13F HOLDINGS REPORT
THORNBURG INVESTMENT MANAGEMENT INC
Quarter ended Q3 2025 · Filed November 12, 2025 · Accession 0001140361-25-041494
Total Value
$7.67B
Positions
176
Other Managers
0
Confidential Omitted
No
Holdings (176)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | CITIGROUP INC | C-PR | 8,022,240 | $814.3M | 10.62% |
| 2 | AT&T INC | T-PC | 28,254,463 | $797.9M | 10.41% |
| 3 | BROADCOM INC | AVGO | 2,204,525 | $727.3M | 9.49% |
| 4 | CME GROUP INC | CME | 1,111,182 | $300.2M | 3.92% |
| 5 | MERCK & CO INC | MRK | 3,520,631 | $295.5M | 3.85% |
| 6 | EQUITABLE HLDGS INC | EQH-PC | 4,867,643 | $247.2M | 3.22% |
| 7 | TC ENERGY CORP | TRPRF | 4,027,286 | $218.9M | 2.86% |
| 8 | HOME DEPOT INC | HD | 515,676 | $208.9M | 2.73% |
| 9 | TAIWAN SEMICONDUCTOR MFG LTD | 874039100 | 664,576 | $185.6M | 2.42% |
| 10 | MEDTRONIC PLC | MDT | 1,930,295 | $183.8M | 2.40% |
| 11 | ENBRIDGE INC | ENNPF | 3,587,620 | $181.0M | 2.36% |
| 12 | CISCO SYS INC | CSCO | 2,611,890 | $178.7M | 2.33% |
| 13 | CANADIAN PACIFIC KANSAS CITY | CP | 2,295,096 | $171.0M | 2.23% |
| 14 | LINDE PLC | LIN | 275,063 | $131.0M | 1.71% |
| 15 | ALPHABET INC | GOOG | 513,429 | $124.8M | 1.63% |
| 16 | REGIONS FINANCIAL CORP NEW | RF-PF | 4,624,765 | $122.0M | 1.59% |
| 17 | ALCON AG | ALC | 1,435,787 | $107.0M | 1.40% |
| 18 | META PLATFORMS INC | META | 143,706 | $105.5M | 1.38% |
| 19 | ALIBABA GROUP HLDG LTD | BBAAY | 553,384 | $98.9M | 1.29% |
| 20 | FERROVIAL SE | FER | 1,721,344 | $98.8M | 1.29% |
| 21 | ABBVIE INC | ABBV | 401,760 | $93.0M | 1.21% |
| 22 | KANZHUN LIMITED | BZ | 3,851,569 | $90.0M | 1.17% |
| 23 | FREEPORT-MCMORAN INC | FCX | 1,854,853 | $72.7M | 0.95% |
| 24 | SCHWAB CHARLES CORP | SCHW-PJ | 756,005 | $72.2M | 0.94% |
| 25 | MERCADOLIBRE INC | MELI | 29,941 | $70.0M | 0.91% |
| 26 | SLR INVESTMENT CORP | SLRC | 4,372,550 | $66.9M | 0.87% |
| 27 | CHIMERA INVT CORP | 16934Q802 | 5,019,354 | $66.4M | 0.87% |
| 28 | TRANSDIGM GROUP INC | TDG | 47,636 | $62.8M | 0.82% |
| 29 | MASTERCARD INCORPORATED | MA | 103,940 | $59.1M | 0.77% |
| 30 | SOUTH BOW CORP | SOBO | 1,997,301 | $56.5M | 0.74% |
| 31 | SEA LTD | SE | 308,681 | $55.2M | 0.72% |
| 32 | LYONDELLBASELL INDUSTRIES N | LYB | 1,028,822 | $50.5M | 0.66% |
| 33 | FERRARI N V | RACE | 88,935 | $43.2M | 0.56% |
| 34 | CACI INTL INC | 127190304 | 85,593 | $42.7M | 0.56% |
| 35 | TJX COS INC NEW | 872540109 | 275,387 | $39.8M | 0.52% |
| 36 | ASTRAZENECA PLC | AZN | 510,947 | $39.2M | 0.51% |
| 37 | CAPITAL ONE FINL CORP | 14040H105 | 182,992 | $38.9M | 0.51% |
| 38 | L3HARRIS TECHNOLOGIES INC | LHX | 127,284 | $38.9M | 0.51% |
| 39 | MIDCAP FINANCIAL INVSTMNT CO | 03761U502 | 3,137,783 | $37.6M | 0.49% |
| 40 | PFIZER INC | PFE | 1,449,270 | $36.9M | 0.48% |
| 41 | MAREX GROUP PLC | MRX | 1,049,351 | $35.3M | 0.46% |
| 42 | NOVO-NORDISK A S | NONOF | 544,386 | $30.2M | 0.39% |
| 43 | JPMORGAN CHASE & CO. | VYLD | 93,156 | $29.4M | 0.38% |
| 44 | ELME COMMUNITIES | ELME | 1,599,492 | $27.0M | 0.35% |
| 45 | BOOKING HOLDINGS INC | BKNG | 4,820 | $26.0M | 0.34% |
| 46 | ARISTA NETWORKS INC | ANET | 164,945 | $24.0M | 0.31% |
| 47 | CASELLA WASTE SYS INC | CWST | 247,419 | $23.5M | 0.31% |
| 48 | VERTIV HOLDINGS CO | VRT | 142,330 | $21.5M | 0.28% |
| 49 | SHOPIFY INC | SHOP | 141,135 | $21.0M | 0.27% |
| 50 | ADOBE INC | ADBE | 58,338 | $20.6M | 0.27% |
| 51 | ASML HOLDING N V | ASMLF | 21,058 | $20.4M | 0.27% |
| 52 | APPLIED INDL TECHNOLOGIES IN | 03820C105 | 77,372 | $20.2M | 0.26% |
| 53 | SONY GROUP CORP | SNEJF | 672,733 | $19.4M | 0.25% |
| 54 | ADTALEM GLOBAL ED INC | ADT | 124,872 | $19.3M | 0.25% |
| 55 | PURE STORAGE INC | 74624M102 | 228,044 | $19.1M | 0.25% |
| 56 | NU HLDGS LTD | NU | 1,191,386 | $19.1M | 0.25% |
| 57 | AGILYSYS INC | AGYS | 180,088 | $19.0M | 0.25% |
| 58 | TECHNIPFMC PLC | FTI | 472,380 | $18.6M | 0.24% |
| 59 | ADVANCED MICRO DEVICES INC | AMD | 114,262 | $18.5M | 0.24% |
| 60 | FLUTTER ENTMT PLC | G3643J108 | 72,226 | $18.3M | 0.24% |
| 61 | ITT INC | ITT | 100,750 | $18.0M | 0.23% |
| 62 | BUILDERS FIRSTSOURCE INC | BLDR | 145,844 | $17.7M | 0.23% |
| 63 | MITSUBISHI UFJ FINL GROUP IN | 606822104 | 1,106,617 | $17.6M | 0.23% |
| 64 | SHARKNINJA INC | SN | 167,687 | $17.3M | 0.23% |
| 65 | MYR GROUP INC DEL | MYRG | 82,696 | $17.2M | 0.22% |
| 66 | COMCAST HOLDINGS CORP | CCZ | 284,060 | $17.1M | 0.22% |
| 67 | TRANSUNION | TRU | 200,935 | $16.8M | 0.22% |
| 68 | TALEN ENERGY CORP | TLN | 39,260 | $16.7M | 0.22% |
| 69 | ISHARES TR | 464288240 | 229,362 | $14.9M | 0.19% |
| 70 | WESTERN ALLIANCE BANCORP | WAL-PA | 164,612 | $14.3M | 0.19% |
| 71 | ING GROEP N.V. | INGVF | 546,389 | $14.2M | 0.19% |
| 72 | CLEAN HARBORS INC | CLH | 61,053 | $14.2M | 0.18% |
| 73 | TOTALENERGIES SE | TTE | 233,917 | $14.0M | 0.18% |
| 74 | COHERENT CORP | COHR | 128,327 | $13.8M | 0.18% |
| 75 | CREDICORP LTD | BAP | 51,776 | $13.8M | 0.18% |
| 76 | TRIP COM GROUP LTD | TRPCF | 181,913 | $13.7M | 0.18% |
| 77 | PINNACLE FINL PARTNERS INC | 72346Q104 | 144,509 | $13.6M | 0.18% |
| 78 | WALKER & DUNLOP INC | WD | 159,641 | $13.3M | 0.17% |
| 79 | CCC INTELLIGENT SOLUTIONS HL | CCC | 1,459,196 | $13.3M | 0.17% |
| 80 | TENET HEALTHCARE CORP | THC | 64,183 | $13.0M | 0.17% |
| 81 | DUCOMMUN INC DEL | DCO | 134,748 | $13.0M | 0.17% |
| 82 | NUTANIX INC | NTNX | 172,982 | $12.9M | 0.17% |
| 83 | SENSIENT TECHNOLOGIES CORP | SXT | 131,856 | $12.4M | 0.16% |
| 84 | SUNOPTA INC | STKL | 2,088,513 | $12.2M | 0.16% |
| 85 | WYNDHAM HOTELS & RESORTS INC | WH | 151,208 | $12.1M | 0.16% |
| 86 | TXNM ENERGY INC | TXNM | 207,615 | $11.7M | 0.15% |
| 87 | ASSURANT INC | AIZN | 53,145 | $11.5M | 0.15% |
| 88 | BJS WHSL CLUB HLDGS INC | 05550J101 | 122,522 | $11.4M | 0.15% |
| 89 | DT MIDSTREAM INC | DTM | 100,258 | $11.3M | 0.15% |
| 90 | XPO INC | XPO | 85,061 | $11.0M | 0.14% |
| 91 | MACOM TECH SOLUTIONS HLDGS I | 55405Y100 | 88,092 | $11.0M | 0.14% |
| 92 | BBB FOODS INC | TBBB | 395,945 | $10.7M | 0.14% |
| 93 | GROUP 1 AUTOMOTIVE INC | GPI | 23,935 | $10.5M | 0.14% |
| 94 | ARCOSA INC | ACA | 109,845 | $10.3M | 0.13% |
| 95 | ICON PLC | ICLR | 57,201 | $10.0M | 0.13% |
| 96 | CRANE NXT CO | CXT | 147,954 | $9.9M | 0.13% |
| 97 | LPL FINL HLDGS INC | 50212V100 | 29,729 | $9.9M | 0.13% |
| 98 | AERCAP HOLDINGS NV | AER | 72,238 | $8.7M | 0.11% |
| 99 | SERVICETITAN INC | TTAN | 82,692 | $8.3M | 0.11% |
| 100 | ARGAN INC | AGX | 29,249 | $7.9M | 0.10% |
| 101 | KITE RLTY GROUP TR | 49803T300 | 352,741 | $7.9M | 0.10% |
| 102 | SHELL PLC | RYDAF | 108,798 | $7.8M | 0.10% |
| 103 | CREDO TECHNOLOGY GROUP HOLDI | CRDO | 53,049 | $7.7M | 0.10% |
| 104 | VERRA MOBILITY CORP | VRRM | 307,570 | $7.6M | 0.10% |
| 105 | PJT PARTNERS INC | PJT | 41,000 | $7.3M | 0.10% |
| 106 | RAMBUS INC DEL | RMBS | 68,591 | $7.1M | 0.09% |
| 107 | MICROSOFT CORP | MSFT | 13,609 | $7.0M | 0.09% |
| 108 | OPEN TEXT CORP | OTEX | 170,979 | $6.4M | 0.08% |
| 109 | REPLIGEN CORP | RGEN | 47,797 | $6.4M | 0.08% |
| 110 | ICICI BANK LIMITED | IBN | 210,275 | $6.4M | 0.08% |
| 111 | INSMED INC | INSM | 44,048 | $6.3M | 0.08% |
| 112 | SITIME CORP | SITM | 21,037 | $6.3M | 0.08% |
| 113 | STANDARDAERO INC | SARO | 211,789 | $5.8M | 0.08% |
| 114 | REPAY HLDGS CORP | RPAY | 1,093,704 | $5.7M | 0.07% |
| 115 | CELSIUS HLDGS INC | CELH | 99,131 | $5.7M | 0.07% |
| 116 | JFROG LTD | FROG | 120,173 | $5.7M | 0.07% |
| 117 | ARTIVION INC | AORT | 132,672 | $5.6M | 0.07% |
| 118 | ISHARES TR | 464287465 | 59,881 | $5.6M | 0.07% |
| 119 | DECKERS OUTDOOR CORP | DECK | 55,036 | $5.6M | 0.07% |
| 120 | AVANTOR INC | AVTR | 445,773 | $5.6M | 0.07% |
| 121 | CYBERARK SOFTWARE LTD | M2682V108 | 11,465 | $5.5M | 0.07% |
| 122 | SERVICENOW INC | NOW | 5,967 | $5.5M | 0.07% |
| 123 | LIBERTY MEDIA CORP DEL | FWONB | 51,555 | $5.4M | 0.07% |
| 124 | MATADOR RES CO | MTDR | 112,680 | $5.1M | 0.07% |
| 125 | CASEYS GEN STORES INC | 147528103 | 8,857 | $5.0M | 0.07% |
| 126 | DIAGEO PLC | DGEAF | 51,092 | $4.9M | 0.06% |
| 127 | STEPSTONE GROUP INC | STEP | 73,141 | $4.8M | 0.06% |
| 128 | WASTE CONNECTIONS INC | WCN | 26,549 | $4.7M | 0.06% |
| 129 | CYTOKINETICS INC | CYTK | 84,719 | $4.7M | 0.06% |
| 130 | SAP SE | SAPGF | 17,339 | $4.6M | 0.06% |
| 131 | SHIFT4 PMTS INC | 82452J109 | 58,481 | $4.5M | 0.06% |
| 132 | INSULET CORP | PODD | 14,643 | $4.5M | 0.06% |
