# THORNBURG INVESTMENT MANAGEMENT INC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1145020. Source: https://holderbook.com/funds/1145020-thornburg-investment-management-inc/

- Reported value: $10.5B
- Positions: 139
- Weight of the ten largest: 58.1%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $1.1B | 7,546,686 | 10.1% | 31 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $919.0M | 11,828,205 | 8.8% | 2 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $745.7M | 36,023,313 | 7.1% | 11 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $691.3M | 1,830,149 | 6.6% | 31 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $632.4M | 5,760,888 | 6.0% | 1 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $540.6M | 2,891,426 | 5.2% | 2 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $486.8M | 3,787,976 | 4.7% | 31 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $365.3M | 764,867 | 3.5% | 31 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $319.0M | 2,715,962 | 3.1% | 25 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $314.6M | 4,755,014 | 3.0% | 12 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $250.1M | 1,132,435 | 2.4% | 31 |
| EQUITABLE HLDGS INC | [EQH](https://holderbook.com/stocks/EQH/) | $225.6M | 5,142,337 | 2.2% | 26 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $207.8M | 3,304,828 | 2.0% | 20 |
| REGIONS FINANCIAL CORP NEW | [RF](https://holderbook.com/stocks/RF/) | $203.7M | 6,746,453 | 1.9% | 26 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $199.1M | 3,674,988 | 1.9% | 17 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $196.5M | 2,511,730 | 1.9% | 14 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $174.8M | 2,017,847 | 1.7% | 13 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $174.4M | 488,051 | 1.7% | 31 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $164.0M | 464,895 | 1.6% | 31 |
| LINDE PLC | [LIN](https://holderbook.com/stocks/LIN/) | $140.7M | 270,794 | 1.3% | 14 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $136.2M | 541,146 | 1.3% | 29 |
| SOUTH BOW CORP | [SOBO](https://holderbook.com/stocks/SOBO/) | $131.0M | 3,721,332 | 1.3% | 6 |
| FERROVIAL NV | [FER](https://holderbook.com/stocks/FER/) | $117.3M | 1,712,697 | 1.1% | 9 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $109.7M | 1,632,356 | 1.0% | 15 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $108.0M | 1,170,451 | 1.0% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $95.6M | 79,682 | 0.9% | 3 |
| CHIMERA INVT CORP | [CIM](https://holderbook.com/stocks/CIM/) | $73.5M | 5,511,923 | 0.7% | 8 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $73.5M | 130,466 | 0.7% | 31 |
| KANZHUN LIMITED | [BZ](https://holderbook.com/stocks/BZ/) | $69.7M | 5,413,729 | 0.7% | 10 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $63.4M | 123,446 | 0.6% | 31 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $59.3M | 617,721 | 0.6% | 31 |
| SLR INVESTMENT CORP | [SLRC](https://holderbook.com/stocks/SLRC/) | $58.2M | 4,708,772 | 0.6% | 31 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $56.4M | 316,223 | 0.5% | 18 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $55.3M | 269,807 | 0.5% | 4 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $50.0M | 29,450 | 0.5% | 30 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $49.0M | 84,425 | 0.5% | 12 |
| NETFLIX INC | [NFLX](https://holderbook.com/stocks/NFLX/) | $47.5M | 665,548 | 0.5% | 2 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $47.4M | 1,970,004 | 0.5% | 31 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $46.8M | 308,876 | 0.4% | 26 |
| L3HARRIS TECHNOLOGIES INC | [LHX](https://holderbook.com/stocks/LHX/) | $44.5M | 153,148 | 0.4% | 25 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $40.1M | 199,843 | 0.4% | 31 |
| CACI INTL INC | [CACI](https://holderbook.com/stocks/CACI/) | $39.9M | 86,051 | 0.4% | 23 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $37.3M | 18,747 | 0.4% | 31 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $36.1M | 31,289 | 0.3% | 31 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $35.0M | 365,023 | 0.3% | 29 |
| MIDCAP FINANCIAL INVSTMNT CO | [MFIC](https://holderbook.com/stocks/MFIC/) | $32.6M | 3,237,783 | 0.3% | 31 |
| FERRARI N V | [RACE](https://holderbook.com/stocks/RACE/) | $29.7M | 79,745 | 0.3% | 24 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $28.2M | 246,547 | 0.3% | 23 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $24.6M | 65,940 | 0.2% | 31 |
| MITSUBISHI UFJ FINANCIAL GRO | [MUFG](https://holderbook.com/stocks/MUFG/) | $24.5M | 1,229,407 | 0.2% | 12 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $24.1M | 83,343 | 0.2% | 31 |
| ING GROEP N.V. | [ING](https://holderbook.com/stocks/ING/) | $23.8M | 758,793 | 0.2% | 21 |
| COHERENT CORP | [COHR](https://holderbook.com/stocks/COHR/) | $21.0M | 53,333 | 0.2% | 10 |
