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Thornburg California Limited Term Municipal Fund Class A LTCAX
Historical return decomposition and an investable replication portfolio, using data through 2026-10-09.
Fund and replication metrics
| Measure | LTCAX | Replication |
|---|---|---|
| Annualized growth | 0.7% | 1.2% |
| Annualized volatility | 2.8% | 3.0% |
| Sharpe ratio | 0.24 | 0.43 |
| Maximum drawdown | 6.6% | 7.7% |
| Replication fit (R²) | 0.83 · Tracking error 1.2% | |
Replication portfolio
The published portfolio below is the investable basket used to model LTCAX’s historical return behavior.
| Ticker | Building block | Weight |
|---|---|---|
| MUB | FI · Municipal | 49.7% |
| VGSH | FI · Short Gov | 37.0% |
| STIP | FI · Short TIPS | 10.2% |
| WTMF | Alternatives · Mgt Futures | 3.2% |