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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
+8.25%
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
$7.67B
AUM Growth
-$109M
Cap. Flow
-$603M
Cap. Flow %
-7.87%
Top 10 Hldgs %
51.91%
Holding
187
New
10
Increased
42
Reduced
104
Closed
11

Top Buys

Rank Stock Value
1
TDG icon
TransDigm Group
TDG
+$68.1M
2
T icon
AT&T
T
+$22M
3
CME icon
CME Group
CME
+$21.7M
4
ADBE icon
Adobe
ADBE
+$20.9M
5
CP icon
Canadian Pacific Kansas City
CP
+$19.1M

Top Sells

Rank Stock Value
1
PFE icon
Pfizer
PFE
+$222M
2
AVGO icon
Broadcom
AVGO
+$135M
3
MRK icon
Merck
MRK
+$99.6M
4
PBR icon
Petrobras
PBR
+$92.6M
5
LYB icon
LyondellBasell Industries
LYB
+$53.2M

Sector Composition

Rank Sector Weight
1 Financials 25.98%
2 Technology 18.86%
3 Communication Services 14.66%
4 Healthcare 11.17%
5 Consumer Discretionary 8.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DEO icon
126
Diageo
DEO
$52.2B
$4.88M 0.06%
51,092
+10,718
+27% +$1.12M
STEP icon
127
StepStone Group
STEP
$3.96B
$4.78M 0.06%
73,141
– –
WCN
128
Waste Connections
WCN
$41.6B
$4.67M 0.06%
26,549
-12,246
-32% -$2.23M
CYTK icon
129
Cytokinetics
CYTK
$10.5B
$4.66M 0.06%
84,719
+11,840
+16% +$488K
SAP icon
130
SAP
SAP
$236B
$4.63M 0.06%
17,339
-7,421
-30% -$2.09M
FOUR icon
131
Shift4
FOUR
$3.47B
$4.53M 0.06%
58,481
-1,622
-3% -$151K
PODD icon
132
Insulet
PODD
$10.1B
$4.52M 0.06%
14,643
-406
-3% -$127K
PBR icon
133
Petrobras
PBR
$114B
$4.38M 0.06%
346,334
-7,367,164
-96% -$92.6M
MNDY icon
134
monday.com
MNDY
$3.63B
$4.13M 0.05%
21,300
-590
-3% -$136K
BROS icon
135
Dutch Bros
BROS
$8.91B
$4.07M 0.05%
77,711
+45,847
+144% +$2.9M
GKOS icon
136
Glaukos
GKOS
$11B
$4M 0.05%
49,069
-1,361
-3% -$125K
BMRN icon
137
BioMarin Pharmaceuticals
BMRN
$13.6B
$3.96M 0.05%
73,145
-4,865
-6% -$278K
ONON icon
138
On Holding
ONON
$10.4B
$3.85M 0.05%
90,916
-27,749
-23% -$1.32M
FRPT icon
139
Freshpet
FRPT
$3.48B
$3.56M 0.05%
64,667
-1,794
-3% -$111K
CWAN
140
DELISTED
Clearwater Analytics
CWAN
$3.28M 0.04%
181,830
-5,044
-3% -$102K
IOT icon
141
Samsara
IOT
$22.9B
$3.25M 0.04%
87,174
+9,768
+13% +$363K
TW icon
142
Tradeweb Markets
TW
$21.9B
$3.18M 0.04%
28,653
-794
-3% -$102K
SAIA icon
143
Saia
SAIA
$9.73B
$3.1M 0.04%
10,368
-287
-3% -$86.6K
STLA icon
144
Stellantis
STLA
$20.2B
$2.83M 0.04%
303,335
– –
CHDN icon
145
Churchill Downs
CHDN
$6.17B
$2.83M 0.04%
29,140
-15,368
-35% -$1.58M
AMZN icon
146
Amazon
AMZN
$2.88T
$2.4M 0.03%
10,937
-209
-2% -$47.3K
AS icon
147
Amer Sports
AS
$19.2B
$2.31M 0.03%
66,478
– –
NVDA icon
148
NVIDIA
NVDA
$5.43T
$2.28M 0.03%
12,227
-2,200
-15% -$383K
RARE icon
149
Ultragenyx Pharmaceutical
RARE
$2.65B
$2.08M 0.03%
+69,248
New +$2.08M
BMY icon
150
Bristol-Myers Squibb
BMY
$130B
$1.73M 0.02%
38,400
– –
4 5
6
7 8

Similar funds

SC
Sculptor Capital New York $9.61B AUM 27.5% 1-Year Est. Return
TCA
Tortoise Capital Advisors Overland Park, Kansas $9.6B AUM 19.53% 1-Year Est. Return
CCMT
CMT Capital Markets Trading Frankfurt, Germany $9.56B AUM 21.2% 1-Year Est. Return
LAMI
Longview Asset Management (Illinois) Chicago, Illinois $9.56B AUM 25.94% 1-Year Est. Return
DCP
Durable Capital Partners Bethesda, Maryland $9.71B AUM 26.27% 1-Year Est. Return
HL
Harding Loevner Bridgewater, New Jersey $9.72B AUM 22.38% 1-Year Est. Return
FCM
Frontier Capital Management Boston, Massachusetts $9.73B AUM 55.65% 1-Year Est. Return
CCM
Cullen Capital Management New York $9.75B AUM 21.81% 1-Year Est. Return

Thornburg Investment Management's Q3 2025 Portfolio in Review

As of Q3 2025, Thornburg Investment Management held 187 positions worth $7.67B, down 1.4% from $7.77B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Thornburg Investment Management withdrew a net $603M in Q3 2025, closing 11 positions and reducing 104 holdings. Its most notable exit was Stevanato, an estimated $18.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 24% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Thornburg Investment Management opened a new position in TransDigm Group worth $62.8M.

  • Thornburg Investment Management's largest Q3 2025 buy was TransDigm Group: 47,636 shares worth $62.8M.
  • Thornburg Investment Management added most to AT&T in Q3 2025, an estimated $22M increase.
  • Thornburg Investment Management's biggest Q3 2025 reduction was Pfizer, cutting an estimated $222M.
  • Thornburg Investment Management fully exited Stevanato in Q3 2025, selling an estimated $18.1M.
  • Thornburg Investment Management's ten largest holdings make up 52% of its $7.67B portfolio in Q3 2025.
  • Thornburg Investment Management opened 10 new positions and closed 11 in Q3 2025.
  • Thornburg Investment Management's portfolio value fell 1.4% quarter-over-quarter to $7.67B.

Based on Thornburg Investment Management's 13F filing for Q3 2025, filed 12 Nov 2025.