THORNBURG INVESTMENT MANAGEMENT INC
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| CITIGROUP INC | C | $1.1B | 7,546,686 | +0.70pp | 31q | -5.5%-$61.8M | |
| TOTALENERGIES SE | TTE | $919.0M | 11,828,205 | -2.52pp | 2q | +1.4%+$13.0M | |
| AT&T INC | T | $745.7M | 36,023,313 | -2.21pp | 11q | +16.0%+$103.0M | |
| BROADCOM INC | AVGO | $691.3M | 1,830,149 | -0.08pp | 31q | -12.2%-$95.8M | |
| KIMBERLY-CLARK CORP | KMB | $632.4M | 5,760,888 | - | new | NEW | |
| ASTRAZENECA PLC | AZN | $540.6M | 2,891,426 | -0.60pp | 2q | +1.1%+$6.1M | |
| MERCK & CO INC | MRK | $486.8M | 3,787,976 | flat | 31q | +1.6%+$7.6M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $365.3M | 764,867 | +1.03pp | 31q | +9.1%+$30.3M | |
| CISCO SYS INC | CSCO | $319.0M | 2,715,962 | +0.70pp | 25q | -6.8%-$23.3M | |
| TC ENERGY CORP | TRP | $314.6M | 4,755,014 | -0.05pp | 12q | +0.7%+$2.3M | |
| CME GROUP INC | CME | $250.1M | 1,132,435 | -1.12pp | 31q | -1.1%-$2.9M | |
| EQUITABLE HLDGS INC | EQH | $225.6M | 5,142,337 | +0.23pp | 26q | +3.0%+$6.5M | |
| FREEPORT-MCMORAN INC | FCX | $207.8M | 3,304,828 | +0.26pp | 20q | +16.5%+$29.5M | |
| REGIONS FINANCIAL CORP NEW | RF | $203.7M | 6,746,453 | +0.18pp | 26q | +3.5%+$7.0M | |
| ENBRIDGE INC | ENB | $199.1M | 3,674,988 | -0.14pp | 17q | +0.9%+$1.8M | |
| MEDTRONIC PLC | MDT | $196.5M | 2,511,730 | +0.07pp | 14q | +24.5%+$38.7M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $174.8M | 2,017,847 | +0.02pp | 13q | -0.5%-$941.5K | |
| ALPHABET INC | GOOGL | $174.4M | 488,051 | +0.40pp | 31q | +14.9%+$22.6M | |
| HOME DEPOT INC | HD | $164.0M | 464,895 | -0.21pp | 31q | -10.8%-$19.8M | |
| LINDE PLC | LIN | $140.7M | 270,794 | -0.06pp | 14q | -1.3%-$1.9M | |
| ABBVIE INC | ABBV | $136.2M | 541,146 | +0.17pp | 29q | +7.6%+$9.6M | |
| SOUTH BOW CORP | SOBO | $131.0M | 3,721,332 | flat | 6q | +2.4%+$3.1M | |
| FERROVIAL NV | FER | $117.3M | 1,712,697 | -0.04pp | 9q | -1.5%-$1.8M | |
| ALCON AG | ALC | $109.7M | 1,632,356 | -0.28pp | 15q | -4.5%-$5.1M | |
| SCHWAB CHARLES CORP | SCHW | $108.0M | 1,170,451 | +0.24pp | 31q | +44.6%+$33.3M | |
| ELI LILLY & CO | LLY | $95.6M | 79,682 | +0.34pp | 3q | +32.4%+$23.4M | |
| CHIMERA INVT CORP | CIM | $73.5M | 5,511,923 | -0.01pp | 8q | +0.7%+$475.2K | |
| META PLATFORMS INC | META | $73.5M | 130,466 | -0.05pp | 31q | +3.4%+$2.4M | |
| KANZHUN LIMITED | BZ | $69.7M | 5,413,729 | -0.20pp | 10q | -13.1%-$10.5M | |
| MASTERCARD INCORPORATED | MA | $63.4M | 123,446 | +0.10pp | 31q | +26.1%+$13.1M | |
| ALIBABA GROUP HLDG LTD | BABA | $59.3M | 617,721 | -0.23pp | 31q | +1.2%+$723.4K | |
| SLR INVESTMENT CORP | SLRC | $58.2M | 4,708,772 | -0.13pp | 31q | +1.6%+$932.0K | |
