Fund Evaluator:
Thornburg CA Limited-Term Muni Instl (LTCIX)
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Best Performing in Muni Single State Short Over the Last Year
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Fund Details
Thornburg CA Limited-Term Muni Instl Overview
Thornburg CA Limited-Term Muni Instl (LTCIX) is an actively managed Municipal Bond Muni Single State Short fund. Thornburg launched the fund in 1997.
The investment seeks to obtain as high a level of current income exempt from federal and California state individual income taxes as is consistent, in the view of the fund’s investment advisor, with preservation of capital; to reduce expected changes in its share price compared to longer intermediate and long-term bond portfolios is the secondary objective. The fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by the State of California and its agencies, and by California local governments and their agencies.
About Thornburg CA Limited-Term Muni Instl (LTCIX)
There are 3 members of the management team with an average tenure of 4.97 years: Eve Lando (2020), David Ashley (2019), Craig Mauermann (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: ICE BofA US Muni TR USD index with a weighting of 100%. Thornburg CA Limited-Term Muni Instl has 208 securities in its portfolio. The top 10 holdings constitute 20.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thornburg CA Limited-Term Muni Instl is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Thornburg CA Limited-Term Muni Instl has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.3% (97.0% domestic bond, 1.3% foreign bond and 0.0% convertible bond). Thornburg CA Limited-Term Muni Instl has 1.7% of the portfolio in cash.
Assets Under Management
The fund has $259 million in total assets, which is above the $238 million average for the Muni Single State Short category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LTCIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thornburg CA Limited-Term Muni Instl expense ratio is average compared to funds in the Muni Single State Short category. Thornburg CA Limited-Term Muni Instl has an expense ratio of 0.49%, which is 25% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. A portfolio turnover rate cannot be currently calculated for Thornburg CA Limited-Term Muni Instl. By way of comparison, the average portfolio turnover is 43% for the Muni Single State Short category.
Recently, in the month of July 2026, Thornburg CA Limited-Term Muni Instl returned -1.0%, which earned it a grade of C, as the Muni Single State Short category had an average return of -0.7%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Thornburg CA Limited-Term Muni Instl has a trailing yield of 3.26%, which is above the 2.95% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thornburg CA Limited-Term Muni Instl Grades
Year to date, the fund has returned -0.0%, 0.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.9% over the past year (grade of C), 3.1% over the past three years (grade of B) and 1.2% per year over the past five years (grade of C) and 1.2% per year over the past 10 years (grade of D).
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LTCIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LTCIX Return (NAV) | -1.0% | -0.2% | 2.9% | 3.1% | 1.2% | 1.2% |
| LTCIX Grade | C | D | C | B | C | D |
| +/- Category | -0.3% | -0.2% | -0.4% | 0.1% | 0.1% | -0.3% |
| Muni Single State Short Avg | -0.7% | -0.0% | 3.3% | 3.0% | 1.1% | 1.5% |
| LTCIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
LTCIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LTCIX Return (NAV) | -0.0% | 5.0% | 1.6% | 4.4% | -4.2% | -0.2% | 2.2% | 3.4% | 0.8% | 2.4% | -0.7% |
| LTCIX Grade | F | A | D | A | B | D | C | C | F | A | F |
| +/- Category | -0.7% | 1.1% | -0.6% | 0.6% | 0.2% | -0.9% | -0.1% | -1.1% | -2.9% | 2.2% | -1.1% |
| Muni Single State Short Avg | 0.7% | 3.9% | 2.2% | 3.9% | -4.4% | 0.7% | 2.3% | 4.5% | 3.7% | 0.2% | 0.4% |
| Risk Measures | |
| Standard Deviation: | 3.2% |
| Total Risk Index: | 0.26 - Low |
| Category Risk Index: | 1.18 - Above Average |
| Category Risk Grade: | D (79% Rank) |
| Beta: | 0.52 |
| R-Squared: | 89% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $307 Mil |
| Fund Total Assets: | $ 259 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.5 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Ashley David (2019), Lando Eve (2020), Mauermann Craig (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 208 |
| % in Top 10 Holdings: | 20.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.0% |
| Foreign Bond: | 1.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.7% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | April 1, 1997 |
| Min. Initial Purchase: | $2,500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.65% |
| Share Class: | Thornburg CA Limited-Term Muni A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
