Thornburg Investment Management Inc.

Name: THORNBURG INVESTMENT MANAGEMENT INC 13F holdings, Q1 2025
Creator: THORNBURG INVESTMENT MANAGEMENT INC
Published: 2025-05-08

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 8, 2025), Thornburg Investment Management Inc. reported 181 stock positions worth $7.1 billion. Its top holding was AT&T (T) at 10.9% of the portfolio, followed by Citigroup (C, 7.8%) and Broadcom (AVGO, 7.0%). Compared with Q4 2024, it opened 9 new positions, sold out of 15, added to 29 and reduced 135. The biggest buy was Merck (MRK, shares +65%) and the biggest sale Broadcom (AVGO, shares −5%).

Most Recent 13F: Q2 2026
Location: SANTA FE, NM
CIK: 0001145020
Portfolio Value: $7.1B (Q1 2025)
SEC Filing: 0001140361-25-017766 ↗ filed May 8, 2025

Holdings Value

Holdings 181 stocks · $7.1B


T AT&T Inc.	10.92%	27,584,862	$780.1M	Reduce -0.0%
C Citigroup Inc.	7.84%	7,890,018	$560.1M	Reduce -0.1%
AVGO Broadcom Inc.	7.04%	3,002,533	$502.7M	Reduce -4.8%
MRK Merck & Co. Inc.	3.88%	3,086,806	$277.1M	Add +64.5%
CME Cme Group Inc.	3.83%	1,031,848	$273.7M	Reduce -20.1%
EQH Equitable Holdings Inc.	3.54%	4,855,273	$252.9M	Reduce -7.8%
PFE Pfizer Inc.	3.51%	9,895,773	$250.8M	Reduce 0.0%
HD Home Depot Inc.	2.61%	509,374	$186.7M	Reduce -0.2%
TRP TC Energy Corp.	2.55%	3,860,519	$182.4M	No change
MDT Medtronic PLC	2.42%	1,922,810	$172.8M	Reduce -0.1%
ENB Enbridge Inc.	2.22%	3,587,620	$158.8M	No change
CSCO Cisco Systems Inc.	2.11%	2,448,169	$151.1M	No change
JPM JPMorgan Chase & Co.	1.98%	577,895	$141.8M	Reduce -11.0%
LYB Lyondellbasell Indu Class A	1.95%	1,982,012	$139.5M	Add +0.1%
TSM Taiwan Semiconductor-SP ADR	1.79%	771,676	$128.1M	Reduce -9.1%
ALC Alcon Inc. filed as ALCON AG	1.77%	1,333,526	$126.3M	Add +23.1%
LIN Linde PLC	1.69%	259,055	$120.7M	Reduce -0.1%
PBR Petroleo Brasileiro-Spon ADR	1.56%	7,750,838	$111.1M	Add +0.1%
CP Canadian Pacific Kansas City	1.53%	1,557,543	$109.4M	Add +13.3%
FCX Freeport-McMoran Inc.	1.51%	2,844,178	$107.7M	Add +16.5%
RF Regions Financial Corp.	1.40%	4,596,096	$99.9M	Reduce -10.9%
META Meta Platforms Inc. Class A	1.36%	169,008	$97.4M	Reduce -16.4%
FER Ferrovial NV	1.07%	1,711,361	$76.3M	Add +0.9%
GOOGL Alphabet Inc. Class A	1.06%	491,581	$76.0M	Reduce -5.6%
SLRC SLR Investment Corp.	1.03%	4,372,550	$73.7M	No change
SCHW Schwab (charles) Corp.	0.99%	901,559	$70.6M	Reduce -3.7%
ABBV Abbvie Inc.	0.95%	324,841	$68.1M	Reduce -60.0%
BABA Alibaba Group Holding-SP ADR	0.91%	493,774	$65.3M	Reduce -0.8%
MELI MercadoLibre Inc.	0.89%	32,740	$63.9M	Reduce -1.3%
CIM Chimera Investment Corp.	0.89%	4,948,735	$63.5M	Reduce -0.1%
MA Mastercard Inc. Class A	0.87%	113,970	$62.5M	Reduce -2.2%
NVO Novo-Nordisk A/S-Spons ADR	0.70%	717,835	$49.8M	Reduce -0.5%
SE Sea Ltd.-ADR	0.68%	369,689	$48.2M	Reduce -2.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.66%	385,540	$47.0M	Reduce -8.5%
BKNG Booking Holdings Inc.	0.64%	9,926	$45.7M	Reduce -11.5%
BZ Kanzhun Ltd. - ADR	0.63%	2,360,107	$45.2M	Reduce -35.3%
ELME Elme Communities	0.54%	2,205,668	$38.4M	Reduce -8.3%
AZN Astrazeneca PLC-Spons ADR	0.53%	517,087	$38.0M	Add +2.3%
MFIC Midcap Financial Investment	0.53%	2,937,783	$37.8M	No change
RACE Ferrari NV	0.51%	84,760	$36.3M	Reduce -0.2%
COF Capital One Financial Corp.	0.48%	189,940	$34.1M	Reduce -0.0%
CACI Caci International Inc. Class A	0.44%	85,601	$31.4M	Add +4.5%
CWST Casella Waste Systems Inc. Class A	0.44%	279,876	$31.2M	Reduce -8.1%
BLDR Builders Firstsource Inc.	0.40%	225,956	$28.2M	Reduce -2.8%
