CIK: 0001145020
Total reported value
$9.6B
Reporting period: 2026-03-31 · Number of holdings: 171
THORNBURG INVESTMENT MANAGEMENT INC disclosed 171 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $9.6B and a quarterly turnover rate of 35.5%.
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Thornburg Investment Management INC's disclosed holdings carry a Herfindahl concentration index of 0.048 — mathematically equivalent to about 21 equally-sized positions, well below its 171 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 2.69), 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.
Trim C
-0.4% -$29.6M
Trim AVGO
+1.2% -$67.4M
Trim EQH
+2.1% -$47.7M
Trim BZ
+1.9% -$41.2M
Trim MDT
+4.6% -$10.5M
Trim HD
+0.2% -$7.5M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TTE | Totalenergies Se | Stock-Other | 11.31% | +11.31% | NEW | |
| 2 | C | Citigroup INC | Stock-Financials | 9.40% | -2.41% | -0.37% | |
| 3 | T | At&t INC | Stock-Comm Services | 9.34% | +0.24% | +6.89% | |
| 4 | AVGO | Broadcom INC | Stock-Tech | 6.69% | -2.30% | +1.25% | |
| 5 | AZN | AstraZeneca PLC | Stock-Healthcare | 5.77% | +5.77% | NEW | |
| 6 | MRK | Merck & Co. INC. | Stock-Healthcare | 4.66% | -0.29% | — | |
| 7 | CME | Cme Group INC | Stock-Financials | 3.51% | -0.44% | -0.10% | |
| 8 | TRP | Tc Energy CORP | Stock-Energy | 3.06% | +0.25% | +16.82% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 2.46% | -0.01% | +8.86% | |
| 10 | CSCO | Cisco Systems INC | Stock-Tech | 2.35% | — | +1.58% | |
| 11 | ENB | Enbridge INC | Stock-Energy | 2.05% | -0.13% | +1.09% | |
| 12 | EQH | Equitable Holdings INC | Stock-Financials | 1.92% | -1.02% | +2.14% | |
| 13 | MDT | Medtronic plc | Stock-Healthcare | 1.81% | -0.53% | +4.58% | |
| 14 | HD | Home Depot INC | Stock-Consumer Disc | 1.78% | -0.48% | +0.21% | |
| 15 | RF | Regions Financial CORP | Stock-Financials | 1.77% | — | +4.57% | |
| 16 | FCX | Freeport-mcmoran INC | Stock-Materials | 1.73% | -0.06% | +1.48% | |
| 17 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.66% | — | -3.53% | |
| 18 | LIN | Linde plc | Stock-Materials | 1.41% | -0.05% | +0.69% | |
| 19 | ALC | Alcon Inc. | Stock-Healthcare | 1.33% | -0.41% | -2.23% | |
| 20 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.27% | -0.40% | +0.59% | |
| 21 | SOBO | South Bow CORP | Stock-Other | 1.25% | +0.27% | +28.38% | |
| 22 | ✓ | Ferrovial Se | Stock-Other | 1.16% | — | +0.88% | |
| 23 | ABBV | Abbvie INC | Stock-Healthcare | 1.14% | -0.02% | +25.39% | |
| 24 | BZ | Kanzhun LTD - Adr | Stock-Other | 0.87% | -0.70% | +1.89% | |
| 25 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.82% | +0.29% | — | |
| 26 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 0.79% | -0.29% | +4.48% | |
| 27 | SCHW | Schwab (charles) CORP | Stock-Financials | 0.79% | — | +7.24% | |
| 28 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.75% | -0.33% | -2.74% | |
| 29 | CIM | Chimera Investment CORP | Stock-Other | 0.71% | — | +3.94% | |
| 30 | SLRC | Slr Investment CORP | Stock-Other | 0.69% | — | +6.08% | |
| 31 | PFE | Pfizer INC | Stock-Healthcare | 0.65% | -0.04% | +1.80% | |
| 32 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.57% | — | +32.54% | |
| 33 | MELI | Mercadolibre INC | Stock-Consumer Disc | 0.56% | — | +3.56% | |
| 34 | MA | Mastercard INC - A | Stock-Financials | 0.51% | -0.20% | -1.15% | |
| 35 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 0.49% | +0.21% | +168.72% | |
| 36 | CACI | Caci International INC -cl A | Stock-Tech | 0.48% | — | +0.98% | |
| 37 | LHX | L3harris Technologies INC | Stock-Industrials | 0.45% | — | — | |
| 38 | ADBE | Adobe INC | Stock-Tech | 0.44% | — | +74.94% | |
