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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
C icon
1
Citigroup
C
$229B
$814M 10.62%
8,022,240
-44,109
-0.5% -$4.19M
T icon
2
AT&T
T
$167B
$798M 10.41%
28,254,463
+773,022
+3% +$22M
AVGO icon
3
Broadcom
AVGO
$1.99T
$727M 9.49%
2,204,525
-440,840
-17% -$135M
CME icon
4
CME Group
CME
$93.7B
$300M 3.92%
1,111,182
+79,858
+8% +$21.7M
MRK icon
5
Merck
MRK
$322B
$295M 3.85%
3,520,631
-1,209,010
-26% -$99.6M
EQH icon
6
Equitable Holdings
EQH
$13.9B
$247M 3.22%
4,867,643
+12,370
+0.3% +$655K
TRP icon
7
TC Energy
TRP
$66.7B
$219M 2.86%
4,027,286
+166,767
+4% +$8.37M
HD icon
8
Home Depot
HD
$354B
$209M 2.73%
515,676
+3,153
+0.6% +$1.24M
TSM icon
9
TSMC
TSM
$2.18T
$186M 2.42%
664,576
-44,120
-6% -$10.8M
MDT icon
10
Medtronic
MDT
$115B
$184M 2.4%
1,930,295
+7,485
+0.4% +$688K
ENB icon
11
Enbridge
ENB
$113B
$181M 2.36%
3,587,620
– –
CSCO icon
12
Cisco
CSCO
$477B
$179M 2.33%
2,611,890
+163,721
+7% +$11.2M
CP icon
13
Canadian Pacific Kansas City
CP
$80.5B
$171M 2.23%
2,295,096
+250,341
+12% +$19.1M
LIN icon
14
Linde
LIN
$226B
$131M 1.71%
275,063
+15,562
+6% +$7.37M
GOOGL icon
15
Alphabet (Google) Class A
GOOGL
$4.25T
$125M 1.63%
513,429
-18,507
-3% -$3.88M
RF icon
16
Regions Financial
RF
$26.9B
$122M 1.59%
4,624,765
+28,669
+0.6% +$745K
ALC icon
17
Alcon
ALC
$36.5B
$107M 1.4%
1,435,787
-180,207
-11% -$15M
META icon
18
Meta Platforms (Facebook)
META
$1.54T
$106M 1.38%
143,706
-10,662
-7% -$7.94M
BABA icon
19
Alibaba
BABA
$308B
$98.9M 1.29%
553,384
+69,232
+14% +$9.07M
FER icon
20
Ferrovial N.V. Ordinary Shares
FER
$47.3B
$98.8M 1.29%
1,737,962
+4,892
+0.3% +$264K
ABBV icon
21
AbbVie
ABBV
$440B
$93M 1.21%
401,760
+81,625
+25% +$16.6M
BZ icon
22
Kanzhun
BZ
$7.44B
$90M 1.17%
3,851,569
-812,588
-17% -$17.4M
FCX icon
23
Freeport-McMoran
FCX
$96B
$72.7M 0.95%
1,854,853
-1,060,970
-36% -$46M
SCHW
24
Charles Schwab
SCHW
$186B
$72.2M 0.94%
756,005
-57,869
-7% -$5.49M
MELI icon
25
Mercado Libre
MELI
$96.9B
$70M 0.91%
29,941
-771
-3% -$1.85M
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
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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.