THORNBURG INVESTMENT MANAGEMENT INC

CIK

1145020

Location

SANTA FE, NM

Portfolio Value

Small $395,905,452

Diversification

Diversified

Filing Date

Global Rank

#309 / 8,232 ▲ 97

Top Industry

Drug Manufacturers - General 13.0%

3Y Alpha vs SPY

+0.6%

Period ended 2 months ago

Filed May 12, 2026 · 33d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

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

Cloned portfolio

+78.9%

SPY

+76.3%

Annualised alpha

+0.6%

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

11.1%

−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%	$513,360,676	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 plc	−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
VSCO	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

6 positions · $395,905,452 total · Basic Materials only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
FCX	Freeport-Mcmoran Inc Basic Materials	Added	2,836,234	+41,440	$166,713,834	+17.4%	42.11%
LIN	Linde PLC Basic Materials	Added	274,372	+1,867	$136,022,662	+17.1%	34.36%
LYB	LyondellBasell Industries N.V. Basic Materials	Held	977,081	0	$78,713,645	+86.1%	19.88%
SXT	Sensient Technologies Corp Basic Materials	Reduced	101,425	-29,472	$8,767,177	−28.7%	2.21%
CSTM	Constellium SE Basic Materials	Reduced	205,467	-46,268	$5,050,378	+6.4%	1.28%
WPM	Wheaton Precious Metals Corp. Basic Materials	NEW	4,868	NEW	$637,756	NEW	0.16%