Q4 2025 · 13F-HR
THORNBURG INVESTMENT MANAGEMENT INCholdings as filed
Filed 2026-02-13 · accession 0001140361-26-005232
$7.93B
Reported value
176
Positions
2025-12-31
Period end
The Brief · THORNBURG INVESTMENT MANAGEMENT INC · Q4 2025
AI · grounded in 13F
Thornburg Investment Management Inc closed its position in NVO for a reduction of $30.2M. The fund established a new position in LLY valued at $48.8M and increased its stake in FCX by 50.7%. Other notable activity includes closing its position in ELME COMMUNITIES for $27M and increasing shares of RF by 34.7%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 172967424 | C | CITIGROUP INC | $935.6M | 11.8% | 8,017,682 | Common | SOLE |
| 00206R102 | T | AT&T INC | $721.5M | 9.10% | 29,044,508 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $712.3M | 8.99% | 2,057,995 | Common | SOLE |
| 58933Y105 | MRK | MERCK & CO INC | $392.5M | 4.95% | 3,728,673 | Common | SOLE |
| 12572Q105 | CME | CME GROUP INC | $313.1M | 3.95% | 1,146,539 | Common | SOLE |
| 29452E101 | EQH | EQUITABLE HLDGS INC | $233.0M | 2.94% | 4,889,730 | Common | SOLE |
| 87807B107 | TRP | TC ENERGY CORP | $222.5M | 2.81% | 4,040,854 | Common | SOLE |
| 17275R102 | CSCO | CISCO SYS INC | $221.0M | 2.79% | 2,869,033 | Common | SOLE |
| 874039100 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $195.8M | 2.47% | 644,259 | Common | SOLE |
| G5960L103 | MDT | MEDTRONIC PLC | $185.3M | 2.34% | 1,928,745 | Common | SOLE |
| 437076102 | HD | HOME DEPOT INC | $178.9M | 2.26% | 519,903 | Common | SOLE |
| 29250N105 | ENB | ENBRIDGE INC | $172.4M | 2.18% | 3,601,831 | Common | SOLE |
| 7591EP100 | RF | REGIONS FINANCIAL CORP NEW | $168.8M | 2.13% | 6,230,601 | Common | SOLE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $154.8M | 1.95% | 2,102,939 | Common | SOLE |
| 35671D857 | FCX | FREEPORT-MCMORAN INC | $141.9M | 1.79% | 2,794,794 | Common | SOLE |
| H01301128 | ALC | ALCON AG | $138.1M | 1.74% | 1,747,719 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $132.2M | 1.67% | 422,442 | Common | SOLE |
| 48553T106 | BZ | KANZHUN LIMITED | $124.7M | 1.57% | 6,117,010 | Common | SOLE |
| G54950103 | LIN | LINDE PLC | $115.9M | 1.46% | 272,505 | Common | SOLE |
| N3168P101 | FER | FERROVIAL SE | $112.0M | 1.41% | 1,724,228 | Common | SOLE |
| 00287Y109 | ABBV | ABBVIE INC | $91.6M | 1.16% | 401,010 | Common | SOLE |
| 30303M102 | META | META PLATFORMS INC | $85.7M | 1.08% | 129,770 | Common | SOLE |
| 01609W102 | BABA | ALIBABA GROUP HLDG LTD | $85.6M | 1.08% | 584,028 | Common | SOLE |
| 83671M105 | SOBO | SOUTH BOW CORP | $77.8M | 0.98% | 2,829,875 | Common | SOLE |
| 808513105 | SCHW | SCHWAB CHARLES CORP | $75.4M | 0.95% | 754,888 | Common | SOLE |
| 83413U100 | SLRC | SLR INVESTMENT CORP | $67.5M | 0.85% | 4,367,861 | Common | SOLE |
| 16934Q802 | CIM | CHIMERA INVT CORP | $65.5M | 0.83% | 5,268,481 | Common | SOLE |
| 893641100 | TDG | TRANSDIGM GROUP INC | $63.3M | 0.80% | 47,636 | Common | SOLE |
| 58733R102 | MELI | MERCADOLIBRE INC | $60.3M | 0.76% | 29,955 | Common | SOLE |
| 57636Q104 | MA | MASTERCARD INCORPORATED | $56.5M | 0.71% | 99,052 | Common | SOLE |
| 717081103 | PFE | PFIZER INC | $54.8M | 0.69% | 2,202,459 | Common | SOLE |
| 532457108 | LLY | ELI LILLY & CO | $48.8M | 0.62% | 45,404 | Common | SOLE |
| 046353108 | AZNN | ASTRAZENECA PLC | $46.5M | 0.59% | 505,985 | Common | SOLE |
| 127190304 | CACI | CACI INTL INC | $44.6M | 0.56% | 83,746 | Common | SOLE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $44.3M | 0.56% | 182,654 | Common | SOLE |
| N53745100 | LYB | LYONDELLBASELL INDUSTRIES N | $42.3M | 0.53% | 977,081 | Common | SOLE |
| G5S37H101 | MRX | MAREX GROUP PLC | $42.3M | 0.53% | 1,102,143 | Common | SOLE |
| 81141R100 | SE | SEA LTD | $41.3M | 0.52% | 323,829 | Common | SOLE |
| 872540109 | TJX | TJX COS INC NEW | $40.0M | 0.51% | 260,571 | Common | SOLE |
| 502431109 | LHX | L3HARRIS TECHNOLOGIES INC | $37.2M | 0.47% | 126,698 | Common | SOLE |
| 03761U502 | MFIC | MIDCAP FINANCIAL INVSTMNT CO | $35.9M | 0.45% | 3,137,783 | Common | SOLE |
| 00724F101 | ADBE | ADOBE INC | $34.7M | 0.44% | 99,185 | Common | SOLE |
| N3167Y103 | RACE | FERRARI N V | $32.6M | 0.41% | 88,109 | Common | SOLE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $26.4M | 0.33% | 123,243 | Common | SOLE |
| 147448104 | CWST | CASELLA WASTE SYS INC | $23.9M | 0.30% | 244,037 | Common | SOLE |
| 09857L108 | BKNG | BOOKING HOLDINGS INC | $22.3M | 0.28% | 4,172 | Common | SOLE |
| 82509L107 | SHOP | SHOPIFY INC | $22.1M | 0.28% | 137,279 | Common | SOLE |
| N07059210 | ASML | ASML HOLDING N V | $21.7M | 0.27% | 20,316 | Common | SOLE |
| 92537N108 | VRT | VERTIV HOLDINGS CO | $21.7M | 0.27% | 133,658 | Common | SOLE |
| 00847J105 | AGYS | AGILYSYS INC | $21.2M | 0.27% | 178,136 | Common | SOLE |
| G8068L108 | SN | SHARKNINJA INC | $21.1M | 0.27% | 188,960 | Common | SOLE |
| 040413205 | ANET | ARISTA NETWORKS INC | $21.1M | 0.27% | 160,832 | Common | SOLE |
| 19247G107 | COHR | COHERENT CORP | $19.9M | 0.25% | 107,961 | Common | SOLE |
| 03820C105 | AIT | APPLIED INDL TECHNOLOGIES IN | $19.5M | 0.25% | 75,889 | Common | SOLE |
| G87110105 | FTI | TECHNIPFMC PLC | $18.9M | 0.24% | 424,762 | Common | SOLE |
| 45073V108 | ITT | ITT INC | $17.9M | 0.23% | 103,356 | Common | SOLE |
| G6683N103 | NU | NU HLDGS LTD | $17.9M | 0.23% | 1,069,535 | Common | SOLE |
| 456837103 | ING | ING GROEP N.V. | $17.7M | 0.22% | 632,753 | Common | SOLE |
| 200300507 | CMCSA | COMCAST HOLDINGS CORP | $17.2M | 0.22% | 281,010 | Common | SOLE |
| 89400J107 | TRU | TRANSUNION | $17.0M | 0.21% | 198,186 | Common | SOLE |
| N00985106 | AER | AERCAP HOLDINGS NV | $16.8M | 0.21% | 116,740 | Common | SOLE |
| 606822104 | MUFG | MITSUBISHI UFJ FINL GROUP IN | $16.3M | 0.21% | 1,027,642 | Common | SOLE |
| 464288240 | ACWX | ISHARES TR | $16.1M | 0.20% | 240,341 | Common | SOLE |
| 55405Y100 | MTSI | MACOM TECH SOLUTIONS HLDGS I | $15.9M | 0.20% | 92,639 | Common | SOLE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $14.7M | 0.19% | 143,154 | Common | SOLE |
| 835699307 | SONY | SONY GROUP CORP | $14.7M | 0.19% | 575,081 | Common | SOLE |
| G3643J108 | FLUT | FLUTTER ENTMT PLC | $14.2M | 0.18% | 66,216 | Common | SOLE |
| 184496107 | CLH | CLEAN HARBORS INC | $14.2M | 0.18% | 60,620 | Common | SOLE |
| 87422Q109 | TLN | TALEN ENERGY CORP | $14.0M | 0.18% | 37,231 | Common | SOLE |
| 957638109 | WAL | WESTERN ALLIANCE BANCORP | $13.7M | 0.17% | 163,527 | Common | SOLE |
| 72346Q104 | — | PINNACLE FINL PARTNERS INC | $13.2M | 0.17% | 138,594 | Common | SOLE |
| 81764X103 | TTAN | SERVICETITAN INC | $13.2M | 0.17% | 124,159 | Common | SOLE |
| V5633W109 | MMYT | MAKEMYTRIP LIMITED MAURITIUS | $13.1M | 0.17% | 159,711 | Common | SOLE |
| 74624M102 | P | PURE STORAGE INC | $13.0M | 0.16% | 193,748 | Common | SOLE |
| 264147109 | DCO | DUCOMMUN INC DEL | $12.9M | 0.16% | 135,098 | Common | SOLE |
| 00737L103 | CVSA | ADTALEM GLOBAL ED INC | $12.8M | 0.16% | 123,239 | Common | SOLE |
| 89677Q107 | TCOM | TRIP COM GROUP LTD | $12.7M | 0.16% | 176,758 | Common | SOLE |
| 88033G407 | THC | TENET HEALTHCARE CORP | $12.7M | 0.16% | 63,760 | Common | SOLE |
| 81725T100 | SXT | SENSIENT TECHNOLOGIES CORP | $12.3M | 0.16% | 130,897 | Common | SOLE |
| 23345M107 | DTM | DT MIDSTREAM INC | $11.9M | 0.15% | 99,833 | Common | SOLE |
| G2519Y108 | BAP | CREDICORP LTD | $11.7M | 0.15% | 40,601 | Common | SOLE |
| 039653100 | ACA | ARCOSA INC | $11.6M | 0.15% | 109,101 | Common | SOLE |
| 55405W104 | MYRG | MYR GROUP INC DEL | $11.6M | 0.15% | 53,070 | Common | SOLE |
| 983793100 | XPO | XPO INC | $11.5M | 0.14% | 84,488 | Common | SOLE |
| 04621X108 | AIZ | ASSURANT INC | $11.1M | 0.14% | 46,109 | Common | SOLE |
| 05550J101 | BJ | BJS WHSL CLUB HLDGS INC | $11.0M | 0.14% | 121,685 | Common | SOLE |
| 50212V100 | LPLA | LPL FINL HLDGS INC | $10.5M | 0.13% | 29,470 | Common | SOLE |
| G4705A100 | ICLR | ICON PLC | $9.9M | 0.12% | 54,173 | Common | SOLE |
| 93148P102 | WD | WALKER & DUNLOP INC | $9.6M | 0.12% | 160,103 | Common | SOLE |
| 69343T107 | PJT | PJT PARTNERS INC | $9.0M | 0.11% | 53,566 | Common | SOLE |
| 398905109 | GPI | GROUP 1 AUTOMOTIVE INC | $8.8M | 0.11% | 22,455 | Common | SOLE |
| 780259305 | SHEL | SHELL PLC | $8.0M | 0.10% | 108,821 | Common | SOLE |
| 92511U102 | VRRM | VERRA MOBILITY CORP | $8.0M | 0.10% | 356,591 | Common | SOLE |
| M2197Q107 | CLBT | CELLEBRITE DI LTD | $7.9M | 0.10% | 440,624 | Common | SOLE |
| G25457105 | CRDO | CREDO TECHNOLOGY GROUP HOLDI | $7.9M | 0.10% | 54,962 | Common | SOLE |
| 8676EP108 | STKL | SUNOPTA INC | $7.9M | 0.10% | 2,074,489 | Common | SOLE |
| 147528103 | CASY | CASEYS GEN STORES INC | $7.7M | 0.10% | 14,020 | Common | SOLE |
| 04010E109 | AGX | ARGAN INC | $7.7M | 0.10% | 24,611 | Common | SOLE |
| 759916109 | RGEN | REPLIGEN CORP | $7.6M | 0.10% | 46,488 | Common | SOLE |
| 98311A105 | WH | WYNDHAM HOTELS & RESORTS INC | $7.5M | 0.10% | 99,830 | Common | SOLE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $7.5M | 0.10% | 26,428 | Common | SOLE |
| 12510Q100 | CCC | CCC INTELLIGENT SOLUTIONS HL | $7.5M | 0.09% | 938,688 | Common | SOLE |
| 82982T106 | SITM | SITIME CORP | $7.4M | 0.09% | 21,006 | Common | SOLE |
| G98239109 | XP | XP INC | $7.4M | 0.09% | 450,131 | Common | SOLE |
| 224441105 | CXT | CRANE NXT CO | $6.7M | 0.08% | 142,960 | Common | SOLE |
| 67059N108 | NTNX | NUTANIX INC | $6.7M | 0.08% | 129,597 | Common | SOLE |
| 85423L103 | SARO | STANDARDAERO INC | $6.7M | 0.08% | 232,502 | Common | SOLE |
| M6191J100 | FROG | JFROG LTD | $6.6M | 0.08% | 106,399 | Common | SOLE |
| 05352A100 | AVTR | AVANTOR INC | $6.6M | 0.08% | 576,959 | Common | SOLE |
| 457669307 | INSM | INSMED INC | $6.6M | 0.08% | 37,971 | Common | SOLE |
| 594918104 | MSFT | MICROSOFT CORP | $6.6M | 0.08% | 13,609 | Common | SOLE |
| 464287465 | EFA | ISHARES TR | $6.4M | 0.08% | 67,126 | Common | SOLE |
| G0896C103 | TBBB | BBB FOODS INC | $6.2M | 0.08% | 187,102 | Common | SOLE |
| M7S64H106 | MNDY | MONDAY COM LTD | $6.2M | 0.08% | 41,714 | Common | SOLE |
| 228903100 | AORT | ARTIVION INC | $5.9M | 0.07% | 129,037 | Common | SOLE |
| 45104G104 | IBN | ICICI BANK LIMITED | $5.7M | 0.07% | 192,359 | Common | SOLE |
| 243537107 | DECK | DECKERS OUTDOOR CORP | $5.7M | 0.07% | 54,681 | Common | SOLE |
| 683715106 | OTEX | OPEN TEXT CORP | $5.5M | 0.07% | 168,449 | Common | SOLE |
| 09061G101 | BMRN | BIOMARIN PHARMACEUTICAL INC | $5.4M | 0.07% | 90,730 | Common | SOLE |
| 377322102 | GKOS | GLAUKOS CORP | $5.4M | 0.07% | 47,725 | Common | SOLE |
| 64119N608 | NTSK | NETSKOPE INC | $5.3M | 0.07% | 302,288 | Common | SOLE |
| 60471A101 | MIR | MIRION TECHNOLOGIES INC | $5.3M | 0.07% | 226,209 | Common | SOLE |
| 750917106 | RMBS | RAMBUS INC DEL | $5.3M | 0.07% | 57,554 | Common | SOLE |
| 26701L100 | BROS | DUTCH BROS INC | $5.3M | 0.07% | 85,792 | Common | SOLE |
| 23282W605 | CYTK | CYTOKINETICS INC | $5.2M | 0.07% | 82,398 | Common | SOLE |
| 15118V207 | CELH | CELSIUS HLDGS INC | $5.2M | 0.07% | 112,954 | Common | SOLE |
| 576485205 | MTDR | MATADOR RES CO | $4.8M | 0.06% | 112,680 | Common | SOLE |
| F21107101 | CSTM | CONSTELLIUM SE | $4.7M | 0.06% | 251,735 | Common | SOLE |
| 803054204 | SAP | SAP SE | $4.7M | 0.06% | 19,238 | Common | SOLE |
| 81762P102 | NOW | SERVICENOW INC | $4.6M | 0.06% | 29,835 | Common | SOLE |
| 85914M107 | STEP | STEPSTONE GROUP INC | $4.6M | 0.06% | 71,137 | Common | SOLE |
| 29362U104 | ENTG | ENTEGRIS INC | $4.3M | 0.05% | 51,267 | Common | SOLE |
| 71654V408 | PBR | PETROLEO BRASILEIRO SA PETRO | $4.1M | 0.05% | 344,876 | Common | SOLE |
| 45784P101 | PODD | INSULET CORP | $4.0M | 0.05% | 14,242 | Common | SOLE |
| 358039105 | FRPT | FRESHPET INC | $3.9M | 0.05% | 64,667 | Common | SOLE |
| 82452J109 | FOUR | SHIFT4 PMTS INC | $3.6M | 0.05% | 56,879 | Common | SOLE |
| 531229755 | FWONK | LIBERTY MEDIA CORP DEL | $3.5M | 0.04% | 35,956 | Common | SOLE |
| 892672106 | TW | TRADEWEB MKTS INC | $3.4M | 0.04% | 31,760 | Common | SOLE |
| 008073108 | AVAV | AEROVIRONMENT INC | $3.4M | 0.04% | 14,051 | Common | SOLE |
| 78709Y105 | SAIA | SAIA INC | $3.3M | 0.04% | 10,084 | Common | SOLE |
| 25243Q205 | DEO | DIAGEO PLC | $3.3M | 0.04% | 37,772 | Common | SOLE |
| 79589L106 | IOT | SAMSARA INC | $3.2M | 0.04% | 91,335 | Common | SOLE |
| N82405106 | STLA | STELLANTIS N.V | $3.2M | 0.04% | 296,324 | Common | SOLE |
| 171484108 | CHDN | CHURCHILL DOWNS INC | $3.2M | 0.04% | 28,342 | Common | SOLE |
| H5919C104 | ONON | ON HLDG AG | $3.1M | 0.04% | 67,225 | Common | SOLE |
| 023135106 | AMZN | AMAZON COM INC | $2.5M | 0.03% | 10,748 | Common | SOLE |
| L44385109 | GLOB | GLOBANT S A | $2.4M | 0.03% | 37,296 | Common | SOLE |
| 457730109 | INSP | INSPIRE MED SYS INC | $2.3M | 0.03% | 25,197 | Common | SOLE |
| 19046P209 | CCB | COASTAL FINL CORP WA | $2.2M | 0.03% | 19,252 | Common | SOLE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $2.1M | 0.03% | 38,400 | Common | SOLE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $2.0M | 0.03% | 10,912 | Common | SOLE |
| 922042775 | VEU | VANGUARD INTL EQUITY INDEX F | $1.7M | 0.02% | 23,356 | Common | SOLE |
| G0260P102 | AS | AMER SPORTS INC | $1.5M | 0.02% | 40,253 | Common | SOLE |
| 92826C839 | V | VISA INC | $1.5M | 0.02% | 4,166 | Common | SOLE |
| 806857108 | SLB | SCHLUMBERGER LTD | $1.4M | 0.02% | 35,406 | Common | SOLE |
| 009066AB7 | ABNB 0 03/15/26 | AIRBNB INC | $1.3M | 0.02% | 1,350,000 | Common | SOLE |
| 53115L104 | LBRT | LIBERTY ENERGY INC | $1.2M | 0.01% | 62,882 | Common | SOLE |
| 194693107 | CIGI | COLLIERS INTL GROUP INC | $1.1M | 0.01% | 7,439 | Common | SOLE |
| 88031M109 | TS | TENARIS S A | $818,870 | 0.01% | 21,297 | Common | SOLE |
| 94106B101 | WCN | WASTE CONNECTIONS INC | $760,536 | 0.01% | 4,337 | Common | SOLE |
| 921909768 | VXUS | VANGUARD STAR FDS | $733,428 | 0.01% | 9,722 | Common | SOLE |
| 98978V103 | ZTS | ZOETIS INC | $731,769 | 0.01% | 5,816 | Common | SOLE |
| 66987V109 | NVS | NOVARTIS AG | $674,046 | 0.01% | 4,889 | Common | SOLE |
| 74762E102 | QURE | QUANTA SVCS INC | $634,356 | 0.01% | 1,503 | Common | SOLE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $628,007 | 0.01% | 1,949 | Common | SOLE |
| 40415F101 | HDB | HDFC BANK LTD | $567,576 | 0.01% | 15,533 | Common | SOLE |
| 400506101 | PAC | GRUPO AEROPUERTO DEL PACIFIC | $532,796 | 0.01% | 2,021 | Common | SOLE |
| 191241108 | KOF | COCA-COLA FEMSA SAB DE CV | $435,098 | 0.01% | 4,594 | Common | SOLE |
| 48241A105 | KB | KB FINL GROUP INC | $402,237 | 0.01% | 4,675 | Common | SOLE |
| 037833100 | AAPL | APPLE INC | $361,302 | 0.00% | 1,329 | Common | SOLE |
| 465562106 | ITUB | ITAU UNIBANCO HLDG S A | $307,830 | 0.00% | 42,993 | Common | SOLE |
| 456788108 | INFY | INFOSYS LTD | $298,271 | 0.00% | 16,738 | Common | SOLE |
| 22266T109 | CPNG | COUPANG INC | $268,549 | 0.00% | 11,384 | Common | SOLE |
| 49803T300 | KRG | KITE RLTY GROUP TR | $265,516 | 0.00% | 11,077 | Common | SOLE |
| 00912X302 | AL | AIR LEASE CORP | $253,709 | 0.00% | 3,950 | Common | SOLE |
| 92857W308 | VOD | VODAFONE GROUP PLC NEW | $226,736 | 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.