Q3 2025 · 13F-HR
THORNBURG INVESTMENT MANAGEMENT INCholdings as filed
Filed 2025-11-12 · accession 0001140361-25-041494
$7.67B
Reported value
176
Positions
2025-09-30
Period end
The Brief · THORNBURG INVESTMENT MANAGEMENT INC · Q3 2025
AI · grounded in 13F
THORNBURG INVESTMENT MANAGEMENT INC established a new position in Citigroup Inc C valued at $814.3M. The fund also initiated new stakes in AT&T Inc T for $797.9M and Broadcom Inc AVGO for $727.3M. Other new additions include CME Group Inc CME and Merck & Co Inc MRK. The fund ended the period with 176 positions and total AUM of $7.7B.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 172967424 | C | CITIGROUP INC | $814.3M | 10.6% | 8,022,240 | Common | SOLE |
| 00206R102 | T | AT&T INC | $797.9M | 10.4% | 28,254,463 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $727.3M | 9.49% | 2,204,525 | Common | SOLE |
| 12572Q105 | CME | CME GROUP INC | $300.2M | 3.92% | 1,111,182 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $295.5M | 3.85% | 3,520,631 | Common | SOLE |
| 29452E101 | EQH | EQUITABLE HLDGS INC | $247.2M | 3.22% | 4,867,643 | Common | SOLE |
| 87807B107 | TRP | TC ENERGY CORP | $218.9M | 2.86% | 4,027,286 | Common | SOLE |
| 437076102 | HD | HOME DEPOT INC | $208.9M | 2.73% | 515,676 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $185.6M | 2.42% | 664,576 | Common | SOLE |
| G5960L103 | MDT | MEDTRONIC PLC | $183.8M | 2.40% | 1,930,295 | Common | SOLE |
| 29250N105 | ENB | ENBRIDGE INC | $181.0M | 2.36% | 3,587,620 | Common | SOLE |
| 17275R102 | CSCO | CISCO SYS INC | $178.7M | 2.33% | 2,611,890 | Common | SOLE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $171.0M | 2.23% | 2,295,096 | Common | SOLE |
| G54950103 | LIN | LINDE PLC | $131.0M | 1.71% | 275,063 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $124.8M | 1.63% | 513,429 | Common | SOLE |
| 7591EP100 | RF | REGIONS FINANCIAL CORP NEW | $122.0M | 1.59% | 4,624,765 | Common | SOLE |
| H01301128 | ALC | ALCON AG | $107.0M | 1.40% | 1,435,787 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $105.5M | 1.38% | 143,706 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $98.9M | 1.29% | 553,384 | Common | SOLE |
| N3168P101 | FER | FERROVIAL SE | $98.8M | 1.29% | 1,721,344 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $93.0M | 1.21% | 401,760 | Common | SOLE |
| 48553T106 | BZ | KANZHUN LIMITED | $90.0M | 1.17% | 3,851,569 | Common | SOLE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $72.7M | 0.95% | 1,854,853 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $72.2M | 0.94% | 756,005 | Common | SOLE |
| 58733R102 | MELI | MERCADOLIBRE INC | $70.0M | 0.91% | 29,941 | Common | SOLE |
| 83413U100 | SLRC | SLR INVESTMENT CORP | $66.9M | 0.87% | 4,372,550 | Common | SOLE |
| 16934Q802 | CIM | CHIMERA INVT CORP | $66.4M | 0.87% | 5,019,354 | Common | SOLE |
| 893641100 | TDG | TRANSDIGM GROUP INC | $62.8M | 0.82% | 47,636 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $59.1M | 0.77% | 103,940 | Common | SOLE |
