Overview
Investment Philosophy
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
Daily Prices as of 7/18/2008
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Net Assets
as of 6/30/08 $2.643 B Capital Gains Paid Annually Tentative 2008 Capital Gains Distribution Schedule Fiscal Year Nov 21, 2008 Benchmark Russell 3000 Growth Index |
Fund Numbers
CUSIP Numbers
Inception Date
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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.
Performance and Expenses
Average Annualized Total ReturnsImportant Information: Performance data quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that upon redemption, investor’s shares may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted.
Month Ended - 6/30/2008
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | -20.29 % | 7.00 % | 10.95 % | 4.00 % |
| With sales charge | -23.87 % | 5.36 % | 9.93 % | 3.36 % |
| C Shares (TCGCX) | ||||
| Without sales charge | -20.86 % | 6.18 % | 10.12 % | 3.14 % |
| With sales charge | -21.65 % | 6.18 % | 10.12 % | 3.14 % |
| Benchmark Index | ||||
| Russell 3000 Growth Index | -6.38 % | 5.93 % | 7.56 % | -0.96 % |
Quarter Ended - 6/30/2008
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | -20.29 % | 7.00 % | 10.95 % | 4.00 % |
| With sales charge | -23.87 % | 5.36 % | 9.93 % | 3.36 % |
| C Shares (TCGCX) | ||||
| Without sales charge | -20.86 % | 6.18 % | 10.12 % | 3.14 % |
| With sales charge | -21.65 % | 6.18 % | 10.12 % | 3.14 % |
| Benchmark Index | ||||
| Russell 3000 Growth Index | -6.38 % | 5.93 % | 7.56 % | -0.96 % |
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 | |
| Total Operating Expenses |
1.37
% |
2.12
% |
| Actual Annual Operating Expenses as of 6/30/08 |
1.34
% |
2.09
% |
Hypothetical Growth of $10,000 as of 3/31/08 †
†The graph illustrates a hypothetical $10,000 investment in the Thornburg Core Growth Fund and how it compares to the performance of the Russell 3000 Growth Index for the stated time period. Returns reflect capital appreciation and the reinvestment of dividends and capital gains, if any, as well as all fees and expenses. Results reflect past performance and does not guarantee future results.
Index Source: Bloomberg.
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.
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 - 6/30/08 |
Software & Services | 24.3% |
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Semiconductors | 6.5% |
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Pharma & Biotech | 16.2% |  |
Food, Bev. & Tobacco | 6.3% | |
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Telecom | 7.9% |  |
Energy | 4.2% | |
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Media | 7.6% |  |
Retailing | 4.0% | |
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Diversified Financials | 6.9% |  |
Autos & Components | 3.0% |
Morningstar Rating™:
Overall Morningstar Rating, 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 three stars among 813 and 684 Mid-Cap Growth funds as of 6/30/08 .1
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Top Ten Positions - 6/30/08
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Key Portfolio Attributes - 6/30/08
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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
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Investments 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.
Carefully consider the Fund’s investment objectives, risks, sales charges, and expenses; these are found in the prospectus, which is available from your financial advisor or from our download library. Read it carefully before you invest or send money.
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.
