Thornburg Small/Mid Cap Growth Fund

SYMBOL: THCGX

Morningstar Rating • Info

Overall Morningstar Rating among 469 Mid-Cap Growth funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 1 star and 1 star among 469, 445 and 373 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$210.3 M

As of 31 Jan 2026

NAV

$32.40

As of 20 Feb 2026

Change

$-0.13

As of 20 Feb 2026

YTD NAV Performance

-0.09%

As of 20 Feb 2026

Asset Category:

U.S. Equity

Fund Benchmark:

Russell 2500 Growth Index

Portfolio Managers

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Julian Serafini, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Flexible and focused equity portfolio that invests in primarily U.S growth companies across the small- and mid-capitalization spectrum.
Proven bottom-up fundamental research process that aims to identify emerging growth companies with attractive and durable growth drivers of revenue and earnings.
Actively managed fund 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 securities selected for their growth potential.

Investment Approach

The fund employs rigorous bottom-up, fundamental analysis to identify high-quality companies in the early stages of their growth trajectory and which the team believes will deliver attractive risk-adjusted returns over the long term. The portfolio is diversified across the growth spectrum with companies exhibiting consistent growth, emerging growth, or disruptive characteristics.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.37

12.54

-2.14

6.81

6.32

Total Return without Sales Charge (%)

4.31

14.28

-1.24

7.30

6.51

Russell 2500 Growth Index (%)

10.31

14.32

2.98

10.55

8.15

Morningstar Category Avg. (%)

7.67

15.15

3.69

10.91

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

490

472

446

371

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.77

-5.21

9.07

-2.40

7.98

6.24

Total Return without Sales Charge (%)

-1.33

-0.74

10.76

-1.50

8.48

6.43

Russell 2500 Growth Index (%)

3.09

9.54

11.88

3.04

12.05

8.26

Morningstar Category Avg. (%)

1.29

3.53

12.41

3.82

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

487

469

445

373

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-0.37

42.55

-10.26

93.22

362.64

Total Return without Sales Charge (%)

4.31

49.24

-6.03

102.30

384.34

Russell 2500 Growth Index (%)

10.31

49.42

15.82

172.72

610.34

YTD

10y

Inception

Total Return with Sales Charge (%)

-5.77

-5.21

29.76

-11.45

115.57

356.51

Total Return without Sales Charge (%)

-1.33

-0.74

35.88

-7.28

125.72

377.92

Russell 2500 Growth Index (%)

3.09

9.54

40.03

16.16

212.02

632.32

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

35.28

-8.62

-37.16

14.20

14.30

-0.37

Russell 2500 Growth Index (%)

40.47

5.04

-26.21

18.93

13.90

10.31

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Effective December 18, 2020, Thornburg Core Growth Fund's name changed to Thornburg Small/Mid Cap Growth Fund, and the Fund adopted a policy, under normal conditions, to invest at least 80% of its net assets in small- and mid-capitalization companies. As a result, the Fund's investment benchmark changed from the Russell 3000 Total Return Growth Index to the Russell 2500 Growth Index (Total Return).

Morningstar quartile ranking for Mid-Cap Growth category is based on total returns before sales charges.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A and C shares, 27 Dec 2000; I shares, 3 Nov 2003; R3 shares 1 Jul 2003; R4, 1 Feb 2007; and R5 shares, 3 Oct 2005.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.42

Net Expense Ratio (%)