| 83671M105 | SOBO | SOUTH BOW CORP | $56.5M | 0.74% | 1,997,301 | Common | SOLE |
| 81141R100 | SE | SEA LTD | $55.2M | 0.72% | 308,681 | Common | SOLE |
| N53745100 | LYB | LYONDELLBASELL INDUSTRIES N | $50.5M | 0.66% | 1,028,822 | Common | SOLE |
| N3167Y103 | RACE | FERRARI N V | $43.2M | 0.56% | 88,935 | Common | SOLE |
| 127190304 | CACI | CACI INTL INC | $42.7M | 0.56% | 85,593 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $39.8M | 0.52% | 275,387 | Common | SOLE |
| 046353108 | AZNN | ASTRAZENECA PLC | $39.2M | 0.51% | 510,947 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $38.9M | 0.51% | 182,992 | Common | SOLE |
| 502431109 | LHX | L3HARRIS TECHNOLOGIES INC | $38.9M | 0.51% | 127,284 | Common | SOLE |
| 03761U502 | MFIC | MIDCAP FINANCIAL INVSTMNT CO | $37.6M | 0.49% | 3,137,783 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $36.9M | 0.48% | 1,449,270 | Common | SOLE |
| G5S37H101 | MRX | MAREX GROUP PLC | $35.3M | 0.46% | 1,049,351 | Common | SOLE |
| 670100205 | NVO | NOVO-NORDISK A S | $30.2M | 0.39% | 544,386 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $29.4M | 0.38% | 93,156 | Common | SOLE |
| 939653101 | ELME | ELME COMMUNITIES | $27.0M | 0.35% | 1,599,492 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $26.0M | 0.34% | 4,820 | Common | SOLE |
| 040413205 | ANET | ARISTA NETWORKS INC | $24.0M | 0.31% | 164,945 | Common | SOLE |
| 147448104 | CWST | CASELLA WASTE SYS INC | $23.5M | 0.31% | 247,419 | Common | SOLE |
| 92537N108 | VRT | VERTIV HOLDINGS CO | $21.5M | 0.28% | 142,330 | Common | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $21.0M | 0.27% | 141,135 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $20.6M | 0.27% | 58,338 | Common | SOLE |
| N07059210 | ASML | ASML HOLDING N V | $20.4M | 0.27% | 21,058 | Common | SOLE |
| 03820C105 | AIT | APPLIED INDL TECHNOLOGIES IN | $20.2M | 0.26% | 77,372 | Common | SOLE |
| 835699307 | SONY | SONY GROUP CORP | $19.4M | 0.25% | 672,733 | Common | SOLE |
| 00737L103 | CVSA | ADTALEM GLOBAL ED INC | $19.3M | 0.25% | 124,872 | Common | SOLE |
| 74624M102 | P | PURE STORAGE INC | $19.1M | 0.25% | 228,044 | Common | SOLE |
| G6683N103 | NU | NU HLDGS LTD | $19.1M | 0.25% | 1,191,386 | Common | SOLE |
| 00847J105 | AGYS | AGILYSYS INC | $19.0M | 0.25% | 180,088 | Common | SOLE |
| G87110105 | FTI | TECHNIPFMC PLC | $18.6M | 0.24% | 472,380 | Common | SOLE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $18.5M | 0.24% | 114,262 | Common | SOLE |
| G3643J108 | FLUT | FLUTTER ENTMT PLC | $18.3M | 0.24% | 72,226 | Common | SOLE |
| 45073V108 | ITT | ITT INC | $18.0M | 0.23% | 100,750 | Common | SOLE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $17.7M | 0.23% | 145,844 | Common | SOLE |
| 606822104 | MUFG | MITSUBISHI UFJ FINL GROUP IN | $17.6M | 0.23% | 1,106,617 | Common | SOLE |
| G8068L108 | SN | SHARKNINJA INC | $17.3M | 0.23% | 167,687 | Common | SOLE |
| 55405W104 | MYRG | MYR GROUP INC DEL | $17.2M | 0.22% | 82,696 | Common | SOLE |
| 200300507 | CMCSA | COMCAST HOLDINGS CORP | $17.1M | 0.22% | 284,060 | Common | SOLE |
| 89400J107 | TRU | TRANSUNION | $16.8M | 0.22% | 200,935 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $16.7M | 0.22% | 39,260 | Common | SOLE |
| 464288240 | ACWX | ISHARES TR | $14.9M | 0.19% | 229,362 | Common | SOLE |
| 957638109 | WAL | WESTERN ALLIANCE BANCORP | $14.3M | 0.19% | 164,612 | Common | SOLE |
| 456837103 | ING | ING GROEP N.V. | $14.2M | 0.19% | 546,389 | Common | SOLE |
| 184496107 | CLH | CLEAN HARBORS INC | $14.2M | 0.18% | 61,053 | Common | SOLE |
| 89151E109 | TTEN | TOTALENERGIES SE | $14.0M | 0.18% | 233,917 | Common | SOLE |
| 19247G107 | COHR | COHERENT CORP | $13.8M | 0.18% | 128,327 | Common | SOLE |
| G2519Y108 | BAP | CREDICORP LTD | $13.8M | 0.18% | 51,776 | Common | SOLE |
| 89677Q107 | TCOM | TRIP COM GROUP LTD | $13.7M | 0.18% | 181,913 | Common | SOLE |
| 72346Q104 | — | PINNACLE FINL PARTNERS INC | $13.6M | 0.18% | 144,509 | Common | SOLE |
| 93148P102 | WD | WALKER & DUNLOP INC | $13.3M | 0.17% | 159,641 | Common | SOLE |
| 12510Q100 | CCC | CCC INTELLIGENT SOLUTIONS HL | $13.3M | 0.17% | 1,459,196 | Common | SOLE |
| 88033G407 | THC | TENET HEALTHCARE CORP | $13.0M | 0.17% | 64,183 | Common | SOLE |
| 264147109 | DCO | DUCOMMUN INC DEL | $13.0M | 0.17% | 134,748 | Common | SOLE |
| 67059N108 | NTNX | NUTANIX INC | $12.9M | 0.17% | 172,982 | Common | SOLE |
| 81725T100 | SXT | SENSIENT TECHNOLOGIES CORP | $12.4M | 0.16% | 131,856 | Common | SOLE |
| 8676EP108 | STKL | SUNOPTA INC | $12.2M | 0.16% | 2,088,513 | Common | SOLE |
| 98311A105 | WH | WYNDHAM HOTELS & RESORTS INC | $12.1M | 0.16% | 151,208 | Common | SOLE |
| 69349H107 | TXNM | TXNM ENERGY INC | $11.7M | 0.15% | 207,615 | Common | SOLE |
| 04621X108 | AIZ | ASSURANT INC | $11.5M | 0.15% | 53,145 | Common | SOLE |
| 05550J101 | BJ | BJS WHSL CLUB HLDGS INC | $11.4M | 0.15% | 122,522 | Common | SOLE |
| 23345M107 | DTM | DT MIDSTREAM INC | $11.3M | 0.15% | 100,258 | Common | SOLE |
| 983793100 | XPO | XPO INC | $11.0M | 0.14% | 85,061 | Common | SOLE |
| 55405Y100 | MTSI | MACOM TECH SOLUTIONS HLDGS I | $11.0M | 0.14% | 88,092 | Common | SOLE |
| G0896C103 | TBBB | BBB FOODS INC | $10.7M | 0.14% | 395,945 | Common | SOLE |
| 398905109 | GPI | GROUP 1 AUTOMOTIVE INC | $10.5M | 0.14% | 23,935 | Common | SOLE |
| 039653100 | ACA | ARCOSA INC | $10.3M | 0.13% | 109,845 | Common | SOLE |
| G4705A100 | ICLR | ICON PLC | $10.0M | 0.13% | 57,201 | Common | SOLE |
| 224441105 | CXT | CRANE NXT CO | $9.9M | 0.13% | 147,954 | Common | SOLE |
| 50212V100 | LPLA | LPL FINL HLDGS INC | $9.9M | 0.13% | 29,729 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $8.7M | 0.11% | 72,238 | Common | SOLE |
| 81764X103 | TTAN | SERVICETITAN INC | $8.3M | 0.11% | 82,692 | Common | SOLE |
| 04010E109 | AGX | ARGAN INC | $7.9M | 0.10% | 29,249 | Common | SOLE |
| 49803T300 | KRG | KITE RLTY GROUP TR | $7.9M | 0.10% | 352,741 | Common | SOLE |
| 780259305 | SHEL | SHELL PLC | $7.8M | 0.10% | 108,798 | Common | SOLE |
