- ISIN
- US8852157317
- CUSIP
- 885215731
- Issuer
- Thornburg
- Inception Date
- Oct 2, 1995
- Category
- Large Cap Blend Equities
- Min. Investment
- $5,000
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
TVAFX Performance Chart
Thornburg Small/Mid Cap Core Fund (TVAFX) is up 10.4% since the beginning of the year. TVAFX is currently trading at $87 per share. Investors who bought $1,000 worth of TVAFX shares 5 years ago would now be looking at an investment worth $1,240.
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Returns By Period
Thornburg Small/Mid Cap Core Fund (TVAFX) has returned 10.35% so far this year and 14.74% over the past 12 months. Over the last ten years, TVAFX has returned 8.82% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
Thornburg Small/Mid Cap Core Fund
- 1D
- -0.03%
- 1M
- 0.58%
- YTD
- 10.35%
- 6M
- 7.78%
- 1Y
- 14.74%
- 3Y*
- 12.73%
- 5Y*
- 4.40%
- 10Y*
- 8.82%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TVAFX Monthly Returns History
Based on dividend-adjusted daily data since Sep 29, 1995, TVAFX's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, an investment would double in approximately 7.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2009 with a return of +16.1%, while the worst month was Oct 2008 at -19.2%. The longest winning streak lasted 15 consecutive months, and the longest losing streak was 6 months.
On a daily basis, TVAFX closed higher 54% of trading days. The best single day was Nov 18, 2021 with a return of +34.5%, while the worst single day was Nov 19, 2021 at -27.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.06% | 4.66% | -5.50% | 5.75% | 1.29% | 0.09% | 10.35% | ||||||
| 2025 | 1.92% | -6.05% | -7.54% | -0.54% | 6.93% | 3.82% | 2.17% | 0.75% | -0.51% | -1.81% | 0.75% | 0.03% | -0.93% |
| 2024 | -1.52% | 6.46% | 5.24% | -5.52% | 4.03% | -1.49% | 5.00% | 1.71% | 1.46% | -0.44% | 10.95% | -6.61% | 19.41% |
| 2023 | 7.86% | -3.57% | -3.44% | -0.15% | -3.96% | 9.03% | 2.78% | -0.98% | -3.61% | -5.31% | 7.76% | 7.64% | 13.14% |
| 2022 | -7.32% | 2.56% | 1.46% | -8.32% | 0.20% | -9.15% | 7.82% | -4.01% | -9.31% | 7.86% | 4.97% | -5.96% | -19.55% |
| 2021 | -1.98% | 7.74% | 0.85% | 5.31% | -1.52% | 0.65% | 0.18% | 2.57% | -2.02% | 3.75% | -6.50% | 4.49% | 13.45% |
Benchmark Metrics
Thornburg Small/Mid Cap Core Fund has an annualized alpha of 1.08%, beta of 0.94, and R2 of 0.72 versus S&P 500 Index. Calculated based on daily prices since September 29, 1995.
- With beta of 0.94 and R2 of 0.72, this fund moves broadly in line with S&P 500 Index - much of its variation is explained by market exposure rather than independent behavior.
- Alpha
- 1.08%
- Beta
- 0.94
- R²
- 0.72
- Upside Capture
- 101.39%
- Downside Capture
- 100.97%
Expense Ratio
TVAFX has a high expense ratio of 1.31%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TVAFX ranks 16 for risk / return — in the bottom 16% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Thornburg Small/Mid Cap Core Fund (TVAFX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TVAFX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.10 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.37 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 2.78 | -1.19 |
| Martin ratioReturn relative to average drawdown | 4.82 | 12.44 | -7.62 |
Dividends
Dividend History
Thornburg Small/Mid Cap Core Fund provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $26.66 | $0.00 | $0.27 | $0.29 | $0.36 | $0.19 |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.05% | 36.39% | 0.00% | 0.35% | 0.47% | 0.53% | 0.34% |
Monthly Dividends
The table displays the monthly dividend distributions for Thornburg Small/Mid Cap Core Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.03 | $0.03 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.00 | $26.35 | $0.30 | $26.66 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Thornburg Small/Mid Cap Core Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Thornburg Small/Mid Cap Core Fund was 59.41%, occurring on Mar 9, 2009. Recovery took 1135 trading sessions.
The current Thornburg Small/Mid Cap Core Fund drawdown is 14.97%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -59.41%Mar 2009 | 1y 4mo | 4y 6mo | 5y 11moOct 2007 - Sep 2013 |
Bear market2022 | -46.05%Sep 2022 | 10mo 11d | — | 4y 7moNov 2021 - now |
Dot-com crash2000–2002 | -44.08%Oct 2002 | 2y 2mo | 3y 1mo | 5y 4moJul 2000 - Nov 2005 |
COVID crash2020 | -37.18%Mar 2020 | 2mo 2d | 7mo 4d | 9mo 6dJan 2020 - Oct 2020 |
1998 bear market1998 | -23.76%Oct 1998 | 2mo 20d | 2mo 29d | 5mo 19dJul 1998 - Jan 1999 |
Drawdown Indicators
| TVAFX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.41% | -56.78% | -2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -9.42% | -9.10% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -28.38% | -18.90% | -9.48% |
Max Drawdown (5Y)Largest decline over 5 years | -46.05% | -25.43% | -20.62% |
Max Drawdown (10Y)Largest decline over 10 years | -46.05% | -33.92% | -12.13% |
Current DrawdownCurrent decline from peak | -14.97% | -1.80% | -13.17% |
Average DrawdownAverage peak-to-trough decline | -13.67% | -10.71% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.11% | 2.03% | +1.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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