Thornburg Investment Management Inc.

Name: THORNBURG INVESTMENT MANAGEMENT INC 13F holdings, Q2 2026
Creator: THORNBURG INVESTMENT MANAGEMENT INC
Published: 2026-08-13

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

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Thornburg Investment Management Inc. reported 138 stock positions worth $10.4 billion. Its top holding was Citigroup (C) at 10.1% of the portfolio, followed by Totalenergies (TTE, 8.8%) and AT&T (T, 7.1%). Compared with Q1 2026, it opened 8 new positions, sold out of 39, added to 71 and reduced 48. The biggest buy was a new position in Kimberly-Clark (KMB) and the biggest sale Cme (CME, shares −1%).

Most Recent 13F: Q2 2026
Location: SANTA FE, NM
CIK: 0001145020
Portfolio Value: $10.4B (Q2 2026)
SEC Filing: 0001140361-26-032780 ↗ filed Aug 13, 2026

Holdings Value

Holdings 138 stocks · $10.4B


C Citigroup Inc.	10.12%	7,546,686	$1.1B	Reduce -5.5%
TTE Totalenergies SE	8.81%	11,828,205	$919.0M	Add +1.4%
T AT&T Inc.	7.14%	36,023,313	$745.7M	Add +16.0%
AVGO Broadcom Inc.	6.62%	1,830,149	$691.3M	Reduce -12.2%
KMB Kimberly-Clark Corp.	6.06%	5,760,888	$632.4M	New
AZN Astrazeneca PLC	5.18%	2,891,426	$540.6M	Add +1.1%
MRK Merck & Co. Inc.	4.66%	3,787,976	$486.8M	Add +1.6%
TSM Taiwan Semiconductor-SP ADR	3.50%	764,867	$365.3M	Add +9.1%
CSCO Cisco Systems Inc.	3.06%	2,715,962	$319.0M	Reduce -6.8%
TRP TC Energy Corp.	3.01%	4,755,014	$314.6M	Add +0.7%
CME Cme Group Inc.	2.40%	1,132,435	$250.1M	Reduce -1.1%
EQH Equitable Holdings Inc.	2.16%	5,142,337	$225.6M	Add +3.0%
FCX Freeport-McMoran Inc.	1.99%	3,304,828	$207.8M	Add +16.5%
RF Regions Financial Corp.	1.95%	6,746,453	$203.7M	Add +3.5%
ENB Enbridge Inc.	1.91%	3,674,988	$199.1M	Add +0.9%
MDT Medtronic PLC	1.88%	2,511,730	$196.5M	Add +24.5%
CP Canadian Pacific Kansas City	1.68%	2,017,847	$174.8M	Reduce -0.5%
GOOGL Alphabet Inc. Class A	1.67%	488,051	$174.4M	Add +14.8%
HD Home Depot Inc.	1.57%	464,895	$164.0M	Reduce -10.8%
LIN Linde PLC	1.35%	270,794	$140.7M	Reduce -1.3%
ABBV Abbvie Inc.	1.30%	541,146	$136.2M	Add +7.6%
SOBO South Bow Corp.	1.25%	3,721,332	$131.0M	Add +2.4%
FER Ferrovial NV	1.12%	1,712,697	$117.3M	Reduce -1.5%
ALC Alcon Inc. filed as ALCON AG	1.05%	1,632,356	$109.7M	Reduce -4.5%