| 133 | PETROLEO BRASILEIRO SA PETRO | 71654V408 | 346,334 | $4.4M | 0.06% |
| 134 | MONDAY COM LTD | MNDY | 21,300 | $4.1M | 0.05% |
| 135 | DUTCH BROS INC | BROS | 77,711 | $4.1M | 0.05% |
| 136 | GLAUKOS CORP | GKOS | 49,069 | $4.0M | 0.05% |
| 137 | BIOMARIN PHARMACEUTICAL INC | BMRN | 73,145 | $4.0M | 0.05% |
| 138 | ON HLDG AG | H5919C104 | 90,916 | $3.9M | 0.05% |
| 139 | FRESHPET INC | FRPT | 64,667 | $3.6M | 0.05% |
| 140 | CLEARWATER ANALYTICS HLDGS I | CWAN | 181,830 | $3.3M | 0.04% |
| 141 | SAMSARA INC | IOT | 87,174 | $3.2M | 0.04% |
| 142 | TRADEWEB MKTS INC | 892672106 | 28,653 | $3.2M | 0.04% |
| 143 | SAIA INC | SAIA | 10,368 | $3.1M | 0.04% |
| 144 | STELLANTIS N.V | STLA | 303,335 | $2.8M | 0.04% |
| 145 | CHURCHILL DOWNS INC | CHDN | 29,140 | $2.8M | 0.04% |
| 146 | AMAZON COM INC | AMZN | 10,937 | $2.4M | 0.03% |
| 147 | AMER SPORTS INC | AS | 66,478 | $2.3M | 0.03% |
| 148 | NVIDIA CORPORATION | NVDA | 12,227 | $2.3M | 0.03% |
| 149 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 69,248 | $2.1M | 0.03% |
| 150 | BRISTOL-MYERS SQUIBB CO | CELG-RI | 38,400 | $1.7M | 0.02% |
| 151 | INSPIRE MED SYS INC | 457730109 | 20,364 | $1.5M | 0.02% |
| 152 | VISA INC | V | 4,224 | $1.4M | 0.02% |
| 153 | GLOBANT S A | GLOB | 23,238 | $1.3M | 0.02% |
| 154 | AIRBNB INC | ABNB | 1,350,000 | $1.3M | 0.02% |
| 155 | MICRON TECHNOLOGY INC | MU | 7,791 | $1.3M | 0.02% |
| 156 | SCHLUMBERGER LTD | SLB | 34,100 | $1.2M | 0.02% |
| 157 | LIBERTY ENERGY INC | LBRT | 74,495 | $919,268 | 0.01% |
| 158 | ZOETIS INC | ZTS | 5,816 | $850,997 | 0.01% |
| 159 | TENARIS S A | 88031M109 | 23,649 | $845,925 | 0.01% |
| 160 | APPLE INC | AAPL | 3,103 | $790,117 | 0.01% |
| 161 | QUANTA SVCS INC | 74762E102 | 1,813 | $751,344 | 0.01% |
| 162 | NOVARTIS AG | NVSEF | 4,889 | $626,965 | 0.01% |
| 163 | HDFC BANK LTD | HDB | 16,602 | $567,124 | 0.01% |
| 164 | GRUPO AEROPUERTO DEL PACIFIC | 400506101 | 2,047 | $485,528 | 0.01% |
| 165 | COUPANG INC | CPNG | 14,336 | $461,619 | 0.01% |
| 166 | INFOSYS LTD | INFY | 24,667 | $401,332 | 0.01% |
| 167 | KB FINL GROUP INC | 48241A105 | 4,727 | $391,916 | 0.01% |
| 168 | VANGUARD STAR FDS | 921909768 | 5,292 | $388,750 | 0.01% |
| 169 | COCA-COLA FEMSA SAB DE CV | COCSF | 4,546 | $377,773 | 0.00% |
| 170 | AIR LEASE CORP | AIIR | 5,282 | $336,199 | 0.00% |
| 171 | ITAU UNIBANCO HLDG S A | 465562106 | 42,320 | $310,629 | 0.00% |
| 172 | SIMPLY GOOD FOODS CO | SMPL | 11,885 | $294,986 | 0.00% |
| 173 | VANGUARD INTL EQUITY INDEX F | 922042775 | 3,751 | $267,709 | 0.00% |
| 174 | COLLIERS INTL GROUP INC | 194693107 | 1,668 | $260,817 | 0.00% |
| 175 | DIAMONDBACK ENERGY INC | FANG | 1,544 | $220,946 | 0.00% |
| 176 | VODAFONE GROUP PLC NEW | 92857W308 | 17,164 | $199,102 | 0.00% |