| BOOKING HOLDINGS INC | BKNG | $56.4M | 316,223 | +0.05pp | 18q | +2720.6%+$54.4M | |
| ADOBE INC | ADBE | $55.3M | 269,807 | +0.09pp | 4q | +55.5%+$19.7M | |
| MERCADOLIBRE INC | MELI | $50.0M | 29,450 | -0.08pp | 30q | -5.1%-$2.7M | |
| ADVANCED MICRO DEVICES INC | AMD | $49.0M | 84,425 | +0.21pp | 12q | -31.1%-$22.2M | |
| NETFLIX INC | NFLX | $47.5M | 665,548 | +0.33pp | 2q | +428.3%+$38.5M | |
| PFIZER INC | PFE | $47.4M | 1,970,004 | -0.20pp | 31q | -12.1%-$6.6M | |
| TJX COS INC NEW | TJX | $46.8M | 308,876 | +0.01pp | 26q | +17.1%+$6.8M | |
| L3HARRIS TECHNOLOGIES INC | LHX | $44.5M | 153,148 | -0.03pp | 25q | +20.9%+$7.7M | |
| CAPITAL ONE FINL CORP | COF | $40.1M | 199,843 | +0.12pp | 31q | +43.1%+$12.1M | |
| CACI INTL INC | CACI | $39.9M | 86,051 | -0.10pp | 23q | +1.8%+$687.0K | |
| ASML HLDG NV | ASML | $37.3M | 18,747 | +0.09pp | 31q | -3.9%-$1.5M | |
| MICRON TECHNOLOGY INC | MU | $36.1M | 31,289 | +0.26pp | 31q | +27.1%+$7.7M | |
| SEA LTD | SE | $35.0M | 365,023 | +0.02pp | 29q | -1.3%-$464.8K | |
| MIDCAP FINANCIAL INVSTMNT CO | MFIC | $32.6M | 3,237,783 | -0.07pp | 31q | HELD | |
| FERRARI N V | RACE | $29.7M | 79,745 | -0.05pp | 24q | -17.0%-$6.1M | |
| SHOPIFY INC | SHOP | $28.2M | 246,547 | -0.02pp | 23q | +5.5%+$1.5M | |
| MICROSOFT CORP | MSFT | $24.6M | 65,940 | +0.13pp | 31q | +139.6%+$14.3M | |
| MITSUBISHI UFJ FINANCIAL GRO | MUFG | $24.5M | 1,229,407 | +0.04pp | 12q | +14.1%+$3.0M | |
| APPLE INC | AAPL | $24.1M | 83,343 | +0.23pp | 31q | +6171.1%+$23.7M | |
| ING GROEP N.V. | ING | $23.8M | 758,793 | +0.05pp | 21q | +13.9%+$2.9M | |
| COHERENT CORP | COHR | $21.0M | 53,333 | +0.02pp | 10q | -28.7%-$8.5M | |
| ARISTA NETWORKS INC | ANET | $19.7M | 115,902 | -0.03pp | 5q | -31.2%-$8.9M | |
| TALEN ENERGY CORP | TLN | $19.1M | 49,589 | +0.05pp | 7q | +22.1%+$3.4M | |
| COLLIERS INTL GROUP INC | CIGI | $19.0M | 203,021 | +0.04pp | 4q | +63.9%+$7.4M | |
| SAP SE | SAP | $18.3M | 119,017 | flat | 12q | +17.3%+$2.7M | |
| AERCAP HOLDINGS NV | AER | $17.8M | 121,999 | +0.01pp | 4q | +5.8%+$969.6K | |
| SHELL PLC | SHEL | $17.7M | 228,036 | +0.06pp | 18q | +100.3%+$8.9M | |
| COMCAST HOLDINGS CORP | CCZ | $17.7M | 281,010 | -0.01pp | 18q | HELD | |
| MAREX GROUP PLC | MRX | $16.8M | 275,027 | -0.03pp | 6q | -32.7%-$8.2M | |
| LPL FINL HLDGS INC | LPLA | $15.5M | 54,967 | +0.03pp | 23q | +48.5%+$5.1M | |
| SONY GROUP CORP | SONY | $15.0M | 749,018 | flat | 24q | +11.9%+$1.6M | |
| CREDICORP LTD | BAP | $13.6M | 34,945 | -0.01pp | 11q | -13.9%-$2.2M | |
| IQVIA HLDGS INC | IQV | $13.3M | 69,029 | - | new | NEW | |
| CREDO TECHNOLOGY GROUP HOLDI | CRDO | $13.0M | 47,952 | +0.08pp | 12q | -3.3%-$443.8K | |
