Thornburg Investment Management Inc.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Thornburg Investment Management Inc. reported 169 stock positions worth $9.6 billion. Its top holding was Totalenergies (TTE) at 11.3% of the portfolio, followed by Citigroup (C, 9.4%) and AT&T (T, 9.4%). Compared with Q4 2025, it opened 22 new positions, sold out of 27, added to 68 and reduced 69. The biggest buy was a new position in Totalenergies (TTE) and the biggest sale Citigroup (C, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- SANTA FE, NM
- CIK
- 0001145020
- Portfolio Value
- $9.6B (Q1 2026)
- SEC Filing
- 0001140361-26-020785 ↗ filed May 12, 2026
Holdings Value
Holdings 169 stocks · $9.6B
| TTE Totalenergies SE | 11.33% | 11,660,983 | $1.1B | New |
| C Citigroup Inc. | 9.42% | 7,988,210 | $905.9M | Reduce -0.4% |
| T AT&T Inc. | 9.36% | 31,045,244 | $900.0M | Add +6.9% |
| AVGO Broadcom Inc. | 6.71% | 2,083,646 | $644.9M | Add +1.3% |
| AZN Astrazeneca PLC | 5.78% | 2,858,651 | $555.7M | Add +1029.9% |
| MRK Merck & Co. Inc. | 4.66% | 3,728,673 | $448.5M | No change |
| CME Cme Group Inc. | 3.52% | 1,145,442 | $338.3M | Reduce -0.1% |
| TRP TC Energy Corp. | 3.07% | 4,720,722 | $295.0M | Add +16.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.46% | 701,352 | $237.0M | Add +8.9% |
| CSCO Cisco Systems Inc. | 2.35% | 2,914,333 | $226.1M | Add +1.6% |
| ENB Enbridge Inc. | 2.05% | 3,641,034 | $197.2M | Add +1.1% |
| EQH Equitable Holdings Inc. | 1.93% | 4,994,205 | $185.3M | Add +2.1% |
| MDT Medtronic PLC | 1.82% | 2,017,077 | $174.8M | Add +4.6% |
| HD Home Depot Inc. | 1.78% | 521,009 | $171.4M | Add +0.2% |
| RF Regions Financial Corp. | 1.77% | 6,515,272 | $170.2M | Add +4.6% |
| FCX Freeport-McMoran Inc. | 1.73% | 2,836,234 | $166.7M | Add +1.5% |
| CP Canadian Pacific Kansas City | 1.66% | 2,028,713 | $159.6M | Reduce -3.5% |
| LIN Linde PLC | 1.41% | 274,372 | $135.4M | Add +0.7% |
| ALC Alcon Inc. filed as ALCON AG | 1.34% | 1,708,677 | $128.4M | Reduce -2.2% |
| GOOGL Alphabet Inc. Class A | 1.27% | 424,942 | $122.2M | Add +0.6% |
| SOBO South Bow Corp. | 1.25% | 3,632,875 | $120.7M | Add +28.4% |
| FER Ferrovial NV | 1.16% | 1,739,341 | $111.6M | Add +0.9% |
| ABBV Abbvie Inc. | 1.14% | 502,832 | $109.4M | Add +25.4% |
| BZ Kanzhun Ltd. - ADR | 0.87% | 6,232,846 | $83.5M | Add +1.9% |
| LYB Lyondellbasell Indu Class A | 0.82% | 977,081 | $78.7M | No change |
| BABA Alibaba Group Holding-SP ADR | 0.80% | 610,184 | $76.6M | Add +4.5% |
| SCHW Schwab (charles) Corp. | 0.79% | 809,560 | $76.1M | Add +7.2% |
| META Meta Platforms Inc. Class A | 0.75% | 126,216 | $72.2M | Reduce -2.7% |
