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Asset Manager ← All Institutions

THORNBURG INVESTMENT MANAGEMENT INC

Q2 2025 · Filed 2025-08-13
Market Value
$7.4B
-89.2%
Holdings
183
-5
New Purchases
10
Added To
32
Closed
16
Reduced
106
Top 10 Concentration
53.5%
Turnover
14.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
AVGO 9.90% 7.34% +2.56% $729M
C 9.32% 8.18% +1.14% $687M
MRK 5.08% 4.05% +1.04% $374M
BZ 1.13% 0.66% +0.47% $83M
TSM 2.18% 1.87% +0.31% $161M
ANET 0.20% 0.00% +0.20% $15M
CVSA 0.18% 0.00% +0.18% $13M
GOOGL 1.27% 1.11% +0.16% $94M
MELI 1.09% 0.93% +0.16% $80M
FCX 1.72% 1.57% +0.14% $126M
META 1.55% 1.42% +0.12% $114M
SMPL 0.11% 0.00% +0.11% $8M
CSCO 2.31% 2.21% +0.10% $170M
CACI 0.55% 0.46% +0.09% $41M
ALC 1.94% 1.84% +0.09% $143M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
JPM 0.37% 2.07% -1.70% $27M
T 10.80% 11.40% -0.60% $795M
LYB 1.55% 2.04% -0.49% $114M
PBR 1.31% 1.62% -0.31% $96M
NVDA 0.03% 0.29% -0.26% $2M
MDT 2.28% 2.52% -0.25% $168M
BKNG 0.42% 0.67% -0.25% $31M
PFE 3.44% 3.66% -0.22% $254M
BABA 0.75% 0.95% -0.21% $55M
ABBV 0.81% 0.99% -0.19% $59M
HD 2.55% 2.73% -0.18% $188M
TECK 0.00% 0.17% -0.17% $0
TJX 0.54% 0.69% -0.15% $39M
CME 3.86% 4.00% -0.14% $284M
ACWX 0.04% 0.17% -0.14% $3M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 29 $2.9B 40.0%
Large Cap 94 $3.7B 50.1%
Mid Cap 45 $452M 6.1%
Small Cap 14 $268M 3.6%
Micro Cap 1 $4M 0.1%

Portfolio Analytics

Avg Market Cap
$221.1B
Median Market Cap
$22.1B
Avg P/E
37.1
Median P/E
27.1
Avg Dividend Yield
0.06%
Avg Beta
0.96
# Stocks
178
# ETFs / Funds
5

