THIGX

Thornburg Focus Growth Fund

Fund Assets

$206.4 M

As of 28 Feb 2026

NAV

$36.36

As of 7 Apr 2026

Change

$0.20

As of 7 Apr 2026

YTD NAV Performance

-3.96%

As of 7 Apr 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

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 Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 31 Mar 2026)

YTD

10y

Inception

Total Return (%)

-6.79

14.80

9.80

-1.25

7.78

6.64

Russell 1000 Growth Index (%)

-9.78

18.81

21.18

12.76

16.83

9.02

Russell 2500 Growth Index (%)

-3.52

19.31

10.61

1.75

10.46

7.92

YTD

10y

Inception

Total Return (%)

-6.79

14.80

9.80

-1.25

7.78

6.64

Russell 1000 Growth Index (%)

-9.78

18.81

21.18

12.76

16.83

9.02

Russell 2500 Growth Index (%)

-3.52

19.31

10.61

1.75

10.46

7.92

YTD

10y

Inception

Total Return (%)

-6.79

14.80

32.37

-6.09

111.49

407.61

Russell 1000 Growth Index (%)

-9.78

18.81

77.97

82.31

373.82

786.62

Russell 2500 Growth Index (%)

-3.52

19.31

35.31

9.04

170.32

585.36

YTD

10y

Inception

Total Return (%)

-6.79

14.80

32.37

-6.09

111.49

407.61

Russell 1000 Growth Index (%)

-9.78

18.81

77.97

82.31

373.82

786.62

Russell 2500 Growth Index (%)

-3.52

19.31

35.31

9.04

170.32

585.36

2020

2021

2022

2023

2024

2025

Total Return (%)

42.08

-3.99

-33.87

20.15

20.20

4.82

Russell 1000 Growth Index (%)

38.49

27.60

-29.14

42.68

33.36

18.56

Russell 2500 Growth Index (%)

40.47

5.04

-26.21

18.93

13.90

10.31

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.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.06

Net Expense Ratio (%)

0.87

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 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.