1.42

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,A Shares,Russell 2500 Growth Index
            2000-12-27,9552,10000
2000-12-31,9384,10056
2001-01-31,9848,10707
2001-02-28,8072,9055
2001-03-31,7368,8053
2001-04-30,8560,9281
2001-05-31,8448,9550
2001-06-30,8056,9766
2001-07-31,7656,9046
2001-08-31,6968,8444
2001-09-30,6240,7122
2001-10-31,6592,7824
2001-11-30,7216,8500
2001-12-31,7584,8967
2002-01-31,7576,8583
2002-02-28,6984,8053
2002-03-31,7696,8702
2002-04-30,7208,8413
2002-05-31,6584,7989
2002-06-30,5752,7255
2002-07-31,5192,6353
2002-08-31,5328,6352
2002-09-30,5160,5872
2002-10-31,5632,6209
2002-11-30,5976,6787
2002-12-31,5584,6358
2003-01-31,5640,6219
2003-02-28,5568,6074
2003-03-31,5808,6154
2003-04-30,6328,6691
2003-05-31,7080,7400
2003-06-30,7624,7552
2003-07-31,8008,8056
2003-08-31,8384,8488
2003-09-30,8088,8305
2003-10-31,8608,8988
2003-11-30,8736,9292
2003-12-31,8736,9302
2004-01-31,8904,9690
2004-02-29,9016,9780
2004-03-31,8792,9814
2004-04-30,8472,9398
2004-05-31,8520,9594
2004-06-30,8632,9828
2004-07-31,8080,9058
2004-08-31,8168,8876
2004-09-30,8696,9277
2004-10-31,8960,9540
2004-11-30,9624,10173
2004-12-31,10080,10660
2005-01-31,9744,10284
2005-02-28,9792,10488
2005-03-31,9768,10198
2005-04-30,9600,9647
2005-05-31,10160,10290
2005-06-30,10464,10561
2005-07-31,11016,11247
2005-08-31,11024,11117
2005-09-30,11368,11226
2005-10-31,11200,10859
2005-11-30,11802,11465
2005-12-31,12307,11531
2006-01-31,13453,12404
2006-02-28,13047,12367
2006-03-31,13405,12894
2006-04-30,13372,12934
2006-05-31,12746,12162
2006-06-30,12730,12105
2006-07-31,12429,11515
2006-08-31,12982,11792
2006-09-30,13323,11959
2006-10-31,13917,12548
2006-11-30,14828,12975
2006-12-31,14535,12945
2007-01-31,15137,13357
2007-02-28,14958,13350
2007-03-31,15210,13467
2007-04-30,15438,13881
2007-05-31,16105,14546
2007-06-30,16081,14408
2007-07-31,15861,13804
2007-08-31,15869,14016
2007-09-30,16853,14502
2007-10-31,17512,15103
2007-11-30,16310,14211
2007-12-31,16196,14199
2008-01-31,14308,13042
2008-02-29,13608,12780
2008-03-31,13250,12625
2008-04-30,13705,13386
2008-05-31,14015,14091
2008-06-30,12818,13082
2008-07-31,12314,13036
2008-08-31,12403,13254
2008-09-30,10873,11500
2008-10-31,8399,8910
2008-11-30,7626,7905
2008-12-31,7943,8306
2009-01-31,7675,7806
2009-02-28,7162,7131
2009-03-31,7829,7810
2009-04-30,9075,8972
2009-05-31,9669,9294
2009-06-30,9718,9512
2009-07-31,10328,10251
2009-08-31,10605,10460
2009-09-30,11077,11145
2009-10-31,10531,10533
2009-11-30,10841,10924
2009-12-31,11549,11766
2010-01-31,10979,11281
2010-02-28,11191,11856
2010-03-31,11720,12803
2010-04-30,11842,13251
2010-05-31,10914,12351
2010-06-30,10255,11552
2010-07-31,10824,12323
2010-08-31,10149,11542
2010-09-30,11239,13071
2010-10-31,11703,13562
2010-11-30,11834,14109
2010-12-31,12672,15162
2011-01-31,12753,15334
2011-02-28,13185,16174
2011-03-31,13274,16653
2011-04-30,13730,17235
2011-05-31,13616,17023
2011-06-30,13347,16716
2011-07-31,13111,16068
2011-08-31,11988,14752
2011-09-30,10849,13147
2011-10-31,12444,15178
2011-11-30,12615,15105
2011-12-31,12843,14924
2012-01-31,13689,16074
2012-02-29,14576,16813
2012-03-31,15219,17103
2012-04-30,14967,16957
2012-05-31,13673,15679
2012-06-30,14064,16184
2012-07-31,14161,16023
2012-08-31,15024,16642
2012-09-30,15553,17028
2012-10-31,15056,16708
2012-11-30,15406,17001
2012-12-31,15594,17331
2013-01-31,16351,18521
2013-02-28,16578,18636
2013-03-31,17327,19445
2013-04-30,17238,19513
2013-05-31,17913,20315
2013-06-30,17864,20072
