13F HOLDINGS REPORT
THORNBURG INVESTMENT MANAGEMENT INC
Quarter ended Q2 2025 · Filed August 13, 2025 · Accession 0001140361-25-030647
Total Value
$7.77B
Positions
177
Other Managers
0
Confidential Omitted
No
Holdings (177)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | AT&T INC | T-PC | 27,481,441 | $795.3M | 10.23% |
| 2 | BROADCOM INC | AVGO | 2,645,365 | $729.2M | 9.38% |
| 3 | CITIGROUP INC | C-PR | 8,066,349 | $686.6M | 8.83% |
| 4 | MERCK & CO INC | MRK | 4,729,641 | $374.4M | 4.82% |
| 5 | CME GROUP INC | CME | 1,031,324 | $284.3M | 3.66% |
| 6 | EQUITABLE HLDGS INC | EQH-PC | 4,855,273 | $272.4M | 3.50% |
| 7 | PFIZER INC | PFE | 10,458,571 | $253.5M | 3.26% |
| 8 | TC ENERGY CORP | TRPRF | 3,860,519 | $188.6M | 2.43% |
| 9 | HOME DEPOT INC | HD | 512,523 | $187.9M | 2.42% |
| 10 | CISCO SYS INC | CSCO | 2,448,169 | $169.9M | 2.18% |
| 11 | MEDTRONIC PLC | MDT | 1,922,810 | $167.6M | 2.16% |
| 12 | ENBRIDGE INC | ENNPF | 3,587,620 | $162.8M | 2.09% |
| 13 | CANADIAN PACIFIC KANSAS CITY | CP | 2,044,755 | $162.1M | 2.08% |
| 14 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 708,696 | $160.5M | 2.06% |
| 15 | ALCON AG | ALC | 1,615,994 | $142.8M | 1.84% |
| 16 | FREEPORT-MCMORAN INC | FCX | 2,915,823 | $126.4M | 1.63% |
| 17 | LINDE PLC | LIN | 259,501 | $121.9M | 1.57% |
| 18 | LYONDELLBASELL INDUSTRIES N | LYB | 1,971,413 | $114.1M | 1.47% |
| 19 | META PLATFORMS INC | META | 154,368 | $113.9M | 1.47% |
| 20 | REGIONS FINANCIAL CORP NEW | RF-PF | 4,596,096 | $108.1M | 1.39% |
| 21 | PETROLEO BRASILEIRO SA PETRO | 71654V408 | 7,713,498 | $96.5M | 1.24% |
| 22 | ALPHABET INC | GOOG | 531,936 | $93.7M | 1.21% |
| 23 | FERROVIAL SE | FER | 1,716,499 | $91.6M | 1.18% |
| 24 | KANZHUN LIMITED | BZ | 4,664,157 | $83.2M | 1.07% |
| 25 | MERCADOLIBRE INC | MELI | 30,712 | $80.3M | 1.03% |
| 26 | SCHWAB CHARLES CORP | SCHW-PJ | 813,874 | $74.3M | 0.96% |
| 27 | SLR INVESTMENT CORP | SLRC | 4,372,550 | $70.6M | 0.91% |
| 28 | CHIMERA INVT CORP | 16934Q802 | 4,948,735 | $68.6M | 0.88% |
| 29 | MASTERCARD INCORPORATED | MA | 108,572 | $61.0M | 0.78% |
| 30 | ABBVIE INC | ABBV | 320,135 | $59.4M | 0.76% |
| 31 | NOVO-NORDISK A S | NONOF | 822,677 | $56.8M | 0.73% |
| 32 | ALIBABA GROUP HLDG LTD | BBAAY | 484,152 | $54.9M | 0.71% |
| 33 | SEA LTD | SE | 317,895 | $50.8M | 0.65% |
| 34 | SOUTH BOW CORP | SOBO | 1,656,020 | $43.0M | 0.55% |
| 35 | CACI INTL INC | 127190304 | 85,403 | $40.7M | 0.52% |
| 36 | CAPITAL ONE FINL CORP | 14040H105 | 189,290 | $40.3M | 0.52% |
| 37 | FERRARI N V | RACE | 81,083 | $39.8M | 0.51% |
| 38 | TJX COS INC NEW | 872540109 | 319,080 | $39.4M | 0.51% |
| 39 | ASTRAZENECA PLC | AZN | 535,650 | $37.4M | 0.48% |
| 40 | MIDCAP FINANCIAL INVSTMNT CO | 03761U502 | 2,937,783 | $37.1M | 0.48% |