Hypothetical Growth of $10,000

            Categories,I Shares,Russell 1000 Growth Index
            2000-12-27,10000,10000
2000-12-31,9825,9829
2001-01-31,10316,10508
2001-02-28,8460,8724
2001-03-31,7727,7775
2001-04-30,8981,8758
2001-05-31,8868,8629
2001-06-30,8461,8430
2001-07-31,8045,8219
2001-08-31,7326,7547
2001-09-30,6564,6793
2001-10-31,6938,7150
2001-11-30,7599,7837
2001-12-31,7990,7822
2002-01-31,7986,7684
2002-02-28,7366,7365
2002-03-31,8121,7620
2002-04-30,7610,6998
2002-05-31,6955,6828
2002-06-30,6079,6197
2002-07-31,5490,5856
2002-08-31,5637,5874
2002-09-30,5462,5264
2002-10-31,5965,5747
2002-11-30,6332,6059
2002-12-31,5920,5641
2003-01-31,5983,5504
2003-02-28,5909,5479
2003-03-31,6167,5581
2003-04-30,6722,5993
2003-05-31,7525,6292
2003-06-30,8107,6379
2003-07-31,8520,6538
2003-08-31,8924,6700
2003-09-30,8614,6629
2003-10-31,9173,7001
2003-11-30,9318,7074
2003-12-31,9318,7319
2004-01-31,9497,7468
2004-02-29,9625,7516
2004-03-31,9395,7376
2004-04-30,9054,7291
2004-05-31,9113,7427
2004-06-30,9233,7519
2004-07-31,8653,7094
2004-08-31,8747,7059
2004-09-30,9318,7126
2004-10-31,9608,7238
2004-11-30,10324,7486
2004-12-31,10818,7780
2005-01-31,10469,7521
2005-02-28,10520,7601
2005-03-31,10503,7462
2005-04-30,10324,7320
2005-05-31,10929,7674
2005-06-30,11270,7646
2005-07-31,11867,8020
2005-08-31,11884,7916
2005-09-30,12251,7953
2005-10-31,12080,7875
2005-11-30,12730,8215
2005-12-31,13276,8189
2006-01-31,14524,8333
2006-02-28,14100,8320
2006-03-31,14490,8443
2006-04-30,14464,8431
2006-05-31,13788,8146
2006-06-30,13779,8113
2006-07-31,13458,7959
2006-08-31,14065,8207
2006-09-30,14438,8433
2006-10-31,15088,8729
2006-11-30,16075,8902
2006-12-31,15764,8933
2007-01-31,16431,9162
2007-02-28,16240,8990
2007-03-31,16509,9039
2007-04-30,16769,9464
2007-05-31,17505,9805
2007-06-30,17471,9658
2007-07-31,17245,9509
2007-08-31,17254,9660
2007-09-30,18337,10065
2007-10-31,19065,10407
2007-11-30,17749,10024
2007-12-31,17637,9988
2008-01-31,15599,9209
2008-02-29,14827,9026
2008-03-31,14446,8971
2008-04-30,14949,9442
2008-05-31,15287,9788
2008-06-30,13995,9083
2008-07-31,13449,8910
2008-08-31,13553,9006
2008-09-30,11888,7963
2008-10-31,9191,6561
2008-11-30,8341,6040
2008-12-31,8688,6149
2009-01-31,8411,5853
2009-02-28,7839,5413
2009-03-31,8576,5895
2009-04-30,9954,6461
2009-05-31,10605,6782
2009-06-30,10665,6858
2009-07-31,11342,7345
2009-08-31,11645,7497
2009-09-30,12174,7816
2009-10-31,11567,7710
2009-11-30,11914,8184
2009-12-31,12703,8437
2010-01-31,12079,8068
2010-02-28,12321,8346
2010-03-31,12902,8828
2010-04-30,13041,8927
2010-05-31,12027,8246
2010-06-30,11298,7792
2010-07-31,11940,8347
2010-08-31,11194,7958
2010-09-30,12408,8805
2010-10-31,12920,9225
2010-11-30,13076,9332
2010-12-31,14004,9846
2011-01-31,14099,10097
2011-02-28,14585,10427
2011-03-31,14689,10440
2011-04-30,15192,10790
2011-05-31,15079,10672
2011-06-30,14784,10519
2011-07-31,14533,10414
2011-08-31,13293,9864
2011-09-30,12035,9137
2011-10-31,13804,10140
2011-11-30,14004,10139
2011-12-31,14264,10107
2012-01-31,15209,10710
2012-02-29,16206,11222
2012-03-31,16917,11591
2012-04-30,16648,11573
2012-05-31,15218,10831
2012-06-30,15651,11125
2012-07-31,15772,11274
2012-08-31,16735,11577
2012-09-30,17333,11804
2012-10-31,16787,11460
2012-11-30,17186,11652
2012-12-31,17394,11649
2013-01-31,18252,12148
2013-02-28,18512,12299
2013-03-31,19362,12760
2013-04-30,19258,13031
2013-05-31,20021,13273
2013-06-30,19978,13024
2013-07-31,21122,13714
2013-08-31,21261,13479
