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Home Investments Mutual Funds Thornburg Focus Growth Fund TFGZ
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TFGZ

Thornburg Focus Growth Fund

Fund Assets
$237.5 M
As of 30 Jun 2026
NAV
$34.34
As of 24 Jul 2026
Change
$-0.37
As of 24 Jul 2026
YTD NAV Performance
14.47%
As of 24 Jul 2026
Asset Category:
U.S. Equity
Fund Benchmark:
Russell 1000 Growth Index

Portfolio Managers

Nicholas Anderson, CFA
Portfolio Manager and Managing Director
Julian Serafini, CFA
Portfolio Manager and Managing Director
OverviewFund FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature

Important Update to the Fund

Effective March 23, 2026, the Fund’s name, principal investment strategies and benchmarks were changed.

The Fund offers both mutual fund share classes and an ETF class of shares. The ETF class shares are listed and traded on a national securities exchange and are not individually redeemable, unlike the mutual fund class shares. An investment in the ETF class shares is not an investment in a mutual fund, and an investment in the mutual fund class shares is not an investment in an ETF.

Use the share class drop-down above to switch between the ETF and Mutual Fund class shares.

Overview

Overview

Why Invest in This Fund?

  • Focused, diversified U.S. growth portfolio: Invests in high-quality companies with sustainable competitive advantages and durable growth prospects, primarily within large- and mid‑capitalization U.S. equities.
  • Rigorous bottom-up fundamental research: Focused on uncovering promising growth companies with sound business fundamentals that trade below our estimate of long‑term value.
  • Three-basket portfolio construction: Seeks to provide diversification, reduce volatility, and deliver superior risk‑adjusted performance over time through a balanced, high‑conviction approach.

Investment Objective

The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential.

Investment Approach

The Fund applies bottom-up fundamental research to identify U.S. companies with high-quality business models and durable growth prospects, primarily in large caps. Using a three-basket construction, we balance exposures across the growth spectrum to diversify and manage risk. The portfolio is high conviction yet diversified, generally holding 40–60 names, with discipline around position sizing and valuation monitoring.

Related Content

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Looking Beyond the Leaders: A Mid-Year Perspective on Global Equities
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Considering the Cost of Future Growth
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A Disinflationary Paradox of High Oil Prices
Fund Facts

Fund Facts

(As of 30 Jun 2026)
Net Fund Assets
$237.5 M
Exchange
NASDAQ
Benchmark
Russell 1000 Growth Index
Fund Symbol
TFGZ
Share Class
ETF
Share Class Inception Date
1 Apr 2026
CUSIP
885216218
Distribution Frequency
Annual
Gross Expense Ratio (%)
0.98%
Net Expense Ratio (%)
0.79%

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For ETF Class Shares:
Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least March 27, 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Pricing & Trading

Pricing & Trading

(As of 23 Jul 2026)
NAV
$34.71
Market Price / Closing Price
$34.70
Premium / Discount (%)
-0.02%
30-Day Median Bid-Ask Spread (%)
0.25%
30-Day Average Volume
1,535
Shares Outstanding
6,101,991
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Premium/Discount History Timeframe
Days at Premium
8
Days at Discount
6
Days at NAV
2
Days at Premium
33
Days at Discount
22
Days at NAV
7
Days at Premium
0
Days at Discount
0
Days at NAV
1
Performance

Performance

Returns

(As of 30 Jun 2026)
Inception
Market Price (%)
21.17
Net Asset Value (%)
21.10
Russell 1000 Growth Index (%)
—
Inception
Market Price (%)
21.17
Net Asset Value (%)
21.10
Russell 1000 Growth Index (%)
—

Source: Confluence

Periods less than one year are not annualized.

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.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A and C shares, 27 Dec 2000; I shares, 3 Nov 2003; R3 shares 1 Jul 2003; R4, 1 Feb 2007; and R5 shares, 3 Oct 2005.

As of March 23, 2026, the fund's primary benchmark changed from the Russell 2500 Growth Index to the Russell 1000 Growth Index.

