Overview
Investment Strategy
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
| Share Class |
Symbol |
| Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | TVAFX |
|
167 | 885-215-731 | 10/2/95 | ||||
| B | TVBFX |
|
367 | 885-215-590 | 4/3/00 | ||||
| C | TVCFX |
|
647 | 885-215-715 | 10/2/95 | ||||
| Net Assets as of 7/31/10: $4.038 B | |||||||||
| Capital Gains Paid Annually: No 2009 Capital Gains Paid | |||||||||
| Benchmark: S&P 500 Index | |||||||||
Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Consistent Return metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Consistent Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Lipper Leader Copyright 2010, Reuters, All Rights Reserved.
The Fund rated a 5 for Consistent Return for the 3- and 5-year periods and a 4 for the 10-year period among 823, 706, and 406 funds respectively.
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 - 8/31/10
| A Shares (TVAFX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -1.37 % | -8.74 % | 0.85 % | 0.47 % | 8.75 % |
| With sales charge | -5.82 % | -10.14 % | -0.08 % | 0.01 % | 8.42 % |
| B Shares (TVBFX) | |||||
| Without sales charge | -2.26 % | -9.51 % | 0.02 % | -0.12 % | 0.00 % |
| With sales charge | -7.13 % | -10.46 % | -0.33 % | -0.12 % | 0.00 % |
| C Shares (TVCFX) | |||||
| Without sales charge | -2.12 % | -9.43 % | 0.09 % | -0.30 % | 7.91 % |
| With sales charge | -3.09 % | -9.43 % | 0.09 % | -0.30 % | 7.91 % |
| Benchmark Index | |||||
| S&P 500 Index | 4.91 % | -8.66 % | -0.91 % | -1.81 % | 5.92 % |
Quarter Ended - 6/30/10
| A Shares (TVAFX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | 10.52 % | -9.33 % | 1.58 % | 0.38 % | 8.85 % |
| With sales charge | 5.55 % | -10.72 % | 0.65 % | -0.08 % | 8.52 % |
| B Shares (TVBFX) | |||||
| Without sales charge | 9.49 % | -10.11 % | 0.74 % | -0.20 % | 0.00 % |
| With sales charge | 4.49 % | -11.05 % | 0.39 % | -0.20 % | 0.00 % |
| C Shares (TVCFX) | |||||
| Without sales charge | 9.67 % | -10.03 % | 0.81 % | -0.39 % | 8.02 % |
| With sales charge | 8.67 % | -10.03 % | 0.81 % | -0.39 % | 8.02 % |
| Benchmark Index | |||||
| S&P 500 Index | 14.43 % | -9.81 % | -0.79 % | -1.59 % | 5.83 % |
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 | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) |
1.34 % |
2.22 % |
2.12 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 6/30/10) |
1.28 % |
2.18 % |
2.05 % |
Hypothetical Growth of $10,000 as of 6/30/10 †
(Thornburg Value Fund vs. S&P 500 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 - 7/31/10 |
Energy | 17.1% |
|
 |
Diversified Financials | 6.2% |
 |
Software & Services | 15.1% |  |
Technology | 5.8% | |
 |
Pharma & Biotech | 13.5% |  |
Insurance | 5.6% | |
 |
Materials | 7.4% |  |
Capital Goods | 5.1% | |
 |
Telecom | 6.6% |  |
Media | 4.6% |
Morningstar Rating™:
Overall Morningstar Rating among 1,792 Large Blend funds, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three-, five- and ten-year ratings: respectively, two stars, four stars, and three stars among 1,792 , 1,471 and 760 funds, as of 7/31/101.
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Top Ten Positions - 7/31/10
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Key Portfolio Attributes - 7/31/10
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| Stock Categories - 7/31/10 | Capitalization Exposure - 7/31/10 | |||||||||||||||||||||||||||||
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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. © 2010 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
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 and volatility. 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.
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.
The S&P 500 Index, an unmanaged broad measure of the U.S. stock market, does not reflect sales charges.
