Institutional Manager · CIK 0001145020

THORNBURG INVESTMENT MANAGEMENT INC

SANTA FE, NM · File #028-06605

Latest AUM

$7.93B

Positions

176

Top-10 Concentration

59.0%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
REDUCE	BROADCOM INC	AVGO	-146,530	-$50.7M	+$35.7M
NEW	ELI LILLY & CO	LLY	+45,404	+$48.8M	$0
ADD	FREEPORT-MCMORAN INC	FCX	+939,941	+$47.7M	+$21.5M
ADD	KANZHUN LIMITED	BZ	+2,265,441	+$46.2M	-$11.5M
ADD	REGIONS FINANCIAL CORP NEW	RF-PF	+1,605,836	+$43.5M	+$3.4M
EXITED	NOVO-NORDISK A S	670100205	-544,386	-$30.2M	$0
REDUCE	JPMORGAN CHASE & CO.	VYLD	-91,207	-$29.4M	+$632,540
REDUCE	ALPHABET INC	GOOG	-90,987	-$28.5M	+$35.9M
EXITED	ELME COMMUNITIES	939653101	-1,599,492	-$27.0M	$0
ADD	ALCON AG	ALC	+311,932	+$24.6M	+$6.5M

Sector Allocation

15.1%$1.20B

13.0%$1.03B

7.2%$570.7M

7.1%$564.3M

Consumer Discretionary

5.2%$409.0M

Materials

4.0%$317.2M

Communication Services

2.6%$210.3M

Energy

1.5%$116.0M

Consumer Staples

0.3%$23.2M

Utilities

0.2%$14.0M

Filing History

Feb 13, 202613F HOLDINGS REPORTQ/E Dec 2025176 pos · $7.93B
Nov 12, 202513F HOLDINGS REPORTQ/E Sep 2025176 pos · $7.67B
Aug 13, 202513F HOLDINGS REPORTQ/E Jun 2025177 pos · $7.77B
May 8, 202513F HOLDINGS REPORTQ/E Mar 2025182 pos · $71.54B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 2024188 pos · $7.57B
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 2024192 pos · $7.68B
Aug 8, 202413F HOLDINGS REPORTQ/E Jun 2024189 pos · $7.11B
May 13, 202413F HOLDINGS REPORTQ/E Mar 2024187 pos · $7.17B
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 2023196 pos · $6.1M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	CITIGROUP INC	C-PR	8,017,682	$935.6M	13.35%
2	AT&T INC	T-PC	29,044,508	$721.5M	10.30%
3	BROADCOM INC	AVGO	2,057,995	$712.3M	10.17%
4	MERCK & CO INC	MRK	3,728,673	$392.5M	5.60%
5	CME GROUP INC	CME	1,146,539	$313.1M	4.47%
6	EQUITABLE HLDGS INC	EQH-PC	4,889,730	$233.0M	3.33%
7	TC ENERGY CORP	TRPRF	4,040,854	$222.5M	3.18%
8	CISCO SYS INC	CSCO	2,869,033	$221.0M	3.15%
9	TAIWAN SEMICONDUCTOR MFG LTD	874039100	644,259	$195.8M	2.79%
10	MEDTRONIC PLC	MDT	1,928,745	$185.3M	2.64%
11	HOME DEPOT INC	HD	519,903	$178.9M	2.55%
12	ENBRIDGE INC	ENNPF	3,601,831	$172.4M	2.46%
13	REGIONS FINANCIAL CORP NEW	RF-PF	6,230,601	$168.8M	2.41%
14	CANADIAN PACIFIC KANSAS CITY	CP	2,102,939	$154.8M	2.21%
15	FREEPORT-MCMORAN INC	FCX	2,794,794	$141.9M	2.03%
16	ALCON AG	ALC	1,747,719	$138.1M	1.97%
17	ALPHABET INC	GOOG	422,442	$132.2M	1.89%
18	KANZHUN LIMITED	BZ	6,117,010	$124.7M	1.78%
19	LINDE PLC	LIN	272,505	$115.9M	1.65%
20	FERROVIAL SE	FER	1,724,228	$112.0M	1.60%