2013-07-31,18882,21559
2013-08-31,18996,21116
2013-09-30,19818,22469
2013-10-31,20574,22991
2013-11-30,21437,23740
2013-12-31,22235,24376
2014-01-31,21950,23916
2014-02-28,22772,25164
2014-03-31,21698,24630
2014-04-30,20477,23761
2014-05-31,20745,24075
2014-06-30,21608,25343
2014-07-31,21291,24068
2014-08-31,22267,25391
2014-09-30,21519,24277
2014-10-31,22414,25346
2014-11-30,22300,25767
2014-12-31,22251,26095
2015-01-31,21820,25693
2015-02-28,23049,27584
2015-03-31,23049,28036
2015-04-30,23073,27453
2015-05-31,23228,28300
2015-06-30,23293,28208
2015-07-31,23529,28542
2015-08-31,21991,26542
2015-09-30,21234,25091
2015-10-31,22780,26402
2015-11-30,23513,27000
2015-12-31,22870,26046
2016-01-31,20224,23471
2016-02-29,19630,23542
2016-03-31,21226,25354
2016-04-30,20973,25597
2016-05-31,21551,26233
2016-06-30,21006,26038
2016-07-31,22259,27585
2016-08-31,22601,27777
2016-09-30,22967,27857
2016-10-31,22544,26402
2016-11-30,22723,28327
2016-12-31,22332,28580
2017-01-31,23496,29257
2017-02-28,24155,30144
2017-03-31,24367,30367
2017-04-30,24969,30901
2017-05-31,25401,30915
2017-06-30,25596,31620
2017-07-31,26402,32040
2017-08-31,26092,32103
2017-09-30,26418,33447
2017-10-31,26654,34341
2017-11-30,27167,35474
2017-12-31,27671,35570
2018-01-31,29665,37345
2018-02-28,29462,36121
2018-03-31,29315,36416
2018-04-30,29779,36184
2018-05-31,30577,38110
2018-06-30,31236,38429
2018-07-31,31537,39148
2018-08-31,33393,41793
2018-09-30,32904,41183
2018-10-31,29804,36236
2018-11-30,29462,36920
2018-12-31,26963,32914
2019-01-31,29975,36833
2019-02-28,31195,39261
2019-03-31,31806,39163
2019-04-30,33653,40534
2019-05-31,30797,37841
2019-06-30,32758,40785
2019-07-31,33474,41422
2019-08-31,32441,40245
2019-09-30,32042,39488
2019-10-31,32555,40501
2019-11-30,34232,43260
2019-12-31,34759,43661
2020-01-31,36001,43709
2020-02-29,34330,40745
2020-03-31,30308,33524
2020-04-30,34482,38899
2020-05-31,37878,42961
2020-06-30,39684,44543
2020-07-31,42025,46981
2020-08-31,45162,49095
2020-09-30,43053,48718
2020-10-31,42079,49293
2020-11-30,46878,56473
2020-12-31,49234,61331
2021-01-31,49234,63045
2021-02-28,50159,65025
2021-03-31,46926,62857
2021-04-30,49997,65065
2021-05-31,47889,63256
2021-06-30,50045,66651
2021-07-31,50875,65208
2021-08-31,51313,66840
2021-09-30,49377,64297
2021-10-31,52029,67593
2021-11-30,47648,64111
2021-12-31,47106,64425
2022-01-31,40073,55925
2022-02-28,40529,56093
2022-03-31,40101,56498
2022-04-30,34723,50046
2022-05-31,33011,48831
2022-06-30,30101,45452
2022-07-31,33425,50638
2022-08-31,32854,49675
2022-09-30,30201,45397
2022-10-31,31913,49086
2022-11-30,32940,50547
2022-12-31,31000,47538
2023-01-31,33596,52297
2023-02-28,32512,51470
2023-03-31,33011,50649
2023-04-30,33411,50010
2023-05-31,33382,49955
2023-06-30,36635,53898
2023-07-31,37077,55698
2023-08-31,36521,53431
2023-09-30,34638,50213
2023-10-31,31428,46728
2023-11-30,34110,50869
2023-12-31,37063,56538
2024-01-31,37234,55259
2024-02-29,40843,59736
2024-03-31,42113,61348
2024-04-30,39474,56776
2024-05-31,41071,59079
2024-06-30,40886,58762
2024-07-31,41870,62341
2024-08-31,42969,61858
2024-09-30,43126,62869
2024-10-31,42569,62712
2024-11-30,46849,70173
2024-12-31,44353,64396
2025-01-31,45993,66857
2025-02-28,41927,62407
2025-03-31,37705,57441
2025-04-30,37605,57254
2025-05-31,40686,61006
2025-06-30,43069,63937
2025-07-31,43554,65436
2025-08-31,44495,68871
2025-09-30,45351,70800
2025-10-31,46921,72609
2025-11-30,47948,71622
2025-12-31,46264,71034
2026-01-31,45651,73232