Before March 23, 2026, the Fund was managed with different a different principal investment strategy under the name “Thornburg Small/Mid Cap Growth Fund” and may have achieved different performance results under its current principal investment strategy from the performance shown for periods before that date.

For ETF Class Shares:
Total returns are calculated quarterly using the daily 4:00pm net asset value (NAV). Distributions, if any, are assumed to be reinvested back into the fund on the pay date at the NAV on that date. Performance data quoted represents past performance and past performance is no guarantee of future results. Current performance may be lower or higher than quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, are subject to market volatility. They may be worth more or less than their original cost. ETF class shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The inception date for the Fund's ETF Class is April 1, 2026. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

Characteristics

Characteristics

Portfolio

(As of 30 Jun 2026)
Portfolio
Benchmark
Number of Holdings
43
—
Weighted Average Market Cap
$761.3 B
$1,976.0 B
Median Market Cap
$23.6 B
$27.4 B
Annual Portfolio Turnover
34%
—
Price to Earnings - Forward 1YR
25.7x
27.5x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
37.9x
44.8x
Price to Cash Flow
25.1x
32.0x
Price to Book Value
7.9x
14.8x
Active Share
76.9%
—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2026)
3y
5y
10y
Annualized Alpha (%)
-8.20
-10.46
-6.75
Beta
0.99
0.94
0.97
R-Squared (%)
70.22
73.69
78.28
Standard Deviation (%)
19.18
21.04
19.28
Sharpe Ratio
0.38
-0.14
0.38
Information Ratio
-1.02
-1.20
-0.99
Tracking Error (%)
10.47
10.85
9.01
Up Capture (%)
81.54
69.31
77.90
Down Capture (%)
120.18
107.70
102.42

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Due to the change in the Fund’s investment objective and benchmark effective March 23, 2026, the Risk & Return Profile shown above may not be representative of the Fund’s current risk and return characteristics.

For ETF Class Shares
The inception date for the Fund's ETF Class is April 1, 2026. The Risk & Return Profile metrics are therefore based on the Fund's Class I shares. The Fund's Class I shares are a mutual fund class of shares of the Fund. The Fund's ETF Class and mutual fund class shares, including the Class I shares, are invested in the same portfolio of securities. Unlike the Fund's mutual fund class shares, the Fund's ETF Class shares are listed and traded on a national securities exchange and are not individually redeemable. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

Portfolio

Portfolio

Top Holdings

(As of 24 Jul 2026)
Name
Ticker/Symbol
Market Value
Weight %
Alphabet, Inc.
GOOGL
$23,914,114.75
10.64%
Broadcom, Inc.
AVGO
$14,475,471.01
6.44%
Microsoft Corp.
MSFT
$14,034,893.98
6.25%
Credo Technology Group Holding Ltd.
CRDO
$10,584,084.50
4.71%
Meta Platforms, Inc.
META
$8,879,365.00
3.95%
Lam Research Corp.
LRCX
$7,870,745.14
3.50%
Royalty Pharma plc
RPRX
$7,392,195.98
3.29%
Mastercard, Inc.
MA
$6,913,921.02
3.08%
Victoria's Secret & Co.
VSXY
$6,766,095.54
3.01%
Reddit, Inc.
RDDT
$6,300,557.40
2.80%
Download Holdings

Portfolio holdings are subject to change daily.

The holdings information shown is based off of data obtained by a third-party vendor. While the third-party vendor is considered reliable, the data it provides may be incomplete or inaccurate at times. Holdings information based on incomplete or inaccurate data will be updated without notice.

Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
Information Technology
36.5
54.3
Industrials
15.7
8.9
Communication Services
13.1
16.1
Financials
11.0
4.4
Health Care
8.4
5.4
Consumer Discretionary
5.2
8.2
Cash & Equivalents
2.6
—
Utilities
2.3
0.3
Consumer Staples
1.3
1.2
Energy
0.8
0.4
Materials
0.7
0.3
Real Estate
0.0
0.4
Unassigned
2.3
—
Sector Allocation
Fund (%)
Information Technology
36.5
Industrials
15.7
Communication Services
13.1
Financials
11.0
Health Care
8.4
Consumer Discretionary
5.2
Cash & Equivalents
2.6
Utilities
2.3
Consumer Staples
1.3
Energy
0.8
Materials
0.7
Real Estate
0.0
Unassigned
2.3
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Semiconductors & Semiconductor Equipment
18.0
33.1
Software & Services
17.5
10.0
Capital Goods
14.7
8.2
Media & Entertainment
12.5
15.8
Financial Services
9.4
4.0
Pharmaceuticals, Biotechnology & Life Sciences
8.4
4.2
Consumer Discretionary Distribution & Retail
3.4
2.2
Unassigned
2.3
—
Utilities
2.3
0.3
Consumer Durables & Apparel
1.8
0.2
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
18.0
Software & Services
17.5
Capital Goods
14.7
Media & Entertainment
12.5
Financial Services
9.4
Pharmaceuticals, Biotechnology & Life Sciences
8.4
Consumer Discretionary Distribution & Retail
3.4
Unassigned
2.3
Utilities
2.3
Consumer Durables & Apparel
1.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
76.9
99.0
Mid Cap ($2.5 to $12 B)
23.1
1.0
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
76.9
Mid Cap ($2.5 to $12 B)
23.1
Small Cap (< $2.5 B)
0.0

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Nicholas Anderson, CFA

Nicholas Anderson, CFA

Portfolio Manager and Managing Director
Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…
Learn More
Julian Serafini, CFA

Julian Serafini, CFA

Portfolio Manager and Managing Director
Julian Serafini is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as an equity research analyst, was promoted to senior equity research analyst in 2022 and to portfolio manager in 2026. Prior to joining Thornburg, Julian worked at Jefferies Financial Group as an equity research analyst, as lead analyst in London covering the European software…
Learn More

Literature

Fact Sheet
Summary Prospectus
Annual Financial Statements
Semi-Annual Financial Statements
Prospectus
Statement of Additional Information (SAI)
Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

For ETF Class Shares:
The Advisor and certain Portfolios have received an exemptive order from the Securities and Exchange Commission permitting these Portfolios to offer both a mutual fund share class and an exchange-traded share class that operates as an ETF. Under this structure, the ETF class shares are listed and traded on a national securities exchange and are generally bought and sold at market-determined prices, whereas the mutual fund share classes are purchased and redeemed at the Portfolio’s net asset value next determined after receipt of the order. Because all of the classes of a multi-class Portfolio are based on the same portfolio, transactions through one class could generate portfolio transaction costs and tax consequences for shareholders in other classes. In addition, shareholders of the mutual fund and ETF classes of a multi-class Portfolio will have differing shareholder rights with respect to exchange privileges, how shares are purchased and redeemed, the timing of dividend declarations and payments, and the timing and ability to automatically reinvest dividends. For additional information regarding these differences, please see the applicable multi-class Portfolio’s prospectus.

Each Fund’s ETF Class shares are listed and traded on a national securities exchange and, unlike the Fund's mutual fund class shares, are not individually redeemable. In addition to ETF Class shares, the Fund offers one or more classes of mutual fund shares. An investment in the Fund’s ETF Class shares is not an investment in a mutual fund.

The Fund's ETF Class shares are distributed by ALPS Distributors, Inc.

Tax efficiency benefits associated with ETF Class shares are not guaranteed and may vary based on market conditions, portfolio activity, and shareholder transactions.

The Fund is actively managed and does not seek to replicate the performance of a specified index.

Expenses differ between the Fund's ETF Class shares and mutual fund share classes.

Risks associated with investing in the Fund's ETF Class shares may include, but are not limited to: (1) Investment Adviser Risk, which is the risk that the Adviser’s investment decisions may not produce the intended results. (2) Derivatives Risk, as the Funds’ use of derivatives—including futures, options, swaps, and forward contracts—may expose them to risks related to the underlying instruments as well as additional risks such as counterparty default, liquidity constraints, valuation difficulties, and potential delays in closing positions.

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