Thornburg Investment Management Inc.
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Thornburg Investment Management Inc. reported 138 stock positions worth $10.4 billion. Its top holding was Citigroup (C) at 10.1% of the portfolio, followed by Totalenergies (TTE, 8.8%) and AT&T (T, 7.1%). Compared with Q1 2026, it opened 8 new positions, sold out of 39, added to 71 and reduced 48. The biggest buy was a new position in Kimberly-Clark (KMB) and the biggest sale Cme (CME, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $10.4B (Q2 2026)
- SEC Filing
- 0001140361-26-032780 ↗ filed Aug 13, 2026
Holdings Value
Holdings 138 stocks · $10.4B
| C Citigroup Inc. | 10.12% | 7,546,686 | $1.1B | Reduce -5.5% |
| TTE Totalenergies SE | 8.81% | 11,828,205 | $919.0M | Add +1.4% |
| T AT&T Inc. | 7.14% | 36,023,313 | $745.7M | Add +16.0% |
| AVGO Broadcom Inc. | 6.62% | 1,830,149 | $691.3M | Reduce -12.2% |
| KMB Kimberly-Clark Corp. | 6.06% | 5,760,888 | $632.4M | New |
| AZN Astrazeneca PLC | 5.18% | 2,891,426 | $540.6M | Add +1.1% |
| MRK Merck & Co. Inc. | 4.66% | 3,787,976 | $486.8M | Add +1.6% |
| TSM Taiwan Semiconductor-SP ADR | 3.50% | 764,867 | $365.3M | Add +9.1% |
| CSCO Cisco Systems Inc. | 3.06% | 2,715,962 | $319.0M | Reduce -6.8% |
| TRP TC Energy Corp. | 3.01% | 4,755,014 | $314.6M | Add +0.7% |
| CME Cme Group Inc. | 2.40% | 1,132,435 | $250.1M | Reduce -1.1% |
| EQH Equitable Holdings Inc. | 2.16% | 5,142,337 | $225.6M | Add +3.0% |
| FCX Freeport-McMoran Inc. | 1.99% | 3,304,828 | $207.8M | Add +16.5% |
| RF Regions Financial Corp. | 1.95% | 6,746,453 | $203.7M | Add +3.5% |
| ENB Enbridge Inc. | 1.91% | 3,674,988 | $199.1M | Add +0.9% |
| MDT Medtronic PLC | 1.88% | 2,511,730 | $196.5M | Add +24.5% |
| CP Canadian Pacific Kansas City | 1.68% | 2,017,847 | $174.8M | Reduce -0.5% |
| GOOGL Alphabet Inc. Class A | 1.67% | 488,051 | $174.4M | Add +14.8% |
| HD Home Depot Inc. | 1.57% | 464,895 | $164.0M | Reduce -10.8% |
| LIN Linde PLC | 1.35% | 270,794 | $140.7M | Reduce -1.3% |
| ABBV Abbvie Inc. | 1.30% | 541,146 | $136.2M | Add +7.6% |
| SOBO South Bow Corp. | 1.25% | 3,721,332 | $131.0M | Add +2.4% |
| FER Ferrovial NV | 1.12% | 1,712,697 | $117.3M | Reduce -1.5% |
| ALC Alcon Inc. filed as ALCON AG | 1.05% | 1,632,356 | $109.7M | Reduce -4.5% |
| SCHW Schwab (charles) Corp. | 1.03% | 1,170,451 | $108.0M | Add +44.6% |
| LLY Eli Lilly & Co. | 0.92% | 79,682 | $95.6M | Add +32.4% |
| CIM Chimera Investment Corp. | 0.70% | 5,511,923 | $73.5M | Add +0.7% |
| META Meta Platforms Inc. Class A | 0.70% | 130,466 | $73.5M | Add +3.4% |
| BZ Kanzhun Ltd. - ADR | 0.67% | 5,413,729 | $69.7M | Reduce -13.1% |
| MA Mastercard Inc. Class A | 0.61% | 123,446 | $63.4M | Add +26.1% |
| BABA Alibaba Group Holding-SP ADR | 0.57% | 617,721 | $59.3M | Add +1.2% |
| SLRC SLR Investment Corp. | 0.56% | 4,708,772 | $58.2M | Add +1.6% |
| BKNG Booking Holdings Inc. | 0.54% | 316,223 | $56.4M | Add +12.8% |
| ADBE Adobe Inc. | 0.53% | 269,807 | $55.3M | Add +55.5% |
| MELI MercadoLibre Inc. | 0.48% | 29,450 | $50.0M | Reduce -5.1% |
| AMD Advanced Micro Devices | 0.47% | 84,425 | $49.0M | Reduce -31.1% |
| NFLX Netflix Inc. | 0.46% | 665,548 | $47.5M | Add +428.3% |
| PFE Pfizer Inc. | 0.45% | 1,970,004 | $47.4M | Reduce -12.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.45% | 308,876 | $46.8M | Add +17.1% |
| LHX L3HARRIS Technologies Inc. | 0.43% | 153,148 | $44.5M | Add +20.9% |
| COF Capital One Financial Corp. | 0.38% | 199,843 | $40.1M | Add +43.1% |
| CACI Caci International Inc. Class A | 0.38% | 86,051 | $39.9M | Add +1.8% |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.36% | 18,747 | $37.3M | Reduce -3.9% |
| MU Micron Technology Inc. | 0.35% | 31,289 | $36.1M | Add +27.1% |
| SE Sea Ltd.-ADR | 0.34% | 365,023 | $35.0M | Reduce -1.3% |
| MFIC Midcap Financial Investment | 0.31% | 3,237,783 | $32.6M | No change |
| RACE Ferrari NV | 0.28% | 79,745 | $29.7M | Reduce -17.0% |
| SHOP Shopify Inc. Class A | 0.27% | 246,547 | $28.2M | Add +5.5% |
| MSFT Microsoft Corp. | 0.24% | 65,940 | $24.6M | Add +139.6% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.23% | 1,229,407 | $24.5M | Add +14.1% |
| AAPL Apple Inc. | 0.23% | 83,343 | $24.1M | Add +6171.1% |
| ING ING Groep N.V.-Sponsored ADR | 0.23% | 758,793 | $23.8M | Add +13.9% |
| COHR Coherent Corp. | 0.20% | 53,333 | $21.0M | Reduce -28.7% |
| ANET Arista Networks Inc. | 0.19% | 115,902 | $19.7M | Reduce -31.1% |
| TLN Talen Energy Corp. | 0.18% | 49,589 | $19.1M | Add +22.1% |
| CIGI Colliers Intl GR-Subord Vot | 0.18% | 203,021 | $19.0M | Add +64.0% |
| SAP Sap SE-Sponsored ADR | 0.18% | 119,017 | $18.3M | Add +17.3% |
| AER Aercap Holdings NV | 0.17% | 121,999 | $17.8M | Add +5.8% |
| SHEL Shell PLC-ADR | 0.17% | 228,036 | $17.7M | Add +100.3% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.16% | 275,027 | $16.8M | Reduce -32.7% |
| LPLA LPL Financial Holdings Inc. | 0.15% | 54,967 | $15.5M | Add +48.5% |
| SONY Sony Group Corp. - SP ADR | 0.14% | 749,018 | $15.0M | Add +11.9% |
| BAP Credicorp Ltd. | 0.13% | 34,945 | $13.6M | Reduce -13.9% |
| IQV Iqvia Holdings Inc. | 0.13% | 69,029 | $13.3M | New |
| CRDO Credo Technology Group Holdi | 0.13% | 47,952 | $13.0M | Reduce -3.3% |
| SN Sharkninja Inc. | 0.12% | 85,212 | $13.0M | Reduce -49.8% |
| EFA iShares MSCI Eafe ETF | 0.12% | 122,310 | $12.7M | Reduce -4.6% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.12% | 163,166 | $12.4M | Reduce -38.0% |
| PGR Progressive Corp. | 0.11% | 54,336 | $11.9M | Add +858.3% |
| TBBB BBB Foods Inc. Class A | 0.11% | 273,003 | $11.4M | Add +60.9% |
| UBER Uber Technologies Inc. | 0.11% | 157,007 | $11.3M | New |
| XP XP Inc. Class A | 0.10% | 671,549 | $10.9M | Add +17.8% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.10% | 811,444 | $10.8M | Reduce -3.4% |
| TRU Transunion | 0.10% | 138,545 | $10.0M | Reduce -8.6% |
| MMYT Makemytrip Ltd. | 0.09% | 185,032 | $9.9M | Reduce -38.8% |
| BLDR Builders Firstsource Inc. | 0.09% | 108,892 | $9.7M | Reduce -39.2% |
| CLBT Cellebrite Di Ltd. | 0.09% | 618,857 | $9.0M | Reduce -23.8% |
| LRCX Lam Research Corp. | 0.08% | 20,299 | $8.8M | New |
| VSXY Victoria's Secret & Co. | 0.08% | 96,954 | $8.1M | Add +202.7% |
| CCC CCC Intelligent Solutions Ho | 0.08% | 1,524,462 | $7.9M | Add +240.5% |
| AGX Argan Inc. | 0.08% | 9,843 | $7.9M | Reduce -60.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.07% | 269,353 | $7.8M | Add +39.2% |
| SITM Sitime Corp. | 0.07% | 9,397 | $7.0M | Reduce -55.7% |
| RPRX Royalty Pharma PLC Class A | 0.07% | 123,122 | $6.9M | Add +292.0% |
| VRT Vertiv Holdings Co. Class A | 0.06% | 20,161 | $6.8M | Reduce -82.5% |
| SGI Somnigroup International Inc. | 0.06% | 81,948 | $6.4M | New |
| DDOG Datadog Inc. Class A | 0.06% | 24,003 | $6.2M | Add +412.2% |
| HEI.A Heico Corp. Class A | 0.06% | 24,161 | $6.2M | Add +338.3% |
| RGEN Repligen Corp. | 0.06% | 43,887 | $6.0M | Add +49.3% |
| RDDT Reddit Inc. Class A | 0.06% | 34,236 | $5.9M | Add +306.1% |
| DECK Deckers Outdoor Corp. | 0.06% | 59,841 | $5.9M | Add +17.6% |
| SPGI S&P Global Inc. | 0.06% | 14,103 | $5.7M | Add +154.3% |
| DEO Diageo PLC-Sponsored ADR | 0.05% | 66,475 | $5.3M | Add +49.6% |
| SARO Standardaero Inc. | 0.05% | 175,259 | $5.2M | Add +4.7% |
| RJF Raymond James Financial Inc. | 0.05% | 33,203 | $5.0M | New |
| SLB SLB Ltd. filed as SLB LIMITED | 0.05% | 106,506 | $5.0M | Add +221.3% |
| TPR Tapestry Inc. | 0.04% | 29,851 | $4.4M | Add +387.0% |
| LYB Lyondellbasell Indu Class A | 0.04% | 82,904 | $4.4M | Reduce -91.5% |
| IOT Samsara Inc. Class A | 0.04% | 128,450 | $4.2M | Add +258.1% |
| AAMI Acadian Asset Management Inc. | 0.04% | 55,757 | $4.0M | Add +100.7% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $177K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 281,010 | $177K | No change |
Total filed on the 13F, all lines: $10.4B.
Portfolio Sells Q1 2026 → Q2 2026
| CME Cme Group Inc. | Reduce -1.1% | 2.40% | −1.12 |
| LYB Lyondellbasell Indu Class A | Reduce -91.5% | 0.04% | −0.78 |
| TDG Transdigm Group Inc. | Reduce -91.8% | 0.03% | −0.33 |
| ALC Alcon Inc. | Reduce -4.5% | 1.05% | −0.28 |
| VRT Vertiv Holdings Co. Class A | Reduce -82.5% | 0.06% | −0.23 |
| FTI Technipfmc PLC | Reduce -91.6% | 0.02% | −0.22 |
| HD Home Depot Inc. | Reduce -10.8% | 1.57% | −0.21 |
| BZ Kanzhun Ltd. - ADR | Reduce -13.1% | 0.67% | −0.20 |
| PFE Pfizer Inc. | Reduce -12.1% | 0.45% | −0.20 |
| VB Vanguard Most SM-Cap ETF-Usd | Sold out | 0.00% | −0.18 |
| MTSI Macom Technology Solutions H | Sold out | 0.00% | −0.17 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.17 |
| DCO Ducommun Inc. | Sold out | 0.00% | −0.17 |
| AIT Applied Industrial Tech Inc. | Sold out | 0.00% | −0.16 |
| XPO Xpo Inc. | Sold out | 0.00% | −0.13 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.12 |
| ITT Itt Inc. | Reduce -79.4% | 0.03% | −0.12 |
| WAL Western Alliance Bancorp | Sold out | 0.00% | −0.12 |
| CLH Clean Harbors Inc. | Sold out | 0.00% | −0.11 |
| MYRG MYR Group Inc./Delaware | Sold out | 0.00% | −0.11 |
| DTM DT Midstream Inc. | Sold out | 0.00% | −0.11 |
| THC Tenet Healthcare Corp. | Sold out | 0.00% | −0.10 |
| AIZ Assurant Inc. | Sold out | 0.00% | −0.10 |
| AGYS Agilysys Inc. | Sold out | 0.00% | −0.09 |
| SXT Sensient Technologies Corp. | Sold out | 0.00% | −0.09 |
| P Everpure Inc. Class A | Sold out | 0.00% | −0.09 |
| ACA Arcosa Inc. | Sold out | 0.00% | −0.09 |
| AVGO Broadcom Inc. | Reduce -12.2% | 6.62% | −0.08 |
| PJT PJT Partners Inc. Class A | Sold out | 0.00% | −0.08 |
| WH Wyndham Hotels & Resorts Inc. | Sold out | 0.00% | −0.08 |
| MELI MercadoLibre Inc. | Reduce -5.1% | 0.48% | −0.08 |
| GPI Group 1 Automotive Inc. | Sold out | 0.00% | −0.08 |
| MTDR Matador Resources Co. | Sold out | 0.00% | −0.07 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -38.0% | 0.12% | −0.07 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -87.8% | 0.01% | −0.07 |
| AGX Argan Inc. | Reduce -60.4% | 0.08% | −0.07 |
| SN Sharkninja Inc. | Reduce -49.8% | 0.12% | −0.06 |
| BLDR Builders Firstsource Inc. | Reduce -39.2% | 0.09% | −0.06 |
| LIN Linde PLC | Reduce -1.3% | 1.35% | −0.06 |
| BJ Bj's Wholesale Club Holdings | Sold out | 0.00% | −0.05 |
| RACE Ferrari NV | Reduce -17.0% | 0.28% | −0.05 |
| CSTM Constellium SE | Sold out | 0.00% | −0.05 |
| FROG Jfrog Ltd. | Sold out | 0.00% | −0.05 |
| RMBS Rambus Inc. | Sold out | 0.00% | −0.05 |
| AORT Artivion Inc. | Sold out | 0.00% | −0.05 |
| INSM Insmed Inc. | Reduce -52.0% | 0.02% | −0.05 |
| GLOB Globant SA | Sold out | 0.00% | −0.04 |
| FER Ferrovial NV | Reduce -1.5% | 1.12% | −0.04 |
| CELH Celsius Holdings Inc. | Sold out | 0.00% | −0.03 |
| FWONK Liberty Media Corp. Class C | Sold out | 0.00% | −0.03 |
Portfolio Buys Q1 2026 → Q2 2026
| KMB Kimberly-Clark Corp. | New | 6.06% | +6.06 |
| TSM Taiwan Semiconductor-SP ADR | Add +9.1% | 3.50% | +1.04 |
| GOOGL Alphabet Inc. Class A | Add +14.8% | 1.67% | +0.40 |
| LLY Eli Lilly & Co. | Add +32.4% | 0.92% | +0.34 |
| NFLX Netflix Inc. | Add +428.3% | 0.46% | +0.33 |
| MU Micron Technology Inc. | Add +27.1% | 0.35% | +0.26 |
| FCX Freeport-McMoran Inc. | Add +16.5% | 1.99% | +0.26 |
| SCHW Schwab (charles) Corp. | Add +44.6% | 1.03% | +0.24 |
| EQH Equitable Holdings Inc. | Add +3.0% | 2.16% | +0.23 |
| AAPL Apple Inc. | Add +6171.1% | 0.23% | +0.23 |
| RF Regions Financial Corp. | Add +3.5% | 1.95% | +0.18 |
| ABBV Abbvie Inc. | Add +7.6% | 1.30% | +0.17 |
| MSFT Microsoft Corp. | Add +139.6% | 0.24% | +0.13 |
| IQV Iqvia Holdings Inc. | New | 0.13% | +0.13 |
| COF Capital One Financial Corp. | Add +43.1% | 0.38% | +0.12 |
| UBER Uber Technologies Inc. | New | 0.11% | +0.11 |
| PGR Progressive Corp. | Add +858.3% | 0.11% | +0.10 |
| MA Mastercard Inc. Class A | Add +26.1% | 0.61% | +0.10 |
| ADBE Adobe Inc. | Add +55.5% | 0.53% | +0.09 |
| LRCX Lam Research Corp. | New | 0.08% | +0.08 |
| MDT Medtronic PLC | Add +24.5% | 1.88% | +0.07 |
| VSXY Victoria's Secret & Co. | Add +202.7% | 0.08% | +0.06 |
| SGI Somnigroup International Inc. | New | 0.06% | +0.06 |
| SHEL Shell PLC-ADR | Add +100.3% | 0.17% | +0.06 |
| DDOG Datadog Inc. Class A | Add +412.2% | 0.06% | +0.05 |
| RPRX Royalty Pharma PLC Class A | Add +292.0% | 0.07% | +0.05 |
| BKNG Booking Holdings Inc. | Add +12.8% | 0.54% | +0.05 |
| RJF Raymond James Financial Inc. | New | 0.05% | +0.05 |
| TLN Talen Energy Corp. | Add +22.1% | 0.18% | +0.05 |
| ING ING Groep N.V.-Sponsored ADR | Add +13.9% | 0.23% | +0.05 |
| HEI.A Heico Corp. Class A | Add +338.3% | 0.06% | +0.05 |
| CCC CCC Intelligent Solutions Ho | Add +240.5% | 0.08% | +0.05 |
| TBBB BBB Foods Inc. Class A | Add +60.9% | 0.11% | +0.05 |
| RDDT Reddit Inc. Class A | Add +306.1% | 0.06% | +0.05 |
| CIGI Colliers Intl GR-Subord Vot | Add +64.0% | 0.18% | +0.04 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +14.1% | 0.23% | +0.04 |
| TPR Tapestry Inc. | Add +387.0% | 0.04% | +0.03 |
| LPLA LPL Financial Holdings Inc. | Add +48.5% | 0.15% | +0.03 |
| SPGI S&P Global Inc. | Add +154.3% | 0.06% | +0.03 |
| COCO The Vita Coco Co. Inc. | New | 0.03% | +0.03 |
| SLB SLB Ltd. | Add +221.3% | 0.05% | +0.03 |
| IOT Samsara Inc. Class A | Add +258.1% | 0.04% | +0.03 |
| RBRK Rubrik Inc. Class A | Add +249.0% | 0.03% | +0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Add +39.2% | 0.07% | +0.02 |
| AAMI Acadian Asset Management Inc. | Add +100.7% | 0.04% | +0.02 |
| RGEN Repligen Corp. | Add +49.3% | 0.06% | +0.02 |
| CDNS Cadence Design SYS Inc. | Add +258.4% | 0.03% | +0.02 |
| TMUS T-Mobile US Inc. | Add +489.6% | 0.03% | +0.02 |
| WSE Wise Group PLC Class A | New | 0.02% | +0.02 |
| BMRN Biomarin Pharmaceutical Inc. | Add +305.9% | 0.02% | +0.02 |
Notes & Other Activity Q1 2026 → Q2 2026
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | Sold out | 324,000 | $323Kbefore 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 | 138 | $10.4B | C, TTE, T, AVGO, KMB |
| Q1 2026 | 169 | $9.6B | TTE, C, T, AVGO, AZN |
| Q4 2025 | 174 | $7.9B | C, T, AVGO, MRK, CME |
| Q3 2025 | 174 | $7.6B | C, T, AVGO, CME, MRK |
| Q2 2025 | 175 | $7.8B | T, AVGO, C, MRK, CME |
| Q1 2025 | 181 | $7.1B | T, C, AVGO, MRK, CME |
| Q4 2024 | 187 | $7.6B | AVGO, T, C, CME, PFE |
| Q3 2024 | 191 | $7.7B | AVGO, T, C, CME, PFE |
| Q2 2024 | 188 | $7.1B | AVGO, T, C, PFE, CME |
| Q1 2024 | 186 | $7.2B | AVGO, C, T, JPM, CME |