Thornburg Investment Management Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 12, 2025), Thornburg Investment Management Inc. reported 174 stock positions worth $7.6 billion. Its top holding was Citigroup (C) at 10.6% of the portfolio, followed by AT&T (T, 10.4%) and Broadcom (AVGO, 9.5%). Compared with Q2 2025, it opened 10 new positions, sold out of 11, added to 42 and reduced 104. The biggest buy was a new position in Transdigm (TDG) and the biggest sale Pfizer (PFE, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $7.6B (Q3 2025)
- SEC Filing
- 0001140361-25-041494 ↗ filed Nov 12, 2025
Holdings Value
Holdings 174 stocks · $7.6B
| C Citigroup Inc. | 10.65% | 8,022,240 | $814.3M | Reduce -0.6% |
| T AT&T Inc. | 10.43% | 28,254,463 | $797.9M | Add +2.8% |
| AVGO Broadcom Inc. | 9.51% | 2,204,525 | $727.3M | Reduce -16.7% |
| CME Cme Group Inc. | 3.93% | 1,111,182 | $300.2M | Add +7.7% |
| MRK Merck & Co. Inc. | 3.86% | 3,520,631 | $295.5M | Reduce -25.6% |
| EQH Equitable Holdings Inc. | 3.23% | 4,867,643 | $247.2M | Add +0.3% |
| TRP TC Energy Corp. | 2.86% | 4,027,286 | $218.9M | Add +4.3% |
| HD Home Depot Inc. | 2.73% | 515,676 | $208.9M | Add +0.6% |
| TSM Taiwan Semiconductor-SP ADR | 2.43% | 664,576 | $185.6M | Reduce -6.2% |
| MDT Medtronic PLC | 2.40% | 1,930,295 | $183.8M | Add +0.4% |
| ENB Enbridge Inc. | 2.37% | 3,587,620 | $181.0M | No change |
| CSCO Cisco Systems Inc. | 2.34% | 2,611,890 | $178.7M | Add +6.7% |
| CP Canadian Pacific Kansas City | 2.24% | 2,295,096 | $171.0M | Add +12.2% |
| LIN Linde PLC | 1.71% | 275,063 | $131.0M | Add +6.0% |
| GOOGL Alphabet Inc. Class A | 1.63% | 513,429 | $124.8M | Reduce -3.5% |
| RF Regions Financial Corp. | 1.59% | 4,624,765 | $122.0M | Add +0.6% |
| ALC Alcon Inc. filed as ALCON AG | 1.40% | 1,435,787 | $107.0M | Reduce -11.2% |
| META Meta Platforms Inc. Class A | 1.38% | 143,706 | $105.5M | Reduce -6.9% |
| BABA Alibaba Group Holding-SP ADR | 1.29% | 553,384 | $98.9M | Add +14.3% |
| FER Ferrovial NV | 1.29% | 1,721,344 | $98.8M | Add +0.3% |
| ABBV Abbvie Inc. | 1.22% | 401,760 | $93.0M | Add +25.5% |
| BZ Kanzhun Ltd. - ADR | 1.18% | 3,851,569 | $90.0M | Reduce -17.4% |
| FCX Freeport-McMoran Inc. | 0.95% | 1,854,853 | $72.7M | Reduce -36.4% |
| SCHW Schwab (charles) Corp. | 0.94% | 756,005 | $72.2M | Reduce -7.1% |
| MELI MercadoLibre Inc. | 0.92% | 29,941 | $70.0M | Reduce -2.5% |
| SLRC SLR Investment Corp. | 0.87% | 4,372,550 | $66.9M | No change |
| CIM Chimera Investment Corp. | 0.87% | 5,019,354 | $66.4M | Add +1.4% |
| TDG Transdigm Group Inc. | 0.82% | 47,636 | $62.8M | New |
| MA Mastercard Inc. Class A | 0.77% | 103,940 | $59.1M | Reduce -4.3% |
| SOBO South Bow Corp. | 0.74% | 1,997,301 | $56.5M | Add +20.6% |
| SE Sea Ltd.-ADR | 0.72% | 308,681 | $55.2M | Reduce -2.9% |
| LYB Lyondellbasell Indu Class A | 0.66% | 1,028,822 | $50.5M | Reduce -47.8% |
| RACE Ferrari NV | 0.56% | 88,935 | $43.2M | Add +9.7% |
| CACI Caci International Inc. Class A | 0.56% | 85,593 | $42.7M | Add +0.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.52% | 275,387 | $39.8M | Reduce -13.7% |
| AZN Astrazeneca PLC-Spons ADR | 0.51% | 510,947 | $39.2M | Reduce -4.6% |
| COF Capital One Financial Corp. | 0.51% | 182,992 | $38.9M | Reduce -3.3% |
| LHX L3HARRIS Technologies Inc. | 0.51% | 127,284 | $38.9M | Reduce -0.1% |
| MFIC Midcap Financial Investment | 0.49% | 3,137,783 | $37.6M | Add +6.8% |
| PFE Pfizer Inc. | 0.48% | 1,449,270 | $36.9M | Reduce -86.1% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.46% | 1,049,351 | $35.3M | Add +27.6% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.40% | 544,386 | $30.2M | Reduce -33.8% |
| JPM JPMorgan Chase & Co. | 0.38% | 93,156 | $29.4M | Reduce -0.3% |
| ELME Elme Communities | 0.35% | 1,599,492 | $27.0M | Reduce -20.3% |
| BKNG Booking Holdings Inc. | 0.34% | 4,820 | $26.0M | Reduce -10.2% |
| ANET Arista Networks Inc. | 0.31% | 164,945 | $24.0M | Add +13.4% |
| CWST Casella Waste Systems Inc. Class A | 0.31% | 247,419 | $23.5M | Reduce -3.2% |
| VRT Vertiv Holdings Co. Class A | 0.28% | 142,330 | $21.5M | Reduce -19.1% |
| SHOP Shopify Inc. Class A | 0.27% | 141,135 | $21.0M | Reduce -18.3% |
| ADBE Adobe Inc. | 0.27% | 58,338 | $20.6M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.27% | 21,058 | $20.4M | Reduce -9.1% |
| AIT Applied Industrial Tech Inc. | 0.26% | 77,372 | $20.2M | Reduce -1.3% |
| SONY Sony Group Corp. - SP ADR | 0.25% | 672,733 | $19.4M | Add +1.5% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.25% | 124,872 | $19.3M | Add +19.4% |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.25% | 228,044 | $19.1M | Reduce -6.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.25% | 1,191,386 | $19.1M | Reduce -13.5% |
| AGYS Agilysys Inc. | 0.25% | 180,088 | $19.0M | Reduce -3.1% |
| FTI Technipfmc PLC | 0.24% | 472,380 | $18.6M | Reduce -10.6% |
| AMD Advanced Micro Devices | 0.24% | 114,262 | $18.5M | Reduce -2.2% |
| FLUT Flutter Entertainment PLC-Di | 0.24% | 72,226 | $18.3M | Reduce -3.3% |
| ITT Itt Inc. | 0.24% | 100,750 | $18.0M | Add +27.7% |
| BLDR Builders Firstsource Inc. | 0.23% | 145,844 | $17.7M | Reduce -46.3% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.23% | 1,106,617 | $17.6M | Add +2.4% |
| SN Sharkninja Inc. | 0.23% | 167,687 | $17.3M | Reduce -12.0% |
| MYRG MYR Group Inc./Delaware | 0.23% | 82,696 | $17.2M | Reduce -15.2% |
| TRU Transunion | 0.22% | 200,935 | $16.8M | Reduce -3.2% |
| TLN Talen Energy Corp. | 0.22% | 39,260 | $16.7M | Reduce -11.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.20% | 229,362 | $14.9M | Add +381.5% |
| WAL Western Alliance Bancorp | 0.19% | 164,612 | $14.3M | Add +6.5% |
| ING ING Groep N.V.-Sponsored ADR | 0.19% | 546,389 | $14.2M | Add +2.2% |
| CLH Clean Harbors Inc. | 0.19% | 61,053 | $14.2M | Reduce -6.1% |
| TTE Totalenergies SE -Spon ADR | 0.18% | 233,917 | $14.0M | Add +1.9% |
| COHR Coherent Corp. | 0.18% | 128,327 | $13.8M | Reduce -10.8% |
| BAP Credicorp Ltd. | 0.18% | 51,776 | $13.8M | Reduce -9.9% |
| TCOM Trip.com Group Ltd.-ADR | 0.18% | 181,913 | $13.7M | Add +36.5% |
| PNFP Pinnacle Financial Partners | 0.18% | 144,509 | $13.6M | Add +7.5% |
| WD Walker & Dunlop Inc. | 0.17% | 159,641 | $13.3M | Add +34.5% |
| CCC CCC Intelligent Solutions Ho | 0.17% | 1,459,196 | $13.3M | Reduce -3.1% |
| THC Tenet Healthcare Corp. | 0.17% | 64,183 | $13.0M | Reduce -3.4% |
| DCO Ducommun Inc. | 0.17% | 134,748 | $13.0M | New |
| NTNX Nutanix Inc. Class A | 0.17% | 172,982 | $12.9M | Reduce -3.4% |
| SXT Sensient Technologies Corp. | 0.16% | 131,856 | $12.4M | Reduce -8.6% |
| STKL Sunopta Inc. | 0.16% | 2,088,513 | $12.2M | Add +12.4% |
| WH Wyndham Hotels & Resorts Inc. | 0.16% | 151,208 | $12.1M | Reduce -2.6% |
| TXNM TXNM Energy Inc. | 0.15% | 207,615 | $11.7M | Reduce -19.6% |
| AIZ Assurant Inc. | 0.15% | 53,145 | $11.5M | Reduce -3.4% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.15% | 122,522 | $11.4M | Reduce -0.5% |
| DTM DT Midstream Inc. | 0.15% | 100,258 | $11.3M | Reduce -0.4% |
| XPO Xpo Inc. | 0.14% | 85,061 | $11.0M | Reduce -3.4% |
| MTSI Macom Technology Solutions H | 0.14% | 88,092 | $11.0M | Add +13.1% |
| TBBB BBB Foods Inc. Class A | 0.14% | 395,945 | $10.7M | Reduce -5.2% |
| GPI Group 1 Automotive Inc. | 0.14% | 23,935 | $10.5M | Reduce -5.0% |
| ACA Arcosa Inc. | 0.13% | 109,845 | $10.3M | Reduce -20.1% |
| ICLR Icon PLC | 0.13% | 57,201 | $10.0M | Reduce -23.4% |
| CXT Crane NXT Co. | 0.13% | 147,954 | $9.9M | New |
| LPLA LPL Financial Holdings Inc. | 0.13% | 29,729 | $9.9M | Reduce -29.2% |
| AER Aercap Holdings NV | 0.11% | 72,238 | $8.7M | New |
| TTAN Servicetitan Inc. Class A | 0.11% | 82,692 | $8.3M | New |
| AGX Argan Inc. | 0.10% | 29,249 | $7.9M | Reduce -3.3% |
| KRG Kite Realty Group Trust | 0.10% | 352,741 | $7.9M | Reduce -3.4% |
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 | No change |
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 284,060 | $171K | No change |
Total filed on the 13F, all lines: $7.6B.
Portfolio Sells Q2 2025 → Q3 2025
| PFE Pfizer Inc. | Reduce -86.1% | 0.48% | −2.79 |
| PBR Petroleo Brasileiro-Spon ADR | Reduce -95.5% | 0.06% | −1.19 |
| MRK Merck & Co. Inc. | Reduce -25.6% | 3.86% | −0.96 |
| LYB Lyondellbasell Indu Class A | Reduce -47.8% | 0.66% | −0.81 |
| FCX Freeport-McMoran Inc. | Reduce -36.4% | 0.95% | −0.68 |
| ALC Alcon Inc. | Reduce -11.2% | 1.40% | −0.44 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -33.8% | 0.40% | −0.34 |
| STVN Stevanato Group SPA | Sold out | 0.00% | −0.23 |
| BLDR Builders Firstsource Inc. | Reduce -46.3% | 0.23% | −0.18 |
| KMPR Kemper Corp. | Sold out | 0.00% | −0.15 |
| AL Sumisho Air Lease Corp. | Reduce -97.1% | 0.00% | −0.13 |
| MELI MercadoLibre Inc. | Reduce -2.5% | 0.92% | −0.12 |
| SMPL The Simply Good Foods Co. | Reduce -95.4% | 0.00% | −0.10 |
| GLOB Globant SA | Reduce -75.0% | 0.02% | −0.09 |
| META Meta Platforms Inc. Class A | Reduce -6.9% | 1.38% | −0.09 |
| MU Micron Technology Inc. | Reduce -88.0% | 0.02% | −0.09 |
| COST Costco Wholesale Corp. | Sold out | 0.00% | −0.08 |
| RYAN Ryan Specialty Holdings Inc. | Sold out | 0.00% | −0.08 |
| LPLA LPL Financial Holdings Inc. | Reduce -29.2% | 0.13% | −0.07 |
| CWST Casella Waste Systems Inc. Class A | Reduce -3.2% | 0.31% | −0.07 |
| ENTG Entegris Inc. | Sold out | 0.00% | −0.07 |
| BKNG Booking Holdings Inc. | Reduce -10.2% | 0.34% | −0.06 |
| ELME Elme Communities | Reduce -20.3% | 0.35% | −0.06 |
| SDHC Smith Douglas Homes Corp. | Sold out | 0.00% | −0.06 |
| CYBR Cyberark Software Ltd./Israel | Reduce -47.8% | 0.07% | −0.04 |
| SAP Sap SE-Sponsored ADR | Reduce -30.0% | 0.06% | −0.04 |
| FLUT Flutter Entertainment PLC-Di | Reduce -3.3% | 0.24% | −0.04 |
| MNDY Monday.com Ltd. | Reduce -2.7% | 0.05% | −0.03 |
| TXNM TXNM Energy Inc. | Reduce -19.6% | 0.15% | −0.03 |
| WCN Waste Connections Inc. | Reduce -31.6% | 0.06% | −0.03 |
| ONON On Holding AG Class A | Reduce -23.4% | 0.05% | −0.03 |
| AGYS Agilysys Inc. | Reduce -3.1% | 0.25% | −0.03 |
| BJ Bj's Wholesale Club Holdings | Reduce -0.5% | 0.15% | −0.02 |
| SXT Sensient Technologies Corp. | Reduce -8.6% | 0.16% | −0.02 |
| CHDN Churchill Downs Inc. | Reduce -34.5% | 0.04% | −0.02 |
| ACA Arcosa Inc. | Reduce -20.1% | 0.13% | −0.02 |
| PJT PJT Partners Inc. Class A | Reduce -23.5% | 0.10% | −0.02 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -2.7% | 0.06% | −0.02 |
| SN Sharkninja Inc. | Reduce -12.0% | 0.23% | −0.02 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -8.6% | 0.08% | −0.02 |
| INSP Inspire Medical Systems Inc. | Reduce -2.7% | 0.02% | −0.02 |
| TRU Transunion | Reduce -3.2% | 0.22% | −0.02 |
| GKOS Glaukos Corp. | Reduce -2.7% | 0.05% | −0.01 |
| TW Tradeweb Markets Inc. Class A | Reduce -2.7% | 0.04% | −0.01 |
| SCHW Schwab (charles) Corp. | Reduce -7.1% | 0.94% | −0.01 |
| MA Mastercard Inc. Class A | Reduce -4.3% | 0.77% | −0.01 |
| FRPT Freshpet Inc. | Reduce -2.7% | 0.05% | −0.01 |
| COF Capital One Financial Corp. | Reduce -3.3% | 0.51% | −0.01 |
| VRT Vertiv Holdings Co. Class A | Reduce -19.1% | 0.28% | −0.01 |
| CWAN Clearwater Analytics HDS-A | Reduce -2.7% | 0.04% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| TDG Transdigm Group Inc. | New | 0.82% | +0.82 |
| BABA Alibaba Group Holding-SP ADR | Add +14.3% | 1.29% | +0.59 |
| ABBV Abbvie Inc. | Add +25.5% | 1.22% | +0.45 |
| TRP TC Energy Corp. | Add +4.3% | 2.86% | +0.43 |
| HD Home Depot Inc. | Add +0.6% | 2.73% | +0.31 |
| ADBE Adobe Inc. | New | 0.27% | +0.27 |
| CME Cme Group Inc. | Add +7.7% | 3.93% | +0.26 |
| MDT Medtronic PLC | Add +0.4% | 2.40% | +0.24 |
| RF Regions Financial Corp. | Add +0.6% | 1.59% | +0.20 |
| SOBO South Bow Corp. | Add +20.6% | 0.74% | +0.18 |
| T AT&T Inc. | Add +2.8% | 10.43% | +0.18 |
| DCO Ducommun Inc. | New | 0.17% | +0.17 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +381.5% | 0.20% | +0.16 |
| CSCO Cisco Systems Inc. | Add +6.7% | 2.34% | +0.15 |
| CP Canadian Pacific Kansas City | Add +12.2% | 2.24% | +0.15 |
| LIN Linde PLC | Add +6.0% | 1.71% | +0.14 |
| CXT Crane NXT Co. | New | 0.13% | +0.13 |
| ANET Arista Networks Inc. | Add +13.4% | 0.31% | +0.12 |
| AER Aercap Holdings NV | New | 0.11% | +0.11 |
| FER Ferrovial NV | Add +0.3% | 1.29% | +0.11 |
| TTAN Servicetitan Inc. Class A | New | 0.11% | +0.11 |
| VRRM Verra Mobility Corp. | New | 0.10% | +0.10 |
| CVSA Covista Inc. | Add +19.4% | 0.25% | +0.08 |
| TCOM Trip.com Group Ltd.-ADR | Add +36.5% | 0.18% | +0.08 |
| ITT Itt Inc. | Add +27.7% | 0.24% | +0.08 |
| WD Walker & Dunlop Inc. | Add +34.5% | 0.17% | +0.07 |
| CASY Casey's General Stores Inc. | New | 0.07% | +0.07 |
| RACE Ferrari NV | Add +9.7% | 0.56% | +0.05 |
| MRX Marex UK Holdings Ltd. | Add +27.6% | 0.46% | +0.04 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +2.4% | 0.23% | +0.04 |
| SITM Sitime Corp. | Add +31.5% | 0.08% | +0.04 |
| ING ING Groep N.V.-Sponsored ADR | Add +2.2% | 0.19% | +0.04 |
| CACI Caci International Inc. Class A | Add +0.2% | 0.56% | +0.03 |
| WAL Western Alliance Bancorp | Add +6.5% | 0.19% | +0.03 |
| SONY Sony Group Corp. - SP ADR | Add +1.5% | 0.25% | +0.03 |
| CYTK Cytokinetics Inc. | Add +16.3% | 0.06% | +0.03 |
| RARE Ultragenyx Pharmaceutical Inc. | New | 0.03% | +0.03 |
| EFA iShares MSCI Eafe ETF | Add +46.9% | 0.07% | +0.03 |
| BROS Dutch Bros Inc. Class A | Add +143.9% | 0.05% | +0.03 |
| STKL Sunopta Inc. | Add +12.4% | 0.16% | +0.02 |
| MFIC Midcap Financial Investment | Add +6.8% | 0.49% | +0.01 |
| RGEN Repligen Corp. | Add +10.1% | 0.08% | +0.01 |
| DEO Diageo PLC-Sponsored ADR | Add +26.6% | 0.06% | +0.01 |
| SHEL Shell PLC-ADR | Add +2.4% | 0.10% | +0.01 |
| CIGI Colliers Intl GR-Subord Vot | New | 0.00% | +0.00 |
| IOT Samsara Inc. Class A | Add +12.6% | 0.04% | +0.00 |
| TTE Totalenergies SE -Spon ADR | Add +1.9% | 0.18% | +0.00 |
| VEU Vanguard Ftse All-World Ex-U | Add +2.0% | 0.00% | +0.00 |
| MTSI Macom Technology Solutions H | Add +13.1% | 0.14% | −0.00 |
| PNFP Pinnacle Financial Partners | Add +7.5% | 0.18% | −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 |