THORNBURG INVESTMENT MANAGEMENT INC

CIK

1145020

Location

SANTA FE, NM

Portfolio Value

Mid $9,502,088,881

Diversification

Diversified

Filing Date

Global Rank

#433 / 8,614 ▲ 74 · as of Mar 2026

Top Industry

Drug Manufacturers - General 13.1%

3Y Alpha vs SPY

+0.1%

Period ended 4 months ago

Filed May 12, 2026 · 2mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+71.7%

SPY

+73.3%

Annualised alpha

-0.4%

Max drawdown

−18.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

11.2%

−0.8 pts

Top 5

42.9%

+3.4 pts

Top 10

59.2%

+6.1 pts

HHI

485

Diversified+44

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	21.3%	$2,023,199,257	32
Energy	18.3%	$1,737,414,663	12
Healthcare	16.7%	$1,582,443,379	21
Technology	15.3%	$1,450,807,356	35
Communication Services	12.6%	$1,193,358,496	9
Industrials	5.7%	$537,929,576	22
Consumer Cyclical	4.9%	$468,046,856	18
Basic Materials	4.2%	$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	$2,232,129
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 positions · $9,502,088,881 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	11.17%
C	Citigroup Inc Financial Services	Reduced	7,988,210	-29,472	$905,942,896	−3.2%	9.53%
T	At&T Inc. Communication Services	Added	31,045,244	+2,000,736	$900,001,623	+24.7%	9.47%
AVGO	Broadcom Inc. Technology	Added	2,083,646	+25,651	$644,909,273	−9.5%	6.79%
AZN	Astrazeneca PLC Healthcare	NEW	2,858,651	NEW	$563,783,150	NEW	5.93%
MRK	Merck & Co., Inc. Healthcare	Held	3,728,673	0	$448,522,075	+14.3%	4.72%
CME	Cme Group Inc. Financial Services	Reduced	1,145,442	-1,097	$338,306,294	+8.1%	3.56%
TRP	Tc Energy Corp Energy	Added	4,720,722	+679,868	$295,517,197	+32.9%	3.11%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	701,352	+57,093	$237,021,908	+21.1%	2.49%
CSCO	Cisco Systems, Inc. Technology	Added	2,914,333	+45,300	$226,123,097	+2.3%	2.38%
ENB	Enbridge Inc Energy	Added	3,641,034	+39,203	$197,125,580	+14.4%	2.07%
EQH	Equitable Holdings, Inc. Financial Services	Added	4,994,205	+104,475	$185,334,947	−20.5%	1.95%
MDT	Medtronic plc Healthcare	Added	2,017,077	+88,332	$174,779,722	−5.7%	1.84%
HD	Home Depot, Inc. Consumer Cyclical	Added	521,009	+1,106	$171,354,650	−4.2%	1.80%
RF	Regions Financial Corp Financial Services	Added	6,515,272	+284,671	$170,178,904	+0.8%	1.79%
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%	1.68%
LIN	Linde PLC Basic Materials	Added	274,372	+1,867	$136,022,662	+17.1%	1.43%
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%	1.29%
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%	0.88%
LYB	LyondellBasell Industries N.V. Basic Materials	Held	977,081	0	$78,713,645	+86.1%	0.83%
BABA	Alibaba Group Holding Ltd Consumer Cyclical	Added	610,184	+26,156	$76,553,684	−10.6%	0.81%
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%	0.70%
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%
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%
MUFG	Mitsubishi Ufj Financial Group Inc Financial Services	Added	1,077,231	+49,589	$18,280,610	+12.2%	0.19%