| 39 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.44% | — | +1.19% | |
| 40 | MFIC | Midcap Financial Investment | Stock-Other | 0.38% | — | +3.19% | |
| 41 | TDG | Transdigm Group INC | Stock-Industrials | 0.36% | -0.44% | -37.73% | |
| 42 | RACE | Ferrari N.V. | Stock-Consumer Disc | 0.34% | — | +9.00% | |
| 43 | SE | Sea Ltd-adr | Stock-Comm Services | 0.32% | -0.20% | +14.22% | |
| 44 | VRT | Vertiv Holdings Co-a | Stock-Industrials | 0.30% | +0.03% | -13.95% | |
| 45 | SHOP | Shopify INC - Class A | Stock-Tech | 0.29% | — | +70.17% | |
| 46 | ASML | ASML Holding N.V. | Stock-Tech | 0.27% | — | -3.95% | |
| 47 | COF | Capital One Financial CORP | Stock-Financials | 0.26% | -0.30% | -23.53% | |
| 48 | AMD | Advanced Micro Devices | Stock-Tech | 0.26% | — | -0.55% | |
| 49 | FTI | TechnipFMC plc | Stock-Energy | 0.24% | — | -21.56% | |
| 50 | ANET | Arista Networks INC | Stock-Tech | 0.21% | — | +4.67% |
Performance for Q3 2026
-1.7%
Performance Last 4 Quarters
+12.8%
Based on 70% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 171 | $9.6B | 35 | |
| 2025-12-31 | 176 | $7.9B | 16 | |
| 2025-09-30 | 176 | $7.7B | 100 | |
| 2025-06-30 | 177 | $7.8B | 0 | |
| 2025-03-31 | 182 | $7.2B | 100 | |
| 2024-12-31 | 188 | $7.6B | 0 | |
| 2024-09-30 | 192 | $7.7B | 0 | |
| 2024-06-30 | 189 | $7.1B | 0 | |
| 2024-03-31 | 187 | $7.2B | 0 | |
| 2023-12-31 | 196 | $6.9B | 0 | |
| 2023-09-30 | 196 | $6.1B | 0 | |
| 2023-06-30 | 184 | $6.2B | 0 | |
| 2023-03-31 | 185 | $6.1B | 0 | |
| 2022-12-31 | 201 | $5.9B | 0 | |
| 2022-09-30 | 200 | $5.6B | 0 | |
| 2022-06-30 | 205 | $6.5B | 0 | |
| 2022-03-31 | 200 | $7.6B | 0 | |
| 2021-12-31 | 208 | $8.5B | 0 | |
| 2021-09-30 | 210 | $8.1B | 0 | |
| 2021-06-30 | 205 | $8.7B | 100 | |
| 2021-03-31 | 207 | $8.6B | 24 | |
| 2020-12-31 | 227 | $8.4B | 51 | |
| 2020-09-30 | 164 | $7.6B | 18 | |
| 2020-06-30 | 159 | $7.8B | 32 | |
| 2020-03-31 | 163 | $7.0B | 51 | |
| 2019-12-31 | 172 | $10.4B | 21 | |
| 2019-09-30 | 171 | $10.4B | 15 | |
| 2019-06-30 | 170 | $10.4B | 17 | |
| 2019-03-31 | 175 | $10.3B | 26 | |
| 2018-12-31 | 171 | $10.2B | 27 | |
| 2018-09-30 | 161 | $12.0B | 29 | |
| 2018-06-30 | 227 | $13.2B | 21 | |
| 2018-03-31 | 231 | $13.3B | 26 | |
| 2017-12-31 | 243 | $14.4B | 24 | |
| 2017-09-30 | 243 | $14.0B | 28 | |
| 2017-06-30 | 249 | $13.1B | 27 | |
| 2017-03-31 | 265 | $12.3B | 35 | |
| 2016-12-31 | 274 | $13.0B | 29 | |
| 2016-09-30 | 254 | $13.1B | 25 | |
| 2016-06-30 | 260 | $12.9B | 37 | |
| 2016-03-31 | 314 | $15.0B | 33 | |
| 2015-12-31 | 369 | $15.7B | 24 | |
| 2015-09-30 | 359 | $15.9B | 41 | |
| 2015-06-30 | 394 | $17.4B | 44 | |
| 2015-03-31 | 391 | $18.0B | 39 | |
| 2014-12-31 | 386 | $20.0B | 39 | |
| 2014-09-30 | 409 | $22.2B | 35 | |
| 2014-06-30 | 422 | $25.1B | 37 | |
| 2014-03-31 | 294 | $25.4B | 35 | |
| 2013-12-31 | 285 | $26.2B | 23 | |
| 2013-09-30 | 282 | $24.8B | 27 | |
| 2013-06-30 | 275 | $21.9B | 0 |
Thornburg Investment Management INC's most significant position changes for 2026-03-31: New buy: Totalenergies Se (TTE); New buy: AstraZeneca PLC (AZN); Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: Vanguard Small-cap ETF (VB); Sold out: Flutter Entertainment plc (FLUT).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LYB | LyondellBasell Industries N.V. | +0.3% | — | Unchanged |
| 2 | SOBO | South Bow CORP | +0.3% | +28.38% | Add |
| 3 | TRP | Tc Energy CORP | +0.3% | +16.82% | Add |
| 4 | T | At&t INC | +0.2% | +6.89% | Add |
| 5 | BKNG | Booking Holdings INC | +0.2% | +168.72% | Add |
| 6 | CIGI | Colliers Intl Gr-subord Vot | +0.1% | +1564.66% | Add |
| 7 | SAP | Sap Se-sponsored Adr | +0.1% | +427.64% | Add |
| 8 | VRT | Vertiv Holdings Co-a | 0% | -13.95% | Trim |
