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Asset Manager ← All Institutions

THORNBURG INVESTMENT MANAGEMENT INC

Q3 2025 · Filed 2025-11-12
Market Value
$7.2B
-1.9%
Holdings
177
-6
New Purchases
10
Added To
39
Closed
11
Reduced
99
Top 10 Concentration
55.1%
Turnover
11.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
C 11.27% 9.32% +1.94% $814M
TDG 0.87% 0.00% +0.87% $63M
BABA 1.37% 0.75% +0.62% $99M
ABBV 1.29% 0.81% +0.48% $93M
TRP 3.03% 2.56% +0.47% $219M
GOOGL 1.73% 1.27% +0.45% $125M
TSM 2.57% 2.18% +0.39% $186M
HD 2.89% 2.55% +0.34% $209M
CME 4.15% 3.86% +0.29% $300M
ENB 2.50% 2.21% +0.29% $181M
ADBE 0.28% 0.00% +0.28% $21M
MDT 2.54% 2.28% +0.27% $184M
T 11.04% 10.80% +0.24% $798M
RF 1.69% 1.47% +0.22% $122M
DCO 0.18% 0.00% +0.18% $13M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PFE 0.51% 3.44% -2.93% $37M
PBR 0.06% 1.31% -1.25% $4M
MRK 4.09% 5.08% -0.99% $295M
LYB 0.70% 1.55% -0.85% $50M
FCX 1.01% 1.72% -0.71% $73M
ALC 1.48% 1.94% -0.46% $107M
NVO 0.42% 0.77% -0.35% $30M
EQH 3.42% 3.70% -0.28% $247M
STVN 0.00% 0.25% -0.25% $0
BLDR 0.24% 0.43% -0.19% $18M
KMPR 0.00% 0.15% -0.15% $0
AL 0.00% 0.15% -0.14% $336K
MELI 0.97% 1.09% -0.12% $70M
SMPL 0.00% 0.11% -0.11% $295K
GLOB 0.02% 0.11% -0.10% $1M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 29 $3.2B 43.6%
Large Cap 90 $3.4B 47.1%
Mid Cap 45 $437M 6.0%
Small Cap 12 $238M 3.3%
Micro Cap 1 $0 0.0%

Portfolio Analytics

Avg Market Cap
$227.3B
Median Market Cap
$22.5B
Avg P/E
36.6
Median P/E
28.1
Avg Dividend Yield
0.06%
Avg Beta
0.97
# Stocks
173
# ETFs / Funds
4

Top Holdings (177 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 C 11.27% 8,022,240 $814M $101.50 $128M -44,109 -0.6%
2 T 11.04% 28,254,463 $798M $28.24 $3M +773,022 +2.8%
3 AVGO 10.06% 2,204,525 $727M $329.91 -$2M -440,840 -16.7%
4 CME 4.15% 1,111,182 $300M $270.19 $16M +79,858 +7.7%
5 MRK 4.09% 3,520,631 $295M $83.93 -$79M -1,209,010 -25.6%
6 EQH 3.42% 4,867,643 $247M $50.78 -$25M +12,370 +0.2%
7 TRP 3.03% 4,027,286 $219M $54.36 $30M +166,767 +4.3%
8 HD 2.89% 515,676 $209M $405.19 $21M +3,153 +0.6%
9 TSM 2.57% 664,576 $186M $279.29 $25M -44,120 -6.2%
10 MDT 2.54% 1,930,295 $184M $95.24 $16M +7,485 +0.4%
11 ENB 2.50% 3,587,620 $181M $50.44 $18M
12 CSCO 2.47% 2,611,890 $179M $68.42 $9M +163,721 +6.7%
13 LIN 1.81% 275,063 $131M $476.23 $9M +15,562 +6.0%
14 GOOGL 1.73% 513,429 $125M $243.10 $31M -18,507 -3.5%
15 RF 1.69% 4,624,765 $122M $26.37 $14M +28,669 +0.6%
16 ALC 1.48% 1,435,787 $107M $74.49 -$36M -180,207 -11.2%
17 META 1.46% 143,706 $106M $734.38 -$8M -10,662 -6.9%
18 BABA 1.37% 553,384 $99M $178.73 $44M +69,232 +14.3%
19 ABBV 1.29% 401,760 $93M $231.54 $34M +81,625 +25.5%
20 BZ 1.24% 3,851,569 $90M $23.36 $7M -812,588 -17.4%
21 FCX 1.01% 1,854,853 $73M $39.22 -$54M -1,060,970 -36.4%
22 SCHW 1.00% 756,005 $72M $95.47 -$2M -57,869 -7.1%
23 MELI 0.97% 29,941 $70M $2,336.94 -$10M -771 -2.5%
24 SLRC 0.93% 4,372,550 $67M $15.29 -$4M
25 CIM 0.92% 5,019,354 $66M $13.22 -$2M +70,619 +1.4%
26 TDG 0.87% 47,636 $63M $1,318.02 +47,636 NEW
27 MA 0.82% 103,940 $59M $568.81 -$2M -4,632 -4.3%
28 SE 0.76% 308,681 $55M $178.73 $4M -9,214 -2.9%
29 LYB 0.70% 1,028,822 $50M $49.04 -$64M -942,591 -47.8%
30 RACE 0.60% 88,935 $43M $485.22 $3M +7,852 +9.7%
31 CACI 0.59% 85,593 $43M $498.78 $2M +190 +0.2%
32 TJX 0.55% 275,387 $40M $144.54 $401K -43,693 -13.7%
33 COF 0.54% 182,992 $39M $212.58 -$1M -6,298 -3.3%
34 LHX 0.54% 127,284 $39M $305.41 $7M -91 -0.1%
35 AINV 0.52% 3,137,783 $38M $11.99 $547K +200,000 +6.8%
36 PFE 0.51% 1,449,270 $37M $25.48 -$217M -9,009,301 -86.1%
37 NVO 0.42% 544,386 $30M $55.49 -$27M -278,291 -33.8%
38 JPM 0.41% 93,156 $29M $315.43 $2M -331 -0.3%
39 WRE 0.37% 1,599,492 $27M $16.86 -$5M -406,176 -20.2%
40 BKNG 0.36% 4,820 $26M $5,399.27 -$5M -549 -10.2%
41 ANET 0.33% 164,945 $24M $145.71 $9M +19,460 +13.4%
42 CWST 0.32% 247,419 $23M $94.88 -$6M -8,091 -3.2%
43 VRT 0.30% 142,330 $21M $150.86 -$1M -33,675 -19.1%
44 SHOP 0.29% 141,135 $21M $148.61 $1M -31,551 -18.3%
45 ADBE 0.28% 58,338 $21M $352.75 +58,338 NEW
46 ASML 0.28% 21,058 $20M $968.09 $2M -2,107 -9.1%
47 AIT 0.28% 77,372 $20M $261.05 $2M -1,029 -1.3%
48 SONY 0.27% 672,733 $19M $28.79 $2M +9,897 +1.5%
49 CVSA 0.27% 124,872 $19M $154.45 $6M +20,257 +19.4%
50 P 0.26% 228,044 $19M $83.81 $5M -15,563 -6.4%
51 NU 0.26% 1,191,386 $19M $16.01 $186K -185,290 -13.5%
52 AGYS 0.26% 180,088 $19M $105.25 -$2M -5,825 -3.1%
53 FTI 0.26% 472,380 $19M $39.45 $430K -56,229 -10.6%
54 AMD 0.26% 114,262 $18M $161.79 $2M -2,546 -2.2%
55 ITT 0.25% 100,750 $18M $178.76 $6M +21,858 +27.7%
56 BLDR 0.24% 145,844 $18M $121.25 -$14M -125,730 -46.3%
57 MUFG 0.24% 1,106,617 $18M $15.94 $3M +25,501 +2.4%
58 SN 0.24% 167,687 $17M $103.15 -$2M -22,804 -12.0%
59 MYRG 0.24% 82,696 $17M $208.03 -$498K -14,857 -15.2%
60 CCZ 0.24% 284,060 $17M $60.02 $167K
61 TRU 0.23% 200,935 $17M $83.78 -$1M -6,555 -3.2%
62 TLN 0.23% 39,260 $17M $425.38 $4M -4,879 -11.1%
63 ACWX 0.21% 229,362 $15M $65.01 $12M +181,731 +381.5%
64 WAL 0.20% 164,612 $14M $86.72 $2M +10,092 +6.5%
65 ING 0.20% 546,389 $14M $26.08 $3M +11,538 +2.2%
66 CLH 0.20% 61,053 $14M $232.22 -$856K -3,976 -6.1%
67 TTE 0.19% 233,917 $14M $59.69 -$127K +4,403 +1.9%
68 COHR 0.19% 128,327 $14M $107.72 $986K -15,575 -10.8%
69 BAP 0.19% 51,776 $14M $266.28 $937K -5,712 -9.9%
70 TCOM 0.19% 181,913 $14M $75.20 $6M +48,674 +36.5%
71 PNFP 0.19% 144,509 $14M $93.79 -$1M +10,058 +7.5%
72 WD 0.18% 159,641 $13M $83.62 $5M +40,907 +34.5%
73 CCCS 0.18% 1,459,196 $13M $9.11 -$883K -47,328 -3.1%
74 THC 0.18% 64,183 $13M $203.04 $1M -2,243 -3.4%
75 DCO 0.18% 134,748 $13M $96.13 +134,748 NEW
76 NTNX 0.18% 172,982 $13M $74.39 -$813K -5,997 -3.4%
77 SXT 0.17% 131,856 $12M $93.85 -$2M -12,430 -8.6%
78 STKL 0.17% 2,088,513 $12M $5.86 $1M +230,226 +12.4%
79 WH 0.17% 151,208 $12M $79.90 -$525K -4,030 -2.6%
80 TXNM 0.16% 207,615 $12M $56.55 -$3M -50,447 -19.6%
81 AIZ 0.16% 53,145 $12M $216.60 $650K -1,849 -3.4%
82 BJ 0.16% 122,522 $11M $93.25 -$2M -654 -0.5%
83 DTM 0.16% 100,258 $11M $113.06 $269K -426 -0.4%
84 XPO 0.15% 85,061 $11M $129.27 -$122K -2,975 -3.4%
85 MTSI 0.15% 88,092 $11M $124.49 -$195K +10,195 +13.1%
86 GPI 0.14% 23,935 $10M $437.51 -$528K -1,252 -5.0%
87 ACA 0.14% 109,845 $10M $93.71 -$2M -27,600 -20.1%
88 ICLR 0.14% 57,201 $10M $175.00 -$846K -17,435 -23.4%
89 CXT 0.14% 147,954 $10M $67.07 +147,954 NEW
90 LPLA 0.14% 29,729 $10M $332.69 -$6M -12,277 -29.2%
91 AER 0.12% 72,238 $9M $121.00 +72,238 NEW
92 TTAN 0.12% 82,692 $8M $100.83 +82,692 NEW
93 AGX 0.11% 29,249 $8M $270.05 $1M -1,006 -3.3%
94 KRG 0.11% 352,741 $8M $22.30 -$405K -12,437 -3.4%
95 SHEL 0.11% 108,798 $8M $71.53 $303K +2,568 +2.4%
96 CRDO 0.11% 53,049 $8M $145.61 $101K -29,285 -35.6%
97 VRRM 0.11% 307,570 $8M $24.70 +307,570 NEW
98 PJT 0.10% 41,000 $7M $177.73 -$2M -12,597 -23.5%
99 RMBS 0.10% 68,591 $7M $104.20 $2M -18,157 -20.9%
100 MSFT 0.10% 13,609 $7M $517.95 $280K

New Positions

SymbolValue% Port
TDG $63M 0.87%
ADBE $21M 0.28%
DCO $13M 0.18%
CXT $10M 0.14%
AER $9M 0.12%
TTAN $8M 0.12%
VRRM $8M 0.11%
CASY $5M 0.07%
RARE $2M 0.03%
CIGI $261K —%

Sold Out Positions

SymbolValue% Port
ASX —%
RYAN —%
KMPR —%
SDHC —%
STVN —%
RDY —%
COST —%
ENTG —%
GRAB —%
POOL —%
QCOM —%
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