| G25457105 | CRDO | CREDO TECHNOLOGY GROUP HOLDI | $7.7M | 0.10% | 53,049 | Common | SOLE |
| 92511U102 | VRRM | VERRA MOBILITY CORP | $7.6M | 0.10% | 307,570 | Common | SOLE |
| 69343T107 | PJT | PJT PARTNERS INC | $7.3M | 0.10% | 41,000 | Common | SOLE |
| 750917106 | RMBS | RAMBUS INC DEL | $7.1M | 0.09% | 68,591 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $7.0M | 0.09% | 13,609 | Common | SOLE |
| 683715106 | OTEX | OPEN TEXT CORP | $6.4M | 0.08% | 170,979 | Common | SOLE |
| 759916109 | RGEN | REPLIGEN CORP | $6.4M | 0.08% | 47,797 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $6.4M | 0.08% | 210,275 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $6.3M | 0.08% | 44,048 | Common | SOLE |
| 82982T106 | SITM | SITIME CORP | $6.3M | 0.08% | 21,037 | Common | SOLE |
| 85423L103 | SARO | STANDARDAERO INC | $5.8M | 0.08% | 211,789 | Common | SOLE |
| 76029L100 | RPAY | REPAY HLDGS CORP | $5.7M | 0.07% | 1,093,704 | Common | SOLE |
| 15118V207 | CELH | CELSIUS HLDGS INC | $5.7M | 0.07% | 99,131 | Common | SOLE |
| M6191J100 | FROG | JFROG LTD | $5.7M | 0.07% | 120,173 | Common | SOLE |
| 228903100 | AORT | ARTIVION INC | $5.6M | 0.07% | 132,672 | Common | SOLE |
| 464287465 | EFA | ISHARES TR | $5.6M | 0.07% | 59,881 | Common | SOLE |
| 243537107 | DECK | DECKERS OUTDOOR CORP | $5.6M | 0.07% | 55,036 | Common | SOLE |
| 05352A100 | AVTR | AVANTOR INC | $5.6M | 0.07% | 445,773 | Common | SOLE |
| M2682V108 | CYBR | CYBERARK SOFTWARE LTD | $5.5M | 0.07% | 11,465 | Common | SOLE |
| 81762P102 | NOW | SERVICENOW INC | $5.5M | 0.07% | 5,967 | Common | SOLE |
| 531229755 | FWONK | LIBERTY MEDIA CORP DEL | $5.4M | 0.07% | 51,555 | Common | SOLE |
| 576485205 | MTDR | MATADOR RES CO | $5.1M | 0.07% | 112,680 | Common | SOLE |
| 147528103 | CASY | CASEYS GEN STORES INC | $5.0M | 0.07% | 8,857 | Common | SOLE |
| 25243Q205 | DEO | DIAGEO PLC | $4.9M | 0.06% | 51,092 | Common | SOLE |
| 85914M107 | STEP | STEPSTONE GROUP INC | $4.8M | 0.06% | 73,141 | Common | SOLE |
| 94106B101 | WCN | WASTE CONNECTIONS INC | $4.7M | 0.06% | 26,549 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $4.7M | 0.06% | 84,719 | Common | SOLE |
| 803054204 | SAP | SAP SE | $4.6M | 0.06% | 17,339 | Common | SOLE |
| 82452J109 | FOUR | SHIFT4 PMTS INC | $4.5M | 0.06% | 58,481 | Common | SOLE |
| 45784P101 | PODD | INSULET CORP | $4.5M | 0.06% | 14,643 | Common | SOLE |
| 71654V408 | PBR | PETROLEO BRASILEIRO SA PETRO | $4.4M | 0.06% | 346,334 | Common | SOLE |
| M7S64H106 | MNDY | MONDAY COM LTD | $4.1M | 0.05% | 21,300 | Common | SOLE |
| 26701L100 | BROS | DUTCH BROS INC | $4.1M | 0.05% | 77,711 | Common | SOLE |
| 377322102 | GKOS | GLAUKOS CORP | $4.0M | 0.05% | 49,069 | Common | SOLE |
| 09061G101 | BMRN | BIOMARIN PHARMACEUTICAL INC | $4.0M | 0.05% | 73,145 | Common | SOLE |
| H5919C104 | ONON | ON HLDG AG | $3.9M | 0.05% | 90,916 | Common | SOLE |
| 358039105 | FRPT | FRESHPET INC | $3.6M | 0.05% | 64,667 | Common | SOLE |
| 185123106 | CWAN | CLEARWATER ANALYTICS HLDGS I | $3.3M | 0.04% | 181,830 | Common | SOLE |