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

(Hypothetical Growth of $10,000 vs Russell 2500 Growth Index)

                        Categories,A Shares,Russell 2500 Growth Index
                        2025-01-31,9550,10000
2025-02-28,8706,9334
2025-03-31,7829,8592
2025-04-30,7808,8564
2025-05-31,8448,9125
2025-06-30,8943,9563
2025-07-31,9043,9787
2025-08-31,9239,10301
2025-09-30,9416,10590
2025-10-31,9742,10860
2025-11-30,9956,10713
2025-12-31,9606,10625
2026-01-31,9479,10954

                        Categories,A Shares,Russell 2500 Growth Index
                        2023-01-31,9550,10000
2023-02-28,9242,9842
2023-03-31,9384,9685
2023-04-30,9497,9563
2023-05-31,9489,9552
2023-06-30,10414,10306
2023-07-31,10539,10650
2023-08-31,10381,10217
2023-09-30,9846,9602
2023-10-31,8933,8935
2023-11-30,9696,9727
2023-12-31,10535,10811
2024-01-31,10584,10566
2024-02-29,11610,11423
2024-03-31,11971,11731
2024-04-30,11221,10857
2024-05-31,11675,11297
2024-06-30,11622,11236
2024-07-31,11902,11921
2024-08-31,12214,11828
2024-09-30,12259,12022
2024-10-31,12101,11992
2024-11-30,13317,13418
2024-12-31,12607,12314
2025-01-31,13074,12784
2025-02-28,11918,11933
2025-03-31,10718,10984
2025-04-30,10689,10948
2025-05-31,11565,11665
2025-06-30,12242,12226
2025-07-31,12380,12513
2025-08-31,12648,13169
2025-09-30,12891,13538
2025-10-31,13337,13884
2025-11-30,13629,13695
2025-12-31,13151,13583
2026-01-31,12976,14003

                        Categories,A Shares,Russell 2500 Growth Index
                        2021-01-31,9550,10000
2021-02-28,9730,10314
2021-03-31,9103,9970
2021-04-30,9698,10320
2021-05-31,9290,10033
2021-06-30,9708,10572
2021-07-31,9869,10343
2021-08-31,9954,10602
2021-09-30,9578,10198
2021-10-31,10093,10721
2021-11-30,9243,10169
2021-12-31,9138,10219
2022-01-31,7773,8871
2022-02-28,7862,8897
2022-03-31,7779,8961
2022-04-30,6736,7938
2022-05-31,6404,7745
2022-06-30,5839,7209
2022-07-31,6484,8032
2022-08-31,6373,7879
2022-09-30,5858,7201
2022-10-31,6190,7786
2022-11-30,6390,8018
2022-12-31,6013,7540
2023-01-31,6517,8295
2023-02-28,6307,8164
2023-03-31,6404,8034
2023-04-30,6481,7932
2023-05-31,6475,7924
2023-06-30,7106,8549
2023-07-31,7192,8835
2023-08-31,7084,8475
2023-09-30,6719,7965
2023-10-31,6096,7412
2023-11-30,6617,8069
2023-12-31,7189,8968
2024-01-31,7223,8765
2024-02-29,7923,9475
2024-03-31,8169,9731
2024-04-30,7657,9006
2024-05-31,7967,9371
2024-06-30,7931,9321
2024-07-31,8122,9888
2024-08-31,8335,9812
2024-09-30,8366,9972
2024-10-31,8258,9947
2024-11-30,9088,11131
2024-12-31,8604,10214
2025-01-31,8922,10605
2025-02-28,8133,9899
2025-03-31,7314,9111
2025-04-30,7295,9081
2025-05-31,7892,9676
2025-06-30,8354,10142
2025-07-31,8449,10379
2025-08-31,8631,10924
2025-09-30,8797,11230
2025-10-31,9102,11517
2025-11-30,9301,11360
2025-12-31,8974,11267
2026-01-31,8855,11616

