Thornburg Investment Management INC — Q2 2025 13F Holdings

Name: Thornburg Investment Management INC — 13F Holdings, Q2 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001145020

Total reported value

$9.6B

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	T	At&t INC	Stock-Comm Services	10.23%	+0.24%	-0.37%
2	AVGO	Broadcom INC	Stock-Tech	9.38%	-2.30%	-11.90%
3	C	Citigroup INC	Stock-Financials	8.83%	-2.41%	+2.23%
4	MRK	Merck & Co. INC.	Stock-Healthcare	4.82%	-0.29%	+53.22%
5	CME	Cme Group INC	Stock-Financials	3.66%	-0.44%	-0.05%
6	EQH	Equitable Holdings INC	Stock-Financials	3.50%	-1.02%	—
7	PFE	Pfizer INC	Stock-Healthcare	3.26%	-0.04%	+5.69%
8	TRP	Tc Energy CORP	Stock-Energy	2.43%	+0.25%	—
9	HD	Home Depot INC	Stock-Consumer Disc	2.42%	-0.48%	+0.62%
10	CSCO	Cisco Systems INC	Stock-Tech	2.18%	—	—
11	MDT	Medtronic plc	Stock-Healthcare	2.16%	-0.53%	—
12	ENB	Enbridge INC	Stock-Energy	2.09%	-0.13%	—
13	CP	Canadian Pacific Kansas City	Stock-Industrials	2.08%	—	+31.28%
14	TSM	Taiwan Semiconductor-sp Adr	Stock-Tech	2.06%	-0.01%	-8.16%
15	ALC	Alcon Inc.	Stock-Healthcare	1.84%	-0.41%	+21.18%
16	FCX	Freeport-mcmoran INC	Stock-Materials	1.63%	-0.06%	+2.52%
17	LIN	Linde plc	Stock-Materials	1.57%	-0.05%	+0.17%
18	LYB	LyondellBasell Industries N.V.	Stock-Materials	1.47%	+0.29%	-0.53%
19	META	Meta Platforms Inc-class A	Stock-Comm Services	1.47%	-0.33%	-8.66%
20	RF	Regions Financial CORP	Stock-Financials	1.39%	—	—
21	PBR	Petroleo Brasileiro-spon Adr	Stock-Energy	1.24%	—	-0.48%
22	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	1.21%	-0.40%	+8.21%
23	✓	Ferrovial Se	Stock-Other	1.18%	—	+0.30%
24	BZ	Kanzhun LTD - Adr	Stock-Other	1.07%	-0.70%	+97.62%
25	MELI	Mercadolibre INC	Stock-Consumer Disc	1.03%	—	-6.19%
26	SCHW	Schwab (charles) CORP	Stock-Financials	0.96%	—	-9.73%
27	SLRC	Slr Investment CORP	Stock-Other	0.91%	—	—
28	CIM	Chimera Investment CORP	Stock-Other	0.88%	—	—
29	MA	Mastercard INC - A	Stock-Financials	0.78%	-0.20%	-4.74%
30	ABBV	Abbvie INC	Stock-Healthcare	0.76%	-0.02%	-1.45%
31	NVO	Novo-nordisk A/s-spons Adr	Stock-Healthcare	0.73%	—	+14.61%
32	BABA	Alibaba Group Holding-sp Adr	Stock-Consumer Disc	0.71%	-0.29%	-1.95%
33	SE	Sea Ltd-adr	Stock-Comm Services	0.65%	-0.20%	-14.01%
34	SOBO	South Bow CORP	Stock-Other	0.55%	+0.27%	+114.48%
35	CACI	Caci International INC -cl A	Stock-Tech	0.52%	—	-0.23%
36	COF	Capital One Financial CORP	Stock-Financials	0.52%	-0.30%	-0.34%
37	RACE	Ferrari N.V.	Stock-Consumer Disc	0.51%	—	-4.34%
38	TJX	Tjx Companies INC	Stock-Consumer Disc	0.51%	—	-17.24%
39	AZNN	Astrazeneca Plc-spons Adr	Stock-Other	0.48%	-0.59%	EXIT
40	MFIC	Midcap Financial Investment	Stock-Other	0.48%	—	—
41	MRX	Marex Group plc	Stock-Other	0.42%	-0.34%	+19.64%
42	LHX	L3harris Technologies INC	Stock-Industrials	0.41%	—	-0.35%
43	ELME	Elme Communities	Stock-Other	0.41%	—	-9.07%
44	BLDR	Builders Firstsource INC	Stock-Industrials	0.41%	—	+20.19%
45	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.40%	+0.21%	-45.91%
46	CWST	Casella Waste Systems Inc-a	Stock-Industrials	0.38%	-0.13%	-8.71%
47	JPM	Jpmorgan Chase & Co	Stock-Financials	0.35%	—	-83.82%
48	VRT	Vertiv Holdings Co-a	Stock-Industrials	0.29%	+0.03%	-13.64%
49	FLUT	Flutter Entertainment plc	Stock-Consumer Disc	0.27%	-0.18%	EXIT
50	AGYS	Agilysys INC	Stock-Other	0.27%	-0.18%	-4.36%

