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Asset Manager ← All Institutions

THORNBURG INVESTMENT MANAGEMENT INC

Q4 2025 · Filed 2026-02-13
Market Value
$7.5B
+3.3%
Holdings
176
-1
New Purchases
10
Added To
53
Closed
10
Reduced
94
Top 10 Concentration
55.4%
Turnover
11.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
C 12.53% 11.27% +1.27% $936M
MRK 5.26% 4.09% +1.17% $392M
FCX 1.90% 1.01% +0.89% $142M
LLY 0.65% 0.00% +0.65% $49M
RF 2.26% 1.69% +0.57% $169M
CSCO 2.96% 2.47% +0.49% $221M
BZ 1.67% 1.24% +0.43% $125M
ALC 1.85% 1.48% +0.37% $138M
PFE 0.73% 0.51% +0.22% $55M
ADBE 0.47% 0.28% +0.18% $35M
MMYT 0.18% 0.00% +0.18% $13M
CLBT 0.11% 0.00% +0.11% $8M
AER 0.22% 0.12% +0.10% $17M
XP 0.10% 0.00% +0.10% $7M
AMD 0.35% 0.26% +0.10% $26M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
T 9.67% 11.04% -1.38% $721M
AVGO 9.54% 10.06% -0.52% $712M
HD 2.40% 2.89% -0.49% $179M
NVO 0.00% 0.42% -0.42% $0
JPM 0.01% 0.41% -0.40% $628K
WRE 0.00% 0.37% -0.37% $0
META 1.15% 1.46% -0.31% $86M
EQH 3.12% 3.42% -0.30% $233M
LIN 1.55% 1.81% -0.26% $116M
BABA 1.15% 1.37% -0.22% $86M
SE 0.55% 0.76% -0.21% $41M
ENB 2.31% 2.50% -0.19% $172M
TTE 0.00% 0.19% -0.19% $0
TXNM 0.00% 0.16% -0.16% $0
RACE 0.44% 0.60% -0.16% $33M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 28 $3.4B 44.9%
Large Cap 87 $3.4B 46.0%
Mid Cap 49 $481M 6.4%
Small Cap 12 $199M 2.7%

Portfolio Analytics

Avg Market Cap
$229.8B
Median Market Cap
$22.3B
Avg P/E
37.7
Median P/E
27.9
Avg Dividend Yield
0.06%
Avg Beta
0.98
# Stocks
172
# ETFs / Funds
4

