Thornburg Investment Management Inc.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Thornburg Investment Management Inc. reported 187 stock positions worth $7.6 billion. Its top holding was Broadcom (AVGO) at 9.7% of the portfolio, followed by AT&T (T, 8.3%) and Citigroup (C, 7.4%). Compared with Q3 2024, it opened 8 new positions, sold out of 12, added to 44 and reduced 120. The biggest buy was Citigroup (C, shares +6%) and the biggest sale New Oriental Educatio-SP ADR (EDU, shares −88%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $7.6B (Q4 2024)
- SEC Filing
- 0001140361-25-004382 ↗ filed Feb 14, 2025
Holdings Value
Holdings 187 stocks · $7.6B
| AVGO Broadcom Inc. | 9.67% | 3,153,835 | $731.2M | Reduce -12.5% |
| T AT&T Inc. | 8.31% | 27,593,188 | $628.3M | Add +2.4% |
| C Citigroup Inc. | 7.35% | 7,896,725 | $555.9M | Add +6.1% |
| CME Cme Group Inc. | 3.97% | 1,292,107 | $300.1M | Add +2.3% |
| PFE Pfizer Inc. | 3.47% | 9,895,877 | $262.5M | Add +11.9% |
| EQH Equitable Holdings Inc. | 3.29% | 5,267,993 | $248.5M | No change |
| HD Home Depot Inc. | 2.63% | 510,286 | $198.5M | No change |
| MRK Merck & Co. Inc. | 2.47% | 1,876,384 | $186.7M | No change |
| TRP TC Energy Corp. | 2.38% | 3,860,519 | $179.8M | No change |
| TSM Taiwan Semiconductor-SP ADR | 2.22% | 848,689 | $167.6M | Reduce -9.3% |
| JPM JPMorgan Chase & Co. | 2.06% | 649,220 | $155.6M | Reduce -35.3% |
| MDT Medtronic PLC | 2.03% | 1,925,176 | $153.8M | Add +4.8% |
| ENB Enbridge Inc. | 2.01% | 3,587,620 | $152.2M | No change |
| LYB Lyondellbasell Indu Class A | 1.94% | 1,979,186 | $147.0M | Add +0.1% |
| CSCO Cisco Systems Inc. | 1.92% | 2,448,169 | $144.9M | Add +16.4% |
| ABBV Abbvie Inc. | 1.91% | 812,100 | $144.3M | Reduce -0.0% |
| RF Regions Financial Corp. | 1.61% | 5,161,051 | $121.4M | No change |
| META Meta Platforms Inc. Class A | 1.57% | 202,184 | $118.4M | Reduce -7.5% |
| LIN Linde PLC | 1.43% | 259,404 | $108.3M | Reduce -1.8% |
| PBR Petroleo Brasileiro-Spon ADR | 1.32% | 7,744,066 | $99.6M | Reduce -0.1% |
| CP Canadian Pacific Kansas City | 1.32% | 1,375,268 | $99.5M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 1.30% | 520,521 | $98.5M | Reduce -3.9% |
| FCX Freeport-McMoran Inc. | 1.23% | 2,441,053 | $93.0M | Add +24.9% |
| ALC Alcon Inc. filed as ALCON AG | 1.22% | 1,083,759 | $92.0M | Add +15.5% |
| FER Ferrovial NV | 0.94% | 1,695,181 | $71.3M | Add +6.4% |
| SLRC SLR Investment Corp. | 0.93% | 4,372,550 | $70.7M | Add +0.8% |
| CIM Chimera Investment Corp. | 0.92% | 4,952,655 | $69.3M | No change |
| SCHW Schwab (charles) Corp. | 0.92% | 936,351 | $69.3M | Reduce -5.8% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.82% | 721,148 | $62.0M | Reduce -5.0% |
| MA Mastercard Inc. Class A | 0.81% | 116,501 | $61.3M | Reduce -0.7% |
| MELI MercadoLibre Inc. | 0.75% | 33,154 | $56.4M | Reduce -6.7% |
| BKNG Booking Holdings Inc. | 0.74% | 11,216 | $55.7M | Reduce -0.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.67% | 421,491 | $50.9M | Reduce -0.0% |
| BZ Kanzhun Ltd. - ADR | 0.67% | 3,648,622 | $50.4M | Add +37.8% |
| NVDA Nvidia Corp. | 0.66% | 370,326 | $49.7M | Reduce -1.8% |
| BABA Alibaba Group Holding-SP ADR | 0.56% | 497,933 | $42.2M | Reduce -0.2% |
| SE Sea Ltd.-ADR | 0.53% | 378,991 | $40.2M | Reduce -2.3% |
| MFIC Midcap Financial Investment | 0.52% | 2,937,783 | $39.6M | No change |
| SHOP Shopify Inc. Class A | 0.49% | 348,161 | $37.0M | Reduce -29.2% |
| ELME Elme Communities | 0.49% | 2,405,668 | $36.7M | Reduce -2.0% |
| RACE Ferrari NV | 0.48% | 84,960 | $36.1M | Add +2.3% |
| COF Capital One Financial Corp. | 0.45% | 189,979 | $33.9M | Reduce -3.5% |
| BLDR Builders Firstsource Inc. | 0.44% | 232,550 | $33.2M | Add +1.3% |
| AZN Astrazeneca PLC-Spons ADR | 0.44% | 505,522 | $33.1M | Add +4.0% |
| CACI Caci International Inc. Class A | 0.44% | 81,910 | $33.1M | Reduce -0.0% |
| CWST Casella Waste Systems Inc. Class A | 0.43% | 304,657 | $32.2M | Reduce -0.5% |
| ICLR Icon PLC | 0.40% | 145,832 | $30.6M | Add +2.0% |
| GLOB Globant SA | 0.40% | 142,017 | $30.5M | Reduce -12.2% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.39% | 564,817 | $29.5M | Add +236.6% |
| FLUT Flutter Entertainment PLC-Di | 0.38% | 110,316 | $28.5M | Reduce -2.3% |
| ASML ASML Holding NV-NY Reg SHS | 0.37% | 40,274 | $27.9M | Reduce -1.1% |
| AGYS Agilysys Inc. | 0.37% | 209,974 | $27.7M | Reduce -0.5% |
| VRT Vertiv Holdings Co. Class A | 0.36% | 239,907 | $27.3M | Reduce -12.0% |
| LHX L3HARRIS Technologies Inc. | 0.36% | 129,411 | $27.2M | Reduce -0.1% |
| STVN Stevanato Group SPA | 0.32% | 1,122,098 | $24.5M | Add +48.1% |
| AIT Applied Industrial Tech Inc. | 0.30% | 95,974 | $23.0M | Reduce -2.7% |
| TRU Transunion | 0.30% | 243,856 | $22.6M | Reduce -0.5% |
| AMD Advanced Micro Devices | 0.30% | 186,834 | $22.6M | Add +1.8% |
| SN Sharkninja Inc. | 0.29% | 224,078 | $21.8M | Reduce -0.6% |
| FTI Technipfmc PLC | 0.28% | 728,272 | $21.1M | Reduce -10.7% |
| CCC CCC Intelligent Solutions Ho | 0.27% | 1,770,652 | $20.8M | Reduce -0.6% |
| SONY Sony Group Corp. - SP ADR | 0.27% | 964,557 | $20.4M | Reduce -37.6% |
| MYRG MYR Group Inc./Delaware | 0.27% | 136,260 | $20.3M | Add +6.5% |
| PNFP Pinnacle Financial Partners | 0.24% | 157,095 | $18.0M | Add +0.4% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.23% | 286,350 | $17.6M | Reduce -0.6% |
| CLH Clean Harbors Inc. | 0.23% | 75,944 | $17.5M | Reduce -0.0% |
| LPLA LPL Financial Holdings Inc. | 0.22% | 50,649 | $16.5M | Add +0.0% |
| TXNM TXNM Energy Inc. | 0.22% | 332,398 | $16.3M | Add +0.6% |
| STKL Sunopta Inc. | 0.21% | 2,102,319 | $16.2M | Reduce -0.0% |
| EFA iShares MSCI Eafe ETF | 0.21% | 213,982 | $16.2M | Add +204.4% |
| AVTR Avantor Inc. | 0.21% | 761,452 | $16.0M | Reduce -0.5% |
| ACA Arcosa Inc. | 0.21% | 164,956 | $16.0M | Reduce -0.4% |
| COHR Coherent Corp. | 0.21% | 167,961 | $15.9M | Reduce -12.1% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.21% | 1,499,130 | $15.5M | Reduce -28.8% |
| TECK Teck Resources Ltd.-CLS B | 0.20% | 375,615 | $15.2M | Reduce -20.4% |
| WH Wyndham Hotels & Resorts Inc. | 0.20% | 150,544 | $15.2M | Reduce -0.0% |
| WAL Western Alliance Bancorp | 0.20% | 180,474 | $15.1M | Add +0.5% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.19% | 1,217,101 | $14.3M | Add +9.0% |
| GPI Group 1 Automotive Inc. | 0.18% | 33,167 | $14.0M | Reduce -0.0% |
| AIZ Assurant Inc. | 0.18% | 64,231 | $13.7M | Reduce -0.0% |
| KMPR Kemper Corp. | 0.18% | 205,004 | $13.6M | Add +9.4% |
| DECK Deckers Outdoor Corp. | 0.18% | 66,536 | $13.5M | Reduce -0.0% |
| WD Walker & Dunlop Inc. | 0.18% | 138,814 | $13.5M | Add +0.7% |
| XPO Xpo Inc. | 0.18% | 102,877 | $13.5M | Reduce -0.0% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.18% | 150,491 | $13.4M | Reduce -0.0% |
| CYTK Cytokinetics Inc. | 0.18% | 281,862 | $13.3M | Reduce -0.6% |
| ITT Itt Inc. | 0.17% | 92,185 | $13.2M | Reduce -0.0% |
| NTNX Nutanix Inc. Class A | 0.17% | 209,170 | $12.8M | Add +14.3% |
| POOL Pool Corp. | 0.17% | 36,579 | $12.5M | Reduce -0.5% |
| WCN Waste Connections Inc. | 0.16% | 70,034 | $12.0M | No change |
| SXT Sensient Technologies Corp. | 0.16% | 168,546 | $12.0M | Add +12.2% |
| MTSI Macom Technology Solutions H | 0.16% | 91,002 | $11.8M | Reduce -0.0% |
| TTE Totalenergies SE -Spon ADR | 0.15% | 209,600 | $11.4M | Reduce -3.4% |
| GOLF Acushnet Holdings Corp. | 0.14% | 153,436 | $10.9M | Add +20.3% |
| KRG Kite Realty Group Trust | 0.14% | 426,672 | $10.8M | Reduce -0.0% |
| COST Costco Wholesale Corp. | 0.14% | 11,737 | $10.8M | Reduce -8.1% |
| PJT PJT Partners Inc. Class A | 0.14% | 66,724 | $10.5M | Add +0.5% |
| RPAY Repay Holdings Corp. | 0.13% | 1,322,002 | $10.1M | Reduce -0.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.13% | 144,629 | $9.9M | Reduce -9.2% |
| SAP Sap SE-Sponsored ADR | 0.13% | 39,658 | $9.8M | Add +0.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $97K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 157,910 | $97K | No change |
Total filed on the 13F, all lines: $7.6B.
Portfolio Sells Q3 2024 → Q4 2024
| EDU New Oriental Educatio-SP ADR | Reduce -87.9% | 0.10% | −0.83 |
| JPM JPMorgan Chase & Co. | Reduce -35.3% | 2.06% | −0.70 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -5.0% | 0.82% | −0.36 |
| CP Canadian Pacific Kansas City | Reduce -1.4% | 1.32% | −0.24 |
| OWL Blue Owl Capital Inc. | Sold out | 0.00% | −0.22 |
| LIN Linde PLC | Reduce -1.8% | 1.43% | −0.21 |
| HDB HDFC Bank Ltd.-ADR | Reduce -81.6% | 0.05% | −0.21 |
| MELI MercadoLibre Inc. | Reduce -6.7% | 0.75% | −0.20 |
| MU Micron Technology Inc. | Reduce -55.3% | 0.11% | −0.19 |
| STLA Stellantis NV | Reduce -75.6% | 0.06% | −0.19 |
| ABBV Abbvie Inc. | Reduce -0.0% | 1.91% | −0.18 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -28.8% | 0.21% | −0.17 |
| V Visa Inc. Class A | Reduce -88.3% | 0.02% | −0.14 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -0.1% | 1.32% | −0.14 |
| AZPN Aspen Technology Inc. | Sold out | 0.00% | −0.13 |
| BABA Alibaba Group Holding-SP ADR | Reduce -0.2% | 0.56% | −0.13 |
| MO Altria Group Inc. | Sold out | 0.00% | −0.13 |
| TECK Teck Resources Ltd.-CLS B | Reduce -20.4% | 0.20% | −0.12 |
| SONY Sony Group Corp. - SP ADR | Reduce -37.6% | 0.27% | −0.12 |
| CACI Caci International Inc. Class A | Reduce -0.0% | 0.44% | −0.10 |
| SMG Scotts Miracle-Gro Co. | Sold out | 0.00% | −0.10 |
| BRBR Bellring Brands Inc. | Reduce -88.8% | 0.02% | −0.10 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −0.09 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.08 |
| ELME Elme Communities | Reduce -2.0% | 0.49% | −0.08 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -1.1% | 0.37% | −0.07 |
| PDD PDD Holdings Inc. | Reduce -25.3% | 0.08% | −0.07 |
| META Meta Platforms Inc. Class A | Reduce -7.5% | 1.57% | −0.06 |
| MPWR Monolithic Power Systems Inc. | Sold out | 0.00% | −0.06 |
| DBRG Digitalbridge Group Inc. | Reduce -26.5% | 0.07% | −0.05 |
| ORANY Orange-Spon ADR | Reduce -25.5% | 0.09% | −0.05 |
| AVTR Avantor Inc. | Reduce -0.5% | 0.21% | −0.05 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.1% | 0.36% | −0.04 |
| SDHC Smith Douglas Homes Corp. | Reduce -0.0% | 0.09% | −0.04 |
| WWD Woodward Inc. | Sold out | 0.00% | −0.04 |
| TTEK Tetra Tech Inc. | Reduce -16.0% | 0.09% | −0.04 |
| TRU Transunion | Reduce -0.5% | 0.30% | −0.04 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.4% | 0.15% | −0.03 |
| SN Sharkninja Inc. | Reduce -0.6% | 0.29% | −0.03 |
| SHOP Shopify Inc. Class A | Reduce -29.2% | 0.49% | −0.02 |
| CYTK Cytokinetics Inc. | Reduce -0.6% | 0.18% | −0.02 |
| MNDY Monday.com Ltd. | Reduce -8.4% | 0.07% | −0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -44.5% | 0.03% | −0.02 |
| PKX Posco Holdings Inc. -Spon ADR | Reduce -46.5% | 0.01% | −0.02 |
| POOL Pool Corp. | Reduce -0.5% | 0.17% | −0.02 |
| GLOB Globant SA | Reduce -12.2% | 0.40% | −0.01 |
| SGRY Surgery Partners Inc. | Reduce -1.5% | 0.03% | −0.01 |
| ENTG Entegris Inc. | Reduce -0.0% | 0.11% | −0.01 |
| GLD SPDR Gold Shares | Reduce -66.8% | 0.01% | −0.01 |
| AAPL Apple Inc. | Reduce -48.4% | 0.01% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| C Citigroup Inc. | Add +6.1% | 7.35% | +1.28 |
| T AT&T Inc. | Add +2.4% | 8.31% | +0.59 |
| CSCO Cisco Systems Inc. | Add +16.4% | 1.92% | +0.46 |
| CME Cme Group Inc. | Add +2.3% | 3.97% | +0.34 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +236.6% | 0.39% | +0.26 |
| PFE Pfizer Inc. | Add +11.9% | 3.47% | +0.14 |
| EFA iShares MSCI Eafe ETF | Add +204.4% | 0.21% | +0.14 |
| STVN Stevanato Group SPA | Add +48.1% | 0.32% | +0.13 |
| TLN Talen Energy Corp. | New | 0.10% | +0.10 |
| MYRG MYR Group Inc./Delaware | Add +6.5% | 0.27% | +0.10 |
| AS Amer Sports Inc. | New | 0.10% | +0.10 |
| SLRC SLR Investment Corp. | Add +0.8% | 0.93% | +0.08 |
| BZ Kanzhun Ltd. - ADR | Add +37.8% | 0.67% | +0.07 |
| LPLA LPL Financial Holdings Inc. | Add +0.0% | 0.22% | +0.07 |
| FER Ferrovial NV | Add +6.4% | 0.94% | +0.05 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +9.0% | 0.19% | +0.04 |
| GOLF Acushnet Holdings Corp. | Add +20.3% | 0.14% | +0.04 |
| PNFP Pinnacle Financial Partners | Add +0.4% | 0.24% | +0.04 |
| STEP Stepstone Group Inc. Class A | New | 0.04% | +0.04 |
| KMPR Kemper Corp. | Add +9.4% | 0.18% | +0.03 |
| NTNX Nutanix Inc. Class A | Add +14.3% | 0.17% | +0.03 |
| TXNM TXNM Energy Inc. | Add +0.6% | 0.22% | +0.03 |
| GKOS Glaukos Corp. | Add +18.4% | 0.09% | +0.03 |
| PJT PJT Partners Inc. Class A | Add +0.5% | 0.14% | +0.02 |
| RMBS Rambus Inc. | Add +27.6% | 0.06% | +0.02 |
| SLB SLB Ltd. | New | 0.02% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +428.5% | 0.02% | +0.02 |
| DIS The Walt Disney Co. | Add +15.2% | 0.06% | +0.02 |
| EEM iShares MSCI Emerging Market | Add +361.4% | 0.02% | +0.02 |
| VERA Vera Therapeutics Inc. | Add +91.1% | 0.03% | +0.02 |
| ELF Elf Beauty Inc. | Add +19.6% | 0.05% | +0.01 |
| THC Tenet Healthcare Corp. | Add +44.8% | 0.13% | +0.01 |
| SAP Sap SE-Sponsored ADR | Add +0.0% | 0.13% | +0.01 |
| ASX Ase Technology Holding -ADR | New | 0.01% | +0.01 |
| TS Tenaris SA-ADR | New | 0.01% | +0.01 |
| ONTO Onto Innovation Inc. | Add +30.8% | 0.08% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | New | 0.00% | +0.00 |
| VXUS Vanguard Total Intl Stock | New | 0.00% | +0.00 |
| SXT Sensient Technologies Corp. | Add +12.2% | 0.16% | +0.00 |
| OTEX Open Text Corp. | Add +11.7% | 0.06% | −0.00 |
| WAL Western Alliance Bancorp | Add +0.5% | 0.20% | −0.00 |
| ALC Alcon Inc. | Add +15.5% | 1.22% | −0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +0.0% | 0.08% | −0.01 |
| WD Walker & Dunlop Inc. | Add +0.7% | 0.18% | −0.03 |
| RACE Ferrari NV | Add +2.3% | 0.48% | −0.03 |
| FCX Freeport-McMoran Inc. | Add +24.9% | 1.23% | −0.04 |
| AZN Astrazeneca PLC-Spons ADR | Add +4.0% | 0.44% | −0.06 |
| AMD Advanced Micro Devices | Add +1.8% | 0.30% | −0.09 |
| MDT Medtronic PLC | Add +4.8% | 2.03% | −0.12 |
| ICLR Icon PLC | Add +2.0% | 0.40% | −0.13 |
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 |