Thornburg Investment Management
SANTA FE, NMfiles as THORNBURG INVESTMENT MANAGEMENT INC
$10.4bn in 138 US stocks at the end of 30 June 2026. The top 10 are 58.2% of the money. It changed about 13.7% of the portfolio this quarter.
Value
$10.4bn
Stocks
138
Top 10 share
58.2%
Turnover
13.7%
What changed this quarter
New
Bought for the first time this quarter.
- Kimberly-ClarkKMB6.1% of the fund
- Iqvia HoldingsIQV0.1% of the fund
- Uber TechnologiesUBER0.1% of the fund
- Lam ResearchLRCX<0.1% of the fund
- Somnigroup InternationalSGI<0.1% of the fund
- Raymond James FinancialRJF<0.1% of the fund
- Vita Coco CompanyCOCO<0.1% of the fund
- Wise GroupWSE<0.1% of the fund
Added
Bought more of a stock they already held.
- AT&TT7.1% of the fund+16%
- Taiwan Semiconductor ManufacturingTSM3.5% of the fund+9%
- Equitable HoldingsEQH2.2% of the fund+3%
- Freeport-McMoRanFCX2.0% of the fund+17%
- Regions FinancialRF2.0% of the fund+4%
- MedtronicMDT1.9% of the fund+25%
- AlphabetGOOGL1.7% of the fund+15%
- AbbVieABBV1.3% of the fund+8%
- South BowSOBO1.3% of the fund+2%
- Charles SchwabSCHW1.0% of the fund+45%
- Eli LillyLLY0.9% of the fund+32%
- Meta PlatformsMETA0.7% of the fund+3%
- MastercardMA0.6% of the fund+26%
- Booking HoldingsBKNG0.5% of the fund+13%
- AdobeADBE0.5% of the fund+55%
- NetflixNFLX0.5% of the fund+428%
- TJX CompaniesTJX0.4% of the fund+17%
- L3harris TechnologiesLHX0.4% of the fund+21%
- Capital One FinancialCOF0.4% of the fund+43%
- Micron TechnologyMU0.3% of the fund+27%
- ShopifySHOP0.3% of the fund+6%
- MicrosoftMSFT0.2% of the fund+140%
- Mitsubishi UFJ Financial GroupMUFG0.2% of the fund+14%
- AppleAAPL0.2% of the fund+6171%
- ING Groep NVING0.2% of the fund+14%
Cut
Sold some of their stake.
- CitigroupC10.1% of the fund-6%
- BroadcomAVGO6.6% of the fund-12%
- Cisco SystemsCSCO3.1% of the fund-7%
- Home DepotHD1.6% of the fund-11%
- AlconALC1.1% of the fund-4%
- KanzhunBZ0.7% of the fund-13%
- MercadoLibreMELI0.5% of the fund-5%
- Advanced Micro DevicesAMD0.5% of the fund-31%
- PfizerPFE0.5% of the fund-12%
- ASML Holding NVASML0.4% of the fund-4%
- FerrariRACE0.3% of the fund-17%
- CoherentCOHR0.2% of the fund-29%
- Arista NetworksANET0.2% of the fund-31%
- Marex GroupMRX0.2% of the fund-33%
- CredicorpBAP0.1% of the fund-14%
- Credo Technology Group HoldingCRDO0.1% of the fund-3%
- SharkNinjaSN0.1% of the fund-50%
- Ishares TREFA0.1% of the fund-5%
- Ishares TRACWX0.1% of the fund-38%
- Nu HoldingsNU0.1% of the fund-3%
- TransUnionTRU<0.1% of the fund-9%
- MakeMyTripMMYT<0.1% of the fund-39%
- Builders FirstSourceBLDR<0.1% of the fund-39%
- Cellebrite DICLBT<0.1% of the fund-24%
- ArganAGX<0.1% of the fund-60%
Sold out
Sold their entire stake.
