Fund Evaluator:
Thornburg Focus Growth R3 (THCRX)
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Best Performing in Mid-Cap Growth Over the Last Year
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Fund Details
Thornburg Focus Growth R3 Overview
Thornburg Focus Growth R3 (THCRX) is an actively managed U.S. Equity Mid-Cap Growth fund. Thornburg launched the fund in 2003.
The investment seeks long-term growth of capital by investing in equity securities selected for their growth potential. Under normal conditions, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in growth companies.
About Thornburg Focus Growth R3 (THCRX)
There are 2 members of the management team with an average tenure of 0.52 years: Nicholas Anderson (2026), Julian Serafini (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 1000 TR USD index with a weighting of 100% and Russell 1000 Growth TR USD index with a weighting of 100%. Thornburg Focus Growth R3 has 44 securities in its portfolio. The top 10 holdings constitute 48.1% 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 Focus Growth R3 is part of the Equity global asset class and is within the U.S. Equity fund group. Thornburg Focus Growth R3 has 2.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.5%. There is 2.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Thornburg Focus Growth R3 has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $658 million average for the Mid-Cap Growth 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.
THCRX 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 Focus Growth R3 expense ratio is high compared to funds in the Mid-Cap Growth category. Thornburg Focus Growth R3 has an expense ratio of 1.37%, which is 25% higher than its category average, making the fund expense ratio grade a D. 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. Thornburg Focus Growth R3 has a portfolio turnover rate of 34%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Mid-Cap Growth category.
Recently, in the month of July 2026, Thornburg Focus Growth R3 returned -3.3%, which earned it a grade of B, as the Mid-Cap Growth category had an average return of -5.5%. 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 Focus Growth R3 has a trailing yield of 0.00%, which is below the 0.03% category average. The fund normally distributes its income quarterly 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 Focus Growth R3 Grades
Year to date, the fund has returned 8.9%, 3.3 percentage points better than the category, which translates into a grade of B. The fund has returned 15.7% over the past year (grade of A), 10.7% over the past three years (grade of C) and -0.2% per year over the past five years (grade of F) and 8.4% per year over the past 10 years (grade of F).
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THCRX 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 |
|
| THCRX Return (NAV) | -3.3% | 3.5% | 15.7% | 10.7% | -0.2% | 8.4% |
| THCRX Grade | B | B | A | C | F | F |
| +/- Category | 2.3% | 1.4% | 10.3% | 0.2% | -2.7% | -2.5% |
| Mid-Cap Growth Avg | -5.5% | 2.1% | 5.5% | 10.5% | 2.5% | 10.9% |
| THCRX Tax Cost Ratio | na | na | 0.0% | 0.0% | 1.7% | 1.2% |
THCRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| THCRX Return (NAV) | 8.9% | 4.3% | 19.6% | 19.5% | -34.2% | -4.5% | 41.4% | 28.7% | -2.7% | 23.8% | -2.5% |
| THCRX Grade | B | D | B | D | F | F | B | F | B | D | F |
| +/- Category | 3.3% | -1.8% | 2.3% | -1.2% | -6.1% | -16.8% | 0.9% | -5.2% | 1.9% | -1.5% | -7.8% |
| Mid-Cap Growth Avg | 5.7% | 6.1% | 17.3% | 20.8% | -28.1% | 12.3% | 40.4% | 33.9% | -4.6% | 25.3% | 5.3% |
| Risk Measures | |
| Standard Deviation: | 19.6% |
| Total Risk Index: | 1.60 - High |
| Category Risk Index: | 1.03 - Above Average |
| Category Risk Grade: | D (68% Rank) |
| Beta: | 1.36 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $227 Mil |
| Fund Total Assets: | $ 11 Mil |
| Share Class Type: | Retirement |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.5 years | |||
| Average Tenure: 0.5 years | |||
| Managers (Year): Anderson Nicholas (2026), Serafini Julian (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 44 |
| % in Top 10 Holdings: | 48.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.4% |
Portfolio Allocation |
|
| Domestic Stock: | 96.5% |
| Foreign Stock: | 2.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | July 1, 2003 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.50% |
Expenses and Fees | |
| Expense Ratio (%): | 1.37% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.09% |
| Share Class: | Thornburg Focus Growth A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
