TI
Thornburg Investment Management Inc 13F Filing (Q2 2026) — Top Positions & Stock Picks
Thornburg Investment Management IncCIK: 0001145020
Diversified strategyQuality / disciplined sizingMomentum follower
Total reported value
$10.5B
Reporting period: 2026-06-30 · Number of holdings: 139
THORNBURG INVESTMENT MANAGEMENT INC disclosed 139 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $10.5B and a quarterly turnover rate of 28.3%.
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Personality snowflake
- Concentration
- 17.53
- Portfolio Stability
- 28.29
- Momentum
- 72.13
- Sector conviction
- 47.63
- Diversification
- 100
- Sizing Uniformity
- 77.35
Thornburg Investment Management Inc's disclosed holdings carry a Herfindahl concentration index of 0.044 — mathematically equivalent to about 23 equally-sized positions, well below its 139 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.26), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy KMB
Trim TTE
+1.4% -$170.9M
Trim T
+16.0% -$154.3M
Trim CME
-1.1% -$88.2M
Add TSM
+9.1% $128.3M
Trim LYB
-91.5% -$74.3M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | C | Citigroup Inc | Stock-Financials | 10.10% | +0.70% | -5.53% | |
| 2 | TTE | TotalEnergies SE | Stock-Other | 8.79% | -2.52% | +1.43% | |
| 3 | T | At&t Inc | Stock-Comm Services | 7.13% | -2.21% | +16.03% | |
| 4 | AVGO | Broadcom Inc | Stock-Tech | 6.61% | -0.08% | -12.17% | |
| 5 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 6.05% | +6.05% | NEW | |
| 6 | AZN | AstraZeneca PLC | Stock-Healthcare | 5.17% | -0.60% | +1.15% | |
| 7 | MRK | Merck & Co. Inc. | Stock-Healthcare | 4.66% | — | +1.59% | |
| 8 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 3.49% | +1.03% | +9.06% | |
| 9 | CSCO | Cisco Systems Inc | Stock-Tech | 3.05% | +0.70% | -6.81% | |
| 10 | TRP | Tc Energy CORP | Stock-Energy | 3.01% | -0.05% | +0.73% | |
| 11 | CME | Cme Group Inc | Stock-Financials | 2.39% | -1.12% | -1.14% | |
| 12 | EQH | Equitable Holdings Inc | Stock-Financials | 2.16% | +0.24% | +2.97% | |
| 13 | FCX | Freeport-mcmoran Inc | Stock-Materials | 1.99% | +0.26% | +16.52% | |
| 14 | RF | Regions Financial CORP | Stock-Financials | 1.95% | +0.18% | +3.55% | |
| 15 | ENB | Enbridge Inc | Stock-Energy | 1.90% | -0.15% | +0.93% | |
| 16 | MDT | Medtronic plc | Stock-Healthcare | 1.88% | +0.07% | +24.52% | |
| 17 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.67% | +0.01% | -0.54% | |
| 18 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.67% | +0.40% | +14.85% | |
| 19 | HD | Home Depot Inc | Stock-Consumer Disc | 1.57% | -0.21% | -10.77% | |
| 20 | LIN | Linde plc | Stock-Materials | 1.35% | -0.06% | -1.30% | |
| 21 | ABBV | Abbvie Inc | Stock-Healthcare | 1.30% | +0.16% | +7.62% | |
| 22 | SOBO | South Bow CORP | Stock-Other | 1.25% | — | +2.43% | |
| 23 | ✓ | Ferrovial Se | Stock-Other | 1.12% | -0.04% | -1.53% | |
| 24 | ALC | Alcon Inc. | Stock-Healthcare | 1.05% | -0.28% | -4.47% | |
| 25 | SCHW | Schwab (charles) CORP | Stock-Financials | 1.03% | +0.24% | +44.58% | |
| 26 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.91% | +0.34% | +32.41% | |
| 27 | CIM | Chimera Investment CORP | Stock-Other | 0.70% | -0.01% | +0.65% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.70% | -0.05% | +3.37% | |