- Vanguard Index FDSVB-100%
- MACOM Technology Solutions HoldingsMTSI-100%
- Casella Waste SystemsCWST-100%
- DucommunDCO-100%
- Applied Industrial TechnologiesAIT-100%
- XPOXPO-100%
- Pinnacle Financial PartnersPNFP-100%
- Western Alliance BancorporationWAL-100%
- Clean HarborsCLH-100%
- MYR GroupMYRG-100%
- DT MidstreamDTM-100%
- Tenet HealthcareTHC-100%
- AssurantAIZ-100%
- AgilysysAGYS-100%
- Sensient TechnologiesSXT-100%
- EverpureP-100%
- ArcosaACA-100%
- PJT PartnersPJT-100%
- Wyndham Hotels & ResortsWH-100%
- Group 1 AutomotiveGPI-100%
- Matador ResourcesMTDR-100%
- BJ's Wholesale Club HoldingsBJ-100%
- Constellium SECSTM-100%
- JFrogFROG-100%
- RambusRMBS-100%
Holdings
- TC EnergyTRP
- Share
- 3.0%
- Value
- $315m
- Shares
- 4,755,014
Held
- South BowSOBO
- Share
- 1.3%
- Value
- $131m
- Shares
- 3,721,332
+2%
- Alibaba Group HldgBABA
- Share
- 0.6%
- Value
- $59m
- Shares
- 617,721
Held
- SeaSE
- Share
- 0.3%
- Value
- $35m
- Shares
- 365,023
Held
- Colliers International GroupCIGI
- Share
- 0.2%
- Value
- $19m
- Shares
- 203,021
+64%
- ShellSHEL
- Share
- 0.2%
- Value
- $18m
- Shares
- 228,036
+100%
- Sony GroupSONY
- Share
- 0.1%
- Value
- $15m
- Shares
- 749,018
+12%
- Ishares TREFA
- Share
- 0.1%
- Value
- $13m
- Shares
- 122,310
-5%
- Ishares TRACWX
- Share
- 0.1%
- Value
- $12m
- Shares
- 163,166
-38%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| CitigroupC | 10.1% | $1.1bn | 7,546,686 | -6% |
| TotalEnergies SETTE | 8.8% | $919m | 11,828,205 | Held |
| AT&TT | 7.1% | $746m | 36,023,313 | +16% |
| BroadcomAVGO | 6.6% | $691m | 1,830,149 | -12% |
| Kimberly-ClarkKMB | 6.1% | $632m | 5,760,888 | New |
| AstrazenecaAZN | 5.2% | $541m | 2,891,426 | Held |
| MerckMRK | 4.7% | $487m | 3,787,976 | Held |
| Taiwan Semiconductor ManufacturingTSM | 3.5% | $365m | 764,867 | +9% |
| Cisco SystemsCSCO | 3.1% | $319m | 2,715,962 | -7% |
| TC EnergyTRP | 3.0% | $315m | 4,755,014 | Held |
| CME GroupCME | 2.4% | $250m | 1,132,435 | Held |
| Equitable HoldingsEQH | 2.2% | $226m | 5,142,337 | +3% |
| Freeport-McMoRanFCX | 2.0% | $208m | 3,304,828 | +17% |
| Regions FinancialRF | 2.0% | $204m | 6,746,453 | +4% |
| EnbridgeENB | 1.9% | $199m | 3,674,988 | Held |
| MedtronicMDT | 1.9% | $196m | 2,511,730 | +25% |
| Canadian Pacific Kansas CityCP | 1.7% | $175m | 2,017,847 | Held |
| AlphabetGOOGL | 1.7% | $174m | 488,051 | +15% |
| Home DepotHD | 1.6% | $164m | 464,895 | -11% |
| LindeLIN | 1.3% | $141m | 270,794 | Held |
| AbbVieABBV | 1.3% | $136m | 541,146 | +8% |
| South BowSOBO | 1.3% | $131m | 3,721,332 | +2% |
| FerrovialFER | 1.1% | $117m | 1,712,697 | Held |
| AlconALC | 1.1% | $110m | 1,632,356 | -4% |
| Charles SchwabSCHW | 1.0% | $108m | 1,170,451 | +45% |
| Eli LillyLLY | 0.9% | $96m | 79,682 | +32% |
| Chimera InvestmentCIM | 0.7% | $74m | 5,511,923 | Held |
| Meta PlatformsMETA | 0.7% | $73m | 130,466 | +3% |
| KanzhunBZ | 0.7% | $70m | 5,413,729 | -13% |
| MastercardMA | 0.6% | $63m | 123,446 | +26% |
| Alibaba Group HldgBABA | 0.6% | $59m | 617,721 | Held |
| SLR InvestmentSLRC | 0.6% | $58m | 4,708,772 | Held |
| Booking HoldingsBKNG | 0.5% | $56m | 316,223 | +13% |
| AdobeADBE | 0.5% | $55m | 269,807 | +55% |
| MercadoLibreMELI | 0.5% | $50m | 29,450 | -5% |
| Advanced Micro DevicesAMD | 0.5% | $49m | 84,425 | -31% |
| NetflixNFLX | 0.5% | $48m | 665,548 | +428% |
| PfizerPFE | 0.5% | $47m | 1,970,004 | -12% |
| TJX CompaniesTJX | 0.4% | $47m | 308,876 | +17% |
| L3harris TechnologiesLHX | 0.4% | $45m | 153,148 | +21% |
