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Launched

Thornburg Focus Growth Fund

TFGZNasdaqThornburgD

$32.58−0.75 (−2.24%)

At close: Nov 2, 2026, 4:00 PM ET

D38/ 100

Rank 70 of 90 in US Active Growth

D38/100Rank 70 of 90inUS Active Growth
Intraday session: down, 77 prints from 33.33 to 32.58. Range 32.58 to 33.50. Use the arrow keys to read each point.32.8033.0033.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%*
Fund size
$226M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
42
Avg volume · 30D
2.07K sh
52W range
low $30.38high $37.97
Launched

*After a fee waiver that ends Mar 27, 2027. Without it: 0.98%.

The ETF.net TFGZ Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
US Active Growth⁠
Rank
70 of 90
Six-pillar profile for TFGZ. Scores out of 100: Cost 13, Risk 73, Mission not scored, Tradability 32, Holdings 72, Durability 39. Strongest: Risk (73). Weakest: Cost (13). Based on 5 of 6 pillars.

Score 38 of 100 falls in the D 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.
    F13 out of 100
    Rank 78 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.
    A73 out of 100
    Rank 15 of 85

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D32 out of 100
    Rank 74 of 90

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A72 out of 100
    Rank 22 of 90

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D39 out of 100
    Rank 64 of 90

Our read on TFGZ

ETF.net Research

In short

DThornburg'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

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

Worth knowing

  • Costs 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%).
  • New 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.
  • Built for growth, not income. It has not been paying distributions, so results ride on share price alone.

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$9,259
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,093
Jul 31, 2026 to Nov 2, 2026. TFGZ $9,259. SPY $10,093. Use the arrow keys to read each point.$9,500$10,000$10,500Jul 2026Sep 2026Nov 2026

Jul 31, 2026 – Nov 2, 2026

Returns run to the Nov 2, 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 yearNo data
1 month−11.3%
3 months−7.4%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+7.3%

Since listing, Apr 1, 2026

TFGZ in the news

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 Nov 2, 2026.
No dataLast 12 months
Payout per share
No dataLast 12 months

Listed Apr 2026. No distributions yet.

TFGZ Risk

Risk pillarA73 out of 100Rank 15 of 85 in US Active Growth
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.

FMP measures it over up to five years of monthly returns.

TFGZ Cost

Compare TFGZ and FELG

Overpaying vs FELG, tied cheapest in US Active Growth

$11,425

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TFGZ 0.79%

    $15,174

  • FELG 0.18% Tied cheapest

    $3,749

$10,000
30 years

Cost over time

  • TFGZ 0.79%
  • FELG 0.18%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TFGZ $15,174FELG $3,749

Year by year

YearTFGZFELGOverpaying
10$1,405$328$1,077
20$5,331$1,281$4,050
30$15,174$3,749$11,425
How the 0.79% is worked out

Full fee 0.98%− waiver 0.19%= you pay 0.79%

The waiver ends Mar 27, 2027. After that the fee is 0.98% unless Thornburg renews it. Source: prospectus, Mar 2026.

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