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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
C icon
1
Citigroup
C
$228B
$936M 11.81%
8,017,682
-4,558
-0.1% -$473K
T icon
2
AT&T
T
$166B
$721M 9.1%
29,044,508
+790,045
+3% +$20M
AVGO icon
3
Broadcom
AVGO
$2.01T
$712M 8.99%
2,057,995
-146,530
-7% -$52.4M
MRK icon
4
Merck
MRK
$322B
$392M 4.95%
3,728,673
+208,042
+6% +$19.5M
CME icon
5
CME Group
CME
$94B
$313M 3.95%
1,146,539
+35,357
+3% +$9.61M
EQH icon
6
Equitable Holdings
EQH
$13.9B
$233M 2.94%
4,889,730
+22,087
+0.5% +$1.05M
TRP icon
7
TC Energy
TRP
$66.5B
$223M 2.81%
4,040,854
+13,568
+0.3% +$724K
CSCO icon
8
Cisco
CSCO
$480B
$221M 2.79%
2,869,033
+257,143
+10% +$19.1M
TSM icon
9
TSMC
TSM
$2.2T
$196M 2.47%
644,259
-20,317
-3% -$5.96M
MDT icon
10
Medtronic
MDT
$115B
$185M 2.34%
1,928,745
-1,550
-0.1% -$151K
HD icon
11
Home Depot
HD
$354B
$179M 2.26%
519,903
+4,227
+0.8% +$1.55M
ENB icon
12
Enbridge
ENB
$113B
$172M 2.18%
3,601,831
+14,211
+0.4% +$678K
RF icon
13
Regions Financial
RF
$26.8B
$169M 2.13%
6,230,601
+1,605,836
+35% +$41M
CP icon
14
Canadian Pacific Kansas City
CP
$80.6B
$155M 1.95%
2,102,939
-192,157
-8% -$14.1M
FCX icon
15
Freeport-McMoran
FCX
$96.5B
$142M 1.79%
2,794,794
+939,941
+51% +$40.7M
ALC icon
16
Alcon
ALC
$36.9B
$138M 1.74%
1,747,719
+311,932
+22% +$24M
GOOGL icon
17
Alphabet (Google) Class A
GOOGL
$4.3T
$132M 1.67%
422,442
-90,987
-18% -$26M
BZ icon
18
Kanzhun
BZ
$7.39B
$125M 1.57%
6,117,010
+2,265,441
+59% +$48.9M
LIN icon
19
Linde
LIN
$227B
$116M 1.46%
272,505
-2,558
-0.9% -$1.1M
FER icon
20
Ferrovial N.V. Ordinary Shares
FER
$47.3B
$112M 1.41%
1,740,874
+2,912
+0.2% +$184K
ABBV icon
21
AbbVie
ABBV
$439B
$91.6M 1.16%
401,010
-750
-0.2% -$171K
META icon
22
Meta Platforms (Facebook)
META
$1.55T
$85.7M 1.08%
129,770
-13,936
-10% -$9.31M
BABA icon
23
Alibaba
BABA
$308B
$85.6M 1.08%
584,028
+30,644
+6% +$4.99M
SOBO
24
South Bow Corp
SOBO
$7.56B
$77.8M 0.98%
2,829,875
+832,574
+42% +$22.6M
SCHW
25
Charles Schwab
SCHW
$187B
$75.4M 0.95%
754,888
-1,117
-0.1% -$106K
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 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.