| 9 | ADBE | Adobe INC | — | +74.94% | Add |
| 10 | TSM | Taiwan Semiconductor-sp Adr | 0% | +8.86% | Add |
| 11 | ABBV | Abbvie INC | 0% | +25.39% | Add |
| 12 | PFE | Pfizer INC | 0% | +1.80% | Add |
| 13 | LIN | Linde plc | -0.1% | +0.69% | Add |
| 14 | FCX | Freeport-mcmoran INC | -0.1% | +1.48% | Add |
| 15 | ICLR | ICON Public Limited Company | -0.1% | -88.91% | Trim |
| 16 | ENB | Enbridge INC | -0.1% | +1.09% | Add |
| 17 | CWST | Casella Waste Systems Inc-a | -0.1% | -16.75% | Trim |
| 18 | AGYS | Agilysys INC | -0.2% | -29.02% | Trim |
| 19 | SE | Sea Ltd-adr | -0.2% | +14.22% | Add |
| 20 | MA | Mastercard INC - A | -0.2% | -1.15% | Trim |
| 21 | MRK | Merck & Co. INC. | -0.3% | — | Unchanged |
| 22 | BABA | Alibaba Group Holding-sp Adr | -0.3% | +4.48% | Add |
| 23 | COF | Capital One Financial CORP | -0.3% | -23.53% | Trim |
| 24 | META | Meta Platforms Inc-class A | -0.3% | -2.74% | Trim |
| 25 | MRX | Marex Group plc | -0.3% | -62.90% | Trim |
| 26 | GOOGL | Alphabet Inc-cl A | -0.4% | +0.59% | Add |
| 27 | ALC | Alcon Inc. | -0.4% | -2.23% | Trim |
| 28 | TDG | Transdigm Group INC | -0.4% | -37.73% | Trim |
| 29 | CME | Cme Group INC | -0.4% | -0.10% | Trim |
| 30 | HD | Home Depot INC | -0.5% | +0.21% | Add |
| 31 | MDT | Medtronic plc | -0.5% | +4.58% | Add |
| 32 | BZ | Kanzhun LTD - Adr | -0.7% | +1.89% | Add |
| 33 | EQH | Equitable Holdings INC | -1% | +2.14% | Add |
| 34 | AVGO | Broadcom INC | -2.3% | +1.25% | Add |
| 35 | C | Citigroup INC | -2.4% | -0.37% | Trim |
| 36 | TTE | Totalenergies Se | — | NEW | New buy |
| 37 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 38 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 39 | VB | Vanguard Small-cap ETF | — | NEW | New buy |
| 40 | FLUT | Flutter Entertainment plc | — | EXIT | Sold out |
| 41 | PNW | Pinnacle Financial Partners, Inc. | — | EXIT | Sold out |
| 42 | TTAN | Servicetitan Inc-a | — | EXIT | Sold out |
| 43 | CVSA | Covista INC | — | EXIT | Sold out |
| 44 | TCOM | Trip.com Group Ltd-adr | — | EXIT | Sold out |
| 45 | NFLX | Netflix INC | — | NEW | New buy |
| 46 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 47 | WD | Walker & Dunlop INC | — | EXIT | Sold out |
| 48 | VRRM | Verra Mobility CORP | — | EXIT | Sold out |
| 49 | STKL | Sunopta INC | — | EXIT | Sold out |
| 50 | CASY | Casey's General Stores INC | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-12 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-12 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-08 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-08 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-08 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-15 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-05 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-10-12 | Amendment | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-05 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-07 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-12 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-06 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-07 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-06 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-02 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-07 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-09 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-11 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | Amendment | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-13 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-13 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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