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Launched

Thornburg Focus Growth Fund

TFGZNasdaqC

$36.40−0.15 (−0.40%)

At close: Oct 13, 2026, 4:00 PM

C43/ 100

Rank 53 of 90 in US Active Growth

C43/100Rank 53 of 90inUS Active Growth
Intraday session: down, 1 prints from 36.55 to 36.40. Range 36.40 to 36.40. Use the arrow keys to read each point.36.3036.5036.6010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$230M
1Y total return
—
Yield · Last 12 months
—
Holdings
42
Avg volume · 30D
0M sh
NAV per share
$36.86
52W range
low $30.38high $37.97
Launched

The ETF.net TFGZ Grade

Based on 5 of 6 pillars

C

Score 43 out of 100

Category
US Active Growth⁠
Rank
53 of 90
Six-pillar profile for TFGZ. Scores out of 100: Cost 19, Risk 80, Mission not scored, Tradability 40, Holdings 68, Durability 40. Strongest: Risk (80). Weakest: Cost (19). Based on 5 of 6 pillars.

Score 43 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F19 out of 100
    Rank 73 of 90

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A80 out of 100
    Rank 13 of 82

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C40 out of 100
    Rank 63 of 90

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B68 out of 100
    Rank 28 of 89

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C40 out of 100
    Rank 64 of 90

Our read on TFGZ

ETF.net Research

CThornburg's 2026 entry in U.S. growth: large-cap names picked one at a time for above-average earnings and cash-flow growth, built bottom-up rather than off a forecast for the economy.

Stated mandate

The fund invests mainly in U.S. equities and pursues growth by selecting companies with above-average earnings and cash-flow growth, often emphasizing large-cap issuers. Its portfolio is built bottom-up around individual stock evaluation rather than broad economic-cycle analysis.

Why people hold it

  1. 01The mandate is specific, not vague 'growth': U.S. companies with above-average earnings and cash-flow growth, with an emphasis on large caps.
  2. 02Bottom-up by design. Each holding is judged on its own numbers rather than slotted in from a view on the economic cycle.
  3. 03Growth is stated up front in the fund's own documents, so the style is declared rather than reverse-engineered from the holdings list.
  4. 04A pure U.S. equity book: no currency translation or foreign market hours layered on top of the stock picking.

Worth knowing

  1. 01Costs 0.79% a year, above the 0.54% median for its active U.S. growth peers and well above enhanced-index rivals like JUSA (0.12%) and FELG (0.18%).
  2. 02New in 2026, small, and thinly traded: spreads can run wider than in the category's giants, and there is little history to judge the manager's hand.
  3. 03Built for growth, not income. It has not been paying distributions, so results ride on share price alone.

TFGZ Holdings

As of Oct 12, 2026
Asset class
Stocks
Holdings
42
Top-10 weight
49%
Largest holding
GOOGL12.2%

Sectors

  • Technology40.0%
  • Communication18.7%
  • Financials13.8%
  • Industrials10.1%
  • Health Care9.0%
  • Consumer Discretionary3.3%
  • Utilities2.1%
  • Consumer Staples1.5%
  • Energy0.9%
  • Materials0.6%

Geography

  • United States88.18%
  • Cayman Islands5.07%
  • United Kingdom3.30%
  • Canada2.51%
  • Ireland0.94%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001GOOGLAlphabet, Inc.12.20%81,490$29M709
002MSFTMicrosoft Corp.5.90%25,913$14M815
003CRDOCredo Technology Group Holding Ltd.4.99%54,063$12M234
004LRCXLam Research Corp.4.24%31,201$10M606
005METAMeta Platforms, Inc.4.04%13,207$9M704
006AVGOBroadcom, Inc.3.83%24,851$9M754
007MUMicron Technology, Inc.3.61%8,229$8M679
008SITMSiTime Corp.3.35%12,863$8M149
009MRVLMarvell Technology, Inc.3.34%28,469$8M470
010MAMastercard, Inc.3.33%13,290$8M526
011RPRXRoyalty Pharma plc2.82%116,408$7M199
012DDOGDatadog, Inc.2.81%22,526$7M424
013RGENRepligen Corp.2.58%34,784$6M158
014TLNTalen Energy Corp.2.49%15,427$6M160
015MRXMarex Group Ltd.2.41%78,794$6M74

Showing 1–15 of 42 holdings

TFGZ Performance

Launched Apr 1, 2026

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
TFGZ$10,044
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. TFGZ $10,044. SPY $10,332. Use the arrow keys to read each point.$9,229$9,876$10,523Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TFGZ. Periods over one year show the average yearly return.
PeriodTFGZ
Year to dateFund launched this year—
1 month+4.5%
3 months+0.4%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TFGZ
YearReturn barTFGZ
2026 YTD+20.3%

Since listing, Apr 1, 2026

TFGZ in the news

Filtered to TFGZ · US Active Growth

TFGZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Apr 2026. No distributions yet.

TFGZ Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Apr 2026; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.33
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TFGZ Cost

Expense ratio0.79%
  • The middle half of US Active Growth funds
  • Median 0.56%

72 of the 90 US Active Growth funds charge less.

TFGZ costs $79.00 a year on $10,000. The median US Active Growth fund costs $56.50.

Other funds in US Active Growth

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