Thompson Investment Management, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 14, 2026), Thompson Investment Management, Inc. reported 463 stock positions worth $795.5 million. Its top holding was Alphabet Class A (GOOGL) at 5.8% of the portfolio, followed by Warner Bros Discovery (WBD, 4.1%) and Microsoft (MSFT, 4.0%). Compared with Q3 2025, it opened 23 new positions, sold out of 21, added to 74 and reduced 79. The biggest buy was Salesforce (CRM, shares +152%) and the biggest sale Microsoft (MSFT, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- MADISON, WI
- CIK
- 0001277279
- Portfolio Value
- $795.5M (Q4 2025)
- SEC Filing
- 0001277279-26-000002 ↗ filed Jan 14, 2026
Holdings Value
Holdings 463 stocks · $795.5M
| GOOGL Alphabet Inc. Class A | 5.77% | 146,669 | $45.9M | Reduce -10.7% |
| WBD Warner Bros Discovery Inc. | 4.13% | 1,139,146 | $32.8M | Reduce -9.9% |
| MSFT Microsoft Corp. | 3.97% | 65,331 | $31.6M | Reduce -0.1% |
| XOM Exxon Mobil Corp. | 2.34% | 154,654 | $18.6M | Add +0.3% |
| EXAS Exact Sciences Corp. | 2.24% | 175,742 | $17.8M | Reduce -26.6% |
| C Citigroup Inc. | 2.10% | 143,314 | $16.7M | Reduce -2.1% |
| QCOM Qualcomm Inc. | 1.76% | 82,077 | $14.0M | Add +0.4% |
| VTRS Viatris Inc. | 1.74% | 1,112,510 | $13.9M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 1.71% | 42,192 | $13.6M | Reduce -2.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.65% | 238,845 | $13.1M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 1.59% | 19,148 | $12.6M | Add +0.8% |
| KRNT Kornit Digital Ltd. | 1.59% | 876,977 | $12.6M | Add +11.0% |
| AAPL Apple Inc. | 1.51% | 44,216 | $12.0M | Reduce -0.0% |
| CSCO Cisco Systems Inc. | 1.47% | 151,473 | $11.7M | Reduce -0.7% |
| UNH Unitedhealth Group Inc. | 1.47% | 35,345 | $11.7M | Add +0.2% |
| PFE Pfizer Inc. | 1.45% | 463,455 | $11.5M | Add +8.3% |
| LKQ LKQ Corp. | 1.42% | 374,299 | $11.3M | Add +14.0% |
| PEP Pepsico Inc. | 1.41% | 78,172 | $11.2M | Add +7.1% |
| PYPL PayPal Holdings Inc. | 1.34% | 181,944 | $10.6M | Add +11.8% |
| OI O-I Glass Inc. | 1.31% | 705,358 | $10.4M | Add +0.1% |
| EBAY eBay Inc. | 1.30% | 118,454 | $10.3M | Reduce -1.4% |
| JNJ Johnson & Johnson | 1.28% | 49,245 | $10.2M | Add +0.4% |
| CVS CVS Health Corp. | 1.27% | 127,249 | $10.1M | Reduce -0.3% |
| NXPI NXP Semiconductors NV | 1.22% | 44,776 | $9.7M | Add +4.2% |
| SCHW Schwab (charles) Corp. | 1.21% | 96,161 | $9.6M | Reduce -0.4% |
| V Visa Inc. Class A | 1.17% | 26,442 | $9.3M | Add +0.9% |
| KEYS Keysight Technologies Inc. | 1.15% | 44,925 | $9.1M | Reduce -5.8% |
| COHR Coherent Corp. | 1.14% | 49,254 | $9.1M | Reduce -30.5% |
| CNXC Concentrix Corp. | 1.13% | 216,154 | $9.0M | Add +36.9% |
| EA Electronic Arts Inc. | 1.11% | 43,371 | $8.9M | Reduce -6.6% |
| PFGC Performance Food Group Co. | 1.10% | 97,280 | $8.7M | Add +0.3% |
| TGT Target Corp. | 1.08% | 88,247 | $8.6M | Add +2.8% |
| ARE Alexandria Real Estate Equit | 1.06% | 172,094 | $8.4M | Add +53.0% |
| ORCL Oracle Corp. | 0.98% | 40,018 | $7.8M | Add +1.2% |
| GE General Electric filed as GE AEROSPACE | 0.97% | 24,928 | $7.7M | Reduce -0.0% |
| STT State Street Corp. | 0.96% | 59,505 | $7.7M | Reduce -4.4% |
| LITE Lumentum Holdings Inc. | 0.96% | 20,820 | $7.7M | Reduce -66.1% |
| ABBV Abbvie Inc. | 0.91% | 31,708 | $7.2M | Reduce -0.9% |
| NTRS Northern Trust Corp. | 0.89% | 51,959 | $7.1M | Reduce -0.9% |
| WEC WEC Energy Group Inc. | 0.89% | 67,194 | $7.1M | Add +0.2% |
| AMN Amn Healthcare Services Inc. | 0.88% | 443,113 | $7.0M | Add +24.3% |
| CFG Citizens Financial Group | 0.88% | 119,463 | $7.0M | Reduce -2.8% |
| ADBE Adobe Inc. | 0.87% | 19,840 | $6.9M | Add +13.3% |
| PNC PNC Financial Services Group | 0.87% | 33,237 | $6.9M | Add +4.6% |
| CI The Cigna Group | 0.84% | 24,403 | $6.7M | Add +5.4% |
| FCX Freeport-McMoran Inc. | 0.84% | 131,476 | $6.7M | Reduce -0.3% |
| VIAV Viavi Solutions Inc. | 0.83% | 372,630 | $6.6M | Reduce -17.2% |
| FLG Flagstar Bank NA | 0.79% | 501,155 | $6.3M | Add +5.3% |
| BA The Boeing Co. | 0.78% | 28,505 | $6.2M | No change |
| CVX Chevron Corp. | 0.75% | 39,265 | $6.0M | Add +1.2% |
| CRM Salesforce Inc. | 0.74% | 22,342 | $5.9M | Add +151.5% |
| FISV Fiserv Inc. | 0.74% | 87,475 | $5.9M | Add +81.3% |
| AMGN Amgen Inc. | 0.74% | 17,919 | $5.9M | Reduce -0.4% |
| FDX FedEx Corp. | 0.73% | 20,190 | $5.8M | Add +0.3% |
| MCHP Microchip Technology Inc. | 0.73% | 91,430 | $5.8M | Add +2.4% |
| BMY Bristol-Myers Squibb Co. | 0.72% | 105,495 | $5.7M | Add +2.5% |
| ICE Intercontinental Exchange Inc. | 0.70% | 34,265 | $5.5M | Add +2.2% |
| LNT Alliant Energy Corp. | 0.67% | 82,341 | $5.4M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.67% | 37,336 | $5.4M | Add +64.7% |
| KMB Kimberly-Clark Corp. | 0.67% | 52,771 | $5.3M | Add +67.2% |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.66% | 53,734 | $5.3M | Add +6.8% |
| GLW Corning Inc. | 0.61% | 55,280 | $4.8M | Reduce -23.8% |
| AGG iShares Core U.S. Aggregate | 0.59% | 46,868 | $4.7M | Add +11.5% |
| COO The Cooper Cos Inc. | 0.57% | 55,556 | $4.6M | Add +2.2% |
| SSNC Ss&c Technologies Holdings | 0.53% | 48,661 | $4.3M | Add +0.9% |
| GEHC GE Healthcare Technology | 0.53% | 50,987 | $4.2M | Add +2.1% |
| ADI Analog Devices Inc. | 0.50% | 14,697 | $4.0M | Reduce -0.2% |
| MCK McKesson Corp. | 0.50% | 4,811 | $3.9M | Reduce -3.9% |
| IFNNY Infineon Technologies-ADR | 0.50% | 89,640 | $3.9M | No change |
| NOMD Nomad Foods Ltd. | 0.49% | 311,131 | $3.9M | Add +36.2% |
| GEV GE Vernova Inc. | 0.48% | 5,846 | $3.8M | Reduce -4.8% |
| IVE iShares S&P 500 Value ETF | 0.47% | 17,752 | $3.8M | Add +2.5% |
| COF Capital One Financial Corp. | 0.45% | 14,931 | $3.6M | Reduce -4.7% |
| AOS Smith (a.o.) Corp. | 0.45% | 53,459 | $3.6M | Add +4.8% |
| EFX Equifax Inc. | 0.45% | 16,383 | $3.6M | Add +6.8% |
| RRX Regal Rexnord Corp. | 0.43% | 24,603 | $3.5M | Add +1.1% |
| GPN Global Payments Inc. | 0.42% | 43,383 | $3.4M | Add +49.7% |
| VTI VG Morningstar TS MKT ETF-US | 0.40% | 9,542 | $3.2M | Add +0.0% |
| SEE Sealed Air Corp. | 0.38% | 73,509 | $3.0M | Reduce -3.5% |
| MRVL Marvell Technology Inc. | 0.37% | 34,840 | $3.0M | Reduce -4.4% |
| AMT American Tower Corp. | 0.36% | 16,540 | $2.9M | Add +8.8% |
| CLX Clorox Company | 0.33% | 26,314 | $2.7M | New |
| MRK Merck & Co. Inc. | 0.33% | 24,886 | $2.6M | Reduce -0.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.33% | 22,895 | $2.6M | No change |
| HCA HCA Healthcare Inc. | 0.32% | 5,425 | $2.5M | No change |
| KO The Coca-Cola Co. | 0.31% | 34,843 | $2.4M | No change |
| BLD Topbuild Corp. | 0.30% | 5,729 | $2.4M | Reduce -0.1% |
| CALX Calix Inc. | 0.30% | 44,840 | $2.4M | No change |
| VT Vanguard Tot World STK ETF | 0.29% | 16,560 | $2.3M | No change |
| BSV Vanguard Short-Term Bond ETF | 0.26% | 26,157 | $2.1M | Add +6.9% |
| CIGI Colliers Intl GR-Subord Vot | 0.26% | 13,900 | $2.0M | No change |
| LNG Cheniere Energy Inc. | 0.25% | 10,160 | $2.0M | Add +6.3% |
| SCHE Schwab Emrg Mrkts Eqty ETF | 0.24% | 57,534 | $1.9M | Add +0.9% |
| FMBL Farmers & Merchants Bank | 0.23% | 223 | $1.9M | No change |
| IJJ iShares S&P Mid-Cap 400 Valu | 0.21% | 12,418 | $1.6M | Add +6.5% |
| SCHF Schwab Intl Equity ETF | 0.19% | 62,500 | $1.5M | No change |
| NBIX Neurocrine Biosciences Inc. | 0.17% | 9,755 | $1.4M | No change |
| IJH iShares Core S&P Midcap ETF | 0.15% | 17,862 | $1.2M | Add +2.8% |
| CHWY Chewy Inc. Class A | 0.14% | 34,508 | $1.1M | Add +18.6% |
| IJS iShares S&P Small-Cap 600 Va | 0.13% | 9,426 | $1.1M | Add +3.2% |
Other holdings (59): bonds, preferreds, convertibles and warrants · $2.2M (not counted above)
Total filed on the 13F, all lines: $797.7M.
Portfolio Sells Q3 2025 → Q4 2025
| MSFT Microsoft Corp. | Reduce -0.1% | 3.97% | −0.56 |
| LITE Lumentum Holdings Inc. | Reduce -66.1% | 0.96% | −0.37 |
| GLW Corning Inc. | Reduce -23.8% | 0.61% | −0.19 |
| EBAY eBay Inc. | Reduce -1.4% | 1.30% | −0.16 |
| EA Electronic Arts Inc. | Reduce -6.6% | 1.11% | −0.14 |
| TSN Tyson Foods Inc. Class A | Reduce -86.1% | 0.02% | −0.13 |
| JPM JPMorgan Chase & Co. | Reduce -2.4% | 1.71% | −0.12 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.10 |
| ABBV Abbvie Inc. | Reduce -0.9% | 0.91% | −0.08 |
| NTRS Northern Trust Corp. | Reduce -0.9% | 0.89% | −0.05 |
| GE General Electric | Reduce -0.0% | 0.97% | −0.04 |
| MRVL Marvell Technology Inc. | Reduce -4.4% | 0.37% | −0.04 |
| SCHW Schwab (charles) Corp. | Reduce -0.4% | 1.21% | −0.03 |
| GEV GE Vernova Inc. | Reduce -4.8% | 0.48% | −0.03 |
| CCJ Cameco Corp. | Reduce -45.3% | 0.03% | −0.02 |
| PSKY Paramount Skydance Class B | Reduce -61.7% | 0.01% | −0.02 |
| XYL Xylem Inc. | Reduce -14.9% | 0.06% | −0.02 |
| MCK McKesson Corp. | Reduce -3.9% | 0.50% | −0.02 |
| GNRC Generac Holdings Inc. | Reduce -2.3% | 0.06% | −0.02 |
| ACHC Acadia Healthcare Co. Inc. | Sold out | 0.00% | −0.02 |
| HI Hillenbrand Inc. | Sold out | 0.00% | −0.02 |
| CVS CVS Health Corp. | Reduce -0.3% | 1.27% | −0.02 |
| AMCR Amcor PLC | Reduce -67.9% | 0.01% | −0.01 |
| BAC Bank of America Corp. | Reduce -0.7% | 1.65% | −0.01 |
| PK Park Hotels & Resorts Inc. | Reduce -0.6% | 0.06% | −0.01 |
| CALY Callaway Golf Company | Sold out | 0.00% | −0.01 |
| SYY Sysco Corp. | Reduce -0.5% | 0.04% | −0.01 |
| SO The Southern Co. | Reduce -1.0% | 0.04% | −0.01 |
| KHC The Kraft Heinz Co. | Reduce -41.5% | 0.01% | −0.01 |
| AREC American Resources Corp. | Reduce -28.5% | 0.01% | −0.01 |
| ABT Abbott Laboratories | Reduce -5.4% | 0.03% | −0.01 |
| SMCI Super Micro Computer Inc. | Reduce -13.1% | 0.00% | −0.00 |
| CRSP Crispr Therapeutics AG | Sold out | 0.00% | −0.00 |
| MAS Masco Corp. | Reduce -0.6% | 0.02% | −0.00 |
| SNN Smith & Nephew PLC -Spon ADR | Sold out | 0.00% | −0.00 |
| IRM Iron Mountain Inc. | Sold out | 0.00% | −0.00 |
| BMO Bank of Montreal | Reduce -8.7% | 0.02% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 0.02% | −0.00 |
| HSY The Hershey Co. | Reduce -36.4% | 0.00% | −0.00 |
| APH Amphenol Corp. Class A | Reduce -16.9% | 0.02% | −0.00 |
| NVDA Nvidia Corp. | Reduce -0.4% | 0.04% | −0.00 |
| FTCS First Trust Capital Strength | Reduce -8.1% | 0.01% | −0.00 |
| TTD Trade Desk Inc./the Class A | Reduce -0.4% | 0.01% | −0.00 |
| HST Host Hotels & Resorts Inc. | Reduce -0.6% | 0.07% | −0.00 |
| K Kellanova | Sold out | 0.00% | −0.00 |
| KMI Kinder Morgan Inc. | Reduce -3.6% | 0.01% | −0.00 |
| LHX L3HARRIS Technologies Inc. | Reduce -4.1% | 0.01% | −0.00 |
| SPG Simon Property Group Inc. | Reduce -1.8% | 0.02% | −0.00 |
| AMZN Amazon.com Inc. | Reduce -0.1% | 0.12% | −0.00 |
| OHI Omega Healthcare Investors | Reduce -0.5% | 0.08% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| CRM Salesforce Inc. | Add +151.5% | 0.74% | +0.46 |
| CLX Clorox Company | New | 0.33% | +0.33 |
| PG The Procter & Gamble Co. | Add +64.7% | 0.67% | +0.21 |
| KRNT Kornit Digital Ltd. | Add +11.0% | 1.59% | +0.16 |
| CNXC Concentrix Corp. | Add +36.9% | 1.13% | +0.15 |
| KMB Kimberly-Clark Corp. | Add +67.2% | 0.67% | +0.14 |
| GPN Global Payments Inc. | Add +49.7% | 0.42% | +0.10 |
| FDX FedEx Corp. | Add +0.3% | 0.73% | +0.10 |
| BMY Bristol-Myers Squibb Co. | Add +2.5% | 0.72% | +0.09 |
| NOMD Nomad Foods Ltd. | Add +36.2% | 0.49% | +0.09 |
| OI O-I Glass Inc. | Add +0.1% | 1.31% | +0.09 |
| LKQ LKQ Corp. | Add +14.0% | 1.42% | +0.08 |
| COO The Cooper Cos Inc. | Add +2.2% | 0.57% | +0.07 |
| JNJ Johnson & Johnson | Add +0.4% | 1.28% | +0.06 |
| FLG Flagstar Bank NA | Add +5.3% | 0.79% | +0.06 |
| TGT Target Corp. | Add +2.8% | 1.08% | +0.05 |
| ADBE Adobe Inc. | Add +13.3% | 0.87% | +0.05 |
| WSC Willscot Holdings Corp. | Add +122.3% | 0.10% | +0.04 |
| PEP Pepsico Inc. | Add +7.1% | 1.41% | +0.04 |
| OKTA Okta Inc. | Add +64.0% | 0.09% | +0.03 |
| AGG iShares Core U.S. Aggregate | Add +11.5% | 0.59% | +0.02 |
| GEHC GE Healthcare Technology | Add +2.1% | 0.53% | +0.02 |
| POOL Pool Corp. | Add +163.0% | 0.05% | +0.02 |
| TFX Teleflex Inc. | Add +31.2% | 0.12% | +0.02 |
| PNC PNC Financial Services Group | Add +4.6% | 0.87% | +0.02 |
| XOM Exxon Mobil Corp. | Add +0.3% | 2.34% | +0.01 |
| GWW WW Grainger Inc. | New | 0.01% | +0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +47.6% | 0.04% | +0.01 |
| FIG Figma Inc. Class A | New | 0.01% | +0.01 |
| GNL Global Net Lease Inc. | Add +9.6% | 0.08% | +0.01 |
| PGR Progressive Corp. | New | 0.01% | +0.01 |
| NCLH Norwegian Cruise Line Holdin | New | 0.01% | +0.01 |
| DAL Delta Air Lines Inc. | Add +33.3% | 0.01% | +0.00 |
| HPE Hewlett Packard Enterprise | New | 0.00% | +0.00 |
| MDY State Street SPDR S&P Midcap | Add +95.0% | 0.01% | +0.00 |
| NEE Nextera Energy Inc. | Add +28.3% | 0.02% | +0.00 |
| TJX TJX Companies Inc. | New | 0.00% | +0.00 |
| CMI Cummins Inc. | New | 0.00% | +0.00 |
| GTBIF Green Thumb Industries Inc. | Add +9.3% | 0.10% | +0.00 |
| IJJ iShares S&P Mid-Cap 400 Valu | Add +6.5% | 0.21% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +26.6% | 0.01% | +0.00 |
| OXY Occidental Petroleum Corp. | New | 0.00% | +0.00 |
| IGSB iShares 1-5Y Inv Grade Corp. | Add +33.7% | 0.01% | +0.00 |
| PINE Alpine Income Property Trust | New | 0.00% | +0.00 |
| RELY Remitly Global Inc. | New | 0.00% | +0.00 |
| DIN Dine Brands Global Inc. | New | 0.00% | +0.00 |
| HPQ HP Inc. | New | 0.00% | +0.00 |
| KVUE Kenvue Inc. | New | 0.00% | +0.00 |
| XOVR Ershares Private-Public Cros | New | 0.00% | +0.00 |
| BSV Vanguard Short-Term Bond ETF | Add +6.9% | 0.26% | +0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| FEDNAT HLDG CO | CONV · principal | Sold out | 5,000,000 | $100Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 448 | $869.6M | GOOGL, MSFT, XOM, C, VTRS |
| Q1 2026 | 443 | $771.5M | GOOGL, MSFT, XOM, WBD, C |
| Q4 2025 | 463 | $795.5M | GOOGL, WBD, MSFT, XOM, EXAS |
| Q3 2025 | 458 | $747.4M | GOOGL, MSFT, WBD, XOM, C |
| Q2 2025 | 427 | $706.3M | MSFT, GOOGL, XOM, WBD, META |
| Q1 2025 | 419 | $664.8M | GOOGL, MSFT, XOM, WBD, C |
| Q4 2024 | 431 | $693.4M | GOOGL, MSFT, XOM, WBD, META |
| Q3 2024 | 440 | $697.8M | MSFT, GOOGL, XOM, EXAS, PYPL |
| Q2 2024 | 439 | $645.1M | GOOGL, MSFT, XOM, QCOM, COHR |
| Q1 2024 | 452 | $658.8M | MSFT, GOOGL, XOM, QCOM, JPM |