2013-09-30,22189,14080
2013-10-31,23047,14703
2013-11-30,24019,15117
2013-12-31,24912,15549
2014-01-31,24608,15106
2014-02-28,25536,15883
2014-03-31,24339,15723
2014-04-30,22978,15724
2014-05-31,23282,16214
2014-06-30,24261,16530
2014-07-31,23915,16277
2014-08-31,25024,17023
2014-09-30,24192,16776
2014-10-31,25206,17218
2014-11-30,25094,17763
2014-12-31,25042,17578
2015-01-31,24556,17309
2015-02-28,25952,18463
2015-03-31,25961,18253
2015-04-30,25996,18344
2015-05-31,26178,18602
2015-06-30,26256,18275
2015-07-31,26542,18894
2015-08-31,24808,17747
2015-09-30,23967,17308
2015-10-31,25718,18798
2015-11-30,26550,18851
2015-12-31,25839,18574
2016-01-31,22865,17538
2016-02-29,22198,17530
2016-03-31,24001,18712
2016-04-30,23732,18541
2016-05-31,24400,18901
2016-06-30,23784,18827
2016-07-31,25206,19716
2016-08-31,25614,19618
2016-09-30,26022,19690
2016-10-31,25553,19227
2016-11-30,25770,19646
2016-12-31,25337,19889
2017-01-31,26672,20559
2017-02-28,27426,21413
2017-03-31,27669,21661
2017-04-30,28363,22156
2017-05-31,28866,22732
2017-06-30,29100,22672
2017-07-31,30019,23275
2017-08-31,29681,23702
2017-09-30,30062,24010
2017-10-31,30340,24940
2017-11-30,30938,25698
2017-12-31,31519,25898
2018-01-31,33808,27732
2018-02-28,33583,27005
2018-03-31,33427,26264
2018-04-30,33964,26356
2018-05-31,34875,27511
2018-06-30,35638,27776
2018-07-31,36002,28592
2018-08-31,38126,30155
2018-09-30,37571,30323
2018-10-31,34042,27612
2018-11-30,33669,27905
2018-12-31,30825,25506
2019-01-31,34268,27798
2019-02-28,35681,28793
2019-03-31,36383,29613
2019-04-30,38508,30950
2019-05-31,35256,28995
2019-06-30,37502,30987
2019-07-31,38334,31686
2019-08-31,37172,31444
2019-09-30,36722,31447
2019-10-31,37328,32334
2019-11-30,39254,33768
2019-12-31,39878,34787
2020-01-31,41316,35565
2020-02-29,39406,33143
2020-03-31,34791,29882
2020-04-30,39595,34304
2020-05-31,43510,36607
2020-06-30,45600,38201
2020-07-31,48304,41140
2020-08-31,51926,45386
2020-09-30,49515,43250
2020-10-31,48408,41782
2020-11-30,53941,46060
2020-12-31,56661,48178
2021-01-31,56681,47821
2021-02-28,57755,47810
2021-03-31,54051,48632
2021-04-30,57604,51941
2021-05-31,55195,51222
2021-06-30,57695,54436
2021-07-31,58668,56230
2021-08-31,59190,58332
2021-09-30,56962,55065
2021-10-31,60043,59835
2021-11-30,55004,60201
2021-12-31,54400,61473
2022-01-31,46288,56197
2022-02-28,46834,53811
2022-03-31,46345,55915
2022-04-30,40160,49163
2022-05-31,38189,48020
2022-06-30,34852,44216
2022-07-31,38707,49523
2022-08-31,38060,47216
2022-09-30,35011,42626
2022-10-31,37010,45118
2022-11-30,38218,47173
2022-12-31,35974,43562
2023-01-31,38995,47193
2023-02-28,37758,46632
2023-03-31,38348,49820
2023-04-30,38837,50311
2023-05-31,38808,52604
2023-06-30,42620,56202
2023-07-31,43152,58095
2023-08-31,42505,57574
2023-09-30,40333,54443
2023-10-31,36622,53667
2023-11-30,39757,59518
2023-12-31,43224,62153
2024-01-31,43425,63704
2024-02-29,47669,68050
2024-03-31,49164,69248
2024-04-30,46101,66311
2024-05-31,47985,70280
2024-06-30,47784,75019
2024-07-31,48949,73743
2024-08-31,50258,75279
2024-09-30,50459,77412
2024-10-31,49826,77156
2024-11-30,54860,82160
2024-12-31,51955,82885
2025-01-31,53897,84525
2025-02-28,49150,81488
2025-03-31,44216,74624
2025-04-30,44130,75945
2025-05-31,47755,82665
2025-06-30,50574,87935
2025-07-31,51164,91255
2025-08-31,52300,92275
2025-09-30,53336,97177
2025-10-31,55191,100707
2025-11-30,56428,98882
2025-12-31,54458,98269
2026-01-31,53753,96784
2026-02-28,53523,93534
2026-03-31,50761,88662

Hypothetical Growth of $10,000

(As of 31 Mar 2026)

(Hypothetical Growth of $10,000 vs Russell 1000 Growth Index)

                        Categories,I Shares,Russell 1000 Growth Index
                        2025-03-31,10000,10000
2025-04-30,9980,10177
2025-05-31,10800,11078
2025-06-30,11438,11784
2025-07-31,11571,12229
2025-08-31,11828,12365
2025-09-30,12062,13022
2025-10-31,12482,13495
2025-11-30,12762,13251
2025-12-31,12316,13169
2026-01-31,12157,12970
2026-02-28,12105,12534
2026-03-31,11480,11881

                        Categories,I Shares,Russell 1000 Growth Index
                        2023-03-31,10000,10000
2023-04-30,10128,10099
2023-05-31,10120,10559
2023-06-30,11114,11281
2023-07-31,11253,11661
2023-08-31,11084,11556
2023-09-30,10518,10928
2023-10-31,9550,10772
2023-11-30,10368,11947
2023-12-31,11272,12476
2024-01-31,11324,12787
2024-02-29,12431,13659
2024-03-31,12821,13900
2024-04-30,12022,13310
2024-05-31,12513,14107
2024-06-30,12461,15058
2024-07-31,12764,14802
2024-08-31,13106,15110
2024-09-30,13158,15538
2024-10-31,12993,15487
2024-11-30,14306,16491
2024-12-31,13548,16637
2025-01-31,14055,16966
2025-02-28,12817,16357
2025-03-31,11530,14979
2025-04-30,11508,15244
2025-05-31,12453,16593
2025-06-30,13188,17651
2025-07-31,13342,18317
2025-08-31,13638,18522
2025-09-30,13908,19506
2025-10-31,14392,20214
2025-11-30,14715,19848
2025-12-31,14201,19725
2026-01-31,14017,19427
2026-02-28,13957,18774
2026-03-31,13237,17797

                        Categories,I Shares,Russell 1000 Growth Index
                        2021-03-31,10000,10000
2021-04-30,10657,10680
2021-05-31,10212,10533
2021-06-30,10674,11193
2021-07-31,10854,11562
2021-08-31,10951,11995
2021-09-30,10539,11323
2021-10-31,11109,12304
2021-11-30,10176,12379
2021-12-31,10065,12641
2022-01-31,8564,11556
2022-02-28,8665,11065
2022-03-31,8574,11498
2022-04-30,7430,10109
2022-05-31,7065,9874
2022-06-30,6448,9092
2022-07-31,7161,10183
2022-08-31,7041,9709
2022-09-30,6477,8765
2022-10-31,6847,9277
2022-11-30,7071,9700
2022-12-31,6656,8958
2023-01-31,7214,9704
2023-02-28,6986,9589
2023-03-31,7095,10244
2023-04-30,7185,10345
2023-05-31,7180,10817
2023-06-30,7885,11557
2023-07-31,7984,11946
2023-08-31,7864,11839
2023-09-30,7462,11195
2023-10-31,6775,11035
2023-11-30,7356,12238
2023-12-31,7997,12780
2024-01-31,8034,13099
2024-02-29,8819,13993
2024-03-31,9096,14239
2024-04-30,8529,13635
2024-05-31,8878,14452
2024-06-30,8840,15426
2024-07-31,9056,15164
2024-08-31,9298,15479
2024-09-30,9335,15918
2024-10-31,9218,15865
2024-11-30,10150,16894
2024-12-31,9612,17043
2025-01-31,9971,17381
2025-02-28,9093,16756
2025-03-31,8180,15345
2025-04-30,8165,15616
2025-05-31,8835,16998
2025-06-30,9357,18082
2025-07-31,9466,18765
2025-08-31,9676,18974
2025-09-30,9868,19982
2025-10-31,10211,20708
2025-11-30,10440,20333
2025-12-31,10075,20207
2026-01-31,9945,19901
2026-02-28,9902,19233
2026-03-31,9391,18231

