THORNBURG INVESTMENT MANAGEMENT INC

CIK

1145020

Location

SANTA FE, NM

Portfolio Value

Mid $9,547,529,934

Diversification

Diversified

Filing Date

Global Rank

#433 / 8,622 ▲ 76 · as of Mar 2026

Top Industry

Drug Manufacturers - General 13.0%

3Y Alpha vs SPY

+0.5%

Period ended 4 months ago

Filed May 12, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+77.0%

SPY

+67.9%

Annualised alpha

+2.1%

Max drawdown

−18.0%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

163 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

11.1%

−0.9 pts

Top 5

42.7%

+3.4 pts

Top 10

58.9%

+6.0 pts

HHI

481

Diversified+42

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	21.2%	$2,023,326,488	32
Energy	18.2%	$1,737,414,663	12
Healthcare	16.6%	$1,582,443,379	21
Technology	15.2%	$1,450,807,356	35
Communication Services	12.5%	$1,193,358,496	9
Industrials	5.6%	$537,929,576	22
Consumer Cyclical	5.4%	$513,360,678	18
Basic Materials	4.1%	$395,905,452	6
Real Estate	0.9%	$81,964,206	2
Consumer Defensive	0.2%	$18,055,391	5
Utilities	0.1%	$12,964,249	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
T	At&T Inc.	+2,000,736	31,045,244	$900,001,623
SOBO	South Bow Corp	+803,000	3,632,875	$121,047,395
TRP	Tc Energy Corp	+679,868	4,720,722	$295,517,197
CLBT	Cellebrite DI Ltd.	+371,124	811,748	$11,185,887
RF	Regions Financial Corp	+284,671	6,515,272	$170,178,904
SLRC	SLR Investment Corp.	+265,570	4,633,431	$66,304,397
CIM	Chimera Investment Corp	+207,821	5,476,302	$68,727,590
MMYT	MakeMyTrip Ltd	+142,824	302,535	$11,281,530
XP	XP Inc.	+119,926	570,057	$10,853,885
CIGI	Colliers International Group Inc.	+116,395	123,834	$13,236,616
BZ	Kanzhun Ltd	+115,836	6,232,846	$83,457,807
EQH	Equitable Holdings, Inc.	+104,475	4,994,205	$185,334,947
ABBV	AbbVie Inc.	+101,822	502,832	$109,360,931
MFIC	MidCap Financial Investment Corp	+100,000	3,237,783	$36,392,680
SHOP	Shopify Inc.	+96,322	233,601	$27,709,750
SONY	Sony Group Corp	+94,053	669,134	$13,851,073
MDT	Medtronic plc	+88,332	2,017,077	$174,779,722
SAP	Sap SE	+82,269	101,507	$17,379,013
ADBE	Adobe Inc.	+74,330	173,515	$42,178,026
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+57,093	701,352	$237,021,908
GLOB	Globant S.A.	+54,981	92,277	$4,254,892
SCHW	Schwab Charles Corp	+54,672	809,560	$76,082,448
MUFG	Mitsubishi Ufj Financial Group Inc	+49,589	1,077,231	$18,280,610
SE	Sea Ltd	+46,044	369,873	$30,629,183
CSCO	Cisco Systems, Inc.	+45,300	2,914,333	$226,123,097
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
MRX	Marex Group Ltd	−693,266	408,877	$18,227,736
CCC	CCC Intelligent Solutions Holdings Inc.	−490,944	447,744	$2,686,464
NU	Nu Holdings Ltd.	−229,332	840,203	$12,073,717
MIR	Mirion Technologies, Inc.	−174,612	51,597	$959,188
FTI	TechnipFMC plc	−91,588	333,174	$23,032,318
BMRN	Biomarin Pharmaceutical Inc	−80,122	10,608	$599,245
CP	Canadian Pacific Kansas City Ltd/Cn	−74,226	2,028,713	$159,578,564
BJ	BJ's Wholesale Club Holdings, Inc.	−69,106	52,579	$5,174,825
SARO	StandardAero, Inc.	−65,143	167,359	$4,322,882
IOT	Samsara Inc.	−55,462	35,873	$1,136,815
STEP	StepStone Group Inc.	−54,912	16,225	$774,257
ONON	On Holding AG	−51,891	15,334	$521,662
AGYS	Agilysys Inc	−51,703	126,433	$8,994,443
ICLR	Icon PLC	−48,163	6,010	$665,066
TRU	TransUnion	−46,581	151,605	$10,489,549
P	Everpure, Inc.	−46,314	147,434	$8,704,503
CSTM	Constellium SE	−46,268	205,467	$5,050,378
COF	Capital One Financial Corp	−42,984	139,670	$25,479,998
CWST	Casella Waste Systems Inc	−40,870	203,167	$16,119,269
ALC	Alcon Inc	−39,042	1,708,677	$128,748,811
GKOS	GLAUKOS Corp	−36,839	10,886	$1,171,986
COHR	Coherent Corp.	−33,190	74,771	$17,811,199
C	Citigroup Inc	−29,472	7,988,210	$905,942,896
SXT	Sensient Technologies Corp	−29,472	101,425	$8,767,177
ACA	Arcosa, Inc.	−29,362	79,739	$8,463,497
No positions match the current search.

