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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
T icon
1
AT&T
T
$165B
$795M 10.23%
27,481,441
-103,421
-0.4% -$2.85M
AVGO icon
2
Broadcom
AVGO
$2.01T
$729M 9.38%
2,645,365
-357,168
-12% -$77.6M
C icon
3
Citigroup
C
$227B
$687M 8.83%
8,066,349
+176,331
+2% +$12.7M
MRK icon
4
Merck
MRK
$323B
$374M 4.82%
4,729,641
+1,642,835
+53% +$131M
CME icon
5
CME Group
CME
$94.8B
$284M 3.66%
1,031,324
-524
-0.1% -$142K
EQH icon
6
Equitable Holdings
EQH
$14.4B
$272M 3.5%
4,855,273
– –
PFE icon
7
Pfizer
PFE
$154B
$254M 3.26%
10,458,571
+562,798
+6% +$13.1M
TRP icon
8
TC Energy
TRP
$66B
$189M 2.43%
3,860,519
– –
HD icon
9
Home Depot
HD
$350B
$188M 2.42%
512,523
+3,149
+0.6% +$1.14M
CSCO icon
10
Cisco
CSCO
$483B
$170M 2.18%
2,448,169
– –
MDT icon
11
Medtronic
MDT
$114B
$168M 2.16%
1,922,810
– –
ENB icon
12
Enbridge
ENB
$112B
$163M 2.09%
3,587,620
– –
CP icon
13
Canadian Pacific Kansas City
CP
$79.6B
$162M 2.08%
2,044,755
+487,212
+31% +$37.5M
TSM icon
14
TSMC
TSM
$2.17T
$161M 2.06%
708,696
-62,980
-8% -$11.7M
ALC icon
15
Alcon
ALC
$35.9B
$143M 1.84%
1,615,994
+282,468
+21% +$25.3M
FCX icon
16
Freeport-McMoran
FCX
$98.7B
$126M 1.63%
2,915,823
+71,645
+3% +$2.72M
LIN icon
17
Linde
LIN
$227B
$122M 1.57%
259,501
+446
+0.2% +$204K
LYB icon
18
LyondellBasell Industries
LYB
$20.2B
$114M 1.47%
1,971,413
-10,599
-0.5% -$618K
META icon
19
Meta Platforms (Facebook)
META
$1.52T
$114M 1.47%
154,368
-14,640
-9% -$9.05M
RF icon
20
Regions Financial
RF
$26.8B
$108M 1.39%
4,596,096
– –
PBR icon
21
Petrobras
PBR
$118B
$96.5M 1.24%
7,713,498
-37,340
-0.5% -$447K
GOOGL icon
22
Alphabet (Google) Class A
GOOGL
$4.37T
$93.7M 1.21%
531,936
+40,355
+8% +$6.61M
FER icon
23
Ferrovial N.V. Ordinary Shares
FER
$47.2B
$91.6M 1.18%
1,733,070
+5,187
+0.3% +$253K
BZ icon
24
Kanzhun
BZ
$7.8B
$83.2M 1.07%
4,664,157
+2,304,050
+98% +$38.7M
MELI icon
25
Mercado Libre
MELI
$92.5B
$80.3M 1.03%
30,712
-2,028
-6% -$4.74M
1
2 3 4 5

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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
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.