| ARISTA NETWORKS INC | [ANET](https://holderbook.com/stocks/ANET/) | $19.7M | 115,902 | 0.2% | 5 |
| TALEN ENERGY CORP | [TLN](https://holderbook.com/stocks/TLN/) | $19.1M | 49,589 | 0.2% | 7 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $19.0M | 203,021 | 0.2% | 4 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $18.3M | 119,017 | 0.2% | 12 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $17.8M | 121,999 | 0.2% | 4 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $17.7M | 228,036 | 0.2% | 18 |
| COMCAST HOLDINGS CORP | [CCZ](https://holderbook.com/stocks/CCZ/) | $17.7M | 281,010 | 0.2% | 18 |
| MAREX GROUP PLC | [MRX](https://holderbook.com/stocks/MRX/) | $16.8M | 275,027 | 0.2% | 6 |
| LPL FINL HLDGS INC | [LPLA](https://holderbook.com/stocks/LPLA/) | $15.5M | 54,967 | 0.1% | 23 |
| SONY GROUP CORP | [SONY](https://holderbook.com/stocks/SONY/) | $15.0M | 749,018 | 0.1% | 24 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $13.6M | 34,945 | 0.1% | 11 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $13.3M | 69,029 | 0.1% | 1 |
| CREDO TECHNOLOGY GROUP HOLDI | [CRDO](https://holderbook.com/stocks/CRDO/) | $13.0M | 47,952 | 0.1% | 12 |
| SHARKNINJA INC | [SN](https://holderbook.com/stocks/SN/) | $13.0M | 85,212 | 0.1% | 10 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $12.7M | 122,310 | 0.1% | 31 |
| ISHARES TR | [ACWX](https://holderbook.com/stocks/ACWX/) | $12.4M | 163,166 | 0.1% | 28 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $11.9M | 54,336 | 0.1% | 2 |
| BBB FOODS INC | [TBBB](https://holderbook.com/stocks/TBBB/) | $11.4M | 273,003 | 0.1% | 10 |
| UBER TECHNOLOGIES INC | [UBER](https://holderbook.com/stocks/UBER/) | $11.3M | 157,007 | 0.1% | 1 |
| XP INC | [XP](https://holderbook.com/stocks/XP/) | $10.9M | 671,549 | 0.1% | 3 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $10.8M | 811,444 | 0.1% | 11 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $10.0M | 138,545 | 0.1% | 13 |
| MAKEMYTRIP LIMITED MAURITIUS | [MMYT](https://holderbook.com/stocks/MMYT/) | $9.9M | 185,032 | 0.1% | 3 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $9.7M | 108,892 | 0.1% | 23 |
| CELLEBRITE DI LTD | [CLBT](https://holderbook.com/stocks/CLBT/) | $9.0M | 618,857 | 0.1% | 3 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $8.8M | 20,299 | 0.1% | 1 |
| VICTORIAS SECRET AND CO | [VSXY](https://holderbook.com/stocks/VSXY/) | $8.1M | 96,954 | 0.1% | 2 |
| CCC INTELLIGENT SOLUTIONS HL | [CCC](https://holderbook.com/stocks/CCC/) | $7.9M | 1,524,462 | 0.1% | 16 |
| ARGAN INC | [AGX](https://holderbook.com/stocks/AGX/) | $7.9M | 9,843 | 0.1% | 6 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $7.8M | 269,353 | 0.1% | 15 |
| SITIME CORP | [SITM](https://holderbook.com/stocks/SITM/) | $7.0M | 9,397 | 0.1% | 5 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $6.9M | 123,122 | 0.1% | 2 |
| VERTIV HOLDINGS CO | [VRT](https://holderbook.com/stocks/VRT/) | $6.8M | 20,161 | 0.1% | 13 |
| SOMNIGROUP INTERNATIONAL INC | [SGI](https://holderbook.com/stocks/SGI/) | $6.4M | 81,948 | 0.1% | 1 |
| DATADOG INC | [DDOG](https://holderbook.com/stocks/DDOG/) | $6.2M | 24,003 | 0.1% | 2 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $6.2M | 24,161 | 0.1% | 2 |
| REPLIGEN CORP | [RGEN](https://holderbook.com/stocks/RGEN/) | $6.0M | 43,887 | 0.1% | 23 |
| REDDIT INC | [RDDT](https://holderbook.com/stocks/RDDT/) | $5.9M | 34,236 | 0.1% | 2 |
| DECKERS OUTDOOR CORP | [DECK](https://holderbook.com/stocks/DECK/) | $5.9M | 59,841 | 0.1% | 16 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $5.7M | 14,103 | 0.1% | 2 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $5.3M | 66,475 | 0.1% | 17 |
| STANDARDAERO INC | [SARO](https://holderbook.com/stocks/SARO/) | $5.2M | 175,259 | 0.1% | 6 |
| RAYMOND JAMES FINL INC | [RJF](https://holderbook.com/stocks/RJF/) | $5.0M | 33,203 | 0.0% | 1 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $5.0M | 106,506 | 0.0% | 7 |
| TAPESTRY INC | [TPR](https://holderbook.com/stocks/TPR/) | $4.4M | 29,851 | 0.0% | 2 |
| LYONDELLBASELL INDUSTRIES NV | [LYB](https://holderbook.com/stocks/LYB/) | $4.4M | 82,904 | 0.0% | 31 |
| SAMSARA INC | [IOT](https://holderbook.com/stocks/IOT/) | $4.2M | 128,450 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +4.2% | +14.8% | -10.6% | 100% |
| Q1 2026 | +0.2% | -4.6% | +4.9% | 100% |
| Q4 2025 | +1.7% | +2.4% | -0.6% | 100% |
| Q3 2025 | +6.5% | +7.8% | -1.3% | 100% |
| Q1 2025 | -1.0% | -4.6% | +3.6% | 100% |
| Q4 2024 | +1.8% | +2.1% | -0.3% | 100% |
| Q3 2024 | +6.0% | +5.4% | +0.6% | 100% |
| Q2 2024 | +3.0% | +4.0% | -1.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $10.5B | 139 |
| Q1 2026 | $9.6B | 171 |
| Q4 2025 | $7.9B | 176 |
| Q3 2025 | $7.7B | 176 |
| Q2 2025 | $7.8B | 177 |
| Q1 2025 | $71.5B | 182 |
| Q4 2024 | $7.6B | 188 |
| Q3 2024 | $7.7B | 192 |
| Q2 2024 | $7.1B | 189 |
| Q1 2024 | $7.2B | 187 |
| Q4 2023 | $6.9B | 196 |
| Q3 2023 | $6.1B | 196 |