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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
BROS icon
151
Dutch Bros
BROS
$8.91B
$2.18M 0.03%
+31,864
New +$2.08M
BMY icon
152
Bristol-Myers Squibb
BMY
$130B
$1.78M 0.02%
38,400
– –
V icon
153
Visa
V
$671B
$1.5M 0.02%
4,224
-297
-7% -$104K
SLB icon
154
SLB Ltd
SLB
$78.1B
$1.15M 0.01%
34,100
– –
TS icon
155
Tenaris
TS
$26.8B
$936K 0.01%
25,031
+3,968
+19% +$136K
ZTS icon
156
Zoetis
ZTS
$30.4B
$907K 0.01%
5,816
– –
LBRT icon
157
Liberty Energy
LBRT
$3.52B
$882K 0.01%
+76,849
New +$931K
PWR icon
158
Quanta Services
PWR
$102B
$685K 0.01%
1,813
-8
-0.4% -$2.57K
HDB icon
159
HDFC Bank
HDB
$119B
$651K 0.01%
16,986
-67,720
-80% -$2.45M
AAPL icon
160
Apple
AAPL
$4.41T
$637K 0.01%
3,103
– –
NVS icon
161
Novartis
NVS
$290B
$592K 0.01%
4,889
– –
PAC icon
162
Grupo Aeroportuario del Pacifico
PAC
$12.8B
$542K 0.01%
+2,360
New +$504K
INFY icon
163
Infosys
INFY
$49.7B
$533K 0.01%
28,781
-30,291
-51% -$541K
KOF icon
164
Coca-Cola Femsa
KOF
$23.1B
$518K 0.01%
+5,350
New +$507K
CPNG icon
165
Coupang
CPNG
$29.3B
$493K 0.01%
16,450
-7,239
-31% -$185K
KB icon
166
KB Financial Group
KB
$41.4B
$467K 0.01%
5,650
-21,808
-79% -$1.47M
RDY icon
167
Dr. Reddy's Laboratories
RDY
$10.3B
$431K 0.01%
28,702
-42,299
-60% -$604K
VXUS icon
168
Vanguard Total International Stock ETF
VXUS
$164B
$401K 0.01%
+5,805
New +$377K
GRAB icon
169
Grab
GRAB
$14.7B
$380K ﹤0.01%
75,486
-104,490
-58% -$487K
ITUB icon
170
Itaú Unibanco
ITUB
$81.6B
$328K ﹤0.01%
49,786
-127,220
-72% -$776K
POOL icon
171
Pool Corp
POOL
$7.25B
$281K ﹤0.01%
963
-21,288
-96% -$6.44M
QCOM icon
172
Qualcomm
QCOM
$171B
$264K ﹤0.01%
1,659
-3,842
-70% -$566K
FANG icon
173
Diamondback Energy
FANG
$56.2B
$264K ﹤0.01%
1,919
-27
-1% -$3.74K
VEU icon
174
Vanguard FTSE All-World ex-US ETF
VEU
$70.5B
$247K ﹤0.01%
3,676
+268
+8% +$17K
ASX icon
175
ASE Group
ASX
$102B
$239K ﹤0.01%
23,104
-53,316
-70% -$497K
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 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.