| Capital One FinancialCOF | 0.4% | $40m | 199,843 | +43% |
| Caci InternationalCACI | 0.4% | $40m | 86,051 | Held |
| ASML Holding NVASML | 0.4% | $37m | 18,747 | -4% |
| Micron TechnologyMU | 0.3% | $36m | 31,289 | +27% |
| SeaSE | 0.3% | $35m | 365,023 | Held |
| MidCap Financial InvestmentMFIC | 0.3% | $33m | 3,237,783 | Held |
| FerrariRACE | 0.3% | $30m | 79,745 | -17% |
| ShopifySHOP | 0.3% | $28m | 246,547 | +6% |
| MicrosoftMSFT | 0.2% | $25m | 65,940 | +140% |
| Mitsubishi UFJ Financial GroupMUFG | 0.2% | $24m | 1,229,407 | +14% |
| AppleAAPL | 0.2% | $24m | 83,343 | +6171% |
| ING Groep NVING | 0.2% | $24m | 758,793 | +14% |
| CoherentCOHR | 0.2% | $21m | 53,333 | -29% |
| Arista NetworksANET | 0.2% | $20m | 115,902 | -31% |
| Talen EnergyTLN | 0.2% | $19m | 49,589 | +22% |
| Colliers International GroupCIGI | 0.2% | $19m | 203,021 | +64% |
| SAP SESAP | 0.2% | $18m | 119,017 | +17% |
| AerCap HoldingsAER | 0.2% | $18m | 121,999 | +6% |
| ShellSHEL | 0.2% | $18m | 228,036 | +100% |
| Marex GroupMRX | 0.2% | $17m | 275,027 | -33% |
| LPL Financial HoldingsLPLA | 0.1% | $15m | 54,967 | +49% |
| Sony GroupSONY | 0.1% | $15m | 749,018 | +12% |
| CredicorpBAP | 0.1% | $14m | 34,945 | -14% |
| Iqvia HoldingsIQV | 0.1% | $13m | 69,029 | New |
| Credo Technology Group HoldingCRDO | 0.1% | $13m | 47,952 | -3% |
| SharkNinjaSN | 0.1% | $13m | 85,212 | -50% |
| Ishares TREFA | 0.1% | $13m | 122,310 | -5% |
| Ishares TRACWX | 0.1% | $12m | 163,166 | -38% |
| ProgressivePGR | 0.1% | $12m | 54,336 | +858% |
| BBB FoodsTBBB | 0.1% | $11m | 273,003 | +61% |
| Uber TechnologiesUBER | 0.1% | $11m | 157,007 | New |
| XPXP | 0.1% | $11m | 671,549 | +18% |
| Nu HoldingsNU | 0.1% | $11m | 811,444 | -3% |
| TransUnionTRU | <0.1% | $10m | 138,545 | -9% |
| MakeMyTripMMYT | <0.1% | $10m | 185,032 | -39% |
| Builders FirstSourceBLDR | <0.1% | $10m | 108,892 | -39% |
| Cellebrite DICLBT | <0.1% | $9m | 618,857 | -24% |
| Lam ResearchLRCX | <0.1% | $9m | 20,299 | New |
| Victoria's SecretVSXY | <0.1% | $8m | 96,954 | +203% |
| CCC Intelligent Solutions HoldingsCCC | <0.1% | $8m | 1,524,462 | +240% |
| ArganAGX | <0.1% | $8m | 9,843 | -60% |
| Icici BankIBN | <0.1% | $8m | 269,353 | +39% |
| SitimeSITM | <0.1% | $7m | 9,397 | -56% |
| Royalty PharmaRPRX | <0.1% | $7m | 123,122 | +292% |
| Vertiv HoldingsVRT | <0.1% | $7m | 20,161 | -82% |
| Somnigroup InternationalSGI | <0.1% | $6m | 81,948 | New |
| DatadogDDOG | <0.1% | $6m | 24,003 | +412% |
| HeicoHEI-A | <0.1% | $6m | 24,161 | +338% |
| RepligenRGEN | <0.1% | $6m | 43,887 | +49% |
| RedditRDDT | <0.1% | $6m | 34,236 | +306% |
| Deckers OutdoorDECK | <0.1% | $6m | 59,841 | +18% |
| S&P GlobalSPGI | <0.1% | $6m | 14,103 | +154% |
| DiageoDEO | <0.1% | $5m | 66,475 | +50% |
| StandardAeroSARO | <0.1% | $5m | 175,259 | +5% |
| Raymond James FinancialRJF | <0.1% | $5m | 33,203 | New |
| SLB LimitedSLB | <0.1% | $5m | 106,506 | +221% |
| TapestryTPR | <0.1% | $4m | 29,851 | +387% |
| LyondellBasell IndustriesLYB | <0.1% | $4m | 82,904 | -92% |
| SamsaraIOT | <0.1% | $4m | 128,450 | +258% |
| Acadian Asset ManagementAAMI | <0.1% | $4m | 55,757 | +101% |
Showing the largest 100 of 138.
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 34.6% since 30 June 2025.
Where the money is
Financial services20.1%
Technology17.9%
Health care15.8%
Energy12.1%
Media & telecom10.1%
Everyday goods6.3%
Industrials4.6%
Materials3.4%
Retail & consumer3.3%
Utilities3.2%
Real estate0.9%
Other2.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.