Fund Evaluator:
Thornburg American Opportunities R4 (TVIRX)
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Best Performing in Small Blend Over the Last Year
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Fund Details
Thornburg American Opportunities R4 Overview
Thornburg American Opportunities R4 (TVIRX) is an actively managed U.S. Equity Small Blend fund. Thornburg launched the fund in 2007.
The investment seeks long-term capital appreciation by investing in equity and debt securities of all types. Under normal conditions, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity investments that are tied economically to the United States.
About Thornburg American Opportunities R4 (TVIRX)
There are 2 members of the management team with an average tenure of 0.52 years: Miguel Oleaga (2026), Neal BasuMullick (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Thornburg American Opportunities R4 has 44 securities in its portfolio. The top 10 holdings constitute 39.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thornburg American Opportunities R4 is part of the Equity global asset class and is within the U.S. Equity fund group. Thornburg American Opportunities R4 has 28.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 70.2%. There is 28.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thornburg American Opportunities R4 has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $685 million average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TVIRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thornburg American Opportunities R4 expense ratio is high compared to funds in the Small Blend category. Thornburg American Opportunities R4 has an expense ratio of 1.12%, which is 7% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Thornburg American Opportunities R4. By way of comparison, the average portfolio turnover is 66% for the Small Blend category.
Recently, in the month of July 2026, Thornburg American Opportunities R4 returned 3.1%, which earned it a grade of A, as the Small Blend category had an average return of -2.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Thornburg American Opportunities R4 has a trailing yield of 0.00%, which is below the 0.42% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thornburg American Opportunities R4 Grades
Year to date, the fund has returned 13.6%, 4.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 12.7% over the past year (grade of F), 12.2% over the past three years (grade of D) and 4.7% per year over the past five years (grade of F) and 8.8% per year over the past 10 years (grade of F).
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TVIRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TVIRX Return (NAV) | 3.1% | 4.3% | 12.7% | 12.2% | 4.7% | 8.8% |
| TVIRX Grade | A | D | F | D | F | F |
| +/- Category | 5.9% | -0.9% | -15.5% | -1.2% | -2.9% | -1.5% |
| Small Blend Avg | -2.8% | 5.2% | 28.3% | 13.5% | 7.6% | 10.3% |
| TVIRX Tax Cost Ratio | na | na | 0.0% | 0.0% | 1.6% | 0.9% |
TVIRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TVIRX Return (NAV) | 13.6% | -0.8% | 19.6% | 13.3% | -19.4% | 13.9% | 11.8% | 29.0% | -9.6% | 23.5% | 6.7% |
| TVIRX Grade | F | F | A | D | D | F | D | A | B | A | F |
| +/- Category | -4.6% | -8.7% | 8.1% | -3.1% | -2.9% | -9.3% | -2.5% | 3.5% | 2.2% | 9.4% | -13.5% |
| Small Blend Avg | 18.2% | 7.9% | 11.6% | 16.5% | -16.5% | 23.2% | 14.4% | 25.5% | -11.8% | 14.1% | 20.2% |
| Risk Measures | |
| Standard Deviation: | 15.7% |
| Total Risk Index: | 1.28 - Above Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.95 |
| R-Squared: | 63% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $502 Mil |
| Fund Total Assets: | $ 3 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Oleaga Miguel (2026), BasuMullick Neal (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 39.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 28.7% |
Portfolio Allocation |
|
| Domestic Stock: | 70.2% |
| Foreign Stock: | 28.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | February 1, 2007 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.12% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Thornburg American Opportunities A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