SCHW Schwab (charles) Corp.	1.03%	1,170,451	$108.0M	Add +44.6%
LLY Eli Lilly & Co.	0.92%	79,682	$95.6M	Add +32.4%
CIM Chimera Investment Corp.	0.70%	5,511,923	$73.5M	Add +0.7%
META Meta Platforms Inc. Class A	0.70%	130,466	$73.5M	Add +3.4%
BZ Kanzhun Ltd. - ADR	0.67%	5,413,729	$69.7M	Reduce -13.1%
MA Mastercard Inc. Class A	0.61%	123,446	$63.4M	Add +26.1%
BABA Alibaba Group Holding-SP ADR	0.57%	617,721	$59.3M	Add +1.2%
SLRC SLR Investment Corp.	0.56%	4,708,772	$58.2M	Add +1.6%
BKNG Booking Holdings Inc.	0.54%	316,223	$56.4M	Add +12.8%
ADBE Adobe Inc.	0.53%	269,807	$55.3M	Add +55.5%
MELI MercadoLibre Inc.	0.48%	29,450	$50.0M	Reduce -5.1%
AMD Advanced Micro Devices	0.47%	84,425	$49.0M	Reduce -31.1%
NFLX Netflix Inc.	0.46%	665,548	$47.5M	Add +428.3%
PFE Pfizer Inc.	0.45%	1,970,004	$47.4M	Reduce -12.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.45%	308,876	$46.8M	Add +17.1%
LHX L3HARRIS Technologies Inc.	0.43%	153,148	$44.5M	Add +20.9%
COF Capital One Financial Corp.	0.38%	199,843	$40.1M	Add +43.1%
CACI Caci International Inc. Class A	0.38%	86,051	$39.9M	Add +1.8%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV	0.36%	18,747	$37.3M	Reduce -3.9%
MU Micron Technology Inc.	0.35%	31,289	$36.1M	Add +27.1%
SE Sea Ltd.-ADR	0.34%	365,023	$35.0M	Reduce -1.3%
MFIC Midcap Financial Investment	0.31%	3,237,783	$32.6M	No change
RACE Ferrari NV	0.28%	79,745	$29.7M	Reduce -17.0%
SHOP Shopify Inc. Class A	0.27%	246,547	$28.2M	Add +5.5%
MSFT Microsoft Corp.	0.24%	65,940	$24.6M	Add +139.6%
MUFG Mitsubishi Ufj Finl-Spon ADR	0.23%	1,229,407	$24.5M	Add +14.1%
AAPL Apple Inc.	0.23%	83,343	$24.1M	Add +6171.1%
ING ING Groep N.V.-Sponsored ADR	0.23%	758,793	$23.8M	Add +13.9%
COHR Coherent Corp.	0.20%	53,333	$21.0M	Reduce -28.7%
ANET Arista Networks Inc.	0.19%	115,902	$19.7M	Reduce -31.1%
TLN Talen Energy Corp.	0.18%	49,589	$19.1M	Add +22.1%
CIGI Colliers Intl GR-Subord Vot	0.18%	203,021	$19.0M	Add +64.0%
SAP Sap SE-Sponsored ADR	0.18%	119,017	$18.3M	Add +17.3%
AER Aercap Holdings NV	0.17%	121,999	$17.8M	Add +5.8%
SHEL Shell PLC-ADR	0.17%	228,036	$17.7M	Add +100.3%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC	0.16%	275,027	$16.8M	Reduce -32.7%
