TVRFX Performance — Thornburg Small/Mid Cap Core Fund, Class R3
Data updated: 2026-08-24
TVRFX returned +10.07% year to date and +11.60% over one year to Jun 2026. Annualised returns are +12.00% over 3 years and +3.99% over 5 years. The fund trailed its US Mid-Cap Value category average: $100 invested three years ago grew to $141, against $148 for the category, and to $112 over one year, against $120. Volatility over the past three years was 15.66% a year. In the 12 months to Jun 2026 the fund lost a net $54.9M, and assets reached $490.68M.
TVRFX Growth of $100
What $100 invested in Thornburg Small/Mid Cap Core Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Mid-Cap Value category average over the same months.
| Period | TVRFX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $112 | $120 |
| 3 years (Jul 2023 – Jun 2026) | $141 | $148 |
| 5 years (Jul 2021 – Jun 2026) | $122 | $154 |
| Since data start (Jul 2019 – Jun 2026) | $168 | $212 |
TVRFX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +10.07% |
| 1 year | +11.60% |
| 3 years (annualised) | +12.00% |
| 5 years (annualised) | +3.99% |
TVRFX Annual Returns
Calendar-year total returns of Thornburg Small/Mid Cap Core Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +10.07% |
| 2025 | −0.85% |
| 2024 | +19.46% |
| 2023 | +13.17% |
| 2022 | −19.49% |
| 2021 | +13.80% |
| 2020 | +11.66% |
| 2019 (Jul–Dec) | +11.44% |
TVRFX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +4.1% | +4.7% | −5.5% | +5.7% | +1.3% | −0.1% | — | — | — | — | — | — |
| 2025 | +1.9% | −6.0% | −7.5% | −0.5% | +6.9% | +3.8% | +2.2% | +0.8% | −0.5% | −1.8% | +0.8% | 0.0% |
| 2024 | −1.5% | +6.5% | +5.2% | −5.5% | +4.0% | −1.5% | +5.0% | +1.7% | +1.5% | −0.4% | +10.9% | −6.6% |
| 2023 | +7.9% | −3.6% | −3.4% | −0.1% | −4.0% | +9.0% | +2.8% | −1.0% | −3.6% | −5.3% | +7.8% | +7.6% |
| 2022 | −7.3% | +2.6% | +1.5% | −8.3% | +0.2% | −9.2% | +7.8% | −4.0% | −9.3% | +7.9% | +5.0% | −5.9% |
| 2021 | −2.0% | +7.8% | +0.9% | +5.3% | −1.5% | +0.7% | +0.2% | +2.6% | −2.0% | +3.7% | −6.2% | +4.5% |
| 2020 | −2.5% | −6.9% | −18.8% | +13.2% | +3.6% | +1.4% | +5.5% | +7.0% | −3.1% | +1.8% | +9.7% | +4.4% |
| 2019 | — | — | — | — | — | — | +1.9% | −1.9% | +2.3% | +1.9% | +3.1% | +3.6% |
TVRFX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 15.66%
- 3-year Sharpe ratio: 0.48 (vs 4.5% risk-free rate)
- Best month: +10.95% (Nov 2024)
- Worst month: −7.54% (Mar 2025)
TVRFX Fund Flows
Monthly money in and out of Thornburg Small/Mid Cap Core Fund, from SEC Form N-PORT.
- 12-month net flow: −$54.9M
- 12-month gross sales (incl. reinvestments): $288.6M
- Sales ÷ redemptions: 0.84×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $8.7M | $11.5M | −$2.8M |
| May 2026 | $2.8M | $4.7M | −$1.8M |
| Apr 2026 | $269.3M | $277.4M | −$8.1M |
| Mar 2026 | $532K | $3.8M | −$3.3M |
| Feb 2026 | $483K | $4.2M | −$3.7M |
| Jan 2026 | $716K | $7.5M | −$6.8M |
| Dec 2025 | $2.1M | $7.4M | −$5.4M |
| Nov 2025 | $899K | $6.8M | −$5.9M |
| Oct 2025 | $860K | $5.6M | −$4.7M |
| Sep 2025 | $1.0M | $4.4M | −$3.4M |
| Aug 2025 | $811K | $5.5M | −$4.7M |
| Jul 2025 | $319K | $4.7M | −$4.4M |
TVRFX Assets Under Management
Net assets of Thornburg Small/Mid Cap Core Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $490.68M |
| 2026-03-31 | $466.35M |
| 2025-12-31 | $464.03M |
| 2025-09-30 | $484.92M |
| 2025-06-30 | $485.40M |
| 2025-03-31 | $466.99M |
| 2024-12-31 | $568.23M |
| 2024-09-30 | $560.00M |
| 2024-06-30 | $528.25M |
| 2024-03-31 | $558.71M |
| 2023-12-31 | $522.61M |
| 2023-09-30 | $495.80M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.