                        Categories,A Shares,Russell 2500 Growth Index
                        2016-01-31,9550,10000
2016-02-29,9270,10030
2016-03-31,10023,10802
2016-04-30,9904,10906
2016-05-31,10177,11177
2016-06-30,9919,11094
2016-07-31,10511,11753
2016-08-31,10673,11835
2016-09-30,10846,11869
2016-10-31,10646,11249
2016-11-30,10730,12069
2016-12-31,10546,12177
2017-01-31,11095,12465
2017-02-28,11407,12843
2017-03-31,11507,12938
2017-04-30,11791,13166
2017-05-31,11995,13172
2017-06-30,12087,13472
2017-07-31,12467,13651
2017-08-31,12321,13678
2017-09-30,12475,14250
2017-10-31,12586,14632
2017-11-30,12829,15114
2017-12-31,13067,15155
2018-01-31,14008,15911
2018-02-28,13912,15390
2018-03-31,13843,15515
2018-04-30,14062,15417
2018-05-31,14439,16237
2018-06-30,14750,16373
2018-07-31,14892,16680
2018-08-31,15769,17806
2018-09-30,15538,17546
2018-10-31,14074,15439
2018-11-30,13912,15730
2018-12-31,12733,14023
2019-01-31,14155,15693
2019-02-28,14731,16727
2019-03-31,15019,16686
2019-04-30,15892,17270
2019-05-31,14543,16123
2019-06-30,15469,17377
2019-07-31,15807,17648
2019-08-31,15319,17147
2019-09-30,15131,16824
2019-10-31,15373,17256
2019-11-30,16165,18431
2019-12-31,16414,18603
2020-01-31,17000,18623
2020-02-29,16211,17360
2020-03-31,14312,14283
2020-04-30,16283,16573
2020-05-31,17887,18304
2020-06-30,18739,18978
2020-07-31,19845,20017
2020-08-31,21326,20918
2020-09-30,20330,20757
2020-10-31,19870,21002
2020-11-30,22137,24061
2020-12-31,23249,26131
2021-01-31,23249,26861
2021-02-28,23686,27705
2021-03-31,22159,26781
2021-04-30,23610,27722
2021-05-31,22614,26951
2021-06-30,23632,28397
2021-07-31,24024,27783
2021-08-31,24231,28478
2021-09-30,23317,27394
2021-10-31,24569,28799
2021-11-30,22500,27315
2021-12-31,22244,27449
2022-01-31,18923,23828
2022-02-28,19139,23899
2022-03-31,18937,24072
2022-04-30,16397,21323
2022-05-31,15588,20805
2022-06-30,14214,19365
2022-07-31,15784,21575
2022-08-31,15514,21165
2022-09-30,14261,19342
2022-10-31,15070,20914
2022-11-30,15555,21536
2022-12-31,14639,20254
2023-01-31,15865,22282
2023-02-28,15353,21929
2023-03-31,15588,21580
2023-04-30,15777,21307
2023-05-31,15764,21284
2023-06-30,17300,22964
2023-07-31,17508,23731
2023-08-31,17246,22765
2023-09-30,16356,21394
2023-10-31,14841,19909
2023-11-30,16107,21674
2023-12-31,17502,24089
2024-01-31,17583,23544
2024-02-29,19287,25451
2024-03-31,19886,26138
2024-04-30,18640,24190
2024-05-31,19395,25171
2024-06-30,19307,25036
2024-07-31,19772,26561
2024-08-31,20291,26355
2024-09-30,20365,26786
2024-10-31,20102,26719
2024-11-30,22123,29898
2024-12-31,20944,27437
2025-01-31,21719,28485
2025-02-28,19799,26589
2025-03-31,17805,24473
2025-04-30,17758,24394
2025-05-31,19213,25992
2025-06-30,20338,27241
2025-07-31,20567,27880
2025-08-31,21011,29343
2025-09-30,21416,30165
2025-10-31,22157,30936
2025-11-30,22642,30515
2025-12-31,21847,30265
2026-01-31,21557,31202

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2005-11-17,0.23968
2007-11-19,0.01139
2019-11-14,3.62416
2020-11-19,3.21798
2021-11-18,17.88056

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-11-17,1132185600,0.23968,0,0.00000,0.23968
2007-11-19,1195430400,0.01139,0,0.00000,0.01139
2019-11-14,1573689600,3.62416,0,0.00000,3.62416
2020-11-19,1605744000,3.21798,0,0.54559,2.67239
2021-11-18,1637193600,17.88056,0,0.59501,17.28555

