Thornburg Investment Management Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Thornburg Investment Management Inc. reported 175 stock positions worth $7.8 billion. Its top holding was AT&T (T) at 10.3% of the portfolio, followed by Broadcom (AVGO, 9.4%) and Citigroup (C, 8.9%). Compared with Q1 2025, it opened 10 new positions, sold out of 16, added to 37 and reduced 109. The biggest buy was Citigroup (C, shares +2%) and the biggest sale JPMorgan Chase (JPM, shares −84%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $7.8B (Q2 2025)
- SEC Filing
- 0001140361-25-030647 ↗ filed Aug 13, 2025
Holdings Value
Holdings 175 stocks · $7.8B
| T AT&T Inc. | 10.25% | 27,481,441 | $795.3M | Reduce -0.4% |
| AVGO Broadcom Inc. | 9.40% | 2,645,365 | $729.2M | Reduce -11.9% |
| C Citigroup Inc. | 8.85% | 8,066,349 | $686.6M | Add +2.2% |
| MRK Merck & Co. Inc. | 4.83% | 4,729,641 | $374.4M | Add +53.2% |
| CME Cme Group Inc. | 3.66% | 1,031,324 | $284.3M | Reduce -0.1% |
| EQH Equitable Holdings Inc. | 3.51% | 4,855,273 | $272.4M | No change |
| PFE Pfizer Inc. | 3.27% | 10,458,571 | $253.5M | Add +5.7% |
| TRP TC Energy Corp. | 2.43% | 3,860,519 | $188.6M | No change |
| HD Home Depot Inc. | 2.42% | 512,523 | $187.9M | Add +0.6% |
| CSCO Cisco Systems Inc. | 2.19% | 2,448,169 | $169.9M | No change |
| MDT Medtronic PLC | 2.16% | 1,922,810 | $167.6M | No change |
| ENB Enbridge Inc. | 2.10% | 3,587,620 | $162.8M | No change |
| CP Canadian Pacific Kansas City | 2.09% | 2,044,755 | $162.1M | Add +31.3% |
| TSM Taiwan Semiconductor-SP ADR | 2.07% | 708,696 | $160.5M | Reduce -8.2% |
| ALC Alcon Inc. filed as ALCON AG | 1.84% | 1,615,994 | $142.8M | Add +21.2% |
| FCX Freeport-McMoran Inc. | 1.63% | 2,915,823 | $126.4M | Add +2.5% |
| LIN Linde PLC | 1.57% | 259,501 | $121.9M | Add +0.2% |
| LYB Lyondellbasell Indu Class A | 1.47% | 1,971,413 | $114.1M | Reduce -0.5% |
| META Meta Platforms Inc. Class A | 1.47% | 154,368 | $113.9M | Reduce -8.7% |
| RF Regions Financial Corp. | 1.39% | 4,596,096 | $108.1M | No change |
| PBR Petroleo Brasileiro-Spon ADR | 1.24% | 7,713,498 | $96.5M | Reduce -0.5% |
| GOOGL Alphabet Inc. Class A | 1.21% | 531,936 | $93.7M | Add +8.2% |
| FER Ferrovial NV | 1.18% | 1,716,499 | $91.6M | Add +0.3% |
| BZ Kanzhun Ltd. - ADR | 1.07% | 4,664,157 | $83.2M | Add +97.6% |
| MELI MercadoLibre Inc. | 1.03% | 30,712 | $80.3M | Reduce -6.2% |
| SCHW Schwab (charles) Corp. | 0.96% | 813,874 | $74.3M | Reduce -9.7% |
| SLRC SLR Investment Corp. | 0.91% | 4,372,550 | $70.6M | No change |
| CIM Chimera Investment Corp. | 0.88% | 4,948,735 | $68.6M | No change |
| MA Mastercard Inc. Class A | 0.79% | 108,572 | $61.0M | Reduce -4.7% |
| ABBV Abbvie Inc. | 0.77% | 320,135 | $59.4M | Reduce -1.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.73% | 822,677 | $56.8M | Add +14.6% |
| BABA Alibaba Group Holding-SP ADR | 0.71% | 484,152 | $54.9M | Reduce -1.9% |
| SE Sea Ltd.-ADR | 0.66% | 317,895 | $50.8M | Reduce -14.0% |
| SOBO South Bow Corp. | 0.56% | 1,656,020 | $43.0M | Add +114.5% |
| CACI Caci International Inc. Class A | 0.52% | 85,403 | $40.7M | Reduce -0.2% |
| COF Capital One Financial Corp. | 0.52% | 189,290 | $40.3M | Reduce -0.3% |
| RACE Ferrari NV | 0.51% | 81,083 | $39.8M | Reduce -4.3% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.51% | 319,080 | $39.4M | Reduce -17.2% |
| AZN Astrazeneca PLC-Spons ADR | 0.48% | 535,650 | $37.4M | Add +3.6% |
| MFIC Midcap Financial Investment | 0.48% | 2,937,783 | $37.1M | No change |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.42% | 822,730 | $32.5M | Add +19.6% |
| LHX L3HARRIS Technologies Inc. | 0.41% | 127,375 | $32.0M | Reduce -0.3% |
| ELME Elme Communities | 0.41% | 2,005,668 | $31.9M | Reduce -9.1% |
| BLDR Builders Firstsource Inc. | 0.41% | 271,574 | $31.7M | Add +20.2% |
| BKNG Booking Holdings Inc. | 0.40% | 5,369 | $31.1M | Reduce -45.9% |
| CWST Casella Waste Systems Inc. Class A | 0.38% | 255,510 | $29.5M | Reduce -8.7% |
| JPM JPMorgan Chase & Co. | 0.35% | 93,487 | $27.1M | Reduce -83.8% |
| VRT Vertiv Holdings Co. Class A | 0.29% | 176,005 | $22.6M | Reduce -13.6% |
| FLUT Flutter Entertainment PLC-Di | 0.28% | 74,654 | $21.3M | Reduce -29.4% |
| AGYS Agilysys Inc. | 0.27% | 185,913 | $21.3M | Reduce -4.4% |
| SHOP Shopify Inc. Class A | 0.26% | 172,686 | $19.9M | Add +20.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.24% | 1,376,676 | $18.9M | Reduce -4.8% |
| SN Sharkninja Inc. | 0.24% | 190,491 | $18.9M | Reduce -8.1% |
| ASML ASML Holding NV-NY Reg SHS | 0.24% | 23,165 | $18.6M | Reduce -10.2% |
| TRU Transunion | 0.24% | 207,490 | $18.3M | Reduce -8.1% |
| AIT Applied Industrial Tech Inc. | 0.23% | 78,401 | $18.2M | Reduce -10.9% |
| FTI Technipfmc PLC | 0.23% | 528,609 | $18.2M | Reduce -17.3% |
| STVN Stevanato Group SPA | 0.23% | 742,245 | $18.1M | Reduce -33.1% |
| MYRG MYR Group Inc./Delaware | 0.23% | 97,553 | $17.7M | Reduce -10.6% |
| SONY Sony Group Corp. - SP ADR | 0.22% | 662,836 | $17.3M | Add +1.8% |
| AMD Advanced Micro Devices | 0.21% | 116,808 | $16.6M | Reduce -23.4% |
| LPLA LPL Financial Holdings Inc. | 0.20% | 42,006 | $15.8M | Reduce -8.6% |
| CLH Clean Harbors Inc. | 0.19% | 65,029 | $15.0M | Reduce -7.8% |
| ANET Arista Networks Inc. | 0.19% | 145,485 | $14.9M | New |
| PNFP Pinnacle Financial Partners | 0.19% | 134,451 | $14.8M | Reduce -7.8% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.19% | 1,081,116 | $14.8M | Add +2.4% |
| TXNM TXNM Energy Inc. | 0.19% | 258,062 | $14.5M | Reduce -13.5% |
| SXT Sensient Technologies Corp. | 0.18% | 144,286 | $14.2M | Reduce -7.8% |
| CCC CCC Intelligent Solutions Ho | 0.18% | 1,506,524 | $14.2M | Reduce -8.1% |
| TTE Totalenergies SE -Spon ADR | 0.18% | 229,514 | $14.1M | Add +1.2% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.18% | 243,607 | $14.0M | Reduce -8.1% |
| NTNX Nutanix Inc. Class A | 0.18% | 178,979 | $13.7M | Reduce -7.8% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.17% | 104,615 | $13.3M | New |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.17% | 123,176 | $13.3M | Reduce -7.8% |
| BAP Credicorp Ltd. | 0.17% | 57,488 | $12.8M | Add +51.1% |
| COHR Coherent Corp. | 0.17% | 143,902 | $12.8M | Reduce -7.8% |
| TLN Talen Energy Corp. | 0.17% | 44,139 | $12.8M | Reduce -2.2% |
| WH Wyndham Hotels & Resorts Inc. | 0.16% | 155,238 | $12.6M | Add +18.2% |
| ITT Itt Inc. | 0.16% | 78,892 | $12.4M | Reduce -7.8% |
| WAL Western Alliance Bancorp | 0.16% | 154,520 | $12.0M | Reduce -7.8% |
| ACA Arcosa Inc. | 0.15% | 137,445 | $11.9M | Reduce -8.0% |
| ING ING Groep N.V.-Sponsored ADR | 0.15% | 534,851 | $11.7M | Add +2.6% |
| THC Tenet Healthcare Corp. | 0.15% | 66,426 | $11.7M | Reduce -5.3% |
| TBBB BBB Foods Inc. Class A | 0.15% | 417,463 | $11.6M | Add +182.1% |
| KMPR Kemper Corp. | 0.15% | 175,524 | $11.3M | Reduce -7.8% |
| MTSI Macom Technology Solutions H | 0.14% | 77,897 | $11.2M | Reduce -7.8% |
| XPO Xpo Inc. | 0.14% | 88,036 | $11.1M | Reduce -7.8% |
| DTM DT Midstream Inc. | 0.14% | 100,684 | $11.1M | Add +16.9% |
| GPI Group 1 Automotive Inc. | 0.14% | 25,187 | $11.0M | Reduce -13.5% |
| AIZ Assurant Inc. | 0.14% | 54,994 | $10.9M | Reduce -7.8% |
| ICLR Icon PLC | 0.14% | 74,636 | $10.9M | Reduce -9.3% |
| STKL Sunopta Inc. | 0.14% | 1,858,287 | $10.8M | Reduce -4.8% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.14% | 183,352 | $10.7M | Add +4.7% |
| CYBR Cyberark Software Ltd./Israel | 0.12% | 21,961 | $8.9M | Reduce -11.6% |
| PJT PJT Partners Inc. Class A | 0.11% | 53,597 | $8.8M | Add +7.3% |
| GLOB Globant SA | 0.11% | 92,802 | $8.4M | Reduce -17.9% |
| WD Walker & Dunlop Inc. | 0.11% | 118,734 | $8.4M | Reduce -7.8% |
| KRG Kite Realty Group Trust | 0.11% | 365,178 | $8.3M | Reduce -7.8% |
| SMPL The Simply Good Foods Co. | 0.11% | 260,763 | $8.2M | New |
| MU Micron Technology Inc. | 0.10% | 64,639 | $8.0M | Reduce -28.1% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,350,000 | $1.3M | New |
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 284,060 | $169K | Add +79.9% |
Total filed on the 13F, all lines: $7.8B.
Portfolio Sells Q1 2025 → Q2 2025
| JPM JPMorgan Chase & Co. | Reduce -83.8% | 0.35% | −1.63 |
| T AT&T Inc. | Reduce -0.4% | 10.25% | −0.66 |
| LYB Lyondellbasell Indu Class A | Reduce -0.5% | 1.47% | −0.48 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -0.5% | 1.24% | −0.31 |
| NVDA Nvidia Corp. | Reduce -92.2% | 0.03% | −0.25 |
| BKNG Booking Holdings Inc. | Reduce -45.9% | 0.40% | −0.24 |
| BABA Alibaba Group Holding-SP ADR | Reduce -1.9% | 0.71% | −0.21 |
| ABBV Abbvie Inc. | Reduce -1.4% | 0.77% | −0.19 |
| CME Cme Group Inc. | Reduce -0.1% | 3.66% | −0.17 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.16 |
| TJX TJX Companies Inc. | Reduce -17.2% | 0.51% | −0.15 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -77.9% | 0.04% | −0.13 |
| ELME Elme Communities | Reduce -9.1% | 0.41% | −0.13 |
| CYTK Cytokinetics Inc. | Reduce -72.1% | 0.03% | −0.12 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.10 |
| POOL Pool Corp. | Reduce -95.7% | 0.00% | −0.10 |
| WCN Waste Connections Inc. | Reduce -41.8% | 0.09% | −0.09 |
| MA Mastercard Inc. Class A | Reduce -4.7% | 0.79% | −0.09 |
| VTMX Corp. Inmobiliaria Vesta-ADR | Sold out | 0.00% | −0.09 |
| STVN Stevanato Group SPA | Reduce -33.1% | 0.23% | −0.08 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.08 |
| GLOB Globant SA | Reduce -17.9% | 0.11% | −0.08 |
| AS Amer Sports Inc. | Reduce -77.0% | 0.03% | −0.07 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −0.07 |
| ICLR Icon PLC | Reduce -9.3% | 0.14% | −0.06 |
| CWST Casella Waste Systems Inc. Class A | Reduce -8.7% | 0.38% | −0.06 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.06 |
| FLUT Flutter Entertainment PLC-Di | Reduce -29.4% | 0.28% | −0.05 |
| FTI Technipfmc PLC | Reduce -17.3% | 0.23% | −0.05 |
| WD Walker & Dunlop Inc. | Reduce -7.8% | 0.11% | −0.05 |
| COST Costco Wholesale Corp. | Reduce -34.3% | 0.08% | −0.05 |
| AIT Applied Industrial Tech Inc. | Reduce -10.9% | 0.23% | −0.04 |
| BJ Bj's Wholesale Club Holdings | Reduce -7.8% | 0.17% | −0.04 |
| MTDR Matador Resources Co. | Reduce -25.0% | 0.07% | −0.04 |
| TXNM TXNM Energy Inc. | Reduce -13.5% | 0.19% | −0.04 |
| AIZ Assurant Inc. | Reduce -7.8% | 0.14% | −0.04 |
| H Hyatt Hotels Corp. Class A | Sold out | 0.00% | −0.04 |
| AVTR Avantor Inc. | Reduce -7.8% | 0.08% | −0.03 |
| KMPR Kemper Corp. | Reduce -7.8% | 0.15% | −0.03 |
| HDB HDFC Bank Ltd.-ADR | Reduce -80.0% | 0.01% | −0.03 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.03 |
| SCHW Schwab (charles) Corp. | Reduce -9.7% | 0.96% | −0.03 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -8.7% | 0.06% | −0.03 |
| TRU Transunion | Reduce -8.1% | 0.24% | −0.03 |
| RPAY Repay Holdings Corp. | Reduce -7.8% | 0.07% | −0.03 |
| PNFP Pinnacle Financial Partners | Reduce -7.8% | 0.19% | −0.03 |
| WAL Western Alliance Bancorp | Reduce -7.8% | 0.16% | −0.02 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -5.4% | 0.10% | −0.02 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -10.7% | 0.08% | −0.02 |
| CCC CCC Intelligent Solutions Ho | Reduce -8.1% | 0.18% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| C Citigroup Inc. | Add +2.2% | 8.85% | +1.01 |
| MRK Merck & Co. Inc. | Add +53.2% | 4.83% | +0.95 |
| CP Canadian Pacific Kansas City | Add +31.3% | 2.09% | +0.56 |
| BZ Kanzhun Ltd. - ADR | Add +97.6% | 1.07% | +0.44 |
| SOBO South Bow Corp. | Add +114.5% | 0.56% | +0.28 |
| ANET Arista Networks Inc. | New | 0.19% | +0.19 |
| CVSA Covista Inc. | New | 0.17% | +0.17 |
| GOOGL Alphabet Inc. Class A | Add +8.2% | 1.21% | +0.14 |
| FCX Freeport-McMoran Inc. | Add +2.5% | 1.63% | +0.12 |
| FER Ferrovial NV | Add +0.3% | 1.18% | +0.11 |
| SMPL The Simply Good Foods Co. | New | 0.11% | +0.11 |
| TBBB BBB Foods Inc. Class A | Add +182.1% | 0.15% | +0.09 |
| MRX Marex UK Holdings Ltd. | Add +19.6% | 0.42% | +0.08 |
| ALC Alcon Inc. | Add +21.2% | 1.84% | +0.07 |
| BAP Credicorp Ltd. | Add +51.1% | 0.17% | +0.07 |
| SHOP Shopify Inc. Class A | Add +20.4% | 0.26% | +0.07 |
| SITM Sitime Corp. | New | 0.04% | +0.04 |
| IOT Samsara Inc. Class A | New | 0.04% | +0.04 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +14.6% | 0.73% | +0.03 |
| BROS Dutch Bros Inc. Class A | New | 0.03% | +0.03 |
| IBN Icici Bank Ltd.-Spon ADR | Add +40.6% | 0.10% | +0.03 |
| DTM DT Midstream Inc. | Add +16.9% | 0.14% | +0.03 |
| AL Sumisho Air Lease Corp. | Add +4.7% | 0.14% | +0.02 |
| PJT PJT Partners Inc. Class A | Add +7.3% | 0.11% | +0.02 |
| SARO Standardaero Inc. | Add +9.0% | 0.09% | +0.01 |
| BLDR Builders Firstsource Inc. | Add +20.2% | 0.41% | +0.01 |
| RMBS Rambus Inc. | Add +6.9% | 0.07% | +0.01 |
| LBRT Liberty Energy Inc. | New | 0.01% | +0.01 |
| EFA iShares MSCI Eafe ETF | Add +29.9% | 0.05% | +0.01 |
| RGEN Repligen Corp. | Add +28.7% | 0.07% | +0.01 |
| STEP Stepstone Group Inc. Class A | Add +23.3% | 0.05% | +0.01 |
| ING ING Groep N.V.-Sponsored ADR | Add +2.6% | 0.15% | +0.01 |
| PAC Grupo Aeroportuario Pac-ADR | New | 0.01% | +0.01 |
| KOF Coca-Cola Femsa Sab-SP ADR | New | 0.01% | +0.01 |
| VXUS Vanguard Total Intl Stock | New | 0.01% | +0.01 |
| TS Tenaris SA-ADR | Add +18.8% | 0.01% | +0.00 |
| VEU Vanguard Ftse All-World Ex-U | Add +7.9% | 0.00% | +0.00 |
| WH Wyndham Hotels & Resorts Inc. | Add +18.2% | 0.16% | −0.00 |
| FRPT Freshpet Inc. | Add +21.6% | 0.06% | −0.01 |
| SONY Sony Group Corp. - SP ADR | Add +1.8% | 0.22% | −0.01 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +2.4% | 0.19% | −0.01 |
| SHEL Shell PLC-ADR | Add +1.9% | 0.10% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Add +1.2% | 0.18% | −0.02 |
| AZN Astrazeneca PLC-Spons ADR | Add +3.6% | 0.48% | −0.05 |
| LIN Linde PLC | Add +0.2% | 1.57% | −0.12 |
| HD Home Depot Inc. | Add +0.6% | 2.42% | −0.19 |
| PFE Pfizer Inc. | Add +5.7% | 3.27% | −0.24 |
Notes & Other Activity Q1 2025 → Q2 2025
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | New | 1,350,000 | $1.3M |
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | Add +79.9% | 284,060 | $169K |
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 |