New Positions

Positions the filer opened this quarter

21 positions

Ticker	Company	Shares	Value
TTE	TotalEnergies SE	11,660,983	$1,060,916,233
AZN	Astrazeneca PLC	2,858,651	$563,783,150
NFLX	Netflix Inc	125,985	$12,113,457
PNFP	Pinnacle Financial Partners, Inc.	139,204	$11,991,032
SPGI	S&P Global Inc.	5,547	$2,359,360
AAMI	Acadian Asset Management Inc.	27,786	$1,512,114
RPRX	Royalty Pharma plc	31,409	$1,506,689
VSXY	Victoria's Secret & Co.	32,032	$1,485,003
TME	Tencent Music Entertainment Group	151,834	$1,409,019
RDDT	Reddit, Inc.	8,431	$1,135,234
PGR	Progressive Corp/Oh/	5,670	$1,124,020
GWRE	Guidewire Software, Inc.	5,891	$881,057
TPR	Tapestry, Inc.	6,130	$865,004
VEEV	Veeva Systems Inc	4,803	$843,694
WPM	Wheaton Precious Metals Corp.	4,868	$637,756
RBRK	Rubrik, Inc.	12,017	$588,472
TMUS	T-Mobile US, Inc.	2,739	$575,272
CDNS	Cadence Design Systems Inc	2,058	$571,856
LITE	Lumentum Holdings Inc.	797	$560,099
DDOG	Datadog, Inc.	4,686	$553,182
KRMN	Karman Holdings Inc.	6,044	$483,822
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
FLUT	Flutter Entertainment plc	66,216	$14,239,088
TTAN	ServiceTitan, Inc.	124,159	$13,222,933
CVSA	Covista Inc.	123,239	$12,751,539
TCOM	Trip.com Group Ltd	176,758	$12,710,667
WD	Walker & Dunlop, Inc.	160,103	$9,630,195
VRRM	VERRA MOBILITY Corp	356,591	$7,991,204
STKL	SunOpta Inc.	2,074,489	$7,883,058
CASY	Caseys General Stores Inc	14,020	$7,748,994
CXT	Crane NXT, Co.	142,960	$6,729,127
NTNX	Nutanix, Inc.	129,597	$6,698,868
AVTR	Avantor, Inc.	576,959	$6,611,950
MNDY	monday.com Ltd.	41,714	$6,155,317
NTSK	Netskope Inc	302,288	$5,302,131
BROS	Dutch Bros Inc.	85,792	$5,252,186
ENTG	Entegris Inc	51,267	$4,319,244
FRPT	Freshpet, Inc.	64,667	$3,940,160
FOUR	Shift4 Payments, Inc.	56,879	$3,581,670
CHDN	Churchill Downs Inc	28,342	$3,224,752
INSP	Inspire Medical Systems, Inc.	25,197	$2,323,919
CCB	Coastal Financial Corp	19,252	$2,206,086
AS	Amer Sports, Inc.	40,253	$1,503,449
WCN	Waste Connections, Inc.	4,337	$760,536
PWR	Quanta Services, Inc.	1,503	$634,356
KRG	Kite Realty Group Trust	11,077	$265,515
AL	SUMISHO AIR LEASE CORP	3,950	$253,708
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