| 29 | BZ | Kanzhun LTD - Adr | Stock-Other | 0.67% | -0.20% | -13.14% | |
| 30 | MA | Mastercard Inc - A | Stock-Financials | 0.61% | +0.10% | +26.08% | |
| 31 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.57% | -0.22% | +1.24% | |
| 32 | SLRC | Slr Investment CORP | Stock-Other | 0.56% | -0.13% | +1.63% | |
| 33 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.54% | +0.05% | +2720.65% | |
| 34 | ADBE | Adobe Inc | Stock-Tech | 0.53% | +0.09% | +55.49% | |
| 35 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 0.48% | -0.08% | -5.07% | |
| 36 | AMD | Advanced Micro Devices | Stock-Tech | 0.47% | +0.21% | -31.12% | |
| 37 | NFLX | Netflix Inc | Stock-Comm Services | 0.45% | +0.32% | +428.28% | |
| 38 | PFE | Pfizer Inc | Stock-Healthcare | 0.45% | -0.20% | -12.14% | |
| 39 | TJX | Tjx Companies Inc | Stock-Consumer Disc | 0.45% | +0.01% | +17.15% | |
| 40 | LHX | L3harris Technologies Inc | Stock-Industrials | 0.43% | -0.02% | +20.88% | |
| 41 | COF | Capital One Financial CORP | Stock-Financials | 0.38% | +0.12% | +43.08% | |
| 42 | CACI | Caci International Inc -cl A | Stock-Tech | 0.38% | -0.10% | +1.75% | |
| 43 | ASML | ASML Holding N.V. | Stock-Tech | 0.36% | +0.09% | -3.93% | |
| 44 | MU | Micron Technology Inc | Stock-Tech | 0.35% | +0.26% | +27.08% | |
| 45 | SE | Sea Ltd-adr | Stock-Comm Services | 0.33% | +0.01% | -1.31% | |
| 46 | MFIC | Midcap Financial Investment | Stock-Other | 0.31% | -0.07% | — | |
| 47 | RACE | Ferrari N.V. | Stock-Consumer Disc | 0.28% | -0.06% | -16.97% | |
| 48 | SHOP | Shopify Inc - Class A | Stock-Tech | 0.27% | -0.02% | +5.54% | |
| 49 | MSFT | Microsoft CORP | Stock-Tech | 0.24% | +0.13% | +139.60% | |
| 50 | MUFG | Mitsubishi Ufj Finl-spon Adr | Stock-Financials | 0.23% | +0.04% | +14.13% |
1–50 of 139
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q4 2026
-0.1%
Performance Last 4 Quarters
+13.9%
- Stdev
- +11.3%
- Beta
- +0.8
- Alpha
- +4.6%
- Max Drawdown
- -5.9%
- Annualized Perf
- +24.3%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +4.56
- Stutzer
- +0.58
- Treynor
- +0.28
- Sterling
- +1.65
- Calmar
- +4.09
- Information Ratio
- 0
- Tracking Error
- +6.2%
- Stdev Down
- +4.9%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +37.1%
- Worst 12 Months
- +10.1%
- Efficiency Ratio
- +0.83
- Sharpe
- +2
- Stdev Sectors
- +7.7%
- Skewness
- -0.18
- Kurtosis
- -0.47
- Upside Potential
- +6
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 139 | $10.5B | 28 | ||
| 2026 Q1 | 171 | $9.6B | 35 | ||
| 2025 Q4 | 176 | $7.9B | 16 | ||
| 2025 Q3 | 176 | $7.7B | 100 | ||
| 2025 Q2 | 177 | $7.8B | 0 | ||
| 2025 Q1 | 182 | $7.2B | 100 | ||
| 2024 Q4 | 188 | $7.6B | 0 | ||
| 2024 Q3 | 192 | $7.7B | 0 | ||
| 2024 Q2 | 189 | $7.1B | 0 | ||
| 2024 Q1 | 187 | $7.2B | 0 | ||
| 2023 Q4 | 196 | $6.9B | 0 | ||
| 2023 Q3 | 196 | $6.1B | 0 | ||
| 2023 Q2 | 184 | $6.2B | 0 | ||
| 2023 Q1 | 185 | $6.1B | 0 | ||
| 2022 Q4 | 201 | $5.9B | 0 | ||
| 2022 Q3 | 200 | $5.6B | 0 | ||
| 2022 Q2 | 205 | $6.5B | 0 | ||
| 2022 Q1 | 200 | $7.6B | 0 | ||
| 2021 Q4 | 208 | $8.5B | 0 | ||
| 2021 Q3 | 210 | $8.1B | 0 | ||
| 2021 Q2 | 205 | $8.7B | 100 | ||
| 2021 Q1 | 207 | $8.6B | 24 | ||
| 2020 Q4 | 227 | $8.4B | 51 | ||
| 2020 Q3 | 164 | $7.6B | 18 | ||
| 2020 Q2 | 159 | $7.8B | 32 | ||
