Thornburg Investment Management Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Thornburg Investment Management Inc. reported 174 stock positions worth $7.9 billion. Its top holding was Citigroup (C) at 11.8% of the portfolio, followed by AT&T (T, 9.1%) and Broadcom (AVGO, 9.0%). Compared with Q3 2025, it opened 10 new positions, sold out of 10, added to 55 and reduced 99. The biggest buy was Merck (MRK, shares +6%) and the biggest sale Broadcom (AVGO, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $7.9B (Q4 2025)
- SEC Filing
- 0001140361-26-005232 ↗ filed Feb 13, 2026
Holdings Value
Holdings 174 stocks · $7.9B
| C Citigroup Inc. | 11.83% | 8,017,682 | $935.6M | Reduce -0.1% |
| T AT&T Inc. | 9.13% | 29,044,508 | $721.5M | Add +2.8% |
| AVGO Broadcom Inc. | 9.01% | 2,057,995 | $712.3M | Reduce -6.7% |
| MRK Merck & Co. Inc. | 4.96% | 3,728,673 | $392.5M | Add +5.9% |
| CME Cme Group Inc. | 3.96% | 1,146,539 | $313.1M | Add +3.2% |
| EQH Equitable Holdings Inc. | 2.95% | 4,889,730 | $233.0M | Add +0.5% |
| TRP TC Energy Corp. | 2.81% | 4,040,854 | $222.5M | Add +0.3% |
| CSCO Cisco Systems Inc. | 2.80% | 2,869,033 | $221.0M | Add +9.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.48% | 644,259 | $195.8M | Reduce -3.1% |
| MDT Medtronic PLC | 2.34% | 1,928,745 | $185.3M | Reduce -0.1% |
| HD Home Depot Inc. | 2.26% | 519,903 | $178.9M | Add +0.8% |
| ENB Enbridge Inc. | 2.18% | 3,601,831 | $172.4M | Add +0.4% |
| RF Regions Financial Corp. | 2.14% | 6,230,601 | $168.8M | Add +34.7% |
| CP Canadian Pacific Kansas City | 1.96% | 2,102,939 | $154.8M | Reduce -8.4% |
| FCX Freeport-McMoran Inc. | 1.80% | 2,794,794 | $141.9M | Add +50.7% |
| ALC Alcon Inc. filed as ALCON AG | 1.75% | 1,747,719 | $138.1M | Add +21.7% |
| GOOGL Alphabet Inc. Class A | 1.67% | 422,442 | $132.2M | Reduce -17.7% |
| BZ Kanzhun Ltd. - ADR | 1.58% | 6,117,010 | $124.7M | Add +58.8% |
| LIN Linde PLC | 1.47% | 272,505 | $115.9M | Reduce -0.9% |
| FER Ferrovial NV | 1.42% | 1,724,228 | $112.0M | Add +0.2% |
| ABBV Abbvie Inc. | 1.16% | 401,010 | $91.6M | Reduce -0.2% |
| META Meta Platforms Inc. Class A | 1.08% | 129,770 | $85.7M | Reduce -9.7% |
| BABA Alibaba Group Holding-SP ADR | 1.08% | 584,028 | $85.6M | Add +5.5% |
| SOBO South Bow Corp. | 0.98% | 2,829,875 | $77.8M | Add +41.7% |
| SCHW Schwab (charles) Corp. | 0.95% | 754,888 | $75.4M | Reduce -0.1% |
| SLRC SLR Investment Corp. | 0.85% | 4,367,861 | $67.5M | Reduce -0.1% |
| CIM Chimera Investment Corp. | 0.83% | 5,268,481 | $65.5M | Add +5.0% |
| TDG Transdigm Group Inc. | 0.80% | 47,636 | $63.3M | No change |
| MELI MercadoLibre Inc. | 0.76% | 29,955 | $60.3M | Add +0.1% |