Top Holdings (183 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 T 10.80% 27,481,441 $795M $28.94 -$7.0B -103,421 -0.4%
2 AVGO 9.90% 2,645,365 $729M $275.65 -$4.3B -357,168 -11.9%
3 C 9.32% 8,066,349 $687M $85.12 -$4.9B +176,331 +2.2%
4 MRK 5.08% 4,729,641 $374M $79.16 -$2.4B +1,642,835 +53.2%
5 CME 3.86% 1,031,324 $284M $275.62 -$2.5B -524 -0.1%
6 EQH 3.70% 4,855,273 $272M $56.10 -$2.3B
7 PFE 3.44% 10,458,571 $254M $24.24 -$2.3B +562,798 +5.7%
8 TRP 2.56% 3,860,519 $189M $48.86 -$1.6B
9 HD 2.55% 512,523 $188M $366.64 -$1.7B +3,149 +0.6%
10 CSCO 2.31% 2,448,169 $170M $69.38 -$1.3B
11 MDT 2.28% 1,922,810 $168M $87.17 -$1.6B
12 ENB 2.21% 3,587,620 $163M $45.38 -$1.4B
13 TSM 2.18% 708,696 $161M $226.49 -$1.1B -62,980 -8.2%
14 ALC 1.94% 1,615,994 $143M $88.34 -$1.1B +282,468 +21.2%
15 FCX 1.72% 2,915,823 $126M $43.35 -$950M +71,645 +2.5%
16 LIN 1.65% 259,501 $122M $469.71 -$1.1B +446 +0.2%
17 LYB 1.55% 1,971,413 $114M $57.86 -$1.3B -10,599 -0.5%
18 META 1.55% 154,368 $114M $738.09 -$860M -14,640 -8.7%
19 RF 1.47% 4,596,096 $108M $23.52 -$891M
20 PBR 1.31% 7,713,498 $96M $12.51 -$1.0B -37,340 -0.5%
21 GOOGL 1.27% 531,936 $94M $176.23 -$666M +40,355 +8.2%
22 BZ 1.13% 4,664,157 $83M $17.84 -$369M +2,304,050 +97.6%
23 MELI 1.09% 30,712 $80M $2,613.63 -$558M -2,028 -6.2%
24 SCHW 1.01% 813,874 $74M $91.24 -$631M -87,685 -9.7%
25 SLRC 0.96% 4,372,550 $71M $16.14 -$667M
26 CIM 0.93% 4,948,735 $69M $13.87 -$566M
27 MA 0.83% 108,572 $61M $561.94 -$564M -5,398 -4.7%
28 ABBV 0.81% 320,135 $59M $185.62 -$621M -4,706 -1.4%
29 NVO 0.77% 822,677 $57M $69.02 -$442M +104,842 +14.6%
30 BABA 0.75% 484,152 $55M $113.41 -$598M -9,622 -1.9%
31 SE 0.69% 317,895 $51M $159.94 -$432M -51,794 -14.0%
32 CACI 0.55% 85,403 $41M $476.70 -$273M -198 -0.2%
33 COF 0.55% 189,290 $40M $212.76 -$300M -650 -0.3%
34 RACE 0.54% 81,083 $40M $490.74 -$323M -3,677 -4.3%
35 TJX 0.54% 319,080 $39M $123.49 -$430M -66,460 -17.2%
36 AINV 0.50% 2,937,783 $37M $12.62 -$341M
37 LHX 0.43% 127,375 $32M $250.84 -$236M -443 -0.3%
38 WRE 0.43% 2,005,668 $32M $15.90 -$352M -200,000 -9.1%
39 BLDR 0.43% 271,574 $32M $116.69 -$251M +45,618 +20.2%
40 BKNG 0.42% 5,369 $31M $5,789.24 -$426M -4,557 -45.9%
41 CWST 0.40% 255,510 $29M $115.38 -$283M -24,366 -8.7%
42 JPM 0.37% 93,487 $27M $289.91 -$1.4B -484,408 -83.8%
43 VRT 0.31% 176,005 $23M $128.41 -$125M -27,798 -13.6%
44 AGYS 0.29% 185,913 $21M $114.64 -$120M -8,477 -4.4%
45 SHOP 0.27% 172,686 $20M $115.35 -$117M +29,289 +20.4%
46 NU 0.26% 1,376,676 $19M $13.72 -$129M -68,872 -4.8%
47 SN 0.26% 190,491 $19M $98.99 -$154M -16,852 -8.1%
48 ASML 0.25% 23,165 $19M $801.39 -$152M -2,616 -10.2%
49 TRU 0.25% 207,490 $18M $88.00 -$169M -18,279 -8.1%
50 AIT 0.25% 78,401 $18M $232.45 -$180M -9,629 -10.9%
51 FTI 0.25% 528,609 $18M $34.44 -$184M -110,706 -17.3%
52 STVN 0.25% 742,245 $18M $24.43 -$209M -367,639 -33.1%
53 MYRG 0.24% 97,553 $18M $181.45 -$106M -11,608 -10.6%
54 SONY 0.23% 662,836 $17M $26.03 -$148M +11,428 +1.8%
55 CCZ 0.23% 284,060 $17M $59.43 -$79M +126,150 +79.9%
56 AMD 0.23% 116,808 $17M $141.90 -$140M -35,676 -23.4%
57 LPLA 0.21% 42,006 $16M $374.97 -$135M -3,962 -8.6%
58 CLH 0.20% 65,029 $15M $231.18 -$124M -5,483 -7.8%
59 ANET 0.20% 145,485 $15M $102.31 +145,485 NEW
60 PNFP 0.20% 134,451 $15M $110.41 -$140M -11,369 -7.8%
61 MUFG 0.20% 1,081,116 $15M $13.72 -$129M +25,744 +2.4%
62 TXNM 0.20% 258,062 $15M $56.32 -$145M -40,202 -13.5%
63 SXT 0.19% 144,286 $14M $98.52 -$102M -12,207 -7.8%
64 CCCS 0.19% 1,506,524 $14M $9.41 -$134M -132,674 -8.1%
65 TTE 0.19% 229,514 $14M $61.39 -$133M +2,808 +1.2%
66 P 0.19% 243,607 $14M $57.58 -$103M -21,454 -8.1%
67 NTNX 0.19% 178,979 $14M $76.44 -$122M -15,120 -7.8%
68 CVSA 0.18% 104,615 $13M $127.23 +104,615 NEW
69 BJ 0.18% 123,176 $13M $107.83 -$139M -10,386 -7.8%
70 BAP 0.17% 57,488 $13M $223.52 -$58M +19,439 +51.1%
71 COHR 0.17% 143,902 $13M $89.21 -$88M -12,093 -7.8%
72 TLN 0.17% 44,139 $13M $290.77 -$77M -1,004 -2.2%
73 WH 0.17% 155,238 $13M $81.21 -$106M +23,940 +18.2%
74 ITT 0.17% 78,892 $12M $156.83 -$98M -6,688 -7.8%
75 WAL 0.16% 154,520 $12M $77.98 -$117M -13,071 -7.8%
76 ACA 0.16% 137,445 $12M $86.71 -$103M -11,983 -8.0%
77 ING 0.16% 534,851 $12M $21.87 -$90M +13,544 +2.6%
78 THC 0.16% 66,426 $12M $176.00 -$83M -3,735 -5.3%
79 KMPR 0.15% 175,524 $11M $64.54 -$116M -14,814 -7.8%
80 MTSI 0.15% 77,897 $11M $143.29 -$74M -6,605 -7.8%
81 XPO 0.15% 88,036 $11M $126.29 -$92M -7,462 -7.8%
82 DTM 0.15% 100,684 $11M $109.91 -$72M +14,552 +16.9%
83 GPI 0.15% 25,187 $11M $436.71 -$100M -3,925 -13.5%
84 AIZ 0.15% 54,994 $11M $197.49 -$114M -4,640 -7.8%
85 ICLR 0.15% 74,636 $11M $145.45 -$133M -7,682 -9.3%
86 STKL 0.15% 1,858,287 $11M $5.80 -$84M -93,502 -4.8%
87 AL 0.15% 183,352 $11M $58.49 -$74M +8,206 +4.7%
88 CYBR 0.12% 21,961 $9M $406.88 -$75M -2,886 -11.6%
89 PJT 0.12% 53,597 $9M $165.01 -$60M +3,664 +7.3%
90 GLOB 0.11% 92,802 $8M $90.84 -$125M -20,231 -17.9%
91 WD 0.11% 118,734 $8M $70.48 -$102M -10,080 -7.8%
92 KRG 0.11% 365,178 $8M $22.65 -$80M -30,943 -7.8%
93 SMPL 0.11% 260,763 $8M $31.59 +260,763 NEW
94 MU 0.11% 64,639 $8M $123.25 -$70M -25,298 -28.1%
95 TCOM 0.11% 133,239 $8M $58.64 -$82M -7,586 -5.4%
96 IBN 0.11% 229,975 $8M $33.64 -$44M +66,420 +40.6%
97 CRDO 0.10% 82,334 $8M $92.59 -$36M -26,444 -24.3%
98 SAP 0.10% 24,760 $8M $304.10 -$77M -6,559 -20.9%
99 SHEL 0.10% 106,230 $7M $70.41 -$69M +1,953 +1.9%
100 WCN 0.10% 38,795 $7M $186.72 -$123M -27,827 -41.8%

New Positions

SymbolValue% Port
ANET $15M 0.20%
CVSA $13M 0.18%
SMPL $8M 0.11%
SITM $3M 0.05%
IOT $3M 0.04%
BROS $2M 0.03%
LBRT $882K 0.01%
PAC $542K 0.01%
KOF $518K 0.01%
VXUS $401K 0.01%

Sold Out Positions

SymbolValue% Port
DIS —%
TECK —%
VTMX —%
H —%
ONTO —%
VIST —%
PKX —%
YMM —%
MMYT —%
EEM —%
PDD —%
VERA —%
SNDX —%
SRPT —%
EDU —%
View SEC EDGAR Filings for THORNBURG INVESTMENT MANAGEMENT INC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms