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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
INSP icon
151
Inspire Medical Systems
INSP
$1.68B
$1.51M 0.02%
20,364
-564
-3% -$57.1K
V icon
152
Visa
V
$671B
$1.44M 0.02%
4,224
– –
GLOB icon
153
Globant
GLOB
$1.67B
$1.33M 0.02%
23,238
-69,564
-75% -$5.12M
MU icon
154
Micron Technology
MU
$1.03T
$1.3M 0.02%
7,791
-56,848
-88% -$7.27M
SLB icon
155
SLB Ltd
SLB
$78.1B
$1.17M 0.02%
34,100
– –
LBRT icon
156
Liberty Energy
LBRT
$3.52B
$919K 0.01%
74,495
-2,354
-3% -$27.2K
ZTS icon
157
Zoetis
ZTS
$30.4B
$851K 0.01%
5,816
– –
TS icon
158
Tenaris
TS
$26.8B
$846K 0.01%
23,649
-1,382
-6% -$50.2K
AAPL icon
159
Apple
AAPL
$4.41T
$790K 0.01%
3,103
– –
PWR icon
160
Quanta Services
PWR
$102B
$751K 0.01%
1,813
– –
NVS icon
161
Novartis
NVS
$290B
$627K 0.01%
4,889
– –
HDB icon
162
HDFC Bank
HDB
$119B
$567K 0.01%
16,602
-384
-2% -$14.2K
PAC icon
163
Grupo Aeroportuario del Pacifico
PAC
$12.8B
$486K 0.01%
2,047
-313
-13% -$75.1K
CPNG icon
164
Coupang
CPNG
$29.3B
$462K 0.01%
14,336
-2,114
-13% -$63.9K
INFY icon
165
Infosys
INFY
$49.7B
$401K 0.01%
24,667
-4,114
-14% -$70.8K
KB icon
166
KB Financial Group
KB
$41.4B
$392K 0.01%
4,727
-923
-16% -$75.7K
VXUS icon
167
Vanguard Total International Stock ETF
VXUS
$164B
$389K 0.01%
5,292
-513
-9% -$36.4K
KOF icon
168
Coca-Cola Femsa
KOF
$23.1B
$378K ﹤0.01%
4,546
-804
-15% -$69.4K
AL
169
DELISTED
Air Lease Corp
AL
$336K ﹤0.01%
5,282
-178,070
-97% -$10.6M
ITUB icon
170
Itaú Unibanco
ITUB
$81.6B
$311K ﹤0.01%
43,590
-6,196
-12% -$40.9K
SMPL icon
171
Simply Good Foods
SMPL
$968M
$295K ﹤0.01%
11,885
-248,878
-95% -$7.35M
VEU icon
172
Vanguard FTSE All-World ex-US ETF
VEU
$70.5B
$268K ﹤0.01%
3,751
+75
+2% +$5.18K
CIGI icon
173
Colliers International
CIGI
$5.15B
$261K ﹤0.01%
+1,668
New +$257K
FANG icon
174
Diamondback Energy
FANG
$56.2B
$221K ﹤0.01%
1,544
-375
-20% -$53.4K
VOD icon
175
Vodafone
VOD
$37.2B
$199K ﹤0.01%
17,164
– –
4 5 6
7
8

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SC
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TCA
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CCMT
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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 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.