THORNBURG INVESTMENT MANAGEMENT INC
Long book
$9.62B
Q1 2026
Positions
169
Top-10 weight
59%
concentration
Last quarter
+4.3%
SPY +14.8%
Turnover
26%
of book per quarter
Strategy in plain words
auto-generated from filingsTHORNBURG INVESTMENT MANAGEMENT INC is a diversified fundamental manager, running a $9.62B US long book across 169 positions.
The portfolio is concentrated: the top 10 names carry 59% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: TOTALENERGIES SE, CITIGROUP INC, AT&T INC, BROADCOM INC, ASTRAZENECA PLC.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.2%
Q2 2024
+6.6%
Q3 2024
+2.6%
Q4 2024
-0.3%
Q1 2025
+11.7%
Q2 2025
+7.2%
Q3 2025
+2.3%
Q4 2025
+1.0%
Q1 2026
+4.3%
Sector allocation
Financials 20%
Healthcare 18%
Energy 16%
Technology 16%
Communications 10%
Industrials 6%
Utilities 4%
Materials 3%
Long book by quarter
What does THORNBURG INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TTE TOTALENERGIES SE | Energy | 11.7M | $1.09B | 11.3% | New |
| C CITIGROUP INC | Financials | 8.0M | $905.9M | 9.4% | -0.4% |
| T AT&T INC | Communications | 31.0M | $900.0M | 9.4% | +6.9% |
| AVGO BROADCOM INC | Technology | 2.1M | $644.9M | 6.7% | +1.2% |
| AZN ASTRAZENECA PLC | Healthcare | 2.9M | $555.7M | 5.8% | New |
| MRK MERCK & CO. INC. | Healthcare | 3.7M | $448.5M | 4.7% | Held |
| CME CME GROUP INC | Financials | 1.1M | $338.3M | 3.5% | -0.1% |
| TRP TC ENERGY CORP | Utilities | 4.7M | $295.0M | 3.1% | +16.8% |
| CSCO CISCO SYSTEMS INC | Technology | 2.9M | $226.1M | 2.4% | +1.6% |
| ENB ENBRIDGE INC | Energy | 3.6M | $197.2M | 2.1% | +1.1% |
| EQH EQUITABLE HOLDINGS INC | Financials | 5.0M | $185.3M | 1.9% | +2.1% |
| MDT MEDTRONIC PLC | Healthcare | 2.0M | $174.8M | 1.8% | +4.6% |
| HD HOME DEPOT INC | Consumer discretionary | 521.0K | $171.4M | 1.8% | +0.2% |
| RF REGIONS FINANCIAL CORP | Financials | 6.5M | $170.2M | 1.8% | +4.6% |
| FCX FREEPORT-MCMORAN INC | Materials | 2.8M | $166.7M | 1.7% | +1.5% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 2.0M | $159.6M | 1.7% | -3.5% |
| LIN LINDE PLC | Materials | 274.4K | $135.4M | 1.4% | +0.7% |
| ALC ALCON INC | Healthcare | 1.7M | $128.4M | 1.3% | -2.2% |
| GOOGL ALPHABET INC-CL A | Technology | 424.9K | $122.2M | 1.3% | +0.6% |
| SOBO SOUTH BOW CORP | Energy | 3.6M | $120.7M | 1.3% | +28.4% |
| FER FERROVIAL NV | Industrials | 1.7M | $111.6M | 1.2% | +0.9% |
| ABBV ABBVIE INC | Healthcare | 502.8K | $109.4M | 1.1% | +25.4% |
| LYB LYONDELLBASELL INDU-CL A | Other | 977.1K | $78.7M | 0.8% | Held |
| SCHW SCHWAB (CHARLES) CORP | Financials | 809.6K | $76.1M | 0.8% | +7.2% |
| META META PLATFORMS INC-CLASS A | Technology | 126.2K | $72.2M | 0.8% | -2.7% |
| SLRC SLR INVESTMENT CORP | — | 4.6M | $66.3M | 0.7% | +6.1% |
| PFE PFIZER INC | Healthcare | 2.2M | $63.0M | 0.7% | +1.8% |
| LLY ELI LILLY & CO | Healthcare | 60.2K | $55.3M | 0.6% | +32.5% |
| MELI MERCADOLIBRE INC | Services media | 31.0K | $53.6M | 0.6% | +3.6% |
| MA MASTERCARD INC - A | Services media | 97.9K | $48.9M | 0.5% | -1.1% |
| BKNG BOOKING HOLDINGS INC | Industrials | 11.2K | $47.2M | 0.5% | +168.7% |
| CACI CACI INTERNATIONAL INC -CL A | Technology | 84.6K | $46.0M | 0.5% | +1.0% |
| LHX L3HARRIS TECHNOLOGIES INC | Technology | 126.7K | $43.7M | 0.5% | Held |
| ADBE ADOBE INC | Technology | 173.5K | $42.2M | 0.4% | +74.9% |
| TJX TJX COMPANIES INC | Consumer discretionary | 263.7K | $42.1M | 0.4% | +1.2% |
| MFIC MIDCAP FINANCIAL INVESTMENT | — | 3.2M | $36.4M | 0.4% | +3.2% |
| TDG TRANSDIGM GROUP INC | Industrials | 29.7K | $34.4M | 0.4% | -37.7% |
| RACE FERRARI NV | Industrials | 96.0K | $32.5M | 0.3% | +9.0% |
| VRT VERTIV HOLDINGS CO-A | Technology | 115.0K | $28.8M | 0.3% | -13.9% |
| SHOP SHOPIFY INC - CLASS A | Technology | 233.6K | $27.7M | 0.3% | +70.2% |
| ASML ASML HOLDING NV-NY REG SHS | Industrials | 19.5K | $25.8M | 0.3% | -4.0% |
| COF CAPITAL ONE FINANCIAL CORP | Financials | 139.7K | $25.5M | 0.3% | -23.5% |
| AMD ADVANCED MICRO DEVICES | Technology | 122.6K | $24.9M | 0.3% | -0.5% |
| FTI TECHNIPFMC PLC | Industrials | 333.2K | $23.0M | 0.2% | -21.6% |
| ANET ARISTA NETWORKS INC | Technology | 168.3K | $20.7M | 0.2% | +4.7% |
| MRX MAREX GROUP PLC | Financials | 408.9K | $18.2M | 0.2% | -62.9% |
| SN SHARKNINJA INC | Industrials | 169.8K | $18.0M | 0.2% | -10.1% |
| COHR COHERENT CORP | Other | 74.8K | $17.8M | 0.2% | -30.7% |
| MTSI MACOM TECHNOLOGY SOLUTIONS H | Technology | 74.6K | $16.6M | 0.2% | -19.5% |
| CWST CASELLA WASTE SYSTEMS INC-A | Utilities | 203.2K | $16.1M | 0.2% | -16.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 12, 2026 | 171 | $9.63B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 176 | $7.93B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 176 | $7.67B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 177 | $7.77B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 182 | $71.54B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 188 | $7.57B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 192 | $7.68B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 8, 2024 | 189 | $7.11B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 13, 2024 | 187 | $7.17B | canonical | SEC ↗ |
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