Thornburg Investment Management Inc.
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Thornburg Investment Management Inc. reported 191 stock positions worth $7.7 billion. Its top holding was Broadcom (AVGO) at 8.1% of the portfolio, followed by AT&T (T, 7.7%) and Citigroup (C, 6.1%). Compared with Q2 2024, it opened 14 new positions, sold out of 11, added to 72 and reduced 87. The biggest buy was a new position in Chimera Investment (CIM) and the biggest sale Pfizer (PFE, shares −10%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $7.7B (Q3 2024)
- SEC Filing
- 0001140361-24-045910 ↗ filed Nov 12, 2024
Holdings Value
Holdings 191 stocks · $7.7B
| AVGO Broadcom Inc. | 8.10% | 3,605,708 | $622.0M | No change |
| T AT&T Inc. | 7.72% | 26,940,942 | $592.7M | Add +7.8% |
| C Citigroup Inc. | 6.07% | 7,443,885 | $466.0M | Add +6.3% |
| CME Cme Group Inc. | 3.63% | 1,263,607 | $278.8M | Add +0.5% |
| PFE Pfizer Inc. | 3.33% | 8,842,174 | $255.9M | Reduce -9.8% |
| EQH Equitable Holdings Inc. | 2.88% | 5,267,993 | $221.4M | No change |
| MRK Merck & Co. Inc. | 2.78% | 1,876,384 | $213.1M | Add +0.3% |
| JPM JPMorgan Chase & Co. | 2.75% | 1,002,707 | $211.4M | Add +0.1% |
| HD Home Depot Inc. | 2.69% | 510,286 | $206.8M | No change |
| LYB Lyondellbasell Indu Class A | 2.47% | 1,978,044 | $189.7M | Add +0.7% |
| TRP TC Energy Corp. | 2.39% | 3,860,519 | $183.5M | Add +7.5% |
| MDT Medtronic PLC | 2.16% | 1,837,830 | $165.5M | Add +0.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.12% | 935,916 | $162.5M | Add +0.5% |
| ABBV Abbvie Inc. | 2.09% | 812,375 | $160.4M | Add +0.6% |
| ENB Enbridge Inc. | 1.90% | 3,587,620 | $145.7M | Add +0.2% |
| LIN Linde PLC | 1.64% | 264,161 | $125.8M | Add +4.2% |
| META Meta Platforms Inc. Class A | 1.63% | 218,608 | $125.1M | Reduce -9.5% |
| RF Regions Financial Corp. | 1.57% | 5,161,051 | $120.4M | Reduce -10.4% |
| CP Canadian Pacific Kansas City | 1.55% | 1,394,152 | $119.3M | Add +0.0% |
| CSCO Cisco Systems Inc. | 1.46% | 2,104,210 | $112.0M | Add +0.4% |
| PBR Petroleo Brasileiro-Spon ADR | 1.45% | 7,747,735 | $111.6M | Add +1.3% |
| FCX Freeport-McMoran Inc. | 1.27% | 1,954,592 | $97.6M | Add +41.9% |
| ALC Alcon Inc. filed as ALCON AG | 1.22% | 938,097 | $93.7M | Add +69.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.18% | 759,191 | $90.4M | Add +2.5% |
| GOOGL Alphabet Inc. Class A | 1.17% | 541,767 | $89.9M | Reduce -1.1% |
| CIM Chimera Investment Corp. | 1.02% | 4,952,655 | $78.4M | New |
| MELI MercadoLibre Inc. | 0.95% | 35,528 | $72.9M | Add +1.2% |
| EDU New Oriental Educatio-SP ADR | 0.93% | 939,243 | $71.2M | Add +69.6% |
| FER Ferrovial NV | 0.89% | 1,593,871 | $68.5M | Add +717.4% |
| SLRC SLR Investment Corp. | 0.85% | 4,338,599 | $65.3M | No change |
| SCHW Schwab (charles) Corp. | 0.84% | 993,816 | $64.4M | Reduce -0.4% |
| MA Mastercard Inc. Class A | 0.75% | 117,335 | $57.9M | Add +3.1% |
| BABA Alibaba Group Holding-SP ADR | 0.69% | 498,853 | $52.9M | Add +5.0% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.65% | 421,671 | $49.6M | Reduce -6.2% |
| BKNG Booking Holdings Inc. | 0.62% | 11,223 | $47.3M | Reduce -33.3% |
| BZ Kanzhun Ltd. - ADR | 0.60% | 2,648,074 | $46.0M | Add +473.4% |
| NVDA Nvidia Corp. | 0.60% | 377,178 | $45.8M | Reduce -17.2% |
| BLDR Builders Firstsource Inc. | 0.58% | 229,580 | $44.5M | Add +7.2% |
| ELME Elme Communities | 0.56% | 2,455,668 | $43.2M | No change |
| CACI Caci International Inc. Class A | 0.54% | 81,931 | $41.3M | Reduce -10.5% |
| ICLR Icon PLC | 0.54% | 142,928 | $41.1M | Add +16.5% |
| SHOP Shopify Inc. Class A | 0.51% | 491,992 | $39.4M | Add +32.7% |
| MFIC Midcap Financial Investment | 0.51% | 2,937,783 | $39.3M | No change |
| RACE Ferrari NV | 0.51% | 83,041 | $39.0M | Add +4.4% |
| AZN Astrazeneca PLC-Spons ADR | 0.49% | 486,026 | $37.9M | Reduce -1.1% |
| SE Sea Ltd.-ADR | 0.48% | 388,008 | $36.6M | Add +36.8% |
| ASML ASML Holding NV-NY Reg SHS | 0.44% | 40,701 | $33.9M | Reduce -7.3% |
| GLOB Globant SA | 0.42% | 161,732 | $32.0M | Add +6.8% |
| LHX L3HARRIS Technologies Inc. | 0.40% | 129,490 | $30.8M | Reduce -0.0% |
| CWST Casella Waste Systems Inc. Class A | 0.40% | 306,217 | $30.5M | Reduce -0.8% |
| AMD Advanced Micro Devices | 0.39% | 183,496 | $30.1M | Reduce -9.5% |
| SONY Sony Group Corp. - SP ADR | 0.39% | 309,094 | $29.8M | Add +61.4% |
| COF Capital One Financial Corp. | 0.38% | 196,779 | $29.5M | Reduce -9.7% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.37% | 2,105,720 | $28.7M | Reduce -14.2% |
| VRT Vertiv Holdings Co. Class A | 0.35% | 272,691 | $27.1M | Reduce -14.5% |
| FLUT Flutter Entertainment PLC-Di | 0.35% | 112,894 | $26.8M | New |
| TRU Transunion | 0.33% | 245,085 | $25.7M | Add +1.0% |
| TECK Teck Resources Ltd.-CLS B | 0.32% | 471,633 | $24.6M | Add +0.2% |
| SN Sharkninja Inc. | 0.32% | 225,419 | $24.5M | Reduce -2.2% |
| MU Micron Technology Inc. | 0.30% | 223,632 | $23.2M | Add +1.9% |
| AGYS Agilysys Inc. | 0.30% | 211,115 | $23.0M | Reduce -1.0% |
| AIT Applied Industrial Tech Inc. | 0.29% | 98,663 | $22.0M | Reduce -2.5% |
| FTI Technipfmc PLC | 0.28% | 815,740 | $21.4M | Reduce -1.5% |
| AVTR Avantor Inc. | 0.26% | 764,943 | $19.8M | Reduce -0.9% |
| CCC CCC Intelligent Solutions Ho | 0.26% | 1,780,396 | $19.7M | Add +7.7% |
| HDB HDFC Bank Ltd.-ADR | 0.25% | 311,881 | $19.5M | Reduce -59.6% |
| STLA Stellantis NV | 0.25% | 1,375,943 | $19.1M | Reduce -35.7% |
| CLH Clean Harbors Inc. | 0.24% | 75,969 | $18.4M | Add +0.0% |
| OWL Blue Owl Capital Inc. | 0.22% | 887,025 | $17.2M | Reduce -0.5% |
| COHR Coherent Corp. | 0.22% | 190,977 | $17.0M | Reduce -6.9% |
| ACA Arcosa Inc. | 0.20% | 165,683 | $15.7M | Reduce -0.3% |
| WD Walker & Dunlop Inc. | 0.20% | 137,843 | $15.7M | Add +27.1% |
| WAL Western Alliance Bancorp | 0.20% | 179,497 | $15.5M | Add +5.2% |
| PNFP Pinnacle Financial Partners | 0.20% | 156,427 | $15.3M | Add +8.3% |
| STVN Stevanato Group SPA | 0.20% | 757,627 | $15.2M | Add +1.5% |
| CYTK Cytokinetics Inc. | 0.20% | 283,482 | $15.0M | Add +12.1% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.19% | 288,103 | $14.5M | Reduce -11.2% |
| TXNM TXNM Energy Inc. | 0.19% | 330,583 | $14.5M | Add +23.1% |
| TTE Totalenergies SE -Spon ADR | 0.18% | 216,915 | $14.0M | Reduce -39.8% |
| POOL Pool Corp. | 0.18% | 36,776 | $13.9M | Reduce -0.8% |
| ITT Itt Inc. | 0.18% | 92,213 | $13.8M | Reduce -0.8% |
| STKL Sunopta Inc. | 0.17% | 2,102,981 | $13.4M | Add +12.2% |
| MYRG MYR Group Inc./Delaware | 0.17% | 128,002 | $13.1M | Reduce -0.8% |
| AIZ Assurant Inc. | 0.17% | 64,251 | $12.8M | Reduce -0.1% |
| GPI Group 1 Automotive Inc. | 0.17% | 33,177 | $12.7M | Add +0.0% |
| WCN Waste Connections Inc. | 0.16% | 70,034 | $12.5M | No change |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.16% | 150,537 | $12.4M | Add +0.0% |
| V Visa Inc. Class A | 0.16% | 44,408 | $12.2M | Reduce -0.9% |
| SXT Sensient Technologies Corp. | 0.16% | 150,182 | $12.0M | Reduce -0.4% |
| LPLA LPL Financial Holdings Inc. | 0.15% | 50,646 | $11.8M | Reduce -0.1% |
| WH Wyndham Hotels & Resorts Inc. | 0.15% | 150,589 | $11.8M | Add +0.1% |
| KMPR Kemper Corp. | 0.15% | 187,446 | $11.5M | Add +0.0% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.15% | 1,116,454 | $11.4M | Add +0.9% |
| PDD PDD Holdings Inc. | 0.15% | 84,115 | $11.3M | Reduce -53.9% |
| KRG Kite Realty Group Trust | 0.15% | 426,798 | $11.3M | Add +0.0% |
| COST Costco Wholesale Corp. | 0.15% | 12,764 | $11.3M | Reduce -0.2% |
| XPO Xpo Inc. | 0.14% | 102,909 | $11.1M | Add +0.0% |
| NTNX Nutanix Inc. Class A | 0.14% | 182,938 | $10.8M | Add +0.8% |
| RPAY Repay Holdings Corp. | 0.14% | 1,322,437 | $10.8M | Add +0.0% |
| DECK Deckers Outdoor Corp. | 0.14% | 66,552 | $10.6M | Reduce -0.6% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $91K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 157,910 | $91K | No change |
Total filed on the 13F, all lines: $7.7B.
Portfolio Sells Q2 2024 → Q3 2024
| PFE Pfizer Inc. | Reduce -9.8% | 3.33% | −0.53 |
| HDB HDFC Bank Ltd.-ADR | Reduce -59.6% | 0.25% | −0.44 |
| MBLY Mobileye Global Inc. Class A | Sold out | 0.00% | −0.42 |
| STLA Stellantis NV | Reduce -35.7% | 0.25% | −0.35 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.33 |
| BKNG Booking Holdings Inc. | Reduce -33.3% | 0.62% | −0.32 |
| GOOGL Alphabet Inc. Class A | Reduce -1.1% | 1.17% | −0.23 |
| PETQ Petiq Inc. | Reduce -96.9% | 0.01% | −0.20 |
| NVDA Nvidia Corp. | Reduce -17.2% | 0.60% | −0.20 |
| SCHW Schwab (charles) Corp. | Reduce -0.4% | 0.84% | −0.20 |
| PDD PDD Holdings Inc. | Reduce -53.9% | 0.15% | −0.19 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -7.3% | 0.44% | −0.19 |
| TTE Totalenergies SE -Spon ADR | Reduce -39.8% | 0.18% | −0.16 |
| TBBB BBB Foods Inc. Class A | Reduce -71.5% | 0.06% | −0.13 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.11 |
| TME Tencent Music Entertainm-ADR | Reduce -46.6% | 0.08% | −0.11 |
| ACHC Acadia Healthcare Co. Inc. | Reduce -95.9% | 0.00% | −0.11 |
| P Everpure Inc. Class A | Reduce -11.2% | 0.19% | −0.10 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -40.0% | 0.09% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -9.5% | 1.63% | −0.09 |
| MYRG MYR Group Inc./Delaware | Reduce -0.8% | 0.17% | −0.08 |
| PCRX Pacira Biosciences Inc. | Sold out | 0.00% | −0.08 |
| ATS Ats Corp. | Sold out | 0.00% | −0.07 |
| WSC Willscot Holdings Corp. | Sold out | 0.00% | −0.07 |
| AMD Advanced Micro Devices | Reduce -9.5% | 0.39% | −0.07 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -14.2% | 0.37% | −0.07 |
| BAP Credicorp Ltd. | Reduce -40.5% | 0.11% | −0.07 |
| TTEK Tetra Tech Inc. | Reduce -36.8% | 0.13% | −0.06 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -42.3% | 0.12% | −0.06 |
| VOD Vodafone Group PLC-SP ADR | Reduce -75.7% | 0.02% | −0.06 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Reduce -25.1% | 0.10% | −0.06 |
| RF Regions Financial Corp. | Reduce -10.4% | 1.57% | −0.06 |
| VIST Vista Energy Sab DE CV | Reduce -32.7% | 0.09% | −0.06 |
| DBRG Digitalbridge Group Inc. | Reduce -29.0% | 0.12% | −0.06 |
| TJX TJX Companies Inc. | Reduce -6.2% | 0.65% | −0.05 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -1.1% | 0.49% | −0.05 |
| LPLA LPL Financial Holdings Inc. | Reduce -0.1% | 0.15% | −0.05 |
| EFA iShares MSCI Eafe ETF | Reduce -34.2% | 0.08% | −0.04 |
| COF Capital One Financial Corp. | Reduce -9.7% | 0.38% | −0.04 |
| CELH Celsius Holdings Inc. | Reduce -2.2% | 0.04% | −0.04 |
| CRDO Credo Technology Group Holdi | Reduce -24.1% | 0.08% | −0.04 |
| VRT Vertiv Holdings Co. Class A | Reduce -14.5% | 0.35% | −0.04 |
| CWST Casella Waste Systems Inc. Class A | Reduce -0.8% | 0.40% | −0.03 |
| ONTO Onto Innovation Inc. | Reduce -17.4% | 0.08% | −0.03 |
| RMBS Rambus Inc. | Reduce -14.0% | 0.04% | −0.03 |
| FTI Technipfmc PLC | Reduce -1.5% | 0.28% | −0.03 |
| SRPT Sarepta Therapeutics Inc. | Reduce -1.8% | 0.06% | −0.03 |
| SMG Scotts Miracle-Gro Co. | Reduce -34.6% | 0.10% | −0.02 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -15.3% | 0.13% | −0.02 |
| LBRT Liberty Energy Inc. | Reduce -5.3% | 0.09% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| CIM Chimera Investment Corp. | New | 1.02% | +1.02 |
| T AT&T Inc. | Add +7.8% | 7.72% | +0.99 |
| FER Ferrovial NV | Add +717.4% | 0.89% | +0.78 |
| ALC Alcon Inc. | Add +69.6% | 1.22% | +0.52 |
| BZ Kanzhun Ltd. - ADR | Add +473.4% | 0.60% | +0.48 |
| TRP TC Energy Corp. | Add +7.5% | 2.39% | +0.47 |
| FLUT Flutter Entertainment PLC-Di | New | 0.35% | +0.35 |
| FCX Freeport-McMoran Inc. | Add +41.9% | 1.27% | +0.33 |
| EDU New Oriental Educatio-SP ADR | Add +69.6% | 0.93% | +0.32 |
| BABA Alibaba Group Holding-SP ADR | Add +5.0% | 0.69% | +0.21 |
| SE Sea Ltd.-ADR | Add +36.8% | 0.48% | +0.19 |
| SHOP Shopify Inc. Class A | Add +32.7% | 0.51% | +0.17 |
| BLDR Builders Firstsource Inc. | Add +7.2% | 0.58% | +0.16 |
| SONY Sony Group Corp. - SP ADR | Add +61.4% | 0.39% | +0.16 |
| CME Cme Group Inc. | Add +0.5% | 3.63% | +0.15 |
| ABBV Abbvie Inc. | Add +0.6% | 2.09% | +0.14 |
| MELI MercadoLibre Inc. | Add +1.2% | 0.95% | +0.14 |
| MDT Medtronic PLC | Add +0.6% | 2.16% | +0.13 |
| THC Tenet Healthcare Corp. | New | 0.11% | +0.11 |
| ENB Enbridge Inc. | Add +0.2% | 1.90% | +0.10 |
| TRU Transunion | Add +1.0% | 0.33% | +0.08 |
| INSM Insmed Inc. | New | 0.07% | +0.07 |
| LIN Linde PLC | Add +4.2% | 1.64% | +0.06 |
| SDHC Smith Douglas Homes Corp. | Add +21.7% | 0.13% | +0.06 |
| CSCO Cisco Systems Inc. | Add +0.4% | 1.46% | +0.06 |
| WD Walker & Dunlop Inc. | Add +27.1% | 0.20% | +0.05 |
| CP Canadian Pacific Kansas City | Add +0.0% | 1.55% | +0.05 |
| WAL Western Alliance Bancorp | Add +5.2% | 0.20% | +0.05 |
| RACE Ferrari NV | Add +4.4% | 0.51% | +0.05 |
| TXNM TXNM Energy Inc. | Add +23.1% | 0.19% | +0.05 |
| MA Mastercard Inc. Class A | Add +3.1% | 0.75% | +0.05 |
| DIS The Walt Disney Co. | New | 0.05% | +0.05 |
| ELF Elf Beauty Inc. | New | 0.04% | +0.04 |
| GLOB Globant SA | Add +6.8% | 0.42% | +0.04 |
| PNFP Pinnacle Financial Partners | Add +8.3% | 0.20% | +0.04 |
| WWD Woodward Inc. | New | 0.04% | +0.04 |
| STKL Sunopta Inc. | Add +12.2% | 0.17% | +0.03 |
| ULS Ul Solutions Inc. Class A | New | 0.03% | +0.03 |
| SNDX Syndax Pharmaceuticals Inc. | New | 0.03% | +0.03 |
| PJT PJT Partners Inc. Class A | Add +14.6% | 0.12% | +0.03 |
| GPI Group 1 Automotive Inc. | Add +0.0% | 0.17% | +0.03 |
| PKX Posco Holdings Inc. -Spon ADR | New | 0.03% | +0.03 |
| RDY Dr. Reddy's Laboratories-ADR | New | 0.02% | +0.02 |
| KB KB Financial Group Inc.-ADR | Add +172.3% | 0.03% | +0.02 |
| VERA Vera Therapeutics Inc. | New | 0.02% | +0.02 |
| H Hyatt Hotels Corp. Class A | Add +53.4% | 0.05% | +0.02 |
| ORANY Orange-Spon ADR | Add +8.8% | 0.13% | +0.02 |
| ZTS Zoetis Inc. | New | 0.02% | +0.02 |
| GKOS Glaukos Corp. | Add +27.9% | 0.07% | +0.02 |
| KRG Kite Realty Group Trust | Add +0.0% | 0.15% | +0.01 |
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 |