1–50 of 177

Holding changes this quarter

Position changes disclosed by Thornburg Investment Management INC for the quarter ending Q2 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	AVGO	Broadcom INC	+2.4%	-11.90%	Trim
2	C	Citigroup INC	+1%	+2.23%	Add
3	MRK	Merck & Co. INC.	+1%	+53.22%	Add
4	CP	Canadian Pacific Kansas City	+0.6%	+31.28%	Add
5	BZ	Kanzhun LTD - Adr	+0.4%	+97.62%	Add
6	TSM	Taiwan Semiconductor-sp Adr	+0.3%	-8.16%	Trim
7	SOBO	South Bow CORP	+0.3%	+114.48%	Add
8	ANET	Arista Networks INC	+0.2%	NEW	New buy
9	CVSA	Covista INC	+0.2%	NEW	New buy
10	GOOGL	Alphabet Inc-cl A	+0.2%	+8.21%	Add
11	MELI	Mercadolibre INC	+0.1%	-6.19%	Trim
12	FCX	Freeport-mcmoran INC	+0.1%	+2.52%	Add
13	META	Meta Platforms Inc-class A	+0.1%	-8.66%	Trim
14	✓	Ferrovial Se	+0.1%	+0.30%	Add
15	SMPL	Simply Good Foods Co/the	+0.1%	NEW	New buy
16	TBBB	BBB Foods Inc.	+0.1%	+182.07%	Add
17	CMCSA 2 10-15-29	Comcast Holdings CORP	+0.1%	+79.89%	Add
18	CACI	Caci International INC -cl A	+0.1%	-0.23%	Trim
19	MRX	Marex Group plc	+0.1%	+19.64%	Add
20	VRT	Vertiv Holdings Co-a	+0.1%	-13.64%	Trim
21	CSCO	Cisco Systems INC	+0.1%	—	Unchanged
22	ALC	Alcon Inc.	+0.1%	+21.18%	Add
23	AGYS	Agilysys INC	+0.1%	-4.36%	Trim
24	SHOP	Shopify INC - Class A	+0.1%	+20.43%	Add
25	BAP	Credicorp Ltd.	+0.1%	+51.09%	Add
26	MYRG	Myr Group Inc/delaware	+0.1%	-10.63%	Trim
27	COF	Capital One Financial CORP	0%	-0.34%	Trim
28	NVO	Novo-nordisk A/s-spons Adr	0%	+14.61%	Add
29	RF	Regions Financial CORP	0%	—	Unchanged
30	EQH	Equitable Holdings INC	0%	—	Unchanged
31	YMM	Full Truck Alliance -spn Adr	-0.1%	EXIT	Sold out
32	VTMX	CORP Inmobiliaria Vesta-adr	-0.1%	EXIT	Sold out
33	WCN	Waste Connections INC	-0.1%	-41.77%	Trim
34	PDD	Pdd Holdings INC	-0.1%	EXIT	Sold out
35	POOL	Pool CORP	-0.1%	-95.67%	Trim
36	CYTK	Cytokinetics INC	-0.1%	-72.07%	Trim
37	TRP	Tc Energy CORP	-0.1%	—	Unchanged
38	ACWX	Ishares Msci Acwi Ex US ETF	-0.1%	-77.91%	Trim
39	ELME	Elme Communities	-0.1%	-9.07%	Trim
40	TJX	Tjx Companies INC	-0.2%	-17.24%	Trim
41	TECK	Teck Resources Ltd-cls B	-0.2%	EXIT	Sold out
42	CME	Cme Group INC	-0.2%	-0.05%	Trim
43	ABBV	Abbvie INC	-0.2%	-1.45%	Trim
44	BABA	Alibaba Group Holding-sp Adr	-0.2%	-1.95%	Trim
45	BKNG	Booking Holdings INC	-0.2%	-45.91%	Trim
46	NVDA	Nvidia CORP	-0.3%	-92.18%	Trim
47	PBR	Petroleo Brasileiro-spon Adr	-0.3%	-0.48%	Trim
48	LYB	LyondellBasell Industries N.V.	-0.5%	-0.53%	Trim
49	T	At&t INC	-0.7%	-0.37%	Trim
50	JPM	Jpmorgan Chase & Co	-1.6%	-83.82%	Trim