | 49.4% | 87.64% |
Total Return Ranking - Trailing
Period | THCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 8.1% | -13.4% | 20.8% | 52.54% |
1 Yr | 19.9% | -22.3% | 67.2% | 90.51% |
3 Yr | -7.9%* | -30.9% | 22.0% | 96.12% |
5 Yr | 3.5%* | -16.5% | 28.1% | 98.20% |
10 Yr | 7.0%* | -5.5% | 19.1% | 97.89% |
* Annualized
Total Return Ranking - Calendar
Period | THCRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 19.5% | -4.6% | 72.4% | 93.43% |
2022 | -34.2% | -61.7% | 5.6% | 75.15% |
2021 | -4.5% | -39.8% | 118.1% | 98.13% |
2020 | 41.4% | 2.8% | 149.2% | 30.36% |
2019 | 28.7% | -5.2% | 49.4% | 84.46% |
NAV & Total Return History
THCRX - Holdings
Concentration Analysis
THCRX | Category Low | Category High | THCRX % Rank | |
---|---|---|---|---|
Net Assets | 277 M | 242 K | 269 B | 72.25% |
Number of Holdings | 47 | 1 | 3211 | 68.42% |
Net Assets in Top 10 | 76.7 M | 104 K | 111 B | 81.41% |
Weighting of Top 10 | 29.80% | 0.7% | 205.0% | 94.89% |
Top 10 Holdings
- Casella Waste Systems Inc 3.80%
- Bentley Systems Inc 3.45%
- Vertiv Holdings Co 3.17%
- CCC Intelligent Solutions Holdings Inc 2.81%
- Freshpet Inc 2.81%
- Shockwave Medical Inc 2.80%
- Cytokinetics Inc 2.76%
- Onto Innovation Inc 2.76%
- Churchill Downs Inc 2.72%
- BioMarin Pharmaceutical Inc 2.71%
Asset Allocation
Weighting | Return Low | Return High | THCRX % Rank | |
---|---|---|---|---|
Stocks | 100.16% | 0.00% | 130.05% | 1.78% |
Preferred Stocks | 0.00% | 0.00% | 7.84% | 89.56% |
Other | 0.00% | -43.49% | 50.04% | 88.46% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 89.03% |
Cash | 0.00% | -1.50% | 173.52% | 99.49% |
Bonds | 0.00% | 0.00% | 104.29% | 89.30% |
Stock Sector Breakdown
Weighting | Return Low | Return High | THCRX % Rank | |
---|---|---|---|---|
Technology | 40.43% | 0.00% | 65.70% | 27.98% |
Healthcare | 17.74% | 0.00% | 39.76% | 13.78% |
Industrials | 16.37% | 0.00% | 30.65% | 3.06% |
Consumer Cyclical | 8.76% | 0.00% | 62.57% | 89.80% |
Basic Materials | 6.21% | 0.00% | 18.91% | 5.36% |
Financial Services | 5.57% | 0.00% | 43.06% | 83.33% |
Consumer Defense | 4.92% | 0.00% | 25.50% | 33.08% |
Utilities | 0.00% | 0.00% | 16.07% | 92.01% |
Real Estate | 0.00% | 0.00% | 16.05% | 96.34% |
Energy | 0.00% | 0.00% | 41.09% | 95.41% |
Communication Services | 0.00% | 0.00% | 66.40% | 99.57% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | THCRX % Rank | |
---|---|---|---|---|
US | 100.16% | 0.00% | 130.05% | 1.78% |
Non US | 0.00% | 0.00% | 78.10% | 92.19% |
THCRX - Expenses
Operational Fees
THCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.93% | 0.01% | 19.54% | 8.94% |
Management Fee | 0.88% | 0.00% | 1.50% | 92.24% |
12b-1 Fee | 0.50% | 0.00% | 1.00% | 73.86% |
Administrative Fee | 0.10% | 0.01% | 1.02% | 56.87% |
Sales Fees
THCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
THCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
THCRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 316.74% | 57.50% |
THCRX - Distributions
Dividend Yield Analysis
THCRX | Category Low | Category High | THCRX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 27.63% | 95.66% |
Dividend Distribution Analysis
THCRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Annual | Annual |
Net Income Ratio Analysis
THCRX | Category Low | Category High | THCRX % Rank | |
---|---|---|---|---|
Net Income Ratio | -1.17% | -6.13% | 3.48% | 91.25% |
Capital Gain Distribution Analysis
THCRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
THCRX - 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.
Timothy McCarthy
Start Date
Tenure
Tenure Rank
Dec 18, 2020
1.45
1.5%
Mr. McCarthy is a portfolio manager and a director with Allianz Global Investors since 2003. He is a member of the US Mid Cap team. Mr. McCarthy was previously a portfolio manager and analyst on the Small Cap team, and a member of the Quantitative Analytics & Risk Strategy group. He was previously a portfolio product specialist at FactSet Research Systems, where he had responsibilities for portfolio construction, risk analysis and performance. Mr. McCarthy has a B.S. 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 | 54.45 | 8.22 | 3.08 |