| SHARKNINJA INC | SN | $13.0M | 85,212 | -0.06pp | 10q | -49.8%-$12.9M | |
| ISHARES TR | EFA | $12.7M | 122,310 | -0.01pp | 31q | -4.6%-$616.9K | |
| ISHARES TR | ACWX | $12.4M | 163,166 | -0.07pp | 28q | -38.0%-$7.6M | |
| PROGRESSIVE CORP | PGR | $11.9M | 54,336 | +0.10pp | 2q | +858.3%+$10.6M | |
| BBB FOODS INC | TBBB | $11.4M | 273,003 | +0.05pp | 10q | +60.9%+$4.3M | |
| UBER TECHNOLOGIES INC | UBER | $11.3M | 157,007 | - | new | NEW | |
| XP INC | XP | $10.9M | 671,549 | -0.01pp | 3q | +17.8%+$1.7M | |
| NU HLDGS LTD | NU | $10.8M | 811,444 | -0.02pp | 11q | -3.4%-$384.2K | |
| TRANSUNION | TRU | $10.0M | 138,545 | -0.01pp | 13q | -8.6%-$942.1K | |
| MAKEMYTRIP LIMITED MAURITIUS | MMYT | $9.9M | 185,032 | -0.02pp | 3q | -38.8%-$6.3M | |
| BUILDERS FIRSTSOURCE INC | BLDR | $9.7M | 108,892 | -0.06pp | 23q | -39.2%-$6.3M | |
| CELLEBRITE DI LTD | CLBT | $9.0M | 618,857 | -0.03pp | 3q | -23.8%-$2.8M | |
| LAM RESEARCH CORP | LRCX | $8.8M | 20,299 | - | new | NEW | |
| VICTORIAS SECRET AND CO | VSXY | $8.1M | 96,954 | +0.06pp | 2q | +202.7%+$5.4M | |
| CCC INTELLIGENT SOLUTIONS HL | CCC | $7.9M | 1,524,462 | +0.05pp | 16q | +240.5%+$5.6M | |
| ARGAN INC | AGX | $7.9M | 9,843 | -0.07pp | 6q | -60.4%-$12.0M | |
| ICICI BANK LIMITED | IBN | $7.8M | 269,353 | +0.02pp | 15q | +39.2%+$2.2M | |
| SITIME CORP | SITM | $7.0M | 9,397 | -0.01pp | 5q | -55.7%-$8.8M | |
| ROYALTY PHARMA PLC | RPRX | $6.9M | 123,122 | +0.05pp | 2q | +292.0%+$5.1M | |
| VERTIV HOLDINGS CO | VRT | $6.8M | 20,161 | -0.23pp | 13q | -82.5%-$31.8M | |
| SOMNIGROUP INTERNATIONAL INC | SGI | $6.4M | 81,948 | - | new | NEW | |
| DATADOG INC | DDOG | $6.2M | 24,003 | +0.05pp | 2q | +412.2%+$5.0M | |
| HEICO CORP NEW | HEIA | $6.2M | 24,161 | +0.05pp | 2q | +338.3%+$4.8M | |
| REPLIGEN CORP | RGEN | $6.0M | 43,887 | +0.02pp | 23q | +49.3%+$2.0M | |
| REDDIT INC | RDDT | $5.9M | 34,236 | +0.05pp | 2q | +306.1%+$4.5M | |
| DECKERS OUTDOOR CORP | DECK | $5.9M | 59,841 | flat | 16q | +17.6%+$888.8K | |
| S&P GLOBAL INC | SPGI | $5.7M | 14,103 | +0.03pp | 2q | +154.2%+$3.5M | |
| DIAGEO PLC | DEO | $5.3M | 66,475 | +0.02pp | 17q | +49.6%+$1.8M | |
| STANDARDAERO INC | SARO | $5.2M | 175,259 | +0.01pp | 6q | +4.7%+$236.3K | |
| RAYMOND JAMES FINL INC | RJF | $5.0M | 33,203 | - | new | NEW | |
| SLB LIMITED | SLB | $5.0M | 106,506 | +0.03pp | 7q | +221.2%+$3.4M | |
| TAPESTRY INC | TPR | $4.4M | 29,851 | +0.03pp | 2q | +387.0%+$3.5M | |
| LYONDELLBASELL INDUSTRIES NV | LYB | $4.4M | 82,904 | -0.78pp | 31q | -91.5%-$47.1M | |
| SAMSARA INC | IOT | $4.2M | 128,450 | +0.03pp | 5q | +258.1%+$3.0M | |
| ACADIAN ASSET MANAGEMENT INC | AAMI | $4.0M | 55,757 | +0.02pp | 2q | +100.7%+$2.0M | |