| 41 | MAREX GROUP PLC | MRX | 822,730 | $32.5M | 0.42% |
| 42 | L3HARRIS TECHNOLOGIES INC | LHX | 127,375 | $32.0M | 0.41% |
| 43 | ELME COMMUNITIES | ELME | 2,005,668 | $31.9M | 0.41% |
| 44 | BUILDERS FIRSTSOURCE INC | BLDR | 271,574 | $31.7M | 0.41% |
| 45 | BOOKING HOLDINGS INC | BKNG | 5,369 | $31.1M | 0.40% |
| 46 | CASELLA WASTE SYS INC | CWST | 255,510 | $29.5M | 0.38% |
| 47 | JPMORGAN CHASE & CO. | VYLD | 93,487 | $27.1M | 0.35% |
| 48 | VERTIV HOLDINGS CO | VRT | 176,005 | $22.6M | 0.29% |
| 49 | FLUTTER ENTMT PLC | G3643J108 | 74,654 | $21.3M | 0.27% |
| 50 | AGILYSYS INC | AGYS | 185,913 | $21.3M | 0.27% |
| 51 | SHOPIFY INC | SHOP | 172,686 | $19.9M | 0.26% |
| 52 | NU HLDGS LTD | NU | 1,376,676 | $18.9M | 0.24% |
| 53 | SHARKNINJA INC | SN | 190,491 | $18.9M | 0.24% |
| 54 | ASML HOLDING N V | ASMLF | 23,165 | $18.6M | 0.24% |
| 55 | TRANSUNION | TRU | 207,490 | $18.3M | 0.23% |
| 56 | APPLIED INDL TECHNOLOGIES IN | 03820C105 | 78,401 | $18.2M | 0.23% |
| 57 | TECHNIPFMC PLC | FTI | 528,609 | $18.2M | 0.23% |
| 58 | STEVANATO GROUP S P A | STVN | 742,245 | $18.1M | 0.23% |
| 59 | MYR GROUP INC DEL | MYRG | 97,553 | $17.7M | 0.23% |
| 60 | SONY GROUP CORP | SNEJF | 662,836 | $17.3M | 0.22% |
| 61 | COMCAST HOLDINGS CORP | CCZ | 284,060 | $16.9M | 0.22% |
| 62 | ADVANCED MICRO DEVICES INC | AMD | 116,808 | $16.6M | 0.21% |
| 63 | LPL FINL HLDGS INC | 50212V100 | 42,006 | $15.8M | 0.20% |
| 64 | CLEAN HARBORS INC | CLH | 65,029 | $15.0M | 0.19% |
| 65 | ARISTA NETWORKS INC | ANET | 145,485 | $14.9M | 0.19% |
| 66 | PINNACLE FINL PARTNERS INC | 72346Q104 | 134,451 | $14.8M | 0.19% |
| 67 | MITSUBISHI UFJ FINL GROUP IN | 606822104 | 1,081,116 | $14.8M | 0.19% |
| 68 | TXNM ENERGY INC | TXNM | 258,062 | $14.5M | 0.19% |
| 69 | SENSIENT TECHNOLOGIES CORP | SXT | 144,286 | $14.2M | 0.18% |
| 70 | CCC INTELLIGENT SOLUTIONS HL | CCC | 1,506,524 | $14.2M | 0.18% |
| 71 | TOTALENERGIES SE | TTE | 229,514 | $14.1M | 0.18% |
| 72 | PURE STORAGE INC | 74624M102 | 243,607 | $14.0M | 0.18% |
| 73 | NUTANIX INC | NTNX | 178,979 | $13.7M | 0.18% |
| 74 | ADTALEM GLOBAL ED INC | ADT | 104,615 | $13.3M | 0.17% |
| 75 | BJS WHSL CLUB HLDGS INC | 05550J101 | 123,176 | $13.3M | 0.17% |
| 76 | CREDICORP LTD | BAP | 57,488 | $12.8M | 0.17% |
| 77 | COHERENT CORP | COHR | 143,902 | $12.8M | 0.17% |
| 78 | TALEN ENERGY CORP | TLN | 44,139 | $12.8M | 0.17% |
| 79 | WYNDHAM HOTELS & RESORTS INC | WH | 155,238 | $12.6M | 0.16% |
| 80 | ITT INC | ITT | 78,892 | $12.4M | 0.16% |
| 81 | WESTERN ALLIANCE BANCORP | WAL-PA | 154,520 | $12.0M | 0.15% |
| 82 | ARCOSA INC | ACA | 137,445 | $11.9M | 0.15% |
| 83 | ING GROEP N.V. | INGVF | 534,851 | $11.7M | 0.15% |
| 84 | TENET HEALTHCARE CORP | THC | 66,426 | $11.7M | 0.15% |
| 85 | BBB FOODS INC | TBBB | 417,463 | $11.6M | 0.15% |
| 86 | KEMPER CORP | KMPB | 175,524 | $11.3M | 0.15% |
| 87 | MACOM TECH SOLUTIONS HLDGS I | 55405Y100 | 77,897 | $11.2M | 0.14% |
| 88 | XPO INC | XPO | 88,036 | $11.1M | 0.14% |
| 89 | DT MIDSTREAM INC | DTM | 100,684 | $11.1M | 0.14% |
| 90 | GROUP 1 AUTOMOTIVE INC | GPI | 25,187 | $11.0M | 0.14% |
| 91 | ASSURANT INC | AIZN | 54,994 | $10.9M | 0.14% |
| 92 | ICON PLC | ICLR | 74,636 | $10.9M | 0.14% |
| 93 | SUNOPTA INC | STKL | 1,858,287 | $10.8M | 0.14% |
| 94 | AIR LEASE CORP | AIIR | 183,352 | $10.7M | 0.14% |
| 95 | CYBERARK SOFTWARE LTD | M2682V108 | 21,961 | $8.9M | 0.11% |
| 96 | PJT PARTNERS INC | PJT | 53,597 | $8.8M | 0.11% |
| 97 | GLOBANT S A | GLOB | 92,802 | $8.4M | 0.11% |
| 98 | WALKER & DUNLOP INC | WD | 118,734 | $8.4M | 0.11% |
| 99 | KITE RLTY GROUP TR | 49803T300 | 365,178 | $8.3M | 0.11% |
| 100 | SIMPLY GOOD FOODS CO | SMPL | 260,763 | $8.2M | 0.11% |
| 101 | MICRON TECHNOLOGY INC | MU | 64,639 | $8.0M | 0.10% |
| 102 | TRIP COM GROUP LTD | TRPCF | 133,239 | $7.8M | 0.10% |
| 103 | ICICI BANK LIMITED | IBN | 229,975 | $7.7M | 0.10% |
| 104 | CREDO TECHNOLOGY GROUP HOLDI | CRDO | 82,334 | $7.6M | 0.10% |
| 105 | SAP SE | SAPGF | 24,760 | $7.5M | 0.10% |
| 106 | SHELL PLC | RYDAF | 106,230 | $7.5M | 0.10% |
| 107 | WASTE CONNECTIONS INC | WCN | 38,795 | $7.2M | 0.09% |
| 108 | MONDAY COM LTD | MNDY | 21,890 | $6.9M | 0.09% |
| 109 | MICROSOFT CORP | MSFT | 13,609 | $6.8M | 0.09% |
| 110 | STANDARDAERO INC | SARO | 211,789 | $6.7M | 0.09% |
| 111 | ARGAN INC | AGX | 30,255 | $6.7M | 0.09% |
| 112 | AVANTOR INC | AVTR | 461,322 | $6.2M | 0.08% |
| 113 | ON HLDG AG | H5919C104 | 118,665 | $6.2M | 0.08% |
| 114 | SERVICENOW INC | NOW | 5,967 | $6.1M | 0.08% |
| 115 | COSTCO WHSL CORP NEW | 22160K105 | 6,152 | $6.1M | 0.08% |
| 116 | LIBERTY MEDIA CORP DEL | FWONB | 57,924 | $6.1M | 0.08% |
| 117 | SHIFT4 PMTS INC | 82452J109 | 60,103 | $6.0M | 0.08% |
| 118 | RYAN SPECIALTY HOLDINGS INC | RYAN | 87,201 | $5.9M | 0.08% |
| 119 | DECKERS OUTDOOR CORP | DECK | 56,971 | $5.9M | 0.08% |
| 120 | JFROG LTD | FROG | 127,619 | $5.6M | 0.07% |
| 121 | MATADOR RES CO | MTDR | 116,952 | $5.6M | 0.07% |
| 122 | RAMBUS INC DEL | RMBS | 86,748 | $5.6M | 0.07% |
| 123 | REPAY HLDGS CORP | RPAY | 1,131,947 | $5.5M | 0.07% |
| 124 | REPLIGEN CORP | RGEN | 43,408 | $5.4M | 0.07% |
| 125 | INSMED INC | INSM | 53,248 | $5.4M | 0.07% |
| 126 | ENTEGRIS INC | ENTG | 65,921 | $5.3M | 0.07% |
| 127 | OPEN TEXT CORP | OTEX | 179,337 | $5.2M | 0.07% |
| 128 | GLAUKOS CORP | GKOS | 50,430 | $5.2M | 0.07% |
| 129 | INSULET CORP | PODD | 15,049 | $4.7M | 0.06% |
| 130 | CELSIUS HLDGS INC | CELH | 99,131 | $4.6M | 0.06% |
| 131 | FRESHPET INC | FRPT | 66,461 | $4.5M | 0.06% |
| 132 | CHURCHILL DOWNS INC | CHDN | 44,508 | $4.5M | 0.06% |
