THORNBURG INVESTMENT MANAGEMENT INC

SANTA FE, NM · CIK 1145020 · 13F filing filed 2026-08-13

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityTHORNBURG INVESTMENT MANAGEMENT, INC. (US)

$10.5bn reported value +8.5% vs Q1 2026

139positions

58.1%in top 10

8 new 71 added 48 reduced 40 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CITIGROUP INC COM NEW C	C	7,546,686	$1.1bn10.10%	10.10%	Reduced -441.5k	-441,524 -5.5%
2	TOTALENERGIES SE ACT TTE	TTE	11,828,205	$919.0m8.79%	8.79%	Added +167.2k	+167,222 1.4%
3	AT&T INC COM T	T	36,023,313	$745.7m7.13%	7.13%	Added +5.0m	+4,978,069 16.0%
4	BROADCOM INC COM AVGO	AVGO	1,830,149	$691.3m6.61%	6.61%	Reduced -253.5k	-253,497 -12.2%
5	KIMBERLY-CLARK CORP COM KMB	KMB	5,760,888	$632.4m6.05%	6.05%	New
6	ASTRAZENECA PLC ORD AZN	AZN	2,891,426	$540.6m5.17%	5.17%	Added +32.8k	+32,775 1.1%
7	MERCK & CO INC COM MRK	MRK	3,787,976	$486.8m4.66%	4.66%	Added +59.3k	+59,303 1.6%
8	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	764,867	$365.3m3.49%	3.49%	Added +63.5k	+63,515 9.1%
9	CISCO SYS INC COM CSCO	CSCO	2,715,962	$319.0m3.05%	3.05%	Reduced -198.4k	-198,371 -6.8%
10	TC ENERGY CORP COM TRP	TRP	4,755,014	$314.6m3.01%	3.01%	Added +34.3k	+34,292 0.7%
11	CME GROUP INC COM CME	CME	1,132,435	$250.1m2.39%	2.39%	Reduced -13.0k	-13,007 -1.1%
12	EQUITABLE HLDGS INC COM EQH	EQH	5,142,337	$225.6m2.16%	2.16%	Added +148.1k	+148,132 3.0%
13	FREEPORT-MCMORAN INC CL B FCX	FCX	3,304,828	$207.8m1.99%	1.99%	Added +468.6k	+468,594 16.5%
14	REGIONS FINANCIAL CORP NEW COM RF	RF	6,746,453	$203.7m1.95%	1.95%	Added +231.2k	+231,181 3.5%
15	ENBRIDGE INC COM ENB	ENB	3,674,988	$199.1m1.90%	1.90%	Added +34.0k	+33,954 0.9%
16	MEDTRONIC PLC SHS MDT	MDT	2,511,730	$196.5m1.88%	1.88%	Added +494.7k	+494,653 24.5%
17	CANADIAN PACIFIC KANSAS CITY COM CP	CP	2,017,847	$174.8m1.67%	1.67%	Reduced -10.9k	-10,866 -0.5%
18	ALPHABET INC CAP STK CL A GOOGL	GOOGL	488,051	$174.4m1.67%	1.67%	Added +63.1k	+63,109 14.8%
19	HOME DEPOT INC COM HD	HD	464,895	$164.0m1.57%	1.57%	Reduced -56.1k	-56,114 -10.8%
20	LINDE PLC SHS LIN	LIN	270,794	$140.7m1.35%	1.35%	Reduced -3.6k	-3,578 -1.3%
21	ABBVIE INC COM ABBV	ABBV	541,146	$136.2m1.30%	1.30%	Added +38.3k	+38,314 7.6%
22	SOUTH BOW CORP COM SOBO	SOBO	3,721,332	$131.0m1.25%	1.25%	Added +88.5k	+88,457 2.4%
23	FERROVIAL SE ORD SHS FER	FER	1,712,697	$117.3m1.12%	1.12%	Reduced -26.6k	-26,644 -1.5%
24	ALCON AG ORD SHS ALC	ALC	1,632,356	$109.7m1.05%	1.05%	Reduced -76.3k	-76,321 -4.5%
25	SCHWAB CHARLES CORP COM SCHW	SCHW	1,170,451	$108.0m1.03%	1.03%	Added +360.9k	+360,891 44.6%
26	ELI LILLY & CO COM LLY	LLY	79,682	$95.6m0.91%	0.91%	Added +19.5k	+19,504 32.4%
27	CHIMERA INVT CORP COM SHS CIM	CIM	5,511,923	$73.5m0.70%	0.70%	Added +35.6k	+35,621 0.7%