| 2020 Q1 | 163 | $7.0B | 51 | ||
| 2019 Q4 | 172 | $10.4B | 21 | ||
| 2019 Q3 | 171 | $10.4B | 15 | ||
| 2019 Q2 | 170 | $10.4B | 17 | ||
| 2019 Q1 | 175 | $10.3B | 26 | ||
| 2018 Q4 | 171 | $10.2B | 27 | ||
| 2018 Q3 | 161 | $12.0B | 29 | ||
| 2018 Q2 | 227 | $13.2B | 21 | ||
| 2018 Q1 | 231 | $13.3B | 26 | ||
| 2017 Q4 | 243 | $14.4B | 24 | ||
| 2017 Q3 | 243 | $14.0B | 28 | ||
| 2017 Q2 | 249 | $13.1B | 27 | ||
| 2017 Q1 | 265 | $12.3B | 35 | ||
| 2016 Q4 | 274 | $13.0B | 29 | ||
| 2016 Q3 | 254 | $13.1B | 25 | ||
| 2016 Q2 | 260 | $12.9B | 37 | ||
| 2016 Q1 | 314 | $15.0B | 33 | ||
| 2015 Q4 | 369 | $15.7B | 24 | ||
| 2015 Q3 | 359 | $15.9B | 41 | ||
| 2015 Q2 | 394 | $17.4B | 44 | ||
| 2015 Q1 | 391 | $18.0B | 39 | ||
| 2014 Q4 | 386 | $20.0B | 39 | ||
| 2014 Q3 | 409 | $22.2B | 35 | ||
| 2014 Q2 | 422 | $25.1B | 37 | ||
| 2014 Q1 | 294 | $25.4B | 35 | ||
| 2013 Q4 | 285 | $26.2B | 23 | ||
| 2013 Q3 | 282 | $24.8B | 27 | ||
| 2013 Q2 | 275 | $21.9B | 0 |
Holding changes this quarter
Thornburg Investment Management Inc's most significant position changes for 2026-06-30: New buy: Kimberly-clark CORP (KMB); Sold out: Vanguard Small-cap ETF (VB); Sold out: Macom Technology Solutions H (MTSI); Sold out: Casella Waste Systems Inc-a (CWST); Sold out: Ducommun Inc (DCO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | KMB | Kimberly-clark CORP | +6.1% | NEW | New buy |
| 2 | TSM | Taiwan Semiconductor-sp Adr | +1% | +9.06% | Add |
| 3 | C | Citigroup Inc | +0.7% | -5.53% | Trim |
| 4 | CSCO | Cisco Systems Inc | +0.7% | -6.81% | Trim |
| 5 | GOOGL | Alphabet Inc-cl A | +0.4% | +14.85% | Add |
| 6 | LLY | Eli Lilly & Co | +0.3% | +32.41% | Add |
| 7 | NFLX | Netflix Inc | +0.3% | +428.28% | Add |
| 8 | FCX | Freeport-mcmoran Inc | +0.3% | +16.52% | Add |
| 9 | MU | Micron Technology Inc | +0.3% | +27.08% | Add |
| 10 | EQH | Equitable Holdings Inc | +0.2% | +2.97% | Add |
| 11 | SCHW | Schwab (charles) CORP | +0.2% | +44.58% | Add |
| 12 | AAPL | Apple Inc | +0.2% | +6171.11% | Add |
| 13 | AMD | Advanced Micro Devices | +0.2% | -31.12% | Trim |
| 14 | RF | Regions Financial CORP | +0.2% | +3.55% | Add |
| 15 | ABBV | Abbvie Inc | +0.2% | +7.62% | Add |
| 16 | MSFT | Microsoft CORP | +0.1% | +139.60% | Add |
| 17 | IQV | Iqvia Holdings Inc | +0.1% | NEW | New buy |
| 18 | COF | Capital One Financial CORP | +0.1% | +43.08% | Add |
| 19 | UBER | Uber Technologies Inc | +0.1% | NEW | New buy |
| 20 | MA | Mastercard Inc - A | +0.1% | +26.08% | Add |
| 21 | PGR | Progressive CORP | +0.1% | +858.31% | Add |
| 22 | ADBE | Adobe Inc | +0.1% | +55.49% | Add |
| 23 | ASML | ASML Holding N.V. | +0.1% | -3.93% | Trim |
| 24 | LRCX | Lam Research CORP | +0.1% | NEW | New buy |
| 25 | MDT | Medtronic plc | +0.1% | +24.52% | Add |
| 26 | CRDO | Credo Technology Group Holding Ltd | +0.1% | -3.29% | Trim |
| 27 | SHEL | Shell Plc-adr | +0.1% | +100.25% | Add |
| 28 | VSXY | Victoria's Secret & Co | +0.1% | +202.68% | Add |
| 29 | SGI | Somnigroup International Inc | +0.1% | NEW | New buy |
| 30 | BKNG | Booking Holdings Inc | +0.1% | +2720.65% | Add |
| 31 | ING | Ing Groep N.v.-sponsored Adr | +0.1% | +13.89% | Add |
| 32 | TLN | Talen Energy CORP | +0.1% | +22.11% | Add |
| 33 | DDOG | Datadog Inc - Class A | +0.1% | +412.23% | Add |