| 133 | SMITH DOUGLAS HOMES CORP | SDHC | 224,457 | $4.4M | 0.06% |
| 134 | TRADEWEB MKTS INC | 892672106 | 29,447 | $4.3M | 0.06% |
| 135 | BIOMARIN PHARMACEUTICAL INC | BMRN | 78,010 | $4.3M | 0.06% |
| 136 | ARTIVION INC | AORT | 132,672 | $4.1M | 0.05% |
| 137 | CLEARWATER ANALYTICS HLDGS I | CWAN | 186,874 | $4.1M | 0.05% |
| 138 | DIAGEO PLC | DGEAF | 40,374 | $4.1M | 0.05% |
| 139 | STEPSTONE GROUP INC | STEP | 73,141 | $4.1M | 0.05% |
| 140 | ISHARES TR | 464287465 | 40,774 | $3.6M | 0.05% |
| 141 | SITIME CORP | SITM | 16,000 | $3.4M | 0.04% |
| 142 | SAMSARA INC | IOT | 77,406 | $3.1M | 0.04% |
| 143 | STELLANTIS N.V | STLA | 303,335 | $3.0M | 0.04% |
| 144 | SAIA INC | SAIA | 10,655 | $2.9M | 0.04% |
| 145 | ISHARES TR | 464288240 | 47,631 | $2.9M | 0.04% |
| 146 | INSPIRE MED SYS INC | 457730109 | 20,928 | $2.7M | 0.03% |
| 147 | AMER SPORTS INC | AS | 66,478 | $2.6M | 0.03% |
| 148 | AMAZON COM INC | AMZN | 11,146 | $2.4M | 0.03% |
| 149 | CYTOKINETICS INC | CYTK | 72,879 | $2.4M | 0.03% |
| 150 | NVIDIA CORPORATION | NVDA | 14,427 | $2.3M | 0.03% |
| 151 | DUTCH BROS INC | BROS | 31,864 | $2.2M | 0.03% |
| 152 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 38,400 | $1.8M | 0.02% |
| 153 | VISA INC | V | 4,224 | $1.5M | 0.02% |
| 154 | AIRBNB INC | ABNB | 1,350,000 | $1.3M | 0.02% |
| 155 | SCHLUMBERGER LTD | SLB | 34,100 | $1.2M | 0.01% |
| 156 | TENARIS S A | 88031M109 | 25,031 | $936,159 | 0.01% |
| 157 | ZOETIS INC | ZTS | 5,816 | $907,005 | 0.01% |
| 158 | LIBERTY ENERGY INC | LBRT | 76,849 | $882,227 | 0.01% |
| 159 | QUANTA SVCS INC | 74762E102 | 1,813 | $685,459 | 0.01% |
| 160 | HDFC BANK LTD | HDB | 8,493 | $651,158 | 0.01% |
| 161 | APPLE INC | AAPL | 3,103 | $636,643 | 0.01% |
| 162 | NOVARTIS AG | NVSEF | 4,889 | $591,618 | 0.01% |
| 163 | GRUPO AEROPUERTO DEL PACIFIC | 400506101 | 2,360 | $541,903 | 0.01% |
| 164 | INFOSYS LTD | INFY | 28,781 | $533,312 | 0.01% |
| 165 | COCA-COLA FEMSA SAB DE CV | COCSF | 5,350 | $517,506 | 0.01% |
| 166 | COUPANG INC | CPNG | 16,450 | $492,842 | 0.01% |
| 167 | KB FINL GROUP INC | 48241A105 | 5,650 | $466,634 | 0.01% |
| 168 | DR REDDYS LABS LTD | 256135203 | 28,702 | $431,391 | 0.01% |
| 169 | VANGUARD STAR FDS | 921909768 | 5,805 | $401,067 | 0.01% |
| 170 | GRAB HOLDINGS LIMITED | GRABW | 75,486 | $379,695 | 0.00% |
| 171 | ITAU UNIBANCO HLDG S A | 465562106 | 48,336 | $328,201 | 0.00% |
| 172 | POOL CORP | POOL | 963 | $280,695 | 0.00% |
| 173 | QUALCOMM INC | QCOM | 1,659 | $264,212 | 0.00% |
| 174 | DIAMONDBACK ENERGY INC | FANG | 1,919 | $263,671 | 0.00% |
| 175 | VANGUARD INTL EQUITY INDEX F | 922042775 | 3,676 | $247,101 | 0.00% |
| 176 | ASE TECHNOLOGY HLDG CO LTD | ASX | 23,104 | $238,664 | 0.00% |
| 177 | VODAFONE GROUP PLC NEW | 92857W308 | 17,164 | $182,968 | 0.00% |