Overview
Investment Philosophy
Thornburg Value Fund invests in a limited number of common stocks selected on a "Value Basis" using traditional fundamental research evaluation methods. The Fund portfolio is diversified to include traditional basic value stocks, but also includes stocks of companies with consistent earnings and emerging franchises when these issues are value priced.
Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration the Fund also seeks some current income. 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 $4.570 B Capital Gains Paid Annually Tentative 2008 Capital Gains Distribution Schedule Fiscal Year Nov 21, 2008 Benchmark S&P 500 Index |
Fund Numbers
CUSIP Numbers
Inception Date
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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 (TVAFX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -16.81 % | 6.47 % | 8.08 % | 6.08 % | 11.27 % |
| With sales charge | -20.56 % | 4.86 % | 7.10 % | 5.59 % | 10.87 % |
| B Shares (TVBFX) | |||||
| Without sales charge | -17.48 % | 5.63 % | 7.22 % | N/A | 1.35 % |
| With sales charge | -21.19 % | 4.57 % | 6.91 % | N/A | 1.35 % |
| C Shares (TVCFX) | |||||
| Without sales charge | -17.45 % | 5.68 % | 7.26 % | 5.26 % | 10.41 % |
| With sales charge | -18.19 % | 5.68 % | 7.26 % | 5.26 % | 10.41 % |
| Benchmark Index | |||||
| S&P 500 Index | -13.12 % | 4.41 % | 7.58 % | 2.88 % | 8.20 % |
Quarter Ended - 6/30/2008
| A Shares (TVAFX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -16.81 % | 6.47 % | 8.08 % | 6.08 % | 11.27 % |
| With sales charge | -20.56 % | 4.86 % | 7.10 % | 5.59 % | 10.87 % |
| B Shares (TVBFX) | |||||
| Without sales charge | -17.48 % | 5.63 % | 7.22 % | N/A | 1.35 % |
| With sales charge | -21.19 % | 4.57 % | 6.91 % | N/A | 1.35 % |
| C Shares (TVCFX) | |||||
| Without sales charge | -17.45 % | 5.68 % | 7.26 % | 5.26 % | 10.41 % |
| With sales charge | -18.19 % | 5.68 % | 7.26 % | 5.26 % | 10.41 % |
| Benchmark Index | |||||
| S&P 500 Index | -13.12 % | 4.41 % | 7.58 % | 2.88 % | 8.20 % |
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%. B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%, within seven years, 0.50%. There is no charge for redemption within the eighth year. C shares include a 1% CDSC for the first year only.
* Inception date for Class A and C Shares 10/2/95; Class B Shares 4/3/00.
Fund Operating Expenses
| Class A | Class B | Class C | |
| Total Operating Expenses |
1.27
% |
2.07
% |
2.03
% |
| Actual Annual Operating Expenses as of 6/30/08 |
1.26
% |
2.05
% |
2.01
% |
Hypothetical Growth of $10,000 as of 3/31/08 †
†The graph illustrates a hypothetical $10,000 investment in the Thornburg Value
Fund and how it compares to the performance of the S&P 500 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 S&P 500 Index, an unmanaged broad measure of the U.S. stock market, does not reflect sales charges.
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 |
Energy | 12.9% |
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Media | 6.3% |
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Pharma & Biotech | 12.8% |  |
Diversified Financials | 6.2% | |
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Telecom | 11.8% |  |
Materials | 4.8% | |
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Insurance | 7.4% |  |
Retailing | 4.4% | |
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Technology | 6.8% |  |
Software & Services | 3.9% |
Morningstar Rating™:
Overall Morningstar Rating, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three-, five- and ten-year ratings: respectively, three stars, three stars, and four stars among 1,715 , 1,325 and 660 Large Blend funds, as of 6/30/081.
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Top Ten Positions - 6/30/08
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Key Portfolio Attributes - 6/30/08
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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 Team
For biographies on the portfolio managers, click on their photo above.
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 may invest 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.
