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Asset manager

Thornburg Investment Management Inc

13F for the quarter to June 30, 2026, filed August 13, 2026 · SEC CIK 1145020

Reported value
$10.4bn
90% in companies we cover
Positions we cover
118
Largest C 10.1%
Copy, a year
+13.1%
S&P 500 +14.1%
Copy Sharpe ratio
0.70
S&P 500 0.78

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$50.8k
CopyS&P 500 $10,000 copying Thornburg Investment Management Inc's filed holdings in companies we cover from August 16, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.9% (S&P 500 −31.8%); beta 1.00; alpha −0.7% a year (t = −0.49); last 12 months +13.3% against +12.1%.

Reported value by quarter

Thornburg Investment Management Inc: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $20B $40B $60B $80B Reported value, 2013-06-30: $21.9B Reported value, 2013-09-30: $24.8B Reported value, 2013-12-31: $26.2B Reported value, 2014-03-31: $25.4B Reported value, 2014-06-30: $25.1B Reported value, 2014-09-30: $22.2B Reported value, 2014-12-31: $20B Reported value, 2015-03-31: $18B Reported value, 2015-06-30: $17.4B Reported value, 2015-09-30: $15.9B Reported value, 2015-12-31: $15.7B Reported value, 2016-03-31: $15B Reported value, 2016-06-30: $12.9B Reported value, 2016-09-30: $13.1B Reported value, 2016-12-31: $13B Reported value, 2017-03-31: $12.3B Reported value, 2017-06-30: $13.1B Reported value, 2017-09-30: $14B Reported value, 2017-12-31: $14.4B Reported value, 2018-03-31: $13.3B Reported value, 2018-06-30: $13.2B Reported value, 2018-09-30: $12B Reported value, 2018-12-31: $10.2B Reported value, 2019-03-31: $10.3B Reported value, 2019-06-30: $10.4B Reported value, 2019-09-30: $10.4B Reported value, 2019-12-31: $10.4B Reported value, 2020-03-31: $7B Reported value, 2020-06-30: $7.8B Reported value, 2020-09-30: $7.6B Reported value, 2020-12-31: $8.4B Reported value, 2021-03-31: $8.6B Reported value, 2021-06-30: $9M Reported value, 2021-09-30: $8.1B Reported value, 2021-12-31: $8.5B Reported value, 2022-03-31: $7.6B Reported value, 2022-06-30: $6.5B Reported value, 2022-09-30: $5.6B Reported value, 2022-12-31: $5.9B Reported value, 2023-03-31: $6M Reported value, 2023-06-30: $6.2M Reported value, 2023-09-30: $6.1M Reported value, 2023-12-31: $6.9B Reported value, 2024-03-31: $7.2B Reported value, 2024-06-30: $7.1B Reported value, 2024-09-30: $7.7B Reported value, 2024-12-31: $7.6B Reported value, 2025-03-31: $71.4B Reported value, 2025-06-30: $7.8B Reported value, 2025-09-30: $7.6B Reported value, 2025-12-31: $7.9B Reported value, 2026-03-31: $9.6B Reported value, 2026-06-30: $10.4B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $10.4B
View chart data
Period Reported value
2013-06-30 $21.9B
2013-09-30 $24.8B
2013-12-31 $26.2B
2014-03-31 $25.4B
2014-06-30 $25.1B
2014-09-30 $22.2B
2014-12-31 $20B
2015-03-31 $18B
2015-06-30 $17.4B
2015-09-30 $15.9B
2015-12-31 $15.7B
2016-03-31 $15B
2016-06-30 $12.9B
2016-09-30 $13.1B
2016-12-31 $13B
2017-03-31 $12.3B
2017-06-30 $13.1B
2017-09-30 $14B
2017-12-31 $14.4B
2018-03-31 $13.3B
2018-06-30 $13.2B
2018-09-30 $12B
2018-12-31 $10.2B
2019-03-31 $10.3B
2019-06-30 $10.4B
2019-09-30 $10.4B
2019-12-31 $10.4B
2020-03-31 $7B
2020-06-30 $7.8B
2020-09-30 $7.6B
2020-12-31 $8.4B
2021-03-31 $8.6B
2021-06-30 $9M
2021-09-30 $8.1B
2021-12-31 $8.5B
2022-03-31 $7.6B
2022-06-30 $6.5B
2022-09-30 $5.6B
2022-12-31 $5.9B
2023-03-31 $6M
2023-06-30 $6.2M
2023-09-30 $6.1M
2023-12-31 $6.9B
2024-03-31 $7.2B
2024-06-30 $7.1B
2024-09-30 $7.7B
2024-12-31 $7.6B
2025-03-31 $71.4B
2025-06-30 $7.8B
2025-09-30 $7.6B
2025-12-31 $7.9B
2026-03-31 $9.6B
2026-06-30 $10.4B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
CCitigroup10.12%$1.1bn7.55M−5.5% Reduced
TAT&T7.14%$745.7m36.02M+16.0% Added
AVGOBroadcom6.62%$691.3m1.83M−12.2% Reduced
KMBKimberly-Clark6.06%$632.4m5.76MNew
AZNAstrazeneca PLC5.18%$540.6m2.89M+1.1% Added
MRKMerck & Co.4.66%$486.8m3.79M+1.6% Added
TSMTaiwan Semiconductor Manufacturing Co LTD3.50%$365.3m764.9K+9.1% Added
CSCOCisco3.06%$319.0m2.72M−6.8% Reduced
TRPTC Energy Corp3.02%$314.6m4.76M+0.7% Added
CMECME Group2.40%$250.1m1.13M−1.1% Reduced
EQHEquitable Holdings, Inc.2.16%$225.6m5.14M+3.0% Added
FCXFreeport-McMoRan1.99%$207.8m3.30M+16.5% Added
RFRegions Financial Corporation1.95%$203.7m6.75M+3.5% Added
ENBEnbridge Inc1.91%$199.1m3.67M+0.9% Added
MDTMedtronic1.88%$196.5m2.51M+24.5% Added
CPCanadian Pacific Kansas City LTD1.68%$174.8m2.02M−0.5% Reduced
GOOGLAlphabet Inc. (Class A)1.67%$174.4m488.1K+14.9% Added
HDThe Home Depot1.57%$164.0m464.9K−10.8% Reduced
LINLinde plc1.35%$140.7m270.8K−1.3% Reduced
ABBVAbbVie1.30%$136.2m541.1K+7.6% Added
SOBOSouth Bow Corp1.25%$131.0m3.72M+2.4% Added
FERFerrovial N.V.1.12%$117.3m1.71M−1.5% Reduced
ALCAlcon Inc1.05%$109.7m1.63M−4.5% Reduced
SCHWCharles Schwab Corporation1.03%$108.0m1.17M+44.6% Added
LLYLilly (Eli)0.92%$95.6m79.7K+32.4% Added
CIMChimera Investment Corp0.70%$73.5m5.51M+0.7% Added
METAMeta Platforms0.70%$73.5m130.5K+3.4% Added
BZKanzhun Ltd0.67%$69.7m5.41M−13.1% Reduced
MAMastercard0.61%$63.4m123.4K+26.1% Added
BABAAlibaba Group Holding Ltd0.57%$59.3m617.7K+1.2% Added
SLRCSLR Investment Corp.0.56%$58.2m4.71M+1.6% Added
BKNGBooking Holdings0.54%$56.4m316.2K+2720.6% Added
ADBEAdobe Inc.0.53%$55.3m269.8K+55.5% Added
MELIMercadolibre Inc0.48%$50.0m29.4K−5.1% Reduced
AMDAdvanced Micro Devices0.47%$49.0m84.4K−31.1% Reduced
NFLXNetflix0.46%$47.5m665.5K+428.3% Added
PFEPfizer0.46%$47.4m1.97M−12.1% Reduced
TJXTJX Companies0.45%$46.8m308.9K+17.1% Added
LHXL3Harris0.43%$44.5m153.1K+20.9% Added
COFCapital One0.38%$40.1m199.8K+43.1% Added
CACICACI International Inc0.38%$39.9m86.1K+1.8% Added
ASMLAsml Holding NV0.36%$37.3m18.7K−3.9% Reduced
MUMicron Technology0.35%$36.1m31.3K+27.1% Added
SESea Ltd0.34%$35.0m365.0K−1.3% Reduced
MFICMidcap Financial Investment Corp0.31%$32.6m3.24M0.0%
RACEFerrari N.V.0.28%$29.7m79.7K−17.0% Reduced
SHOPShopify Inc.0.27%$28.2m246.5K+5.5% Added
MSFTMicrosoft Corporation0.24%$24.6m65.9K+139.6% Added
AAPLApple Inc.0.23%$24.1m83.3K+6171.1% Added
COHRCoherent Corp.0.20%$21.0m53.3K−28.7% Reduced
ANETArista Networks0.19%$19.7m115.9K−31.2% Reduced
TLNTalen Energy Corp0.18%$19.1m49.6K+22.1% Added
CIGIColliers International Group Inc.0.18%$19.0m203.0K+63.9% Added
SAPSAP SE0.18%$18.3m119.0K+17.3% Added
AERAercap Holdings N.V.0.17%$17.8m122.0K+5.8% Added
SHELShell plc0.17%$17.7m228.0K+100.3% Added
LPLALPL Financial Holdings Inc.0.15%$15.5m55.0K+48.5% Added
IQVIQVIA0.13%$13.3m69.0KNew
CRDOCredo Technology Group Holding Ltd0.13%$13.0m48.0K−3.3% Reduced
SNSharkninja, Inc.0.12%$13.0m85.2K−49.8% Reduced
PGRProgressive Corporation0.11%$11.9m54.3K+858.3% Added
TBBBBBB Foods Inc0.11%$11.4m273.0K+60.9% Added
UBERUber0.11%$11.3m157.0KNew
XPXP Inc.0.10%$10.9m671.5K+17.8% Added
NUNu Holdings Ltd.0.10%$10.8m811.4K−3.4% Reduced
TRUTransunion0.10%$10.0m138.5K−8.6% Reduced
MMYTMakemytrip Ltd0.09%$9.9m185.0K−38.8% Reduced
BLDRBuilders Firstsource, Inc.0.09%$9.7m108.9K−39.2% Reduced
CLBTCellebrite DI Ltd.0.09%$9.0m618.9K−23.8% Reduced
LRCXLam Research0.08%$8.8m20.3KNew
VSXYVictoria's Secret & Co.0.08%$8.1m97.0K+202.7% Added
CCCCCC Intelligent Solutions Holdings Inc.0.07%$7.9m1.52M+240.5% Added
AGXArgan Inc0.07%$7.9m9.8K−60.4% Reduced
RPRXRoyalty Pharma plc0.07%$6.9m123.1K+292.0% Added
VRTVertiv0.07%$6.8m20.2K−82.5% Reduced
SGISomnigroup International Inc.0.06%$6.4m81.9KNew
DDOGDatadog, Inc.0.06%$6.2m24.0K+412.2% Added
RGENRepligen Corp0.06%$6.0m43.9K+49.3% Added
RDDTReddit, Inc.0.06%$5.9m34.2K+306.1% Added
DECKDeckers Brands0.06%$5.9m59.8K+17.6% Added
SPGIS&P Global0.06%$5.7m14.1K+154.2% Added
SAROStandardaero, Inc.0.05%$5.2m175.3K+4.7% Added
RJFRaymond James Financial0.05%$5.0m33.2KNew
SLBSchlumberger0.05%$5.0m106.5K+221.2% Added
TPRTapestry, Inc.0.04%$4.4m29.9K+387.0% Added
LYBLyondellBasell0.04%$4.4m82.9K−91.5% Reduced
IOTSamsara Inc.0.04%$4.2m128.4K+258.1% Added
AAMIAcadian Asset Management Inc.0.04%$4.0m55.8K+100.7% Added
OTEXOpen Text Corp0.04%$3.8m170.7K0.0%
RBRKRubrik, Inc.0.03%$3.4m41.9K+249.0% Added
TDGTransDigm Group0.03%$3.2m2.4K−91.8% Reduced
COCOVita Coco Company, Inc.0.03%$3.2m48.2KNew
ITTITT Inc.0.03%$3.2m16.0K−79.4% Reduced
NOWServiceNow0.03%$3.0m29.8K0.0%
CDNSCadence Design Systems Inc0.03%$2.8m7.4K+258.4% Added
TMUST-Mobile US0.03%$2.7m16.1K+489.6% Added
CYTKCytokinetics Inc0.03%$2.7m31.1K−62.6% Reduced
GWREGuidewire Software, Inc.0.02%$2.5m20.7K+251.0% Added
AMZNAmazon0.02%$2.5m10.5K−55.5% Reduced
BMRNBiomarin Pharmaceutical Inc0.02%$2.5m43.1K+305.9% Added
SAIASaia Inc0.02%$2.5m5.8K−42.5% Reduced
BMYBristol Myers Squibb0.02%$2.2m38.4K0.0%
LITELumentum0.02%$2.2m2.6K+221.6% Added
WSEWise Group plc0.02%$2.0m168.7KNew
INSMInsmed Inc0.02%$2.0m18.4K−52.0% Reduced
NVDANVIDIA Corporation0.02%$1.9m9.3K−7.8% Reduced
FTITechnipFMC plc0.02%$1.8m27.8K−91.6% Reduced
WPMWheaton Precious Metals Corp.0.02%$1.7m15.4K+215.7% Added
STLAStellantis N.V.0.01%$1.6m278.2K0.0%
LBRTLiberty Energy Inc.0.01%$1.4m55.2K−8.5% Reduced
VVisa Inc.0.01%$1.4m4.2K0.0%
KRMNKarman Holdings Inc.0.01%$1.2m24.1K+299.5% Added
ICLRIcon PLC0.01%$1.0m6.0K0.0%
PBRPetrobras - Petroleo Brasileiro SA0.01%$682,17842.2K−87.8% Reduced
JPMJPMorgan Chase0.01%$637,9661.9K0.0%
ZTSZoetis0.00%$417,9385.8K0.0%
HDBHdfc Bank LTD0.00%$387,37315.0K−0.7% Reduced
VODVodafone Group Public LTD Co0.00%$226,99417.2K0.0%
CompanyBought (value)Shares
KMBKimberly-Clark$632.4m5.76M
TAT&T$103.0m4.98M
BKNGBooking Holdings$54.4m305.0K
MDTMedtronic$38.7m494.7K
NFLXNetflix$38.5m539.6K
SCHWCharles Schwab Corporation$33.3m360.9K
TSMTaiwan Semiconductor Manufacturing Co LTD$30.3m63.5K
FCXFreeport-McMoRan$29.5m468.6K
AAPLApple Inc.$23.7m82.0K
LLYLilly (Eli)$23.4m19.5K
GOOGLAlphabet Inc. (Class A)$22.6m63.1K
ADBEAdobe Inc.$19.7m96.3K
MSFTMicrosoft Corporation$14.3m38.4K
IQVIQVIA$13.3m69.0K
MAMastercard$13.1m25.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
AVGOBroadcom−$95.8m−253.5K
CCitigroup−$61.8m−441.5K
LYBLyondellBasell−$47.1m−894.2K
TDGTransDigm Group−$36.3m−27.2K
VRTVertiv−$31.8m−94.9K
CSCOCisco−$23.3m−198.4K
AMDAdvanced Micro Devices−$22.2m−38.1K
FTITechnipFMC plc−$20.2m−305.3K
HDThe Home Depot−$19.8m−56.1K
MTSIMacom Technology Solutions Holdings, Inc.−$16.6m−74.6K
CWSTCasella Waste Systems Inc−$16.1m−203.2K
DCODucommun Inc−$15.9m−130.4K
AITApplied Industrial Technologies Inc−$15.0m−56.4K
SNSharkninja, Inc.−$12.9m−84.6K
ITTITT Inc.−$12.2m−61.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
MTSIMacom Technology Solutions Holdings, Inc.$16.6m74.6K
CWSTCasella Waste Systems Inc$16.1m203.2K
DCODucommun Inc$15.9m130.4K
AITApplied Industrial Technologies Inc$15.0m56.4K
XPOXPO, Inc.$12.1m62.0K
PNFPPinnacle Financial Partners, Inc.$12.0m139.2K
WALWestern Alliance Bancorporation$11.2m158.4K
CLHClean Harbors Inc$10.8m37.8K
MYRGMYR Group Inc.$10.5m37.4K
DTMDT Midstream, Inc.$10.4m77.5K
THCTenet Healthcare Corp$9.8m52.1K
AIZAssurant$9.7m44.3K
AGYSAgilysys Inc$9.0m126.4K
SXTSensient Technologies Corp$8.8m101.4K
PEverpure$8.7m147.4K
PJTPJT Partners Inc.$7.8m56.0K
WHWyndham Hotels & Resorts, Inc.$7.8m96.1K
GPIGroup 1 Automotive Inc$7.2m21.9K
MTDRMatador Resources Co$7.2m113.2K
BJBj's Wholesale Club Holdings, Inc.$5.2m52.6K
CSTMConstellium SE$5.1m205.5K
FROGJfrog Ltd$5.0m107.4K
RMBSRambus Inc$5.0m58.1K
AORTArtivion, Inc.$4.8m130.3K
GLOBGlobant S.a.$4.3m92.3K
CELHCelsius Holdings, Inc.$3.1m88.1K
FWONKLiberty Media Corp$3.1m36.3K
TMETencent Music Entertainment Group$1.4m151.8K
GKOSGlaukos Corp$1.2m10.9K
MIRMirion Technologies, Inc.$959,18851.6K
  • Financials23.3%
  • Technology19.2%
  • Health Care17.6%
  • Communication Services12.3%
  • Energy7.2%
  • Consumer Staples6.9%
  • Industrials5.0%
  • Consumer Discretionary4.4%
  • Materials3.8%
  • Real Estate0.2%
  • Utilities0.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to November 2, 2026+13.1%+14.1%0.700.78−33.9%1.00
2018 onwardsJanuary 5, 2018 to November 2, 2026+12.2%+13.9%0.560.66−33.9%0.99
Last three yearsNovember 3, 2023 to November 2, 2026+23.5%+21.8%1.251.16−16.5%0.90
Last yearNovember 7, 2025 to November 2, 2026+14.9%+14.2%0.950.84−6.9%0.66

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.