163 tracked positions · $9,547,529,934 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 163 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TTE	TotalEnergies SE Energy	NEW	11,660,983	NEW	$1,060,916,233	NEW	11.11%
C	Citigroup Inc Financial Services	Reduced	7,988,210	-29,472	$905,942,896	−3.2%	9.49%
T	At&T Inc. Communication Services	Added	31,045,244	+2,000,736	$900,001,623	+24.7%	9.43%
AVGO	Broadcom Inc. Technology	Added	2,083,646	+25,651	$644,909,273	−9.5%	6.75%
AZN	Astrazeneca PLC Healthcare	NEW	2,858,651	NEW	$563,783,150	NEW	5.91%
MRK	Merck & Co., Inc. Healthcare	Held	3,728,673	0	$448,522,075	+14.3%	4.70%
CME	Cme Group Inc. Financial Services	Reduced	1,145,442	-1,097	$338,306,294	+8.1%	3.54%
TRP	Tc Energy Corp Energy	Added	4,720,722	+679,868	$295,517,197	+32.9%	3.10%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	701,352	+57,093	$237,021,908	+21.1%	2.48%
CSCO	Cisco Systems, Inc. Technology	Added	2,914,333	+45,300	$226,123,097	+2.3%	2.37%
ENB	Enbridge Inc Energy	Added	3,641,034	+39,203	$197,125,580	+14.4%	2.06%
EQH	Equitable Holdings, Inc. Financial Services	Added	4,994,205	+104,475	$185,334,947	−20.5%	1.94%
MDT	Medtronic plc Healthcare	Added	2,017,077	+88,332	$174,779,722	−5.7%	1.83%
HD	Home Depot, Inc. Consumer Cyclical	Added	521,009	+1,106	$171,354,650	−4.2%	1.79%
RF	Regions Financial Corp Financial Services	Added	6,515,272	+284,671	$170,178,904	+0.8%	1.78%
FCX	Freeport-Mcmoran Inc Basic Materials	Added	2,836,234	+41,440	$166,713,834	+17.4%	1.75%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	2,028,713	-74,226	$159,578,564	+3.1%	1.67%
LIN	Linde PLC Basic Materials	Added	274,372	+1,867	$136,022,662	+17.1%	1.42%
ALC	Alcon Inc Healthcare	Reduced	1,708,677	-39,042	$128,748,811	−6.5%	1.35%
GOOGL	Alphabet Inc. Communication Services	Added	424,942	+2,500	$122,196,321	−7.6%	1.28%
SOBO	South Bow Corp Energy	Added	3,632,875	+803,000	$121,047,395	+55.7%	1.27%
FER	Ferrovial N.V. Industrials	Added	1,739,341	+15,113	$113,144,132	+1.6%	1.19%
ABBV	AbbVie Inc. Healthcare	Added	502,832	+101,822	$109,360,931	+19.4%	1.15%
BZ	Kanzhun Ltd Communication Services	Added	6,232,846	+115,836	$83,457,807	−33.1%	0.87%
LYB	LyondellBasell Industries N.V. Basic Materials	Held	977,081	0	$78,713,645	+86.1%	0.82%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	610,184	+26,156	$76,553,684	−10.6%	0.80%
SCHW	Schwab Charles Corp Financial Services	Added	809,560	+54,672	$76,082,448	+0.9%	0.80%
META	Meta Platforms, Inc. Communication Services	Reduced	126,216	-3,554	$72,211,960	−15.7%	0.76%
CIM	Chimera Investment Corp Real Estate	Added	5,476,302	+207,821	$68,727,590	+4.9%	0.72%
SLRC	SLR Investment Corp. Financial Services	Added	4,633,431	+265,570	$66,304,397	−1.8%	0.69%
PFE	Pfizer Inc Healthcare	Added	2,242,186	+39,727	$62,960,582	+14.8%	0.66%
LLY	ELI LILLY & Co Healthcare	Added	60,178	+14,774	$55,349,919	+13.4%	0.58%
MELI	Mercadolibre Inc Consumer Cyclical	Added	31,022	+1,067	$53,637,658	−11.1%	0.56%
MA	Mastercard Inc Financial Services	Reduced	97,913	-1,139	$48,923,209	−13.5%	0.51%
BKNG	Booking Holdings Inc. Consumer Cyclical	Added	11,211	+7,039	$47,201,897	+111.3%	0.49%
CACI	Caci International Inc /De/ Technology	Added	84,568	+822	$45,993,998	+3.1%	0.48%
LHX	L3harris Technologies, Inc. /De/ Industrials	Held	126,698	0	$43,729,814	+17.6%	0.46%
ADBE	Adobe Inc. Technology	Added	173,515	+74,330	$42,178,026	+21.5%	0.44%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	263,663	+3,092	$42,106,981	+5.2%	0.44%
MFIC	MidCap Financial Investment Corp Financial Services	Added	3,237,783	+100,000	$36,392,680	+1.4%	0.38%
TDG	TransDigm Group INC Industrials	Reduced	29,662	-17,974	$34,377,071	−45.7%	0.36%
RACE	Ferrari N.V. Consumer Cyclical	Added	96,042	+7,933	$32,505,414	−0.2%	0.34%
SE	Sea Ltd Consumer Cyclical	Added	369,873	+46,044	$30,629,183	−25.9%	0.32%
VRT	Vertiv Holdings Co Industrials	Reduced	115,016	-18,642	$28,820,709	+33.1%	0.30%
SHOP	Shopify Inc. Technology	Added	233,601	+96,322	$27,709,750	+25.4%	0.29%
ASML	Asml Holding NV Technology	Reduced	19,513	-803	$25,773,355	+18.6%	0.27%
COF	Capital One Financial Corp Financial Services	Reduced	139,670	-42,984	$25,479,998	−42.4%	0.27%
AMD	Advanced Micro Devices Inc Technology	Reduced	122,568	-675	$24,934,008	−5.5%	0.26%
FTI	TechnipFMC plc Energy	Reduced	333,174	-91,588	$23,032,318	+21.7%	0.24%
ANET	Arista Networks, Inc. Technology	Added	168,348	+7,516	$20,669,767	−1.9%	0.22%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.