LHX L3HARRIS Technologies Inc.	0.37%	127,818	$26.8M	Reduce -1.2%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC	0.34%	687,673	$24.3M	New
FLUT Flutter Entertainment PLC-Di	0.33%	105,787	$23.4M	Reduce -4.1%
STVN Stevanato Group SPA	0.32%	1,109,884	$22.7M	Reduce -1.1%
FTI Technipfmc PLC	0.28%	639,315	$20.3M	Reduce -12.2%
NVDA Nvidia Corp.	0.28%	184,428	$20.0M	Reduce -50.2%
AIT Applied Industrial Tech Inc.	0.28%	88,030	$19.8M	Reduce -8.3%
SOBO South Bow Corp.	0.28%	772,102	$19.7M	New
TRU Transunion	0.26%	225,769	$18.7M	Reduce -7.4%
SN Sharkninja Inc.	0.24%	207,343	$17.3M	Reduce -7.5%
ASML ASML Holding NV-NY Reg SHS	0.24%	25,781	$17.1M	Reduce -36.0%
SONY Sony Group Corp. - SP ADR	0.23%	651,408	$16.5M	Reduce -32.5%
TXNM TXNM Energy Inc.	0.22%	298,264	$16.0M	Reduce -10.3%
AMD Advanced Micro Devices	0.22%	152,484	$15.7M	Reduce -18.4%
PNFP Pinnacle Financial Partners	0.22%	145,820	$15.5M	Reduce -7.2%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.21%	133,562	$15.2M	Reduce -11.3%
LPLA LPL Financial Holdings Inc.	0.21%	45,968	$15.0M	Reduce -9.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.21%	1,445,548	$14.8M	Reduce -3.6%
CCC CCC Intelligent Solutions Ho	0.21%	1,639,198	$14.8M	Reduce -7.4%
VRT Vertiv Holdings Co. Class A	0.21%	203,803	$14.7M	Reduce -15.1%
TTE Totalenergies SE -Spon ADR	0.21%	226,706	$14.7M	Add +8.2%
ICLR Icon PLC	0.20%	82,318	$14.4M	Reduce -43.5%
MUFG Mitsubishi Ufj Finl-Spon ADR	0.20%	1,055,372	$14.4M	Reduce -13.3%
AGYS Agilysys Inc.	0.20%	194,390	$14.1M	Reduce -7.4%
CLH Clean Harbors Inc.	0.19%	70,512	$13.9M	Reduce -7.2%
SHOP Shopify Inc. Class A	0.19%	143,397	$13.7M	Reduce -58.8%
NTNX Nutanix Inc. Class A	0.19%	194,099	$13.6M	Reduce -7.2%
GLOB Globant SA	0.19%	113,033	$13.3M	Reduce -20.4%
WCN Waste Connections Inc.	0.18%	66,622	$13.0M	Reduce -4.9%
WAL Western Alliance Bancorp	0.18%	167,591	$12.9M	Reduce -7.1%
KMPR Kemper Corp.	0.18%	190,338	$12.7M	Reduce -7.2%
AIZ Assurant Inc.	0.18%	59,634	$12.5M	Reduce -7.2%
MYRG MYR Group Inc./Delaware	0.17%	109,161	$12.3M	Reduce -19.9%
ACWX iShares MSCI Acwi Ex US ETF	0.17%	215,665	$12.0M	Reduce -61.8%
WH Wyndham Hotels & Resorts Inc.	0.17%	131,298	$11.9M	Reduce -12.8%
P Everpure Inc. Class A filed as PURE STORAGE INC	0.16%	265,061	$11.7M	Reduce -7.4%
SXT Sensient Technologies Corp.	0.16%	156,493	$11.6M	Reduce -7.2%
ACA Arcosa Inc.	0.16%	149,428	$11.5M	Reduce -9.4%
TECK Teck Resources Ltd.-CLS B	0.16%	314,848	$11.5M	Reduce -16.2%
GPI Group 1 Automotive Inc.	0.16%	29,112	$11.1M	Reduce -12.2%
ITT Itt Inc.	0.15%	85,580	$11.1M	Reduce -7.2%
WD Walker & Dunlop Inc.	0.15%	128,814	$11.0M	Reduce -7.2%
CYTK Cytokinetics Inc.	0.15%	260,893	$10.5M	Reduce -7.4%
XPO Xpo Inc.	0.14%	95,498	$10.3M	Reduce -7.2%
ING ING Groep N.V.-Sponsored ADR	0.14%	521,307	$10.2M	Add +35.8%
COHR Coherent Corp.	0.14%	155,995	$10.1M	Reduce -7.1%
STKL Sunopta Inc.	0.13%	1,951,789	$9.5M	Reduce -7.2%
THC Tenet Healthcare Corp.	0.13%	70,161	$9.4M	Reduce -7.2%
TLN Talen Energy Corp.	0.13%	45,143	$9.0M	Add +15.1%
TCOM Trip.com Group Ltd.-ADR	0.13%	140,825	$9.0M	Reduce -2.6%
KRG Kite Realty Group Trust	0.12%	396,121	$8.9M	Reduce -7.2%
COST Costco Wholesale Corp.	0.12%	9,358	$8.9M	Reduce -20.3%
MTSI Macom Technology Solutions H	0.12%	84,502	$8.5M	Reduce -7.1%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.12%	175,146	$8.5M	Add +5.6%
SAP Sap SE-Sponsored ADR	0.12%	31,319	$8.4M	Reduce -21.0%
CYBR Cyberark Software Ltd./Israel	0.12%	24,847	$8.4M	Reduce -7.9%

Show all 181 holdings

Other holdings (1): bonds, preferreds, convertibles and warrants · $96K (not counted above)

Security	Class	Shares / Principal	Value	Change
COMCAST HOLDINGS CORP	ZONES CV2% PCS · principal	157,910	$96K	No change

Total filed on the 13F, all lines: $7.1B.

Portfolio Sells Q4 2024 → Q1 2025


AVGO Broadcom Inc.	Reduce -4.8%	7.04%	−2.64
ABBV Abbvie Inc.	Reduce -60.0%	0.95%	−0.96
TSM Taiwan Semiconductor-SP ADR	Reduce -9.1%	1.79%	−0.42
NVDA Nvidia Corp.	Reduce -50.2%	0.28%	−0.38
SHOP Shopify Inc. Class A	Reduce -58.8%	0.19%	−0.30
GOOGL Alphabet Inc. Class A	Reduce -5.6%	1.06%	−0.24
ACWX iShares MSCI Acwi Ex US ETF	Reduce -61.8%	0.17%	−0.22
GLOB Globant SA	Reduce -20.4%	0.19%	−0.22
RF Regions Financial Corp.	Reduce -10.9%	1.40%	−0.21
META Meta Platforms Inc. Class A	Reduce -16.4%	1.36%	−0.20
ICLR Icon PLC	Reduce -43.5%	0.20%	−0.20
EFA iShares MSCI Eafe ETF	Reduce -85.3%	0.04%	−0.18
AGYS Agilysys Inc.	Reduce -7.4%	0.20%	−0.17
VRT Vertiv Holdings Co. Class A	Reduce -15.1%	0.21%	−0.15
GOLF Acushnet Holdings Corp.	Sold out	0.00%	−0.14
CME Cme Group Inc.	Reduce -20.1%	3.83%	−0.14
ASML ASML Holding NV-NY Reg SHS	Reduce -36.0%	0.24%	−0.13
NVO Novo-Nordisk A/S-Spons ADR	Reduce -0.5%	0.70%	−0.12
AVTR Avantor Inc.	Reduce -34.3%	0.11%	−0.10
BKNG Booking Holdings Inc.	Reduce -11.5%	0.64%	−0.10
MYRG MYR Group Inc./Delaware	Reduce -19.9%	0.17%	−0.10
TTEK Tetra Tech Inc.	Sold out	0.00%	−0.09
EDU New Oriental Educatio-SP ADR	Reduce -91.7%	0.01%	−0.09
BSY Bentley Systems Inc. Class B	Sold out	0.00%	−0.09
ORANY Orange-Spon ADR	Sold out	0.00%	−0.09
DECK Deckers Outdoor Corp.	Reduce -7.2%	0.10%	−0.08
STKL Sunopta Inc.	Reduce -7.2%	0.13%	−0.08
AMD Advanced Micro Devices	Reduce -18.4%	0.22%	−0.08
JPM JPMorgan Chase & Co.	Reduce -11.0%	1.98%	−0.08
DBRG Digitalbridge Group Inc.	Sold out	0.00%	−0.07
COHR Coherent Corp.	Reduce -7.1%	0.14%	−0.07
P Everpure Inc. Class A	Reduce -7.4%	0.16%	−0.07
CCC CCC Intelligent Solutions Ho	Reduce -7.4%	0.21%	−0.07
POOL Pool Corp.	Reduce -39.2%	0.10%	−0.07
CRDO Credo Technology Group Holdi	Reduce -17.9%	0.06%	−0.06
FRPT Freshpet Inc.	Reduce -9.9%	0.06%	−0.06
SRPT Sarepta Therapeutics Inc.	Reduce -75.7%	0.01%	−0.05
ELF Elf Beauty Inc.	Sold out	0.00%	−0.05
ACA Arcosa Inc.	Reduce -9.4%	0.16%	−0.05
FLUT Flutter Entertainment PLC-Di	Reduce -4.1%	0.33%	−0.05
SN Sharkninja Inc.	Reduce -7.5%	0.24%	−0.05
DIS The Walt Disney Co.	Reduce -71.3%	0.02%	−0.05
BLDR Builders Firstsource Inc.	Reduce -2.8%	0.40%	−0.04
PJT PJT Partners Inc. Class A	Reduce -25.2%	0.10%	−0.04
TECK Teck Resources Ltd.-CLS B	Reduce -16.2%	0.16%	−0.04
SONY Sony Group Corp. - SP ADR	Reduce -32.5%	0.23%	−0.04
RPAY Repay Holdings Corp.	Reduce -7.1%	0.10%	−0.04
MTSI Macom Technology Solutions H	Reduce -7.1%	0.12%	−0.04
VIST Vista Energy Sab DE CV	Reduce -27.5%	0.07%	−0.04
TRU Transunion	Reduce -7.4%	0.26%	−0.04

Portfolio Buys Q4 2024 → Q1 2025


MRK Merck & Co. Inc.	Add +64.5%	3.88%	+1.41
ALC Alcon Inc.	Add +23.1%	1.77%	+0.55
MRX Marex UK Holdings Ltd.	New	0.34%	+0.34
FCX Freeport-McMoran Inc.	Add +16.5%	1.51%	+0.28
SOBO South Bow Corp.	New	0.28%	+0.28
PBR Petroleo Brasileiro-Spon ADR	Add +0.1%	1.56%	+0.24
CP Canadian Pacific Kansas City	Add +13.3%	1.53%	+0.21
FER Ferrovial NV	Add +0.9%	1.07%	+0.13
DTM DT Midstream Inc.	New	0.12%	+0.12
AZN Astrazeneca PLC-Spons ADR	Add +2.3%	0.53%	+0.09
YMM Full Truck Alliance -SPN ADR	New	0.08%	+0.08
SARO Standardaero Inc.	New	0.07%	+0.07
ING ING Groep N.V.-Sponsored ADR	Add +35.8%	0.14%	+0.06
PODD Insulet Corp.	New	0.06%	+0.06
AGX Argan Inc.	New	0.06%	+0.06
TTE Totalenergies SE -Spon ADR	Add +8.2%	0.21%	+0.05
AORT Artivion Inc.	New	0.05%	+0.05
NBIS Nebius Group NV	New	0.03%	+0.03
SHEL Shell PLC-ADR	Add +2.0%	0.11%	+0.02
TLN Talen Energy Corp.	Add +15.1%	0.13%	+0.02
CELH Celsius Holdings Inc.	Add +9.8%	0.05%	+0.02
DEO Diageo PLC-Sponsored ADR	Add +57.7%	0.07%	+0.02
FROG Jfrog Ltd.	Add +11.6%	0.06%	+0.01
MNDY Monday.com Ltd.	Add +8.8%	0.09%	+0.01
AS Amer Sports Inc.	Add +12.7%	0.11%	+0.01
AL Sumisho Air Lease Corp.	Add +5.6%	0.12%	+0.01
LYB Lyondellbasell Indu Class A	Add +0.1%	1.95%	+0.01
STEP Stepstone Group Inc. Class A	Add +24.2%	0.04%	+0.01
PKX Posco Holdings Inc. -Spon ADR	Add +35.4%	0.01%	+0.01
ITUB Itau Unibanco H-Spon PRF ADR	Add +11.6%	0.01%	+0.00
SNDX Syndax Pharmaceuticals Inc.	Add +13.6%	0.02%	+0.00
CACI Caci International Inc. Class A	Add +4.5%	0.44%	+0.00
QCOM Qualcomm Inc.	Add +4.5%	0.01%	+0.00
OTEX Open Text Corp.	Add +4.3%	0.06%	−0.00
RDY Dr. Reddy's Laboratories-ADR	Add +1.8%	0.01%	−0.00
VTMX Corp. Inmobiliaria Vesta-ADR	Add +0.2%	0.09%	−0.01
VERA Vera Therapeutics Inc.	Add +12.8%	0.02%	−0.01
GKOS Glaukos Corp.	Add +10.6%	0.07%	−0.02

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