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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
+3.57%
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
$7.93B
AUM Growth
+$259M
Cap. Flow
+$108M
Cap. Flow %
1.36%
Top 10 Hldgs %
52.14%
Holding
186
New
10
Increased
54
Reduced
100
Closed
10

Top Buys

Rank Stock Value
1
BZ icon
Kanzhun
BZ
+$48.9M
2
LLY icon
Eli Lilly
LLY
+$43.4M
3
RF icon
Regions Financial
RF
+$41M
4
FCX icon
Freeport-McMoran
FCX
+$40.7M
5
ALC icon
Alcon
ALC
+$24M

Top Sells

Rank Stock Value
1
AVGO icon
Broadcom
AVGO
+$52.4M
2
NVO
Novo Nordisk
NVO
+$30.2M
3
JPM icon
JPMorgan Chase
JPM
+$28.2M
4
ELME
Elme Communities
ELME
+$27M
5
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$26M

Sector Composition

Rank Sector Weight
1 Financials 27.09%
2 Technology 19.07%
3 Communication Services 13.47%
4 Healthcare 13.03%
5 Industrials 7.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVDA icon
151
NVIDIA
NVDA
$5.43T
$2.04M 0.03%
10,912
-1,315
-11% -$245K
VEU icon
152
Vanguard FTSE All-World ex-US ETF
VEU
$70.5B
$1.72M 0.02%
23,356
+19,605
+523% +$1.43M
AS icon
153
Amer Sports
AS
$19.2B
$1.5M 0.02%
40,253
-26,225
-39% -$900K
V icon
154
Visa
V
$671B
$1.46M 0.02%
4,166
-58
-1% -$19.8K
SLB icon
155
SLB Ltd
SLB
$78.1B
$1.36M 0.02%
35,406
+1,306
+4% +$47.3K
LBRT icon
156
Liberty Energy
LBRT
$3.52B
$1.16M 0.01%
62,882
-11,613
-16% -$194K
CIGI icon
157
Colliers International
CIGI
$5.15B
$1.09M 0.01%
7,439
+5,771
+346% +$867K
TS icon
158
Tenaris
TS
$26.8B
$819K 0.01%
21,297
-2,352
-10% -$90.7K
WCN
159
Waste Connections
WCN
$41.6B
$761K 0.01%
4,337
-22,212
-84% -$3.84M
VXUS icon
160
Vanguard Total International Stock ETF
VXUS
$164B
$733K 0.01%
9,722
+4,430
+84% +$331K
ZTS icon
161
Zoetis
ZTS
$30.4B
$732K 0.01%
5,816
– –
NVS icon
162
Novartis
NVS
$290B
$674K 0.01%
4,889
– –
PWR icon
163
Quanta Services
PWR
$102B
$634K 0.01%
1,503
-310
-17% -$136K
JPM icon
164
JPMorgan Chase
JPM
$971B
$628K 0.01%
1,949
-91,207
-98% -$28.2M
HDB icon
165
HDFC Bank
HDB
$119B
$568K 0.01%
15,533
-1,069
-6% -$38.5K
PAC icon
166
Grupo Aeroportuario del Pacifico
PAC
$12.8B
$533K 0.01%
2,021
-26
-1% -$6.04K
KOF icon
167
Coca-Cola Femsa
KOF
$23.1B
$435K 0.01%
4,594
+48
+1% +$4.24K
KB icon
168
KB Financial Group
KB
$41.4B
$402K 0.01%
4,675
-52
-1% -$4.38K
AAPL icon
169
Apple
AAPL
$4.41T
$361K ﹤0.01%
1,329
-1,774
-57% -$476K
ITUB icon
170
Itaú Unibanco
ITUB
$81.6B
$308K ﹤0.01%
42,993
-597
-1% -$4.25K
INFY icon
171
Infosys
INFY
$49.7B
$298K ﹤0.01%
16,738
-7,929
-32% -$137K
CPNG icon
172
Coupang
CPNG
$29.3B
$269K ﹤0.01%
11,384
-2,952
-21% -$84K
KRG icon
173
Kite Realty
KRG
$5.27B
$266K ﹤0.01%
11,077
-341,664
-97% -$7.76M
AL
174
DELISTED
Air Lease Corp
AL
$254K ﹤0.01%
3,950
-1,332
-25% -$85K
VOD icon
175
Vodafone
VOD
$37.2B
$227K ﹤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
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FCM
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CCM
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Thornburg Investment Management's Q4 2025 Portfolio in Review

As of Q4 2025, Thornburg Investment Management held 186 positions worth $7.93B, up 3.4% from $7.67B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Thornburg Investment Management's Q4 2025 filing shows 10 new, 54 increased, 100 reduced and 10 closed positions. Its largest new stake was Eli Lilly: 45,404 shares worth $48.8M. The largest sale was Broadcom, an estimated $52.4M.

By sector, the portfolio is most concentrated in Financials at 27% of assets, up from 26% a quarter earlier, followed by Technology and Communication Services.

  • Thornburg Investment Management's largest Q4 2025 buy was Eli Lilly: 45,404 shares worth $48.8M.
  • Thornburg Investment Management added most to Kanzhun in Q4 2025, an estimated $48.9M increase.
  • Thornburg Investment Management's biggest Q4 2025 reduction was Broadcom, cutting an estimated $52.4M.
  • Thornburg Investment Management fully exited Novo Nordisk in Q4 2025, selling an estimated $30.2M.
  • Thornburg Investment Management's ten largest holdings make up 52% of its $7.93B portfolio in Q4 2025.
  • Thornburg Investment Management opened 10 new positions and closed 10 in Q4 2025.
  • Thornburg Investment Management's portfolio value rose 3.4% quarter-over-quarter to $7.93B.

Based on Thornburg Investment Management's 13F filing for Q4 2025, filed 13 Feb 2026.