Fund Evaluator:
Thornburg NY Intermediate Municipal I (TNYIX)
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Best Performing in Muni New York Intermediate Over the Last Year
| 6.5% | BNY Mellon NY AMT-Free Municipal Bond Z (DNYAX) |
| 4.0% | Columbia New York Itmt Muncpl Bd Inst (GNYTX) |
| 3.8% | Western Asset Interm Maturity NY Muni C (SINLX) |
Fund Details
Thornburg NY Intermediate Municipal I Overview
Thornburg NY Intermediate Municipal I (TNYIX) is an actively managed Municipal Bond Muni New York Intermediate fund. Thornburg launched the fund in 2010.
The investment seeks to obtain as high a level of current income exempt from federal, New York State and New York City individual income taxes as is consistent with preservation of capital; to reduce expected changes in its share price compared to 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 New York State and its agencies, and by New York State local governments and their agencies. It may invest up to 20% of its assets in taxable securities. The fund is non-diversified.
About Thornburg NY Intermediate Municipal I (TNYIX)
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 NY Intermediate Municipal I has 81 securities in its portfolio. The top 10 holdings constitute 24.8% 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 NY Intermediate Municipal I is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Thornburg NY Intermediate Municipal I has 4.0% 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 93.5% (89.4% domestic bond, 4.0% foreign bond and 0.0% convertible bond). Thornburg NY Intermediate Municipal I has 6.5% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $105 million average for the Muni New York Intermediate 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.
TNYIX 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 NY Intermediate Municipal I expense ratio is above average compared to funds in the Muni New York Intermediate category. Thornburg NY Intermediate Municipal I has an expense ratio of 0.67%, which is 13% lower than its category average, making the fund expense ratio grade a C. 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 NY Intermediate Municipal I. By way of comparison, the average portfolio turnover is 23% for the Muni New York Intermediate category.
Recently, in the month of July 2026, Thornburg NY Intermediate Municipal I returned -1.5%, which earned it a grade of C, as the Muni New York Intermediate category had an average return of -1.4%. 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 NY Intermediate Municipal I has a trailing yield of 3.45%, which is above the 2.91% 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 NY Intermediate Municipal I Grades
Year to date, the fund has returned 0.8%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.5% over the past year (grade of B), 3.1% over the past three years (grade of A) and 1.0% per year over the past five years (grade of A) and 1.5% per year over the past 10 years (grade of C).
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TNYIX 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 |
|
| TNYIX Return (NAV) | -1.5% | -0.4% | 5.5% | 3.1% | 1.0% | 1.5% |
| TNYIX Grade | C | C | B | A | A | C |
| +/- Category | -0.0% | -0.0% | 0.6% | 0.3% | 0.7% | 0.1% |
| Muni New York Intermediate Avg | -1.4% | -0.4% | 4.9% | 2.8% | 0.3% | 1.4% |
| TNYIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
TNYIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TNYIX Return (NAV) | 0.8% | 4.2% | 1.4% | 5.1% | -5.3% | 0.6% | 3.3% | 4.9% | 0.5% | 3.0% | -0.2% |
| TNYIX Grade | B | B | C | C | A | F | D | F | C | F | B |
| +/- Category | 0.2% | 0.7% | -0.0% | -0.5% | 3.1% | -1.1% | -0.2% | -1.5% | 0.1% | -1.1% | 0.2% |
| Muni New York Intermediate Avg | 0.6% | 3.5% | 1.4% | 5.6% | -8.4% | 1.7% | 3.6% | 6.4% | 0.4% | 4.1% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 3.9% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.82 - Low |
| Category Risk Grade: | A (19% Rank) |
| Beta: | 0.68 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $29 Mil |
| Fund Total Assets: | $ 19 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: | 81 |
| % in Top 10 Holdings: | 24.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 89.4% |
| Foreign Bond: | 4.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 6.5% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | February 1, 2010 |
| 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 (%): | 0.67% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.77% |
| Share Class: | Thornburg NY Intermediate Municipal A |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
