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Thornburg Short Duration Municipal Fund Class A TLMAX
Historical return decomposition and an investable replication portfolio, using data through 2026-10-09.
Fund and replication metrics
| Measure | TLMAX | Replication |
|---|---|---|
| Annualized growth | 1.4% | 2.6% |
| Annualized volatility | 1.4% | 1.3% |
| Sharpe ratio | 0.96 | 2.04 |
| Maximum drawdown | 3.9% | 2.8% |
| Replication fit (R²) | 0.79 · Tracking error 0.7% | |
Replication portfolio
The published portfolio below is the investable basket used to model TLMAX’s historical return behavior.
| Ticker | Building block | Weight |
|---|---|---|
| BIL | FI · Ultra-Short | 65.9% |
| MUB | FI · Municipal | 23.5% |
| VGSH | FI · Short Gov | 10.6% |