LPLA LPL Financial Holdings Inc.	0.15%	54,967	$15.5M	Add +48.5%
SONY Sony Group Corp. - SP ADR	0.14%	749,018	$15.0M	Add +11.9%
BAP Credicorp Ltd.	0.13%	34,945	$13.6M	Reduce -13.9%
IQV Iqvia Holdings Inc.	0.13%	69,029	$13.3M	New
CRDO Credo Technology Group Holdi	0.13%	47,952	$13.0M	Reduce -3.3%
SN Sharkninja Inc.	0.12%	85,212	$13.0M	Reduce -49.8%
EFA iShares MSCI Eafe ETF	0.12%	122,310	$12.7M	Reduce -4.6%
ACWX iShares MSCI Acwi Ex US ETF	0.12%	163,166	$12.4M	Reduce -38.0%
PGR Progressive Corp.	0.11%	54,336	$11.9M	Add +858.3%
TBBB BBB Foods Inc. Class A	0.11%	273,003	$11.4M	Add +60.9%
UBER Uber Technologies Inc.	0.11%	157,007	$11.3M	New
XP XP Inc. Class A	0.10%	671,549	$10.9M	Add +17.8%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.10%	811,444	$10.8M	Reduce -3.4%
TRU Transunion	0.10%	138,545	$10.0M	Reduce -8.6%
MMYT Makemytrip Ltd.	0.09%	185,032	$9.9M	Reduce -38.8%
BLDR Builders Firstsource Inc.	0.09%	108,892	$9.7M	Reduce -39.2%
CLBT Cellebrite Di Ltd.	0.09%	618,857	$9.0M	Reduce -23.8%
LRCX Lam Research Corp.	0.08%	20,299	$8.8M	New
VSXY Victoria's Secret & Co.	0.08%	96,954	$8.1M	Add +202.7%
CCC CCC Intelligent Solutions Ho	0.08%	1,524,462	$7.9M	Add +240.5%
AGX Argan Inc.	0.08%	9,843	$7.9M	Reduce -60.4%
IBN Icici Bank Ltd.-Spon ADR	0.07%	269,353	$7.8M	Add +39.2%
SITM Sitime Corp.	0.07%	9,397	$7.0M	Reduce -55.7%
RPRX Royalty Pharma PLC Class A	0.07%	123,122	$6.9M	Add +292.0%
VRT Vertiv Holdings Co. Class A	0.06%	20,161	$6.8M	Reduce -82.5%
SGI Somnigroup International Inc.	0.06%	81,948	$6.4M	New
DDOG Datadog Inc. Class A	0.06%	24,003	$6.2M	Add +412.2%
HEI.A Heico Corp. Class A	0.06%	24,161	$6.2M	Add +338.3%
RGEN Repligen Corp.	0.06%	43,887	$6.0M	Add +49.3%
RDDT Reddit Inc. Class A	0.06%	34,236	$5.9M	Add +306.1%
DECK Deckers Outdoor Corp.	0.06%	59,841	$5.9M	Add +17.6%
SPGI S&P Global Inc.	0.06%	14,103	$5.7M	Add +154.3%
DEO Diageo PLC-Sponsored ADR	0.05%	66,475	$5.3M	Add +49.6%
SARO Standardaero Inc.	0.05%	175,259	$5.2M	Add +4.7%
RJF Raymond James Financial Inc.	0.05%	33,203	$5.0M	New
SLB SLB Ltd. filed as SLB LIMITED	0.05%	106,506	$5.0M	Add +221.3%
TPR Tapestry Inc.	0.04%	29,851	$4.4M	Add +387.0%
LYB Lyondellbasell Indu Class A	0.04%	82,904	$4.4M	Reduce -91.5%
IOT Samsara Inc. Class A	0.04%	128,450	$4.2M	Add +258.1%
AAMI Acadian Asset Management Inc.	0.04%	55,757	$4.0M	Add +100.7%
OTEX Open Text Corp.	0.04%	170,733	$3.8M	No change
RBRK Rubrik Inc. Class A	0.03%	41,934	$3.4M	Add +249.0%
TDG Transdigm Group Inc.	0.03%	2,425	$3.2M	Reduce -91.8%
COCO The Vita Coco Co. Inc.	0.03%	48,173	$3.2M	New
ITT Itt Inc.	0.03%	16,044	$3.2M	Reduce -79.4%
NOW ServiceNow Inc.	0.03%	29,835	$3.0M	No change
CDNS Cadence Design SYS Inc.	0.03%	7,375	$2.8M	Add +258.4%
TMUS T-Mobile US Inc.	0.03%	16,149	$2.7M	Add +489.6%
CYTK Cytokinetics Inc.	0.03%	31,133	$2.7M	Reduce -62.6%
GWRE Guidewire Software Inc.	0.02%	20,677	$2.5M	Add +251.0%
AMZN Amazon.com Inc.	0.02%	10,535	$2.5M	Reduce -55.5%
BMRN Biomarin Pharmaceutical Inc.	0.02%	43,061	$2.5M	Add +305.9%
SAIA Saia Inc.	0.02%	5,850	$2.5M	Reduce -42.5%
TW Tradeweb Markets Inc. Class A	0.02%	24,505	$2.4M	Reduce -23.6%
BMY Bristol-Myers Squibb Co.	0.02%	38,400	$2.2M	No change
LITE Lumentum Holdings Inc.	0.02%	2,563	$2.2M	Add +221.6%
WSE Wise Group PLC Class A	0.02%	168,669	$2.0M	New
INSM Insmed Inc.	0.02%	18,413	$2.0M	Reduce -52.0%
NVDA Nvidia Corp.	0.02%	9,316	$1.9M	Reduce -7.8%
FTI Technipfmc PLC	0.02%	27,838	$1.8M	Reduce -91.6%
WPM Wheaton Precious Metals Corp.	0.02%	15,366	$1.7M	Add +215.7%
STLA Stellantis NV	0.02%	278,210	$1.6M	No change
LBRT Liberty Energy Inc.	0.01%	55,208	$1.4M	Reduce -8.5%
V Visa Inc. Class A	0.01%	4,166	$1.4M	No change
KRMN Karman Holdings Inc.	0.01%	24,143	$1.2M	Add +299.4%
ICLR Icon PLC filed as ICON PUB LTD CO	0.01%	6,010	$1.0M	No change
TS Tenaris SA-ADR	0.01%	14,109	$783K	Reduce -16.0%
PBR Petroleo Brasileiro-Spon ADR	0.01%	42,214	$682K	Reduce -87.8%
NVS Novartis AG-Sponsored ADR	0.01%	4,114	$645K	No change
JPM JPMorgan Chase & Co.	0.01%	1,949	$638K	No change
KOF Coca-Cola Femsa Sab-SP ADR	0.01%	5,044	$536K	Add +10.9%
KB KB Financial Group Inc.-ADR filed as KB FINL GROUP INC	0.00%	4,545	$477K	Reduce -1.9%
ZTS Zoetis Inc.	0.00%	5,816	$418K	No change
HDB HDFC Bank Ltd.-ADR	0.00%	14,997	$387K	Reduce -0.7%
VEU Vanguard Ftse All-World Ex-U	0.00%	3,984	$334K	Add +10.8%
ITUB Itau Unibanco H-Spon PRF ADR	0.00%	33,365	$273K	Reduce -2.1%
INFY Infosys Ltd.-SP ADR	0.00%	25,714	$270K	Add +53.5%
VOD Vodafone Group PLC-SP ADR	0.00%	17,164	$227K	No change

Other holdings (1): bonds, preferreds, convertibles and warrants · $177K (not counted above)

Security	Class	Shares / Principal	Value	Change
COMCAST HOLDINGS CORP	ZONES CV2% PCS · principal	281,010	$177K	No change

Total filed on the 13F, all lines: $10.4B.

Portfolio Sells Q1 2026 → Q2 2026


CME Cme Group Inc.	Reduce -1.1%	2.40%	−1.12
LYB Lyondellbasell Indu Class A	Reduce -91.5%	0.04%	−0.78
TDG Transdigm Group Inc.	Reduce -91.8%	0.03%	−0.33
ALC Alcon Inc.	Reduce -4.5%	1.05%	−0.28
VRT Vertiv Holdings Co. Class A	Reduce -82.5%	0.06%	−0.23
FTI Technipfmc PLC	Reduce -91.6%	0.02%	−0.22
HD Home Depot Inc.	Reduce -10.8%	1.57%	−0.21
BZ Kanzhun Ltd. - ADR	Reduce -13.1%	0.67%	−0.20
PFE Pfizer Inc.	Reduce -12.1%	0.45%	−0.20
VB Vanguard Most SM-Cap ETF-Usd	Sold out	0.00%	−0.18
MTSI Macom Technology Solutions H	Sold out	0.00%	−0.17
CWST Casella Waste Systems Inc. Class A	Sold out	0.00%	−0.17
DCO Ducommun Inc.	Sold out	0.00%	−0.17
AIT Applied Industrial Tech Inc.	Sold out	0.00%	−0.16
XPO Xpo Inc.	Sold out	0.00%	−0.13
PNFP Pinnacle Financial Partners	Sold out	0.00%	−0.12
ITT Itt Inc.	Reduce -79.4%	0.03%	−0.12
WAL Western Alliance Bancorp	Sold out	0.00%	−0.12
CLH Clean Harbors Inc.	Sold out	0.00%	−0.11
MYRG MYR Group Inc./Delaware	Sold out	0.00%	−0.11
DTM DT Midstream Inc.	Sold out	0.00%	−0.11
THC Tenet Healthcare Corp.	Sold out	0.00%	−0.10
AIZ Assurant Inc.	Sold out	0.00%	−0.10
AGYS Agilysys Inc.	Sold out	0.00%	−0.09
SXT Sensient Technologies Corp.	Sold out	0.00%	−0.09
P Everpure Inc. Class A	Sold out	0.00%	−0.09
ACA Arcosa Inc.	Sold out	0.00%	−0.09
AVGO Broadcom Inc.	Reduce -12.2%	6.62%	−0.08
PJT PJT Partners Inc. Class A	Sold out	0.00%	−0.08
WH Wyndham Hotels & Resorts Inc.	Sold out	0.00%	−0.08
MELI MercadoLibre Inc.	Reduce -5.1%	0.48%	−0.08
GPI Group 1 Automotive Inc.	Sold out	0.00%	−0.08
MTDR Matador Resources Co.	Sold out	0.00%	−0.07
ACWX iShares MSCI Acwi Ex US ETF	Reduce -38.0%	0.12%	−0.07
PBR Petroleo Brasileiro-Spon ADR	Reduce -87.8%	0.01%	−0.07
AGX Argan Inc.	Reduce -60.4%	0.08%	−0.07
SN Sharkninja Inc.	Reduce -49.8%	0.12%	−0.06
BLDR Builders Firstsource Inc.	Reduce -39.2%	0.09%	−0.06
LIN Linde PLC	Reduce -1.3%	1.35%	−0.06
BJ Bj's Wholesale Club Holdings	Sold out	0.00%	−0.05
RACE Ferrari NV	Reduce -17.0%	0.28%	−0.05
CSTM Constellium SE	Sold out	0.00%	−0.05
FROG Jfrog Ltd.	Sold out	0.00%	−0.05
RMBS Rambus Inc.	Sold out	0.00%	−0.05
AORT Artivion Inc.	Sold out	0.00%	−0.05
INSM Insmed Inc.	Reduce -52.0%	0.02%	−0.05
GLOB Globant SA	Sold out	0.00%	−0.04
FER Ferrovial NV	Reduce -1.5%	1.12%	−0.04
CELH Celsius Holdings Inc.	Sold out	0.00%	−0.03
FWONK Liberty Media Corp. Class C	Sold out	0.00%	−0.03