| 34 | RPRX | Royalty Pharma plc | +0.1% | +292.00% | Add |
| 35 | TBBB | BBB Foods Inc. | +0.1% | +60.90% | Add |
| 36 | CCC | Ccc Intelligent Solutions Ho | +0.1% | +240.48% | Add |
| 37 | HEI-A | Heico Corp-class A | +0.1% | +338.33% | Add |
| 38 | RJF | Raymond James Financial Inc | +0.1% | NEW | New buy |
| 39 | RDDT | Reddit Inc-cl A | +0.1% | +306.07% | Add |
| 40 | MUFG | Mitsubishi Ufj Finl-spon Adr | 0% | +14.13% | Add |
| 41 | CIGI | Colliers Intl Gr-subord Vot | 0% | +63.95% | Add |
| 42 | LPLA | Lpl Financial Holdings Inc | 0% | +48.52% | Add |
| 43 | TPR | Tapestry Inc | 0% | +386.97% | Add |
| 44 | SPGI | S&p Global Inc | 0% | +154.25% | Add |
| 45 | SLB | Slb LTD | 0% | +221.25% | Add |
| 46 | COCO | Vita Coco Co Inc/the | 0% | NEW | New buy |
| 47 | IOT | Samsara Inc-cl A | 0% | +258.07% | Add |
| 48 | COHR | Coherent CORP | 0% | -28.67% | Trim |
| 49 | IBN | Icici Bank Ltd-spon Adr | 0% | +39.20% | Add |
| 50 | RBRK | Rubrik Inc-a | 0% | +248.96% | Add |
1–50 of 179
Filing History
FAQ
What is Thornburg Investment Management Inc and what type of investor is it?
Thornburg Investment Management Inc is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $10.5B, spread across 139 disclosed positions.
What are Thornburg Investment Management Inc's largest equity positions?
Based on the latest 13F filing, Thornburg Investment Management Inc's top holdings by market value are:
1. Citigroup Inc (C) — $1.1B (10.1%)
2. TotalEnergies SE (TTE) — $919.0M (8.8%)
3. At&t Inc (T) — $745.7M (7.1%)
4. Broadcom Inc (AVGO) — $691.3M (6.6%)
5. Kimberly-clark CORP (KMB) — $632.4M (6.0%)
What changes did Thornburg Investment Management Inc make in its most recent portfolio filing?
In the latest reported quarter, Thornburg Investment Management Inc made 167 notable position adjustments: 8 new positions were initiated, 71 existing holdings were added to, 48 positions were partially reduced, and 40 were completely exited. The largest of these moves: New buy: Kimberly-clark CORP (KMB); Sold out: Vanguard Small-cap ETF (VB); Sold out: Macom Technology Solutions H (MTSI); Sold out: Casella Waste Systems Inc-a (CWST); Sold out: Ducommun Inc (DCO)
What sectors does Thornburg Investment Management Inc focus on?
Thornburg Investment Management Inc is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 23.3%
• Information Technology: 20.3%
• Health Care: 18.5%
• Communication Services: 12.4%
• Consumer Staples: 7.2%
• Energy: 6.0%
Investment Profile
Thornburg Investment Management Inc returned an annualized 24.3% over the trailing 36 months — outperforming the S&P 500 by 4.6 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.80 (less volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 28 over the past 4 quarters — a shift toward more active trading.
It has added to its TSM position over the past two quarters (+$169.5M, now $365.3M), while trimming TDG over the same stretch (-$60.1M, still holding $3.2M).
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KB
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Developer Access
Access Thornburg Investment Management Inc's institutional profile programmatically:
REST API
curl https://alphasmo.com/api/v1/institutions/thornburg-investment-management-incCLI
npx alphasmo institutions get thornburg-investment-management-inc