| MA Mastercard Inc. Class A | 0.72% | 99,052 | $56.5M | Reduce -4.7% |
| PFE Pfizer Inc. | 0.69% | 2,202,459 | $54.8M | Add +52.0% |
| LLY Eli Lilly & Co. | 0.62% | 45,404 | $48.8M | New |
| AZN Astrazeneca PLC-Spons ADR | 0.59% | 505,985 | $46.5M | Reduce -1.0% |
| CACI Caci International Inc. Class A | 0.56% | 83,746 | $44.6M | Reduce -2.2% |
| COF Capital One Financial Corp. | 0.56% | 182,654 | $44.3M | Reduce -0.2% |
| LYB Lyondellbasell Indu Class A | 0.54% | 977,081 | $42.3M | Reduce -5.0% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.53% | 1,102,143 | $42.3M | Add +5.0% |
| SE Sea Ltd.-ADR | 0.52% | 323,829 | $41.3M | Add +4.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.51% | 260,571 | $40.0M | Reduce -5.4% |
| LHX L3HARRIS Technologies Inc. | 0.47% | 126,698 | $37.2M | Reduce -0.5% |
| MFIC Midcap Financial Investment | 0.45% | 3,137,783 | $35.9M | No change |
| ADBE Adobe Inc. | 0.44% | 99,185 | $34.7M | Add +70.0% |
| RACE Ferrari NV | 0.41% | 88,109 | $32.6M | Reduce -0.9% |
| AMD Advanced Micro Devices | 0.33% | 123,243 | $26.4M | Add +7.9% |
| CWST Casella Waste Systems Inc. Class A | 0.30% | 244,037 | $23.9M | Reduce -1.4% |
| BKNG Booking Holdings Inc. | 0.28% | 4,172 | $22.3M | Reduce -13.4% |
| SHOP Shopify Inc. Class A | 0.28% | 137,279 | $22.1M | Reduce -2.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.27% | 20,316 | $21.7M | Reduce -3.5% |
| VRT Vertiv Holdings Co. Class A | 0.27% | 133,658 | $21.7M | Reduce -6.1% |
| AGYS Agilysys Inc. | 0.27% | 178,136 | $21.2M | Reduce -1.1% |
| SN Sharkninja Inc. | 0.27% | 188,960 | $21.1M | Add +12.7% |
| ANET Arista Networks Inc. | 0.27% | 160,832 | $21.1M | Reduce -2.5% |
| COHR Coherent Corp. | 0.25% | 107,961 | $19.9M | Reduce -15.9% |
| AIT Applied Industrial Tech Inc. | 0.25% | 75,889 | $19.5M | Reduce -1.9% |
| FTI Technipfmc PLC | 0.24% | 424,762 | $18.9M | Reduce -10.1% |
| ITT Itt Inc. | 0.23% | 103,356 | $17.9M | Add +2.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.23% | 1,069,535 | $17.9M | Reduce -10.2% |
| ING ING Groep N.V.-Sponsored ADR | 0.22% | 632,753 | $17.7M | Add +15.8% |
| TRU Transunion | 0.21% | 198,186 | $17.0M | Reduce -1.4% |
| AER Aercap Holdings NV | 0.21% | 116,740 | $16.8M | Add +61.6% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.21% | 1,027,642 | $16.3M | Reduce -7.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.20% | 240,341 | $16.1M | Add +4.8% |
| MTSI Macom Technology Solutions H | 0.20% | 92,639 | $15.9M | Add +5.2% |
| BLDR Builders Firstsource Inc. | 0.19% | 143,154 | $14.7M | Reduce -1.8% |
| SONY Sony Group Corp. - SP ADR | 0.19% | 575,081 | $14.7M | Reduce -14.5% |
| FLUT Flutter Entertainment PLC-Di | 0.18% | 66,216 | $14.2M | Reduce -8.3% |
| CLH Clean Harbors Inc. | 0.18% | 60,620 | $14.2M | Reduce -0.7% |
| TLN Talen Energy Corp. | 0.18% | 37,231 | $14.0M | Reduce -5.2% |
| WAL Western Alliance Bancorp | 0.17% | 163,527 | $13.7M | Reduce -0.7% |
| PNFP Pinnacle Financial Partners | 0.17% | 138,594 | $13.2M | Reduce -4.1% |
| TTAN Servicetitan Inc. Class A | 0.17% | 124,159 | $13.2M | Add +50.1% |
| MMYT Makemytrip Ltd. | 0.17% | 159,711 | $13.1M | New |
| P Everpure Inc. Class A filed as PURE STORAGE INC | 0.16% | 193,748 | $13.0M | Reduce -15.0% |
| DCO Ducommun Inc. | 0.16% | 135,098 | $12.9M | Add +0.3% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.16% | 123,239 | $12.8M | Reduce -1.3% |
| TCOM Trip.com Group Ltd.-ADR | 0.16% | 176,758 | $12.7M | Reduce -2.8% |
| THC Tenet Healthcare Corp. | 0.16% | 63,760 | $12.7M | Reduce -0.7% |
| SXT Sensient Technologies Corp. | 0.16% | 130,897 | $12.3M | Reduce -0.7% |
| DTM DT Midstream Inc. | 0.15% | 99,833 | $11.9M | Reduce -0.4% |
| BAP Credicorp Ltd. | 0.15% | 40,601 | $11.7M | Reduce -21.6% |
| ACA Arcosa Inc. | 0.15% | 109,101 | $11.6M | Reduce -0.7% |
| MYRG MYR Group Inc./Delaware | 0.15% | 53,070 | $11.6M | Reduce -35.8% |
| XPO Xpo Inc. | 0.15% | 84,488 | $11.5M | Reduce -0.7% |
| AIZ Assurant Inc. | 0.14% | 46,109 | $11.1M | Reduce -13.2% |
| BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC | 0.14% | 121,685 | $11.0M | Reduce -0.7% |
| LPLA LPL Financial Holdings Inc. | 0.13% | 29,470 | $10.5M | Reduce -0.9% |
| ICLR Icon PLC | 0.12% | 54,173 | $9.9M | Reduce -5.3% |
| WD Walker & Dunlop Inc. | 0.12% | 160,103 | $9.6M | Add +0.3% |
| PJT PJT Partners Inc. Class A | 0.11% | 53,566 | $9.0M | Add +30.6% |
| GPI Group 1 Automotive Inc. | 0.11% | 22,455 | $8.8M | Reduce -6.2% |
| SHEL Shell PLC-ADR | 0.10% | 108,821 | $8.0M | Add +0.0% |
| VRRM Verra Mobility Corp. | 0.10% | 356,591 | $8.0M | Add +15.9% |
| CLBT Cellebrite Di Ltd. | 0.10% | 440,624 | $7.9M | New |
| CRDO Credo Technology Group Holdi | 0.10% | 54,962 | $7.9M | Add +3.6% |
| STKL Sunopta Inc. | 0.10% | 2,074,489 | $7.9M | Reduce -0.7% |
| CASY Casey's General Stores Inc. | 0.10% | 14,020 | $7.7M | Add +58.3% |
| AGX Argan Inc. | 0.10% | 24,611 | $7.7M | Reduce -15.9% |
| RGEN Repligen Corp. | 0.10% | 46,488 | $7.6M | Reduce -2.7% |
| WH Wyndham Hotels & Resorts Inc. | 0.10% | 99,830 | $7.5M | Reduce -34.0% |
| MU Micron Technology Inc. | 0.10% | 26,428 | $7.5M | Add +239.2% |
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 | 281,010 | $172K | Reduce -1.1% |
Total filed on the 13F, all lines: $7.9B.
Portfolio Sells Q3 2025 → Q4 2025
| AVGO Broadcom Inc. | Reduce -6.7% | 9.01% | −0.50 |
| NVO Novo-Nordisk A/S-Spons ADR | Sold out | 0.00% | −0.40 |
| JPM JPMorgan Chase & Co. | Reduce -97.9% | 0.01% | −0.38 |
| ELME Elme Communities | Sold out | 0.00% | −0.35 |
| META Meta Platforms Inc. Class A | Reduce -9.7% | 1.08% | −0.30 |
| CP Canadian Pacific Kansas City | Reduce -8.4% | 1.96% | −0.28 |
| LIN Linde PLC | Reduce -0.9% | 1.47% | −0.25 |
| TTE Totalenergies SE -Spon ADR | Sold out | 0.00% | −0.18 |
| TXNM TXNM Energy Inc. | Sold out | 0.00% | −0.15 |
| RACE Ferrari NV | Reduce -0.9% | 0.41% | −0.15 |
| LYB Lyondellbasell Indu Class A | Reduce -5.0% | 0.54% | −0.12 |
| KRG Kite Realty Group Trust | Reduce -96.9% | 0.00% | −0.10 |
| CVSA Covista Inc. | Reduce -1.3% | 0.16% | −0.09 |
| P Everpure Inc. Class A | Reduce -15.0% | 0.16% | −0.09 |
| NTNX Nutanix Inc. Class A | Reduce -25.1% | 0.08% | −0.08 |
| CCC CCC Intelligent Solutions Ho | Reduce -35.7% | 0.09% | −0.08 |
| MYRG MYR Group Inc./Delaware | Reduce -35.8% | 0.15% | −0.08 |
| RPAY Repay Holdings Corp. | Sold out | 0.00% | −0.07 |
| CYBR Cyberark Software Ltd./Israel | Sold out | 0.00% | −0.07 |
| SONY Sony Group Corp. - SP ADR | Reduce -14.5% | 0.19% | −0.07 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -34.0% | 0.10% | −0.06 |
| TBBB BBB Foods Inc. Class A | Reduce -52.8% | 0.08% | −0.06 |
| MDT Medtronic PLC | Reduce -0.1% | 2.34% | −0.06 |
| STKL Sunopta Inc. | Reduce -0.7% | 0.10% | −0.06 |
| FLUT Flutter Entertainment PLC-Di | Reduce -8.3% | 0.18% | −0.06 |
| MA Mastercard Inc. Class A | Reduce -4.7% | 0.72% | −0.06 |
| BKNG Booking Holdings Inc. | Reduce -13.4% | 0.28% | −0.06 |
| ABBV Abbvie Inc. | Reduce -0.2% | 1.16% | −0.06 |
| WCN Waste Connections Inc. | Reduce -83.7% | 0.01% | −0.05 |
| ANET Arista Networks Inc. | Reduce -2.5% | 0.27% | −0.05 |
| BLDR Builders Firstsource Inc. | Reduce -1.8% | 0.19% | −0.04 |
| CXT Crane NXT Co. | Reduce -3.4% | 0.09% | −0.04 |
| CWAN Clearwater Analytics HDS-A | Sold out | 0.00% | −0.04 |
| TLN Talen Energy Corp. | Reduce -5.2% | 0.18% | −0.04 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.5% | 0.47% | −0.04 |
| BAP Credicorp Ltd. | Reduce -21.6% | 0.15% | −0.03 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.03 |
| RMBS Rambus Inc. | Reduce -16.1% | 0.07% | −0.03 |
| FWONK Liberty Media Corp. Class C | Reduce -30.3% | 0.04% | −0.03 |
| GPI Group 1 Automotive Inc. | Reduce -6.2% | 0.11% | −0.03 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Reduce -7.1% | 0.21% | −0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -10.2% | 0.23% | −0.02 |
| DEO Diageo PLC-Sponsored ADR | Reduce -26.1% | 0.04% | −0.02 |
| SLRC SLR Investment Corp. | Reduce -0.1% | 0.85% | −0.02 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -2.8% | 0.16% | −0.02 |
| AIT Applied Industrial Tech Inc. | Reduce -1.9% | 0.25% | −0.02 |
| OTEX Open Text Corp. | Reduce -1.5% | 0.07% | −0.01 |
| TJX TJX Companies Inc. | Reduce -5.4% | 0.51% | −0.01 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -2.7% | 0.05% | −0.01 |
| WAL Western Alliance Bancorp | Reduce -0.7% | 0.17% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| MRK Merck & Co. Inc. | Add +5.9% | 4.96% | +1.10 |
| FCX Freeport-McMoran Inc. | Add +50.7% | 1.80% | +0.84 |
| LLY Eli Lilly & Co. | New | 0.62% | +0.62 |
| RF Regions Financial Corp. | Add +34.7% | 2.14% | +0.54 |
| CSCO Cisco Systems Inc. | Add +9.8% | 2.80% | +0.46 |
| BZ Kanzhun Ltd. - ADR | Add +58.8% | 1.58% | +0.40 |
| ALC Alcon Inc. | Add +21.7% | 1.75% | +0.35 |
| SOBO South Bow Corp. | Add +41.7% | 0.98% | +0.25 |
| PFE Pfizer Inc. | Add +52.0% | 0.69% | +0.21 |
| ADBE Adobe Inc. | Add +70.0% | 0.44% | +0.17 |
| MMYT Makemytrip Ltd. | New | 0.17% | +0.17 |
| FER Ferrovial NV | Add +0.2% | 1.42% | +0.12 |
| CLBT Cellebrite Di Ltd. | New | 0.10% | +0.10 |
| AER Aercap Holdings NV | Add +61.6% | 0.21% | +0.10 |
| XP XP Inc. Class A | New | 0.09% | +0.09 |
| AMD Advanced Micro Devices | Add +7.9% | 0.33% | +0.09 |
| MU Micron Technology Inc. | Add +239.2% | 0.10% | +0.08 |
| MRX Marex UK Holdings Ltd. | Add +5.0% | 0.53% | +0.07 |
| NTSK Netskope Inc. Class A | New | 0.07% | +0.07 |
| MIR Mirion Technologies Inc. | New | 0.07% | +0.07 |
| CSTM Constellium SE | New | 0.06% | +0.06 |
| TTAN Servicetitan Inc. Class A | Add +50.1% | 0.17% | +0.06 |
| MTSI Macom Technology Solutions H | Add +5.2% | 0.20% | +0.06 |
| ENTG Entegris Inc. | New | 0.05% | +0.05 |
| AVAV Aerovironment Inc. | New | 0.04% | +0.04 |
| SN Sharkninja Inc. | Add +12.7% | 0.27% | +0.04 |
| ING ING Groep N.V.-Sponsored ADR | Add +15.8% | 0.22% | +0.04 |
| CME Cme Group Inc. | Add +3.2% | 3.96% | +0.03 |
| CASY Casey's General Stores Inc. | Add +58.3% | 0.10% | +0.03 |
| CCB Coastal Financial Corp. | New | 0.03% | +0.03 |
| MNDY Monday.com Ltd. | Add +95.8% | 0.08% | +0.02 |
| VEU Vanguard Ftse All-World Ex-U | Add +522.7% | 0.02% | +0.02 |
| PJT PJT Partners Inc. Class A | Add +30.6% | 0.11% | +0.02 |
| BMRN Biomarin Pharmaceutical Inc. | Add +24.0% | 0.07% | +0.02 |
| GLOB Globant SA | Add +60.5% | 0.03% | +0.01 |
| BROS Dutch Bros Inc. Class A | Add +10.4% | 0.07% | +0.01 |
| AVTR Avantor Inc. | Add +29.4% | 0.08% | +0.01 |
| CIGI Colliers Intl GR-Subord Vot | Add +346.0% | 0.01% | +0.01 |
| INSP Inspire Medical Systems Inc. | Add +23.7% | 0.03% | +0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +4.8% | 0.20% | +0.01 |
| SARO Standardaero Inc. | Add +9.8% | 0.08% | +0.01 |
| EFA iShares MSCI Eafe ETF | Add +12.1% | 0.08% | +0.01 |
| VXUS Vanguard Total Intl Stock | Add +83.7% | 0.01% | +0.00 |
| SLB SLB Ltd. | Add +3.8% | 0.02% | +0.00 |
| VRRM Verra Mobility Corp. | Add +15.9% | 0.10% | +0.00 |
| TW Tradeweb Markets Inc. Class A | Add +10.8% | 0.04% | +0.00 |
| KOF Coca-Cola Femsa Sab-SP ADR | Add +1.1% | 0.01% | +0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +1.6% | 0.00% | −0.00 |
| SHEL Shell PLC-ADR | Add +0.0% | 0.10% | −0.00 |
| CRDO Credo Technology Group Holdi | Add +3.6% | 0.10% | −0.00 |
Notes & Other Activity Q3 2025 → Q4 2025
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | Reduce -1.1% | 281,010 | $172K |
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 |