28	META PLATFORMS INC CL A META	META	130,466	$73.5m0.70%	0.70%	Added +4.2k	+4,250 3.4%
29	KANZHUN LIMITED SPONSORED ADS BZ	BZ	5,413,729	$69.7m0.67%	0.67%	Reduced -819.1k	-819,117 -13.1%
30	MASTERCARD INCORPORATED CL A MA	MA	123,446	$63.4m0.61%	0.61%	Added +25.5k	+25,533 26.1%
31	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	617,721	$59.3m0.57%	0.57%	Added +7.5k	+7,537 1.2%
32	SLR INVESTMENT CORP COM SLRC	SLRC	4,708,772	$58.2m0.56%	0.56%	Added +75.3k	+75,341 1.6%
33	BOOKING HOLDINGS INC COM BKNG	BKNG	316,223	$56.4m0.54%	0.54%	Added +35.9k	+35,948 12.8%
34	ADOBE INC COM ADBE	ADBE	269,807	$55.3m0.53%	0.53%	Added +96.3k	+96,292 55.5%
35	MERCADOLIBRE INC COM MELI	MELI	29,450	$50.0m0.48%	0.48%	Reduced -1.6k	-1,572 -5.1%
36	ADVANCED MICRO DEVICES INC COM AMD	AMD	84,425	$49.0m0.47%	0.47%	Reduced -38.1k	-38,143 -31.1%
37	NETFLIX INC COM NFLX	NFLX	665,548	$47.5m0.45%	0.45%	Added +539.6k	+539,563 428.3%
38	PFIZER INC COM PFE	PFE	1,970,004	$47.4m0.45%	0.45%	Reduced -272.2k	-272,182 -12.1%
39	TJX COS INC NEW COM TJX	TJX	308,876	$46.8m0.45%	0.45%	Added +45.2k	+45,213 17.1%
40	L3HARRIS TECHNOLOGIES INC COM LHX	LHX	153,148	$44.5m0.43%	0.43%	Added +26.4k	+26,450 20.9%
41	CAPITAL ONE FINL CORP COM COF	COF	199,843	$40.1m0.38%	0.38%	Added +60.2k	+60,173 43.1%
42	CACI INTL INC CL A CACI	CACI	86,051	$39.9m0.38%	0.38%	Added +1.5k	+1,483 1.8%
43	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	18,747	$37.3m0.36%	0.36%	Reduced -766	-766 -3.9%
44	MICRON TECHNOLOGY INC COM MU	MU	31,289	$36.1m0.35%	0.35%	Added +6.7k	+6,668 27.1%
45	SEA LTD SPONSORD ADS SE	SE	365,023	$35.0m0.33%	0.33%	Reduced -4.8k	-4,850 -1.3%
46	MIDCAP FINANCIAL INVSTMNT CO COM NEW MFIC	MFIC	3,237,783	$32.6m0.31%	0.31%	Unchanged
47	FERRARI N V COM RACE	RACE	79,745	$29.7m0.28%	0.28%	Reduced -16.3k	-16,297 -17.0%
48	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	246,547	$28.2m0.27%	0.27%	Added +12.9k	+12,946 5.5%
49	MICROSOFT CORP COM MSFT	MSFT	65,940	$24.6m0.24%	0.24%	Added +38.4k	+38,419 139.6%
50	MITSUBISHI UFJ FINL GROUP IN SPONSORED ADS MUFG	MUFG	1,229,407	$24.5m0.23%	0.23%	Added +152.2k	+152,176 14.1%
51	APPLE INC COM AAPL	AAPL	83,343	$24.1m0.23%	0.23%	Added +82.0k	+82,014 6171.1%
52	ING GROEP N.V. SPONSORED ADR ING	ING	758,793	$23.8m0.23%	0.23%	Added +92.6k	+92,554 13.9%
53	COHERENT CORP COM COHR	COHR	53,333	$21.0m0.20%	0.20%	Reduced -21.4k	-21,438 -28.7%
54	ARISTA NETWORKS INC COM SHS ANET	ANET	115,902	$19.7m0.19%	0.19%	Reduced -52.4k	-52,446 -31.1%
55	TALEN ENERGY CORP COM TLN	TLN	49,589	$19.1m0.18%	0.18%	Added +9.0k	+8,978 22.1%
56	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	203,021	$19.0m0.18%	0.18%	Added +79.2k	+79,187 64.0%
57	SAP SE SPON ADR SAP	SAP	119,017	$18.3m0.18%	0.18%	Added +17.5k	+17,510 17.2%