| CIM Chimera Investment Corp. | 0.71% | 5,476,302 | $68.7M | Add +3.9% |
| SLRC SLR Investment Corp. | 0.69% | 4,633,431 | $66.3M | Add +6.1% |
| PFE Pfizer Inc. | 0.65% | 2,242,186 | $63.0M | Add +1.8% |
| LLY Eli Lilly & Co. | 0.58% | 60,178 | $55.3M | Add +32.5% |
| MELI MercadoLibre Inc. | 0.56% | 31,022 | $53.6M | Add +3.6% |
| MA Mastercard Inc. Class A | 0.51% | 97,913 | $48.9M | Reduce -1.1% |
| BKNG Booking Holdings Inc. | 0.49% | 11,211 | $47.2M | Add +168.7% |
| CACI Caci International Inc. Class A | 0.48% | 84,568 | $46.0M | Add +1.0% |
| LHX L3HARRIS Technologies Inc. | 0.45% | 126,698 | $43.7M | No change |
| ADBE Adobe Inc. | 0.44% | 173,515 | $42.2M | Add +74.9% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.44% | 263,663 | $42.1M | Add +1.2% |
| MFIC Midcap Financial Investment | 0.38% | 3,237,783 | $36.4M | Add +3.2% |
| TDG Transdigm Group Inc. | 0.36% | 29,662 | $34.4M | Reduce -37.7% |
| RACE Ferrari NV | 0.34% | 96,042 | $32.5M | Add +9.0% |
| SE Sea Ltd.-ADR | 0.32% | 369,873 | $30.6M | Add +14.2% |
| VRT Vertiv Holdings Co. Class A | 0.30% | 115,016 | $28.8M | Reduce -13.9% |
| SHOP Shopify Inc. Class A | 0.29% | 233,601 | $27.7M | Add +70.2% |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 0.27% | 19,513 | $25.8M | Reduce -4.0% |
| COF Capital One Financial Corp. | 0.26% | 139,670 | $25.5M | Reduce -23.5% |
| AMD Advanced Micro Devices | 0.26% | 122,568 | $24.9M | Reduce -0.6% |
| FTI Technipfmc PLC | 0.24% | 333,174 | $23.0M | Reduce -21.6% |
| ANET Arista Networks Inc. | 0.21% | 168,348 | $20.7M | Add +4.7% |
| MUFG Mitsubishi Ufj Finl-Spon ADR | 0.19% | 1,077,231 | $18.3M | Add +4.8% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.19% | 408,877 | $18.2M | Reduce -62.9% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.19% | 263,169 | $18.0M | Add +9.5% |
| SN Sharkninja Inc. | 0.19% | 169,821 | $18.0M | Reduce -10.1% |
| COHR Coherent Corp. | 0.19% | 74,771 | $17.8M | Reduce -30.7% |
| SAP Sap SE-Sponsored ADR | 0.18% | 101,507 | $17.4M | Add +427.6% |
| ING ING Groep N.V.-Sponsored ADR | 0.18% | 666,239 | $17.4M | Add +5.3% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.18% | 64,480 | $16.9M | New |
| MTSI Macom Technology Solutions H | 0.17% | 74,613 | $16.6M | Reduce -19.5% |
| CWST Casella Waste Systems Inc. Class A | 0.17% | 203,167 | $16.1M | Reduce -16.8% |
| DCO Ducommun Inc. | 0.17% | 130,431 | $15.9M | Reduce -3.5% |
| AER Aercap Holdings NV | 0.16% | 115,348 | $15.8M | Reduce -1.2% |
| AIT Applied Industrial Tech Inc. | 0.16% | 56,414 | $15.0M | Reduce -25.7% |
| ITT Itt Inc. | 0.15% | 77,958 | $14.9M | Reduce -24.6% |
| BLDR Builders Firstsource Inc. | 0.15% | 179,104 | $14.7M | Add +25.1% |
| SONY Sony Group Corp. - SP ADR | 0.14% | 669,134 | $13.9M | Add +16.4% |
| BAP Credicorp Ltd. | 0.14% | 40,584 | $13.8M | Reduce -0.0% |
| AGX Argan Inc. | 0.14% | 24,848 | $13.5M | Add +1.0% |
| CIGI Colliers Intl GR-Subord Vot | 0.14% | 123,834 | $13.2M | Add +1564.7% |
| TLN Talen Energy Corp. | 0.13% | 40,611 | $13.0M | Add +9.1% |
| EFA iShares MSCI Eafe ETF | 0.13% | 128,249 | $12.5M | Add +91.1% |
| NFLX Netflix Inc. | 0.13% | 125,985 | $12.1M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.13% | 840,203 | $12.1M | Reduce -21.4% |
| XPO Xpo Inc. | 0.13% | 62,018 | $12.1M | Reduce -26.6% |
| PNFP Pinnacle Financial Partners | 0.12% | 139,204 | $12.0M | New |
| MMYT Makemytrip Ltd. | 0.12% | 302,535 | $11.3M | Add +89.4% |
| WAL Western Alliance Bancorp | 0.12% | 158,357 | $11.2M | Reduce -3.2% |
| CLBT Cellebrite Di Ltd. | 0.12% | 811,748 | $11.2M | Add +84.2% |
| LPLA LPL Financial Holdings Inc. | 0.12% | 37,010 | $11.1M | Add +25.6% |
| XP XP Inc. Class A | 0.11% | 570,057 | $10.9M | Add +26.6% |
| CLH Clean Harbors Inc. | 0.11% | 37,762 | $10.8M | Reduce -37.7% |
| SHEL Shell PLC-ADR | 0.11% | 113,874 | $10.6M | Add +4.6% |
| MYRG MYR Group Inc./Delaware | 0.11% | 37,351 | $10.5M | Reduce -29.6% |
| TRU Transunion | 0.11% | 151,605 | $10.5M | Reduce -23.5% |
| DTM DT Midstream Inc. | 0.11% | 77,547 | $10.4M | Reduce -22.3% |
| MSFT Microsoft Corp. | 0.11% | 27,521 | $10.2M | Add +102.2% |
| THC Tenet Healthcare Corp. | 0.10% | 52,134 | $9.8M | Reduce -18.2% |
| AIZ Assurant Inc. | 0.10% | 44,316 | $9.7M | Reduce -3.9% |
| AGYS Agilysys Inc. | 0.09% | 126,433 | $9.0M | Reduce -29.0% |
| SXT Sensient Technologies Corp. | 0.09% | 101,425 | $8.8M | Reduce -22.5% |
| P Everpure Inc. Class A | 0.09% | 147,434 | $8.7M | Reduce -23.9% |
| ACA Arcosa Inc. | 0.09% | 79,739 | $8.5M | Reduce -26.9% |
| MU Micron Technology Inc. | 0.09% | 24,621 | $8.3M | Reduce -6.8% |
| PJT PJT Partners Inc. Class A | 0.08% | 56,023 | $7.8M | Add +4.6% |
| WH Wyndham Hotels & Resorts Inc. | 0.08% | 96,056 | $7.8M | Reduce -3.8% |
| SITM Sitime Corp. | 0.08% | 21,207 | $7.3M | Add +1.0% |
| GPI Group 1 Automotive Inc. | 0.08% | 21,853 | $7.2M | Reduce -2.7% |
| PBR Petroleo Brasileiro-Spon ADR | 0.07% | 345,693 | $7.2M | Add +0.2% |
| MTDR Matador Resources Co. | 0.07% | 113,175 | $7.2M | Add +0.4% |
| INSM Insmed Inc. | 0.07% | 38,337 | $6.3M | Add +1.0% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $495K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | 324,000 | $323K | New |
| COMCAST HOLDINGS CORP | ZONES CV2% PCS · principal | 281,010 | $172K | No change |
Total filed on the 13F, all lines: $9.6B.
Portfolio Sells Q4 2025 → Q1 2026
| C Citigroup Inc. | Reduce -0.4% | 9.42% | −2.41 |
| TDG Transdigm Group Inc. | Reduce -37.7% | 0.36% | −0.44 |
| CME Cme Group Inc. | Reduce -0.1% | 3.52% | −0.44 |
| ALC Alcon Inc. | Reduce -2.2% | 1.34% | −0.41 |
| MRX Marex UK Holdings Ltd. | Reduce -62.9% | 0.19% | −0.35 |
| META Meta Platforms Inc. Class A | Reduce -2.7% | 0.75% | −0.33 |
| CP Canadian Pacific Kansas City | Reduce -3.5% | 1.66% | −0.30 |
| COF Capital One Financial Corp. | Reduce -23.5% | 0.26% | −0.29 |
| MA Mastercard Inc. Class A | Reduce -1.1% | 0.51% | −0.21 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −0.18 |
| AGYS Agilysys Inc. | Reduce -29.0% | 0.09% | −0.17 |
| PNFP Pinnacle Financial Partners | Sold out | 0.00% | −0.17 |
| TTAN Servicetitan Inc. Class A | Sold out | 0.00% | −0.17 |
| CVSA Covista Inc. | Sold out | 0.00% | −0.16 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.16 |
| CWST Casella Waste Systems Inc. Class A | Reduce -16.8% | 0.17% | −0.13 |
| WD Walker & Dunlop Inc. | Sold out | 0.00% | −0.12 |
| ICLR Icon PLC | Reduce -88.9% | 0.01% | −0.12 |
| TRU Transunion | Reduce -23.5% | 0.11% | −0.11 |
| VRRM Verra Mobility Corp. | Sold out | 0.00% | −0.10 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -21.4% | 0.13% | −0.10 |
| STKL Sunopta Inc. | Sold out | 0.00% | −0.10 |
| CASY Casey's General Stores Inc. | Sold out | 0.00% | −0.10 |
| AIT Applied Industrial Tech Inc. | Reduce -25.7% | 0.16% | −0.09 |
| CXT Crane NXT Co. | Sold out | 0.00% | −0.09 |
| BJ Bj's Wholesale Club Holdings | Reduce -56.8% | 0.05% | −0.08 |
| NTNX Nutanix Inc. Class A | Sold out | 0.00% | −0.08 |
| AVTR Avantor Inc. | Sold out | 0.00% | −0.08 |
| SN Sharkninja Inc. | Reduce -10.1% | 0.19% | −0.08 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.08 |
| AMD Advanced Micro Devices | Reduce -0.6% | 0.26% | −0.07 |
| P Everpure Inc. Class A | Reduce -23.9% | 0.09% | −0.07 |
| ITT Itt Inc. | Reduce -24.6% | 0.15% | −0.07 |
| CLH Clean Harbors Inc. | Reduce -37.7% | 0.11% | −0.07 |
| NTSK Netskope Inc. Class A | Sold out | 0.00% | −0.07 |
| COHR Coherent Corp. | Reduce -30.7% | 0.19% | −0.07 |
| CCC CCC Intelligent Solutions Ho | Reduce -52.3% | 0.03% | −0.07 |
| BROS Dutch Bros Inc. Class A | Sold out | 0.00% | −0.07 |
| SXT Sensient Technologies Corp. | Reduce -22.5% | 0.09% | −0.06 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -88.3% | 0.01% | −0.06 |
| RGEN Repligen Corp. | Reduce -36.8% | 0.04% | −0.06 |
| ACA Arcosa Inc. | Reduce -26.9% | 0.09% | −0.06 |
| THC Tenet Healthcare Corp. | Reduce -18.2% | 0.10% | −0.06 |
| WAL Western Alliance Bancorp | Reduce -3.2% | 0.12% | −0.06 |
| MIR Mirion Technologies Inc. | Reduce -77.2% | 0.01% | −0.06 |
| GKOS Glaukos Corp. | Reduce -77.2% | 0.01% | −0.06 |
| ENTG Entegris Inc. | Sold out | 0.00% | −0.05 |
| CRDO Credo Technology Group Holdi | Reduce -9.8% | 0.05% | −0.05 |
| FRPT Freshpet Inc. | Sold out | 0.00% | −0.05 |
| STEP Stepstone Group Inc. Class A | Reduce -77.2% | 0.01% | −0.05 |
Portfolio Buys Q4 2025 → Q1 2026
| TTE Totalenergies SE | New | 11.33% | +11.33 |
| AZN Astrazeneca PLC | Add +1029.9% | 5.78% | +5.19 |
| SOBO South Bow Corp. | Add +28.4% | 1.25% | +0.27 |
| TRP TC Energy Corp. | Add +16.8% | 3.07% | +0.25 |
| T AT&T Inc. | Add +6.9% | 9.36% | +0.23 |
| BKNG Booking Holdings Inc. | Add +168.7% | 0.49% | +0.21 |
| VB Vanguard Most SM-Cap ETF-Usd | New | 0.18% | +0.18 |
| NFLX Netflix Inc. | New | 0.13% | +0.13 |
| PNFP Pinnacle Financial Partners | New | 0.12% | +0.12 |
| CIGI Colliers Intl GR-Subord Vot | Add +1564.7% | 0.14% | +0.12 |
| SAP Sap SE-Sponsored ADR | Add +427.6% | 0.18% | +0.12 |
| EFA iShares MSCI Eafe ETF | Add +91.1% | 0.13% | +0.05 |
| AGX Argan Inc. | Add +1.0% | 0.14% | +0.04 |
| SPGI S&P Global Inc. | New | 0.02% | +0.02 |
| PBR Petroleo Brasileiro-Spon ADR | Add +0.2% | 0.07% | +0.02 |
| MSFT Microsoft Corp. | Add +102.2% | 0.11% | +0.02 |
| AMZN Amazon.com Inc. | Add +120.3% | 0.05% | +0.02 |
| XP XP Inc. Class A | Add +26.6% | 0.11% | +0.02 |
| CLBT Cellebrite Di Ltd. | Add +84.2% | 0.12% | +0.02 |
| AAMI Acadian Asset Management Inc. | New | 0.02% | +0.02 |
| RPRX Royalty Pharma PLC Class A | New | 0.02% | +0.02 |
| VSXY Victoria's Secret & Co. | New | 0.02% | +0.02 |
| TME Tencent Music Entertainm-ADR | New | 0.01% | +0.01 |
| MTDR Matador Resources Co. | Add +0.4% | 0.07% | +0.01 |
| GLOB Globant SA | Add +147.4% | 0.04% | +0.01 |
| HEI.A Heico Corp. Class A | New | 0.01% | +0.01 |
| RDDT Reddit Inc. Class A | New | 0.01% | +0.01 |
| PGR Progressive Corp. | New | 0.01% | +0.01 |
| GWRE Guidewire Software Inc. | New | 0.01% | +0.01 |
| SHEL Shell PLC-ADR | Add +4.6% | 0.11% | +0.01 |
| TPR Tapestry Inc. | New | 0.01% | +0.01 |
| VEEV Veeva Systems Inc. Class A | New | 0.01% | +0.01 |
| SHOP Shopify Inc. Class A | Add +70.2% | 0.29% | +0.01 |
| WPM Wheaton Precious Metals Corp. | New | 0.01% | +0.01 |
| RBRK Rubrik Inc. Class A | New | 0.01% | +0.01 |
| TMUS T-Mobile US Inc. | New | 0.01% | +0.01 |
| CDNS Cadence Design SYS Inc. | New | 0.01% | +0.01 |
| DDOG Datadog Inc. Class A | New | 0.01% | +0.01 |
| LITE Lumentum Holdings Inc. | New | 0.01% | +0.01 |
| KRMN Karman Holdings Inc. | New | 0.01% | +0.01 |
| ADBE Adobe Inc. | Add +74.9% | 0.44% | −0.00 |
| INFY Infosys Ltd.-SP ADR | Add +0.1% | 0.00% | −0.00 |
| TW Tradeweb Markets Inc. Class A | Add +1.0% | 0.04% | −0.00 |
| SAIA Saia Inc. | Add +0.9% | 0.04% | −0.00 |
| DEO Diageo PLC-Sponsored ADR | Add +17.7% | 0.03% | −0.01 |
| CYTK Cytokinetics Inc. | Add +1.0% | 0.06% | −0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +8.9% | 2.46% | −0.01 |
| FWONK Liberty Media Corp. Class C | Add +1.0% | 0.03% | −0.01 |
| RMBS Rambus Inc. | Add +1.0% | 0.05% | −0.01 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | Add +4.8% | 0.19% | −0.02 |
Notes & Other Activity Q4 2025 → Q1 2026
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Sold out | 1,350,000 | $1.3Mbefore exit |
| BLOCK INC (XYZ 0 05/01/26) | NOTE 5/0 · principal | New | 324,000 | $323K |
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 |