Distributions

(As of 18 Nov 2021)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2005

0.23968

—

0.00000

0.23968

19 Nov 2007

0.01139

—

0.00000

0.01139

14 Nov 2019

3.62416

—

0.00000

3.62416

19 Nov 2020

3.21798

—

0.54559

2.67239

18 Nov 2021

17.88056

—

0.59501

17.28555

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$210.3 M

Benchmark

Russell 2500 Growth Index

Morningstar Category

Mid-Cap Growth

Fund Symbol

THCGX

Share Class

Share Class Inception Date

27 Dec 2000

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$13.8 B

$9.9 B

Median Market Cap

$8.7 B

$1.7 B

Annual Portfolio Turnover

34%

—

Price to Earnings - Forward 1YR

33.1x

22.9x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

40.3x

30.9x

Price to Cash Flow

27.1x

16.2x

Price to Book Value

5.9x

5.8x

Active Share

92.8%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

0.00

-4.07

-1.69

Beta

0.91

0.98

0.89

R-Squared (%)

84.66

88.94

85.97

Standard Deviation (%)

17.91

20.41

18.88

Sharpe Ratio

0.32

-0.23

0.34

Information Ratio

-0.18

-0.66

-0.45

Up Capture (%)

84.28

85.21

84.88

Down Capture (%)

82.01

100.82

91.80

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

Credo Technology Group Holding Ltd.

CRDO

Information Technology

3.7

Casella Waste Systems, Inc.

CWST

Industrials

3.6

Argan, Inc.

AGX

Industrials

3.6

SharkNinja, Inc.

Consumer Discretionary

3.6

Repligen Corp.

RGEN

Health Care

3.5

Vertiv Holdings Co.

VRT

Industrials

3.5

SiTime Corp.

SITM

Information Technology

3.4

Agilysys, Inc.

AGYS

Information Technology

3.4

StandardAero, Inc.

SARO

Industrials

3.1

JFrog Ltd.

FROG

Information Technology

3.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

27.6

23.7

Information Technology

26.1

20.3

Health Care

16.1

22.4

Consumer Discretionary

9.2

11.2

Financials

9.1

9.9

Consumer Staples

4.1

2.5

Cash & Equivalents

3.2

—

Energy

3.2

2.2

Communication Services

1.5

2.7

Utilities

0.0

0.3

Materials

0.0

2.6

Real Estate

0.0

2.1

Sector Allocation

Fund (%)

Industrials

27.6

Information Technology

26.1

Health Care

16.1

Consumer Discretionary

9.2

Financials

9.1

Consumer Staples

4.1

Cash & Equivalents

3.2

Energy

3.2

Communication Services

1.5

Utilities

0.0

Materials

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

19.6

19.7

Software & Services

10.8

9.4

Semiconductors & Semiconductor Equipment

10.0

4.9

Pharmaceuticals, Biotechnology & Life Sciences

8.6

15.0

Financial Services

8.6

6.2

Health Care Equipment & Services

7.5

7.4

Commercial & Professional Services

6.4

3.3

Technology Hardware & Equipment

5.3

6.0

Consumer Durables & Apparel

5.1

3.1

Consumer Services

4.1

5.7

Top 10 Industries

Fund (%)

Capital Goods

19.6

Software & Services

10.8

Semiconductors & Semiconductor Equipment

10.0

Pharmaceuticals, Biotechnology & Life Sciences

8.6

Financial Services

8.6

Health Care Equipment & Services

7.5

Commercial & Professional Services

6.4

Technology Hardware & Equipment

5.3

Consumer Durables & Apparel

5.1

Consumer Services

4.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Large Cap (> $12 B)

42.4

25.3

Mid Cap ($2.5 to $12 B)

51.3

58.1

Small Cap (< $2.5 B)

6.3

16.6

Capitalization

Fund (%)

Large Cap (> $12 B)

42.4

Mid Cap ($2.5 to $12 B)

51.3

Small Cap (< $2.5 B)

6.3

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…

Learn More

Julian Serafini, CFA

Portfolio Manager and Managing Director

Julian Serafini is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as an equity research analyst, was promoted to senior equity research analyst in 2022 and to portfolio manager in 2026. Prior to joining Thornburg, Julian worked at Jefferies Financial Group as an equity research analyst, as lead analyst in London covering the European software…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Small/Mid Cap Growth Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Nicholas Anderson, CFA

Julian Serafini, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

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Thornburg Small/Mid Cap Growth Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Nicholas Anderson, CFA

Julian Serafini, CFA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts