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Funds (13F)

Thornburg Investment Management Inc

Backtest from 16 Aug 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+13.1%
S&P 500 +14.1%
Last 12 months
+13.3%
S&P 500 +12.1%
Sharpe ratio
0.70
S&P 500 0.78
Biggest drop
−33.9%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $57.0k$50.8k
StrategyS&P 500 $10,000 in Thornburg Investment Management Inc from 16 Aug 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Thornburg Investment Management Inc's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Thornburg Investment Management Inc's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+13.1%+14.1%
Total return+408%+470%
Last 12 months+13.3%+12.1%
Last 3 months−0.1%—
Last month+1.3%—
This year so far+8.3%—
Volatility a year16.9%16.0%
Sharpe ratio0.700.78
Biggest drop−33.9%−31.8%
Beta to the S&P 5001.001.00
Alpha a year (t-statistic)−0.7% (−0.49)—
Share of weeks up58%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
C11.3%——
T8.0%——
AVGO7.4%——
KMB6.8%——
AZN5.8%——
MRK5.2%——
TSM3.9%——
CSCO3.4%——
TRP3.4%——
CME2.7%——
EQH2.4%——
FCX2.2%——
RF2.2%——
ENB2.1%——
MDT2.1%——
CP1.9%——
GOOGL1.9%——
HD1.8%——
LIN1.5%——
ABBV1.4%——
SOBO1.4%——
FER1.3%——
ALC1.2%——
SCHW1.1%——
LLY1.0%——
CIM0.8%——
META0.8%——
BZ0.7%——
MA0.7%——
BABA0.6%——
SLRC0.6%——
BKNG0.6%——
ADBE0.6%——
MELI0.5%——
AMD0.5%——
NFLX0.5%——
PFE0.5%——
TJX0.5%——
LHX0.5%——
COF0.4%——
CACI0.4%——
ASML0.4%——
MU0.4%——
SE0.4%——
MFIC0.3%——
RACE0.3%——
SHOP0.3%——
MSFT0.3%——
AAPL0.3%——
COHR0.2%——
ANET0.2%——
TLN0.2%——
CIGI0.2%——
SAP0.2%——
AER0.2%——
SHEL0.2%——
LPLA0.2%——
IQV0.1%——
CRDO0.1%——
SN0.1%——
PGR0.1%——
TBBB0.1%——
UBER0.1%——
XP0.1%——
NU0.1%——
TRU0.1%——
MMYT0.1%——
BLDR0.1%——
CLBT0.1%——
LRCX0.1%——
VSXY0.1%——
CCC0.1%——
AGX0.1%——
RPRX0.1%——
VRT0.1%——
SGI0.1%——
DDOG0.1%——
RGEN0.1%——
RDDT0.1%——
DECK0.1%——
SPGI0.1%——
SARO0.1%——
RJF0.1%——
SLB0.1%——
TPR0.1%——
LYB0.1%——
IOT0.0%——
AAMI0.0%——
OTEX0.0%——
RBRK0.0%——
TDG0.0%——
COCO0.0%——
ITT0.0%——
NOW0.0%——
CDNS0.0%——
TMUS0.0%——
CYTK0.0%——
GWRE0.0%——
AMZN0.0%——
BMRN0.0%——
SAIA0.0%——
BMY0.0%——
LITE0.0%——
WSE0.0%——
INSM0.0%——
NVDA0.0%——
FTI0.0%——
WPM0.0%——
STLA0.0%——
LBRT0.0%——
V0.0%——
KRMN0.0%——
ICLR0.0%——
PBR0.0%——
JPM0.0%——
ZTS0.0%——
HDB0.0%——
VOD0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest16 Aug 2013 to 2 Nov 2026+13.1%+14.1%0.700.78−33.9%1.00−0.7% (−0.49)
2018 onwards5 Jan 2018 to 2 Nov 2026+12.2%+13.9%0.560.66−33.9%0.99−1.2% (−0.61)
Last three years3 Nov 2023 to 2 Nov 2026+23.5%+21.8%1.251.16−16.5%0.90+3.1% (0.82)
Last year7 Nov 2025 to 2 Nov 2026+14.9%+14.2%0.950.84−6.9%0.66+3.9% (0.50)
DateCompanyAction
14 Aug 2026WSEBought
14 Aug 2026UBERBought
14 Aug 2026SGIBought
14 Aug 2026RJFBought
14 Aug 2026LRCXBought
14 Aug 2026KMBBought
14 Aug 2026IQVBought
14 Aug 2026COCOBought
15 May 2026WPMBought
15 May 2026VSXYBought
15 May 2026VEEVBought
15 May 2026TPRBought
15 May 2026TMUSBought
15 May 2026TMEBought
15 May 2026SPGIBought
15 May 2026RPRXBought
15 May 2026RDDTBought
15 May 2026RBRKBought
15 May 2026PNFPBought
15 May 2026PGRBought
15 May 2026NFLXBought
15 May 2026LITEBought
15 May 2026KRMNBought
15 May 2026GWREBought
15 May 2026DDOGBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026XPOSold
14 Aug 2026WHSold
14 Aug 2026WALSold
14 Aug 2026VEEVSold
14 Aug 2026TMESold
14 Aug 2026THCSold
14 Aug 2026SXTSold
14 Aug 2026STEPSold
14 Aug 2026RMBSSold
14 Aug 2026PODDSold
14 Aug 2026PNFPSold
14 Aug 2026PJTSold
14 Aug 2026PSold
14 Aug 2026ONONSold
14 Aug 2026MYRGSold
14 Aug 2026MTSISold
14 Aug 2026MTDRSold
14 Aug 2026MIRSold
14 Aug 2026GPISold
14 Aug 2026GLOBSold
14 Aug 2026GKOSSold
14 Aug 2026FWONKSold
14 Aug 2026FROGSold
14 Aug 2026DTMSold
14 Aug 2026DCOSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest