Overview
Investment Strategy
Thornburg Core Growth Fund invests in a selection of quality growth stocks that management believes will have growing revenues and earnings. The Fund can invest in companies of any size, from large, well-established firms to small, emerging growth franchises. Management uses traditional fundamental research to evaluate securities and make buy/sell decisions.
The Fund typically makes equity investments in three types of companies: Growth Industry Leaders, Consistent Growth, and Emerging Growth.
Fund Objective
The Fund seeks long-term capital appreciation by investing in a portfolio of equity securities selected for their growth potential. There is no guarantee that the Fund will meet its objectives.
Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
| Share Class |
Symbol |
| Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | THCGX |
|
183 | 885-215-582 | 12/27/00 | ||||
| C | TCGCX |
|
653 | 885-215-574 | 12/27/00 | ||||
| Net Assets as of 5/31/09: $1.426 B | |||||||||
| Capital Gains Paid Annually: No 2008 Capital Gains Paid | |||||||||
| Benchmark: Russell 3000 Growth Index | |||||||||
Performance and Expenses
Average Annualized Total ReturnsImportant Information: 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.
Month Ended - 6/30/09
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | Inception* | |
| Without sales charge | -24.19 % | -8.61 % | 2.40 % | 0.20 % | |
| With sales charge | -27.59 % | -10.00 % | 1.46 % | -0.34 % | |
| C Shares (TCGCX) | |||||
| Without sales charge | -24.75 % | -9.29 % | 1.63 % | -0.61 % | |
| With sales charge | -25.50 % | -9.29 % | 1.63 % | -0.61 % | |
| Benchmark Index | |||||
| Russell 3000 Growth Index | -24.53 % | -5.65 % | -1.78 % | -4.07 % |
Quarter Ended - 6/30/09
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | Inception* | |
| Without sales charge | -24.19 % | -8.61 % | 2.40 % | 0.20 % | |
| With sales charge | -27.59 % | -10.00 % | 1.46 % | -0.34 % | |
| C Shares (TCGCX) | |||||
| Without sales charge | -24.75 % | -9.29 % | 1.63 % | -0.61 % | |
| With sales charge | -25.50 % | -9.29 % | 1.63 % | -0.61 % | |
| Benchmark Index | |||||
| Russell 3000 Growth Index | -24.53 % | -5.65 % | -1.78 % | -4.07 % |
The maximum sales charge for the Fund's A shares is 4.50%. The Fund's A shares carry a 30-day redemption fee of 1%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.
* Inception date 12/27/00 for Class A and C Shares.
Fund Operating Expenses
| Class A | Class C | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.65 % |
2.45 % |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 1.63 % |
2.38 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 3/31/09) | 1.61 % |
2.35 % |
*Thornburg Investment Management intends to waive fees and reimburse expenses so that actual expenses do not exceed the net expense ratio, which reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements. The fee waivers and expense reimbursements are voluntary and may be terminated at any time. Without these waivers, total returns would be lower.
For more information regarding fund expenses, please see the fund prospectus.Hypothetical Growth of $10,000 as of 3/31/09 †
(Thornburg Core Growth Fund vs. Russell 3000 Growth Index)
† The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.
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..
Attributes and Holdings
Top Ten Industries - 5/31/09 |
Software & Services | 28.3% |
|
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Pharma & Biotech | 5.8% |
 |
Technology | 12.8% |  |
Telecom | 5.0% | |
 |
Diversified Financials | 6.7% |  |
Energy | 3.7% | |
 |
Health Care | 6.5% |  |
Semiconductors | 3.5% | |
 |
Media | 5.9% |  |
Retailing | 2.9% |
Morningstar Rating™:
Overall Morningstar Rating among 799 Mid-Cap Growth funds, based on risk-adjusted returns of Class A Shares, uses a weighted average of the fund's three- and five-year ratings: respectively, two stars, and four stars among 799 and 664 funds as of 5/31/091.
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Top Ten Positions - 5/31/09
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Key Portfolio Attributes - 5/31/09
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Core Growth Fund Holdings
Core Growth Fund Holdings Commentary
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The Average P/E Ratio is a position-weighted average which describes the relationship between the price of a portfolio’s various stocks and their earnings per share.
Beta is a measurement of the fund's market-related risk. The higher the Beta the more the fund's price is expected to change in relation to a chosen index.
1 To determine a fund’s Morningstar Rating™, funds 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 fund’s performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2008 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.
Management
Portfolio Management
More Info
Related Links and DownloadsInvestments in the Fund carry risks including possible loss of principal. Investing outside the United States involves additional risks, such as currency fluctuations. Additionally, the Fund invests a portion of the assets in small capitalization companies, which may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
Lipper Fund Awards are granted annually to the fund in each Lipper classification that consistently delivered the strongest risk-adjusted performance (calculated with dividends reinvested and without sales charges). Awards are given for three-year, five-year, and ten-year periods. The fund did not win the award for other time periods. Past performance does not guarantee future results.
The Russell 3000 Growth Index is an unmanaged index comprised of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indices.