                        Categories,I Shares,Russell 1000 Growth Index
                        2016-03-31,10000,10000
2016-04-30,9888,9909
2016-05-31,10166,10101
2016-06-30,9910,10061
2016-07-31,10502,10536
2016-08-31,10672,10484
2016-09-30,10842,10522
2016-10-31,10647,10275
2016-11-30,10737,10499
2016-12-31,10556,10629
2017-01-31,11113,10987
2017-02-28,11427,11443
2017-03-31,11528,11576
2017-04-30,11817,11840
2017-05-31,12027,12148
2017-06-30,12124,12116
2017-07-31,12507,12438
2017-08-31,12366,12666
2017-09-30,12525,12831
2017-10-31,12641,13328
2017-11-30,12890,13733
2017-12-31,13132,13840
2018-01-31,14086,14820
2018-02-28,13992,14432
2018-03-31,13927,14036
2018-04-30,14151,14085
2018-05-31,14530,14702
2018-06-30,14848,14844
2018-07-31,15000,15280
2018-08-31,15885,16115
2018-09-30,15654,16205
2018-10-31,14184,14756
2018-11-30,14028,14913
2018-12-31,12843,13631
2019-01-31,14277,14856
2019-02-28,14866,15387
2019-03-31,15159,15825
2019-04-30,16044,16540
2019-05-31,14689,15495
2019-06-30,15625,16559
2019-07-31,15972,16933
2019-08-31,15488,16804
2019-09-30,15300,16806
2019-10-31,15553,17280
2019-11-30,16355,18046
2019-12-31,16615,18591
2020-01-31,17214,19006
2020-02-29,16418,17712
2020-03-31,14495,15969
2020-04-30,16497,18332
2020-05-31,18128,19563
2020-06-30,18999,20415
2020-07-31,20126,21986
2020-08-31,21635,24255
2020-09-30,20630,23113
2020-10-31,20169,22328
2020-11-30,22474,24615
2020-12-31,23608,25747
2021-01-31,23616,25556
2021-02-28,24063,25550
2021-03-31,22520,25989
2021-04-30,24001,27758
2021-05-31,22997,27374
2021-06-30,24038,29091
2021-07-31,24444,30050
2021-08-31,24661,31173
2021-09-30,23733,29427
2021-10-31,25017,31976
2021-11-30,22917,32172
2021-12-31,22666,32852
2022-01-31,19286,30032
2022-02-28,19513,28757
2022-03-31,19310,29882
2022-04-30,16733,26273
2022-05-31,15912,25662
2022-06-30,14521,23630
2022-07-31,16127,26466
2022-08-31,15858,25233
2022-09-30,14587,22780
2022-10-31,15420,24111
2022-11-30,15924,25210
2022-12-31,14989,23280
2023-01-31,16247,25220
2023-02-28,15732,24921
2023-03-31,15977,26624
2023-04-30,16181,26887
2023-05-31,16169,28112
2023-06-30,17757,30035
2023-07-31,17979,31047
2023-08-31,17709,30768
2023-09-30,16804,29095
2023-10-31,15258,28680
2023-11-30,16565,31807
2023-12-31,18009,33215
2024-01-31,18093,34044
2024-02-29,19861,36366
2024-03-31,20484,37007
2024-04-30,19208,35437
2024-05-31,19993,37558
2024-06-30,19909,40091
2024-07-31,20394,39409
2024-08-31,20940,40230
2024-09-30,21024,41370
2024-10-31,20760,41233
2024-11-30,22857,43907
2024-12-31,21647,44295
2025-01-31,22456,45171
2025-02-28,20478,43548
2025-03-31,18423,39880
2025-04-30,18387,40586
2025-05-31,19897,44177
2025-06-30,21072,46993
2025-07-31,21317,48768
2025-08-31,21791,49313
2025-09-30,22222,51932
2025-10-31,22995,53819
2025-11-30,23511,52844
2025-12-31,22690,52516
2026-01-31,22396,51722
2026-02-28,22300,49985
2026-03-31,21149,47382

The Hypothetical Growth graph compares a hypothetical 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.

Distributions

            Categories,Total ($)
            2005-11-17,0.23968
2007-11-19,0.01139
2019-11-14,3.62416
2020-11-19,3.21798
2021-11-18,17.88056

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2005-11-17,1132185600,0.23968,0,0.00000,0.23968
2007-11-19,1195430400,0.01139,0,0.00000,0.01139
2019-11-14,1573689600,3.62416,0,0.00000,3.62416
2020-11-19,1605744000,3.21798,0,0.54559,2.67239
2021-11-18,1637193600,17.88056,0,0.59501,17.28555

Distributions

(As of 18 Nov 2021)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2005

0.23968

—

0.00000

0.23968

19 Nov 2007

0.01139

—

0.00000

0.01139

14 Nov 2019

3.62416

—

0.00000

3.62416

19 Nov 2020

3.21798

—

0.54559

2.67239

18 Nov 2021

17.88056

—

0.59501

17.28555

Characteristics

Portfolio

(As of 28 Feb 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$20.8 B

—

Median Market Cap

$10.8 B

—

Annual Portfolio Turnover

34%

—

Portfolio

Benchmark

Price to Earnings - Forward 1YR

29.6x

—

Price to Earnings - Trailing 12 Months

41.4x

—

Price to Cash Flow

26.0x

—

Price to Book Value

6.3x

—

Portfolio

Top Holdings

(As of 7 Apr 2026)

Name

Ticker/Symbol

Market Value

Weight %

Microsoft Corp.

MSFT

$17,923,595.84

20.39%

THORNBURG CAPITAL MANAGEMENT FUND

LIQUID

$15,021,315.95

17.09%

Argan, Inc.

AGX

$14,264,254.44

16.22%

Alphabet, Inc.

GOOGL

$13,705,943.12

15.59%

Vertiv Holdings Co.

VRT

$12,198,860.77

13.88%

Broadcom, Inc.

AVGO

$10,721,748.57

12.19%

Meta Platforms, Inc.

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

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

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

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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THIGX

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