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Thornburg Investment Management Portfolio holdings

AUM $9.63B
1-Year Est. Return 35.65%
This Fund
S&P 500
This Quarter Est. Return
+12.95%
1 Year Est. Return
+35.65%
3 Year Est. Return
+112.18%
5 Year Est. Return
+128.98%
10 Year Est. Return
+499.61%
AUM
$7.77B
AUM Growth
-$63.8B
Cap. Flow
-$578M
Cap. Flow %
-7.44%
Top 10 Hldgs %
50.7%
Holding
193
New
10
Increased
37
Reduced
109
Closed
16

Top Buys

Rank Stock Value
1
MRK icon
Merck
MRK
+$131M
2
BZ icon
Kanzhun
BZ
+$38.7M
3
CP icon
Canadian Pacific Kansas City
CP
+$37.5M
4
ALC icon
Alcon
ALC
+$25.3M
5
SOBO
South Bow Corp
SOBO
+$22.5M

Top Sells

Rank Stock Value
1
JPM icon
JPMorgan Chase
JPM
+$124M
2
TECK icon
Teck Resources
TECK
+$115M
3
AVGO icon
Broadcom
AVGO
+$77.6M
4
PDD icon
Pinduoduo
PDD
+$74M
5
VTMX icon
Vesta Real Estate
VTMX
+$61M

Sector Composition

Rank Sector Weight
1 Financials 24.15%
2 Technology 17.79%
3 Healthcare 15.14%
4 Communication Services 14.05%
5 Consumer Discretionary 7.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENTG icon
126
Entegris
ENTG
$24.6B
$5.32M 0.07%
65,921
-5,578
-8% -$424K
OTEX icon
127
Open Text
OTEX
$5.8B
$5.24M 0.07%
179,337
– –
GKOS icon
128
Glaukos
GKOS
$11B
$5.21M 0.07%
50,430
– –
PODD icon
129
Insulet
PODD
$10.1B
$4.73M 0.06%
15,049
-1,421
-9% -$410K
CELH icon
130
Celsius Holdings
CELH
$6.99B
$4.6M 0.06%
99,131
-6,839
-6% -$263K
FRPT icon
131
Freshpet
FRPT
$3.48B
$4.52M 0.06%
66,461
+11,821
+22% +$923K
CHDN icon
132
Churchill Downs
CHDN
$6.17B
$4.5M 0.06%
44,508
-4,205
-9% -$412K
SDHC icon
133
Smith Douglas Homes
SDHC
$120M
$4.36M 0.06%
224,457
-19,756
-8% -$373K
TW icon
134
Tradeweb Markets
TW
$21.9B
$4.31M 0.06%
29,447
-2,782
-9% -$388K
BMRN icon
135
BioMarin Pharmaceuticals
BMRN
$13.6B
$4.29M 0.06%
78,010
-7,417
-9% -$437K
AORT icon
136
Artivion
AORT
$1.4B
$4.13M 0.05%
132,672
– –
CWAN
137
DELISTED
Clearwater Analytics
CWAN
$4.1M 0.05%
186,874
-17,662
-9% -$406K
DEO icon
138
Diageo
DEO
$52.2B
$4.07M 0.05%
40,374
-6,005
-13% -$651K
STEP icon
139
StepStone Group
STEP
$3.96B
$4.06M 0.05%
73,141
+13,821
+23% +$740K
EFA icon
140
iShares MSCI EAFE ETF
EFA
$80.2B
$3.64M 0.05%
40,774
+9,389
+30% +$802K
SITM icon
141
SiTime
SITM
$20.5B
$3.41M 0.04%
+16,000
New +$2.89M
IOT icon
142
Samsara
IOT
$22.9B
$3.08M 0.04%
+77,406
New +$3.2M
STLA icon
143
Stellantis
STLA
$20.2B
$3.04M 0.04%
303,335
-32,508
-10% -$320K
SAIA icon
144
Saia
SAIA
$9.73B
$2.92M 0.04%
10,655
-1,006
-9% -$287K
ACWX icon
145
iShares MSCI ACWI ex US ETF
ACWX
$12B
$2.9M 0.04%
47,631
-168,034
-78% -$9.7M
INSP icon
146
Inspire Medical Systems
INSP
$1.68B
$2.72M 0.03%
20,928
-1,976
-9% -$287K
AS icon
147
Amer Sports
AS
$19.2B
$2.58M 0.03%
66,478
-222,895
-77% -$6.86M
AMZN icon
148
Amazon
AMZN
$2.88T
$2.45M 0.03%
11,146
-250
-2% -$49.5K
CYTK icon
149
Cytokinetics
CYTK
$10.5B
$2.41M 0.03%
72,879
-188,014
-72% -$6.54M
NVDA icon
150
NVIDIA
NVDA
$5.43T
$2.28M 0.03%
14,427
-170,001
-92% -$21.4M
4 5
6
7 8

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SC
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TCA
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CCMT
CMT Capital Markets Trading Frankfurt, Germany $9.56B AUM 21.2% 1-Year Est. Return
LAMI
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DCP
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HL
Harding Loevner Bridgewater, New Jersey $9.72B AUM 22.38% 1-Year Est. Return
FCM
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CCM
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Thornburg Investment Management's Q2 2025 Portfolio in Review

As of Q2 2025, Thornburg Investment Management held 193 positions worth $7.77B, down 89% from $71.5B the previous quarter. Its ten largest holdings account for 51% of the portfolio.

Thornburg Investment Management withdrew a net $578M in Q2 2025, closing 16 positions and reducing 109 holdings. Its most notable exit was Teck Resources, an estimated $115M position sold in full.

By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 25% a quarter earlier, followed by Technology and Healthcare.

Against the trend, Thornburg Investment Management opened a new position in Arista Networks worth $14.9M.

  • Thornburg Investment Management's largest Q2 2025 buy was Arista Networks: 145,485 shares worth $14.9M.
  • Thornburg Investment Management added most to Merck in Q2 2025, an estimated $131M increase.
  • Thornburg Investment Management's biggest Q2 2025 reduction was JPMorgan Chase, cutting an estimated $124M.
  • Thornburg Investment Management fully exited Teck Resources in Q2 2025, selling an estimated $115M.
  • Thornburg Investment Management's ten largest holdings make up 51% of its $7.77B portfolio in Q2 2025.
  • Thornburg Investment Management opened 10 new positions and closed 16 in Q2 2025.
  • Thornburg Investment Management's portfolio value fell 89% quarter-over-quarter to $7.77B.

Based on Thornburg Investment Management's 13F filing for Q2 2025, filed 13 Aug 2025.