Fund Evaluator:
Thornburg Investment Grd Bd Mgd Acct SMA (TIGMX)
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Fund Details
Thornburg Investment Grd Bd Mgd Acct SMA Overview
Thornburg Investment Grd Bd Mgd Acct SMA (TIGMX) is an actively managed Taxable Bond Intermediate Core Bond fund. Thornburg launched the fund in 2025.
The investment seeks total return. Under normal conditions, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in investment grade debt obligations. The fund will invest principally in corporate debt obligations from domestic and foreign issuers, including debt obligations from issuers in emerging markets, also known as developing countries. The fund is non-diversified.
About Thornburg Investment Grd Bd Mgd Acct SMA (TIGMX)
There are 2 members of the management team with an average tenure of 1.35 years: Lon Erickson (2025), Christian Hoffmann (2025). Management tenure is more important for actively managed funds than passive index funds.
Thornburg Investment Grd Bd Mgd Acct SMA has 174 securities in its portfolio. The top 10 holdings constitute 19.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thornburg Investment Grd Bd Mgd Acct SMA is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Thornburg Investment Grd Bd Mgd Acct SMA has 8.2% 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 0.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.9% (79.7% domestic bond, 8.2% foreign bond and 0.0% convertible bond). Thornburg Investment Grd Bd Mgd Acct SMA has 11.4% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $3 billion average for the Intermediate Core Bond 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.
TIGMX 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 Investment Grd Bd Mgd Acct SMA expense ratio is low compared to funds in the Intermediate Core Bond category. Thornburg Investment Grd Bd Mgd Acct SMA has an expense ratio of 0.00%, which is 100% lower than its category average, making the fund expense ratio grade a A. 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 Investment Grd Bd Mgd Acct SMA. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, Thornburg Investment Grd Bd Mgd Acct SMA returned -0.0%, which earned it a grade of A, as the Intermediate Core Bond category had an average return of -1.3%. 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 Investment Grd Bd Mgd Acct SMA has a trailing yield of 3.35%, which is below the 4.04% category average. The fund normally distributes its income monthly.
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 Investment Grd Bd Mgd Acct SMA Grades
Year to date, the fund has returned 1.8%, 2.5 percentage points better than the category, which translates into a grade of A. The fund has returned 2.6% over the past year (grade of B).
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TIGMX 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 |
|
| TIGMX Return (NAV) | -0.0% | 0.6% | 2.6% | na | na | na |
| TIGMX Grade | A | A | B | na | na | na |
| +/- Category | 1.3% | 1.4% | 0.1% | na | na | na |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| TIGMX Tax Cost Ratio | na | na | 1.3% | na | na | na |
TIGMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TIGMX Return (NAV) | 1.8% | na | na | na | na | na | na | na | na | na | na |
| TIGMX Grade | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 2.5% | na | na | na | na | na | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $2 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | na |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.4 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Erickson Lon (2025), Hoffmann Christian (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 174 |
| % in Top 10 Holdings: | 19.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.7% |
| Domestic Bond: | 79.7% |
| Foreign Bond: | 8.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 11.4% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | March 26, 2025 |
| Min. Initial Purchase: | $ 0 |
| 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: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | Thornburg Investment Grd Bd Mgd Acct SMA |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