| 79589L106 | IOT | SAMSARA INC | $3.2M | 0.04% | 87,174 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $3.2M | 0.04% | 28,653 | Common | SOLE |
| 78709Y105 | SAIA | SAIA INC | $3.1M | 0.04% | 10,368 | Common | SOLE |
| N82405106 | STLA | STELLANTIS N.V | $2.8M | 0.04% | 303,335 | Common | SOLE |
| 171484108 | CHDN | CHURCHILL DOWNS INC | $2.8M | 0.04% | 29,140 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $2.4M | 0.03% | 10,937 | Common | SOLE |
| G0260P102 | AS | AMER SPORTS INC | $2.3M | 0.03% | 66,478 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.3M | 0.03% | 12,227 | Common | SOLE |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $2.1M | 0.03% | 69,248 | Common | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $1.7M | 0.02% | 38,400 | Common | SOLE |
| 457730109 | INSP | INSPIRE MED SYS INC | $1.5M | 0.02% | 20,364 | Common | SOLE |
| 92826C839 | V | VISA INC | $1.4M | 0.02% | 4,224 | Common | SOLE |
| L44385109 | GLOB | GLOBANT S A | $1.3M | 0.02% | 23,238 | Common | SOLE |
| 009066AB7 | ABNB 0 03/15/26 | AIRBNB INC | $1.3M | 0.02% | 1,350,000 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $1.3M | 0.02% | 7,791 | Common | SOLE |
| 806857108 | SLB | SCHLUMBERGER LTD | $1.2M | 0.02% | 34,100 | Common | SOLE |
| 53115L104 | LBRT | LIBERTY ENERGY INC | $919,268 | 0.01% | 74,495 | Common | SOLE |
| 98978V103 | ZTS | ZOETIS INC | $850,997 | 0.01% | 5,816 | Common | SOLE |
| 88031M109 | TS | TENARIS S A | $845,925 | 0.01% | 23,649 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $790,117 | 0.01% | 3,103 | Common | SOLE |
| 74762E102 | QURE | QUANTA SVCS INC | $751,344 | 0.01% | 1,813 | Common | SOLE |
| 66987V109 | NVS | NOVARTIS AG | $626,965 | 0.01% | 4,889 | Common | SOLE |
| 40415F101 | HDB | HDFC BANK LTD | $567,124 | 0.01% | 16,602 | Common | SOLE |
| 400506101 | PAC | GRUPO AEROPUERTO DEL PACIFIC | $485,528 | 0.01% | 2,047 | Common | SOLE |
| 22266T109 | CPNG | COUPANG INC | $461,619 | 0.01% | 14,336 | Common | SOLE |
| 456788108 | INFY | INFOSYS LTD | $401,332 | 0.01% | 24,667 | Common | SOLE |
| 48241A105 | KB | KB FINL GROUP INC | $391,916 | 0.01% | 4,727 | Common | SOLE |
| 921909768 | VXUS | VANGUARD STAR FDS | $388,750 | 0.01% | 5,292 | Common | SOLE |
| 191241108 | KOF | COCA-COLA FEMSA SAB DE CV | $377,773 | 0.00% | 4,546 | Common | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $336,199 | 0.00% | 5,282 | Common | SOLE |
| 465562106 | ITUB | ITAU UNIBANCO HLDG S A | $310,629 | 0.00% | 42,320 | Common | SOLE |
| 82900L102 | SMPL | SIMPLY GOOD FOODS CO | $294,986 | 0.00% | 11,885 | Common | SOLE |
| 922042775 | VEU | VANGUARD INTL EQUITY INDEX F | $267,709 | 0.00% | 3,751 | Common | SOLE |
| 194693107 | CIGI | COLLIERS INTL GROUP INC | $260,817 | 0.00% | 1,668 | Common | SOLE |
| 25278X109 | FANG | DIAMONDBACK ENERGY INC | $220,946 | 0.00% | 1,544 | Common | SOLE |
| 92857W308 | VOD | VODAFONE GROUP PLC NEW | $199,102 | 0.00% | 17,164 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.