Portfolio Buys Q1 2026 → Q2 2026


KMB Kimberly-Clark Corp.	New	6.06%	+6.06
TSM Taiwan Semiconductor-SP ADR	Add +9.1%	3.50%	+1.04
GOOGL Alphabet Inc. Class A	Add +14.8%	1.67%	+0.40
LLY Eli Lilly & Co.	Add +32.4%	0.92%	+0.34
NFLX Netflix Inc.	Add +428.3%	0.46%	+0.33
MU Micron Technology Inc.	Add +27.1%	0.35%	+0.26
FCX Freeport-McMoran Inc.	Add +16.5%	1.99%	+0.26
SCHW Schwab (charles) Corp.	Add +44.6%	1.03%	+0.24
EQH Equitable Holdings Inc.	Add +3.0%	2.16%	+0.23
AAPL Apple Inc.	Add +6171.1%	0.23%	+0.23
RF Regions Financial Corp.	Add +3.5%	1.95%	+0.18
ABBV Abbvie Inc.	Add +7.6%	1.30%	+0.17
MSFT Microsoft Corp.	Add +139.6%	0.24%	+0.13
IQV Iqvia Holdings Inc.	New	0.13%	+0.13
COF Capital One Financial Corp.	Add +43.1%	0.38%	+0.12
UBER Uber Technologies Inc.	New	0.11%	+0.11
PGR Progressive Corp.	Add +858.3%	0.11%	+0.10
MA Mastercard Inc. Class A	Add +26.1%	0.61%	+0.10
ADBE Adobe Inc.	Add +55.5%	0.53%	+0.09
LRCX Lam Research Corp.	New	0.08%	+0.08
MDT Medtronic PLC	Add +24.5%	1.88%	+0.07
VSXY Victoria's Secret & Co.	Add +202.7%	0.08%	+0.06
SGI Somnigroup International Inc.	New	0.06%	+0.06
SHEL Shell PLC-ADR	Add +100.3%	0.17%	+0.06
DDOG Datadog Inc. Class A	Add +412.2%	0.06%	+0.05
RPRX Royalty Pharma PLC Class A	Add +292.0%	0.07%	+0.05
BKNG Booking Holdings Inc.	Add +12.8%	0.54%	+0.05
RJF Raymond James Financial Inc.	New	0.05%	+0.05
TLN Talen Energy Corp.	Add +22.1%	0.18%	+0.05
ING ING Groep N.V.-Sponsored ADR	Add +13.9%	0.23%	+0.05
HEI.A Heico Corp. Class A	Add +338.3%	0.06%	+0.05
CCC CCC Intelligent Solutions Ho	Add +240.5%	0.08%	+0.05
TBBB BBB Foods Inc. Class A	Add +60.9%	0.11%	+0.05
RDDT Reddit Inc. Class A	Add +306.1%	0.06%	+0.05
CIGI Colliers Intl GR-Subord Vot	Add +64.0%	0.18%	+0.04
MUFG Mitsubishi Ufj Finl-Spon ADR	Add +14.1%	0.23%	+0.04
TPR Tapestry Inc.	Add +387.0%	0.04%	+0.03
LPLA LPL Financial Holdings Inc.	Add +48.5%	0.15%	+0.03
SPGI S&P Global Inc.	Add +154.3%	0.06%	+0.03
COCO The Vita Coco Co. Inc.	New	0.03%	+0.03
SLB SLB Ltd.	Add +221.3%	0.05%	+0.03
IOT Samsara Inc. Class A	Add +258.1%	0.04%	+0.03
RBRK Rubrik Inc. Class A	Add +249.0%	0.03%	+0.03
IBN Icici Bank Ltd.-Spon ADR	Add +39.2%	0.07%	+0.02
AAMI Acadian Asset Management Inc.	Add +100.7%	0.04%	+0.02
RGEN Repligen Corp.	Add +49.3%	0.06%	+0.02
CDNS Cadence Design SYS Inc.	Add +258.4%	0.03%	+0.02
TMUS T-Mobile US Inc.	Add +489.6%	0.03%	+0.02
WSE Wise Group PLC Class A	New	0.02%	+0.02
BMRN Biomarin Pharmaceutical Inc.	Add +305.9%	0.02%	+0.02

Notes & Other Activity Q1 2026 → Q2 2026


BLOCK INC (XYZ 0 05/01/26)	NOTE 5/0 · principal	Sold out	324,000	$323Kbefore exit

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