58	AERCAP HOLDINGS NV SHS AER	AER	121,999	$17.8m0.17%	0.17%	Added +6.7k	+6,651 5.8%
59	SHELL PLC SPON ADS SHEL	SHEL	228,036	$17.7m0.17%	0.17%	Added +114.2k	+114,162 100.2%
60	COMCAST HOLDINGS CORP ZONES CV2% PCS · principal CMCSA 2 10.15.29 · principal	CMCSA 2 10.15.29	281,010	$17.7m0.17%	0.17%	Unchanged
61	MAREX GROUP PLC ORD 96665EUR	96665EUR	275,027	$16.8m0.16%	0.16%	Reduced -133.8k	-133,850 -32.7%
62	LPL FINL HLDGS INC COM LPLA	LPLA	54,967	$15.5m0.15%	0.15%	Added +18.0k	+17,957 48.5%
63	SONY GROUP CORP SPONSORED ADR SONY	SONY	749,018	$15.0m0.14%	0.14%	Added +79.9k	+79,884 11.9%
64	CREDICORP LTD COM BAP	BAP	34,945	$13.6m0.13%	0.13%	Reduced -5.6k	-5,639 -13.9%
65	IQVIA HLDGS INC COM IQV	IQV	69,029	$13.3m0.13%	0.13%	New
66	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	47,952	$13.0m0.12%	0.12%	Reduced -1.6k	-1,632 -3.3%
67	SHARKNINJA INC COM SHS SN	SN	85,212	$13.0m0.12%	0.12%	Reduced -84.6k	-84,609 -49.8%
68	ISHARES TR MSCI EAFE ETF EFA	EFA	122,310	$12.7m0.12%	0.12%	Reduced -5.9k	-5,939 -4.6%
69	ISHARES TR MSCI ACWI EX US ACWX	ACWX	163,166	$12.4m0.12%	0.12%	Reduced -100.0k	-100,003 -38.0%
70	PROGRESSIVE CORP COM PGR	PGR	54,336	$11.9m0.11%	0.11%	Added +48.7k	+48,666 858.3%
71	BBB FOODS INC CL A COM TBBB	TBBB	273,003	$11.4m0.11%	0.11%	Added +103.3k	+103,327 60.9%
72	UBER TECHNOLOGIES INC COM UBER	UBER	157,007	$11.3m0.11%	0.11%	New
73	XP INC CL A XP	XP	671,549	$10.9m0.10%	0.10%	Added +101.5k	+101,492 17.8%
74	NU HLDGS LTD ORD SHS CL A NU	NU	811,444	$10.8m0.10%	0.10%	Reduced -28.8k	-28,759 -3.4%
75	TRANSUNION COM TRU	TRU	138,545	$10.0m0.10%	0.10%	Reduced -13.1k	-13,060 -8.6%
76	MAKEMYTRIP LIMITED MAURITIUS SHS MMYT	MMYT	185,032	$9.9m0.09%	0.09%	Reduced -117.5k	-117,503 -38.8%
77	BUILDERS FIRSTSOURCE INC COM BLDR	BLDR	108,892	$9.7m0.09%	0.09%	Reduced -70.2k	-70,212 -39.2%
78	CELLEBRITE DI LTD ORDINARY SHARES CLBT	CLBT	618,857	$9.0m0.09%	0.09%	Reduced -192.9k	-192,891 -23.8%
79	LAM RESEARCH CORP COM NEW LRCX	LRCX	20,299	$8.8m0.08%	0.08%	New
80	VICTORIAS SECRET AND CO COMMON STOCK VSXY	VSXY	96,954	$8.1m0.08%	0.08%	Added +64.9k	+64,922 202.7%
81	CCC INTELLIGENT SOLUTIONS HL COM CCC	CCC	1,524,462	$7.9m0.08%	0.08%	Added +1.1m	+1,076,718 240.5%
82	ARGAN INC COM AGX	AGX	9,843	$7.9m0.08%	0.08%	Reduced -15.0k	-15,005 -60.4%
83	ICICI BANK LIMITED ADR IBN	IBN	269,353	$7.8m0.07%	0.07%	Added +75.9k	+75,853 39.2%
84	SITIME CORP COM SITM	SITM	9,397	$7.0m0.07%	0.07%	Reduced -11.8k	-11,810 -55.7%
85	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	123,122	$6.9m0.07%	0.07%	Added +91.7k	+91,713 292.0%
86	VERTIV HOLDINGS CO COM CL A VRT	VRT	20,161	$6.8m0.06%	0.06%	Reduced -94.9k	-94,855 -82.5%
87	SOMNIGROUP INTERNATIONAL INC COM SGI	SGI	81,948	$6.4m0.06%	0.06%	New