| OPEN TEXT CORP | OTEX | $3.8M | 170,733 | flat | 11q | HELD | |
| RUBRIK INC. | RBRK | $3.4M | 41,934 | +0.03pp | 2q | +249.0%+$2.4M | |
| TRANSDIGM GROUP INC | TDG | $3.2M | 2,425 | -0.33pp | 4q | -91.8%-$36.3M | |
| VITA COCO CO INC | COCO | $3.2M | 48,173 | - | new | NEW | |
| ITT INC | ITT | $3.2M | 16,044 | -0.12pp | 31q | -79.4%-$12.2M | |
| SERVICENOW INC | NOW | $3.0M | 29,835 | flat | 31q | HELD | |
| CADENCE DESIGN SYSTEM INC | CDNS | $2.8M | 7,375 | +0.02pp | 2q | +258.4%+$2.0M | |
| T-MOBILE US INC | TMUS | $2.7M | 16,149 | +0.02pp | 2q | +489.6%+$2.2M | |
| CYTOKINETICS INC | CYTK | $2.7M | 31,133 | -0.03pp | 16q | -62.6%-$4.4M | |
| GUIDEWIRE SOFTWARE INC | GWRE | $2.5M | 20,677 | +0.02pp | 2q | +251.0%+$1.8M | |
| AMAZON COM INC | AMZN | $2.5M | 10,535 | -0.03pp | 14q | -55.5%-$3.1M | |
| BIOMARIN PHARMACEUTICAL INC | BMRN | $2.5M | 43,061 | +0.02pp | 14q | +305.9%+$1.9M | |
| SAIA INC | SAIA | $2.5M | 5,850 | -0.01pp | 16q | -42.5%-$1.8M | |
| TRADEWEB MKTS INC | TW | $2.4M | 24,505 | -0.02pp | 14q | -23.6%-$753.5K | |
| BRISTOL-MYERS SQUIBB CO | BMY | $2.2M | 38,400 | flat | 9q | HELD | |
| LUMENTUM HLDGS INC | LITE | $2.2M | 2,563 | +0.02pp | 2q | +221.6%+$1.5M | |
| WISE GROUP PLC | WSE | $2.0M | 168,669 | - | new | NEW | |
| INSMED INC | INSM | $2.0M | 18,413 | -0.05pp | 8q | -52.0%-$2.1M | |
| NVIDIA CORPORATION | NVDA | $1.9M | 9,316 | flat | 25q | -7.8%-$157.9K | |
| TECHNIPFMC PLC | FTI | $1.8M | 27,838 | -0.22pp | 15q | -91.6%-$20.2M | |
| WHEATON PRECIOUS METALS CORP | WPM | $1.7M | 15,366 | +0.01pp | 2q | +215.7%+$1.2M | |
| STELLANTIS N.V | STLA | $1.6M | 278,210 | -0.01pp | 22q | HELD | |
| LIBERTY ENERGY INC | LBRT | $1.4M | 55,208 | flat | 5q | -8.5%-$134.7K | |
| VISA INC | V | $1.4M | 4,166 | flat | 31q | HELD | |
| KARMAN HLDGS INC | KRMN | $1.2M | 24,143 | +0.01pp | 2q | +299.5%+$903.5K | |
| ICON PUB LTD CO | ICLR | $1.0M | 6,010 | flat | 16q | HELD | |
| TENARIS S A | TS | $782.9K | 14,109 | flat | 7q | -16.0%-$148.9K | |
| PETROLEO BRASILEIRO S A | PBR | $682.2K | 42,214 | -0.07pp | 18q | -87.8%-$4.9M | |
| NOVARTIS AG | NVS | $644.7K | 4,114 | flat | 26q | HELD | |
| JPMORGAN CHASE & CO | JPM | $638.0K | 1,949 | flat | 31q | HELD | |
| COCA-COLA FEMSA SAB DE CV | KOF | $535.9K | 5,044 | flat | 5q | +11.0%+$52.9K | |
| KB FINL GROUP INC | KB | $477.0K | 4,545 | flat | 10q | -1.9%-$9.0K | |
| ZOETIS INC | ZTS | $417.9K | 5,816 | flat | 8q | HELD | |
| HDFC BANK LTD | HDB | $387.4K | 14,997 | flat | 31q | -0.7%-$2.8K | |
| VANGUARD INTL EQUITY INDEX F | VEU | $333.7K | 3,984 | flat | 9q | +10.9%+$32.7K | |
| ITAU UNIBANCO HLDG S A | ITUB | $272.6K | 33,365 | flat | 11q | -2.1%-$5.9K | |
