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
Fund Facts
| 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 | ||||
| I | THIGX |
| 283 | 885-215-475 | 11/3/03 | ||||
| Net Assets as of 4/30/13: $703.3 M | |||||||||
| Capital Gains Paid Annually: No 2012 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 - 4/30/13
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 15.17% | 13.33% | 4.69% | 10.54% | 4.90% |
| With sales charge | 9.97% | 11.60% | 3.74% | 10.04% | 4.51% |
| C Shares (TCGCX) | |||||
| Without sales charge | 14.31% | 12.48% | 3.90% | 9.69% | 4.06% |
| With sales charge | 13.31% | 12.48% | 3.90% | 9.69% | 4.06% |
| I Shares (THIGX) | |||||
| Without sales charge | 15.68% | 13.88% | 5.20% | N/A | 8.01% |
| Benchmark Index | |||||
| Russell 3000 Growth Index | 12.83% | 13.40% | 6.75% | 8.26% | 2.38% |
Quarter Ended - 3/31/13
| A Shares (THCGX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 13.85% | 13.92% | 5.51% | 11.55% | 4.98% |
| With sales charge | 8.73% | 12.18% | 4.54% | 11.04% | 4.59% |
| C Shares (TCGCX) | |||||
| Without sales charge | 13.01% | 13.08% | 4.72% | 10.69% | 4.14% |
| With sales charge | 12.01% | 13.08% | 4.72% | 10.69% | 4.14% |
| I Shares (THIGX) | |||||
| Without sales charge | 14.45% | 14.49% | 6.03% | N/A | 8.15% |
| Benchmark Index | |||||
| Russell 3000 Growth Index | 10.42% | 13.19% | 7.44% | 8.84% | 2.24% |
* Inception date 12/27/00 for Class A and C Shares, 11/3/03 for the I Shares. Index returns are since inception of the A shares.
The maximum sales charge for the Fund's 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 the I shares.
Fund Operating Expenses
| Class A | Class C | Class I | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.49% | 2.25% | 1.08% |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 1.49% | 2.25% | 0.99% |
| Actual Annualized Operating Expenses (fiscal year to date, as of 3/31/13) | 1.46% | 2.21% | 0.99% |
*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2014, so that actual Class I expenses do not exceed the net expense ratio above.
Expense ratios are 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.
For more information regarding fund expenses, please see the fund prospectus.Hypothetical Growth of $10,000 as of 3/31/13 †
(Thornburg Core Growth Fund vs. Russell 3000 Growth Index)
Russell 3000 Growth Index$13,121
† 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 - 4/30/13 |
Software & Services | 27.8% |
|  |
Health Care | 4.6% |
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Technology | 10.1% |  |
Food, Bev. and Tobacco | 4.4% | |
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Diversified Financials | 10.1% |  |
Comm. & Prof. Services | 3.9% | |
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Pharma & Biotech | 10.0% |  |
Energy | 2.6% | |
 |
Retailing | 9.4% |  |
Banks | 2.1% |
Morningstar Rating™:
Overall Morningstar Rating among 1485 Large Growth funds, based on risk-adjusted returns for Class A Shares, using a weighted average of the fund's three-, five- and ten-year ratings: respectively, three stars, two stars and four stars among 1485, 1285 and 852 funds, as of 4/30/131.
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Top Ten Positions - 3/31/13
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Key Portfolio Attributes - 4/30/13
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Core Growth Fund Holdings
Core Growth Fund Holdings Commentary
| Portfolio Composition - 4/30/13 | Capitalization Exposure - 4/30/13 | |||||||||||||||||||||||||||||
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P/E – Price/Earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings. P/E equals a company’s market value per share divided by earnings per share. Forecasted P/E is not intended to be a forecast of the fund's future performance.
Beta – A measure of market-related risk. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index.
Price/Cash Flow – The measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share.
Price/Book ratio (P/B ratio) – A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.
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. © 2013 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.
Management
Portfolio Management
For biographies on the portfolio managers, click on their photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks, including possible loss of principal. Special 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 capitalization companies 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.
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.
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 our literature library. Read them carefully before investing.
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.
