Steven Klopukh leads the fund with over 30 years of investment experience, having joined Thornburg in October 2020 specifically to develop small- and mid-cap strategies. Previously, he spent 18 years at Allianz Global Investors as director and lead portfolio manager for U.S. Small- & Mid-Cap Growth strategies. His background includes fundamental equity analysis at CDC Investment Management Corp. and investment banking at Morgan Stanley Dean Witter. Tim McCarthy serves as co-portfolio manager, bringing complementary experience from Allianz Global Investors where he worked alongside Klopukh for nearly two decades in SMID equity investing.

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The fund employs a disciplined value-oriented approach within the small and mid-capitalization universe, seeking to identify undervalued companies across three distinct categories: basic values, consistent earners, and emerging franchises when priced below intrinsic value. The investment philosophy centers on companies with growing or stable revenues or earnings potential, maintaining at least 80% exposure to small- and mid-cap companies under normal conditions. The fund focuses primarily on domestic equity securities with at least 80% of net assets tied economically to the United States, utilizing comprehensive bottom-up fundamental analysis to identify investment opportunities.

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