| INFOSYS LTD | INFY | $269.7K | 25,714 | flat | 22q | +53.6%+$94.1K | |
| VODAFONE GROUP PLC | VOD | $227.0K | 17,164 | flat | 29q | HELD |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Banks & Lending | $1.4B | 13.2% |
| Biotech & Pharma | $1.3B | 12.9% |
| Energy | $1.3B | 12.0% |
| Semiconductors & Electronics | $1.2B | 11.5% |
| Telecom & Media | $813.8M | 7.8% |
| Industrials | $683.5M | 6.5% |
| Transport & Logistics | $573.6M | 5.5% |
| Software & IT Services | $532.8M | 5.1% |
| Capital Markets | $412.7M | 3.9% |
| Computer Hardware | $362.8M | 3.5% |
| Medical Devices | $306.1M | 2.9% |
| Business Services | $253.9M | 2.4% |
| Other sectors | $1.3B | 12.5% |
| Not classified | $27.5M | 0.3% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $10.5B | 139 | 8 | 71 | 48 | 40 | 58.1% | 44 |
| Q1 2026 | $9.6B | 171 | 24 | 63 | 66 | 29 | 58.6% | 42 |
| Q4 2025 | $7.9B | 176 | 10 | 48 | 90 | 10 | 52.1% | 44 |
| Q3 2025 | $7.7B | 176 | 10 | 39 | 100 | 11 | 51.9% | 43 |
| Q2 2025 | $7.8B | 177 | 11 | 36 | 102 | 16 | 50.7% | 44 |
| Q1 2025 | $71.5B | 182 | 9 | 26 | 124 | 15 | 48.1% | 38 |
| Q4 2024 | $7.6B | 188 | 8 | 41 | 91 | 12 | 45.7% | 45 |
| Q3 2024 | $7.7B | 192 | 14 | 56 | 77 | 11 | 42.4% | 43 |
| Q2 2024 | $7.1B | 189 | 12 | 50 | 81 | 10 | 42.7% | 39 |
| Q1 2024 | $7.2B | 187 | 12 | 40 | 113 | 21 | 41.5% | 43 |
| Q4 2023 | $6.9B | 196 | 15 | 49 | 97 | 15 | 42.1% | 39 |
| Q3 2023 | $6.1M | 196 | 24 | 39 | 85 | 12 | 39.3% | 44 |
| Q2 2023 | $6.2M | 184 | 12 | 44 | 95 | 13 | 39.2% | 39 |
| Q1 2023 | $6.1M | 185 | 11 | 53 | 83 | 27 | 39.6% | 39 |
| Q4 2022 | $5.9M | 201 | 15 | 36 | 110 | 14 | 41.7% | 39 |
| Q3 2022 | $5.6B | 200 | 20 | 41 | 105 | 21 | 39.6% | 46 |
| Q2 2022 | $6.5B | 201 | 21 | 50 | 99 | 16 | 40.7% | 36 |
| Q1 2022 | $7.6B | 196 | 16 | 59 | 104 | 28 | 40.5% | 42 |
| Q4 2021 | $8.5B | 208 | 19 | 59 | 120 | 20 | 40.1% | 41 |
| Q3 2021 | $8.1B | 209 | 18 | 62 | 108 | 15 | 36.7% | 41 |
| Q2 2021 | $8.7B | 206 | 28 | 61 | 96 | 29 | 36.9% | 42 |
| Q1 2021 | $8.6B | 207 | 32 | 73 | 71 | 52 | 38.4% | 44 |
| Q4 2020 | $8.4B | 227 | 80 | 34 | 89 | 17 | 37.8% | 40 |
| Q3 2020 | $7.6B | 164 | 20 | 20 | 96 | 15 | 38.7% | 36 |
| Q2 2020 | $7.8B | 159 | 20 | 29 | 88 | 24 | 37.7% | 38 |
| Q1 2020 | $7.0B | 163 | 17 | 48 | 81 | 25 | 41.3% | 43 |
| Q4 2019 | $10.4B | 171 | 16 | 50 | 70 | 15 | 38.1% | 41 |
| Q3 2019 | $10.4B | 170 | 20 | 48 | 65 | 20 | 36.0% | 43 |
| Q2 2019 | $10.4B | 170 | 16 | 39 | 88 | 21 | 35.7% | 37 |
| Q1 2019 | $10.3B | 175 | 24 | 61 | 59 | 20 | 36.1% | 37 |
| Q4 2018 | $10.2B | 171 | 0 | 0 | 0 | 0 | 36.9% | 37 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.