88	DATADOG INC CL A COM DDOG	DDOG	24,003	$6.2m0.06%	0.06%	Added +19.3k	+19,317 412.2%
89	HEICO CORP NEW CL A HEI.A	HEI.A	24,161	$6.2m0.06%	0.06%	Added +18.6k	+18,649 338.3%
90	REPLIGEN CORP COM RGEN	RGEN	43,887	$6.0m0.06%	0.06%	Added +14.5k	+14,486 49.3%
91	REDDIT INC CL A RDDT	RDDT	34,236	$5.9m0.06%	0.06%	Added +25.8k	+25,805 306.1%
92	DECKERS OUTDOOR CORP COM DECK	DECK	59,841	$5.9m0.06%	0.06%	Added +9.0k	+8,952 17.6%
93	S&P GLOBAL INC COM SPGI	SPGI	14,103	$5.7m0.05%	0.05%	Added +8.6k	+8,556 154.2%
94	DIAGEO PLC SPON ADR NEW DEO	DEO	66,475	$5.3m0.05%	0.05%	Added +22.0k	+22,033 49.6%
95	STANDARDAERO INC COM SARO	SARO	175,259	$5.2m0.05%	0.05%	Added +7.9k	+7,900 4.7%
96	RAYMOND JAMES FINL INC COM RJF	RJF	33,203	$5.0m0.05%	0.05%	New
97	SCHLUMBERGER LTD COM STK SLB	SLB	106,506	$5.0m0.05%	0.05%	Added +73.4k	+73,352 221.2%
98	TAPESTRY INC COM TPR	TPR	29,851	$4.4m0.04%	0.04%	Added +23.7k	+23,721 387.0%
99	LYONDELLBASELL INDUSTRIES N SHS - A - LYB	LYB	82,904	$4.4m0.04%	0.04%	Reduced -894.2k	-894,177 -91.5%
100	SAMSARA INC COM CL A IOT	IOT	128,450	$4.2m0.04%	0.04%	Added +92.6k	+92,577 258.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANGUARD INDEX FDS VB	VB	64,480	$16.9m64.5k shares
MACOM TECH SOLUTIONS HLDGS I MTSI	MTSI	74,613	$16.6m74.6k shares
CASELLA WASTE SYS INC CWST	CWST	203,167	$16.1m203.2k shares
DUCOMMUN INC DEL DCO	DCO	130,431	$15.9m130.4k shares
APPLIED INDL TECHNOLOGIES IN AIT	AIT	56,414	$15.0m56.4k shares
XPO INC XPO	XPO	62,018	$12.1m62.0k shares
PINNACLE FINL PARTNERS INC PNFP	PNFP	139,204	$12.0m139.2k shares
WESTERN ALLIANCE BANCORP WAL	WAL	158,357	$11.2m158.4k shares
CLEAN HARBORS INC CLH	CLH	37,762	$10.8m37.8k shares
MYR GROUP INC DEL MYRG	MYRG	37,351	$10.5m37.4k shares
DT MIDSTREAM INC DTM	DTM	77,547	$10.4m77.5k shares
TENET HEALTHCARE CORP THC	THC	52,134	$9.8m52.1k shares
ASSURANT INC AIZ	AIZ	44,316	$9.7m44.3k shares
AGILYSYS INC AGYS	AGYS	126,433	$9.0m126.4k shares
SENSIENT TECHNOLOGIES CORP SXT	SXT	101,425	$8.8m101.4k shares
PURE STORAGE INC P	P	147,434	$8.7m147.4k shares
ARCOSA INC ACA	ACA	79,739	$8.5m79.7k shares
PJT PARTNERS INC PJT	PJT	56,023	$7.8m56.0k shares
WYNDHAM HOTELS & RESORTS INC WH	WH	96,056	$7.8m96.1k shares
GROUP 1 AUTOMOTIVE INC GPI	GPI	21,853	$7.2m21.9k shares
MATADOR RES CO MTDR	MTDR	113,175	$7.2m113.2k shares
BJS WHSL CLUB HLDGS INC BJ	BJ	52,579	$5.2m52.6k shares
CONSTELLIUM SE CSTM	CSTM	205,467	$5.1m205.5k shares
JFROG LTD FROG	FROG	107,419	$5.0m107.4k shares
RAMBUS INC DEL RMBS	RMBS	58,106	$5.0m58.1k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SLR INVESTMENT CORP SLRC · 13G · filed 2026-02-19	SLRC	8.0%≈ $54.1m	no change	13G	2026-02-19
CHIMERA INVT CORP 13G · filed 2026-02-19		6.3%	+0.2 pts	13G	2026-02-19