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TFGZ

GradeDNASDAQ Global Market

Thornburg Focus Growth Fund

Active Equity · Thornburg · Inception 2026-03-31

$35.56−0.49 (−1.35%)

As of Sep 23, 2026, 1:16 PM EDT

History starts Apr 1, 2026.History starts Apr 1, 2026.History starts Apr 1, 2026.
Intraday session: down, 8 prints from 36.05 to 35.56. Range 35.56 to 35.92. Use the arrow keys to read each point.$35.70$35.80$35.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$230M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
0M sh
NAV per share
$34.88
52W range
low $30.38high $37.97

The ETF.net TFGZ Grade

D

39/ 100

Rank 61 of 90 in US Active Growth⁠

Confidence Medium

Six-pillar profile for TFGZ. Scores out of 100: Cost 19, Risk 83, Mission not scored, Tradability 19, Holdings 68, Durability 40. Strongest: Risk (83). Weakest: Tradability (19). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 19
    Category rank74/90 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 83
    Category rank9/79 · top 11%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 19
    Category rank77/90 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 68
    Category rank28/89 · top 31%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank65/90 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TFGZ

ETF.net Research

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

  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 Sep 20, 2026, 10:32 PM
Asset class
Stocks
Holdings
—
Top-10 weight
50%
Largest holding
GOOGL12.6%

Sectors

  • Technology38.2%
  • Communication19.4%
  • Financials14.4%
  • Industrials10.4%
  • Health Care9.4%
  • Consumer Discr.3.2%
  • Utilities1.9%
  • Cons. Staples1.5%
  • Energy0.9%
  • Materials0.7%

Geography

  • United States89.05%
  • Cayman Islands4.16%
  • United Kingdom3.59%
  • Canada2.23%
  • Ireland0.97%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001GOOGLAlphabet, Inc.12.64%79,955$28M704
002MSFTMicrosoft Corp.7.31%32,256$16M792
003AVGOBroadcom, Inc.5.83%36,883$13M732
004CRDOCredo Technology Group Holding Ltd.4.06%53,044$9M232
005METAMeta Platforms, Inc.4.02%12,961$9M683
006MUMicron Technology, Inc.3.45%7,749$8M655
007MAMastercard, Inc.3.36%13,038$7M512
008SITMSiTime Corp.3.20%11,735$7M145
009RPRXRoyalty Pharma plc3.06%114,219$7M202
010LRCXLam Research Corp.3.02%24,613$7M591
011RGENRepligen Corp.2.77%34,130$6M150
012MRXMarex Group Ltd.2.58%77,313$6M73
013VRTVertiv Holdings Co.2.49%22,654$5M384
014SPGIS&P Global, Inc.2.40%13,051$5M357
015DDOGDatadog, Inc.2.37%22,101$5M425

Showing 1–15 of 42 holdings

TFGZ Performance

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

TFGZ$9,985
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. TFGZ $9,985. SPY $10,415. Use the arrow keys to read each point.$9,303$9,956$10,608Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – Sep 22, 2026

Returns run to the Sep 22, 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−1.5%
3 months−0.1%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per 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+18.7%

History from Apr 1, 2026

TFGZ in the news

ETF.net Research hasn’t filed on TFGZ yet — coverage lands here as it’s written.

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 Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Mar 2026. No distributions yet.

TFGZ Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Mar 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 Mar 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 Mar 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.
1.23
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%

71 of the 89 US Active Growth funds charge less.

TFGZ costs $79.00 a year on $10,000. The median US Active Growth fund costs $56.00.