Top Holdings (176 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 C 12.53% 8,017,682 $936M $116.69 $121M -4,558 -0.1%
2 T 9.67% 29,044,508 $721M $24.84 -$76M +790,045 +2.8%
3 AVGO 9.54% 2,057,995 $712M $346.10 -$15M -146,530 -6.7%
4 MRK 5.26% 3,728,673 $392M $105.26 $97M +208,042 +5.9%
5 CME 4.19% 1,146,539 $313M $273.08 $13M +35,357 +3.2%
6 EQH 3.12% 4,889,730 $233M $47.65 -$14M +22,087 +0.5%
7 TRP 2.98% 4,040,854 $223M $55.07 $4M +13,568 +0.3%
8 CSCO 2.96% 2,869,033 $221M $77.03 $42M +257,143 +9.8%
9 TSM 2.62% 644,259 $196M $303.89 $10M -20,317 -3.1%
10 MDT 2.48% 1,928,745 $185M $96.06 $1M -1,550 -0.1%
11 HD 2.40% 519,903 $179M $344.10 -$30M +4,227 +0.8%
12 ENB 2.31% 3,601,831 $172M $47.86 -$9M +14,211 +0.4%
13 RF 2.26% 6,230,601 $169M $27.10 $47M +1,605,836 +34.7%
14 FCX 1.90% 2,794,794 $142M $50.79 $69M +939,941 +50.7%
15 ALC 1.85% 1,747,719 $138M $79.01 $31M +311,932 +21.7%
16 GOOGL 1.77% 422,442 $132M $313.00 $7M -90,987 -17.7%
17 BZ 1.67% 6,117,010 $125M $20.38 $35M +2,265,441 +58.8%
18 LIN 1.55% 272,505 $116M $425.28 -$15M -2,558 -0.9%
19 ABBV 1.23% 401,010 $92M $228.49 -$1M -750 -0.2%
20 META 1.15% 129,770 $86M $660.09 -$20M -13,936 -9.7%
21 BABA 1.15% 584,028 $86M $146.58 -$13M +30,644 +5.5%
22 SCHW 1.01% 754,888 $75M $99.91 $3M -1,117 -0.1%
23 SLRC 0.90% 4,367,861 $68M $15.46 $671K -4,689 -0.1%
24 CIM 0.88% 5,268,481 $65M $12.43 -$869K +249,127 +5.0%
25 TDG 0.85% 47,636 $63M $1,329.85 $564K
26 MELI 0.81% 29,955 $60M $2,014.26 -$10M +14 +0.1%
27 MA 0.76% 99,052 $57M $570.88 -$3M -4,888 -4.7%
28 PFE 0.73% 2,202,459 $55M $24.90 $18M +753,189 +52.0%
29 LLY 0.65% 45,404 $49M $1,074.68 +45,404 NEW
30 CACI 0.60% 83,746 $45M $532.81 $2M -1,847 -2.2%
31 COF 0.59% 182,654 $44M $242.36 $5M -338 -0.2%
32 LYB 0.57% 977,081 $42M $43.30 -$8M -51,741 -5.0%
33 SE 0.55% 323,829 $41M $127.57 -$14M +15,148 +4.9%
34 TJX 0.54% 260,571 $40M $153.61 $222K -14,816 -5.4%
35 LHX 0.50% 126,698 $37M $293.57 -$2M -586 -0.5%
36 AINV 0.48% 3,137,783 $36M $11.44 -$2M
37 ADBE 0.47% 99,185 $35M $349.99 $14M +40,847 +70.0%
38 RACE 0.44% 88,109 $33M $369.56 -$11M -826 -0.9%
39 AMD 0.35% 123,243 $26M $214.16 $8M +8,981 +7.9%
40 CWST 0.32% 244,037 $24M $97.94 $426K -3,382 -1.4%
41 BKNG 0.30% 4,172 $22M $5,355.33 -$4M -648 -13.4%
42 SHOP 0.30% 137,279 $22M $160.97 $1M -3,856 -2.7%
43 ASML 0.29% 20,316 $22M $1,069.86 $1M -742 -3.5%
44 VRT 0.29% 133,658 $22M $162.01 $182K -8,672 -6.1%
45 AGYS 0.28% 178,136 $21M $118.84 $2M -1,952 -1.1%
46 SN 0.28% 188,960 $21M $111.90 $4M +21,273 +12.7%
47 ANET 0.28% 160,832 $21M $131.03 -$3M -4,113 -2.5%
48 COHR 0.27% 107,961 $20M $184.57 $6M -20,366 -15.9%
49 AIT 0.26% 75,889 $19M $256.77 -$712K -1,483 -1.9%
50 FTI 0.25% 424,762 $19M $44.56 $292K -47,618 -10.1%
51 ITT 0.24% 103,356 $18M $173.51 -$77K +2,606 +2.6%
52 NU 0.24% 1,069,535 $18M $16.74 -$1M -121,851 -10.2%
53 ING 0.24% 632,753 $18M $28.00 $3M +86,364 +15.8%
54 CCZ 0.23% 281,010 $17M $61.38 $197K -3,050 -1.1%
55 TRU 0.23% 198,186 $17M $85.75 $160K -2,749 -1.4%
56 AER 0.22% 116,740 $17M $143.76 $8M +44,502 +61.6%
57 MUFG 0.22% 1,027,642 $16M $15.86 -$1M -78,975 -7.1%
58 ACWX 0.22% 240,341 $16M $67.13 $1M +10,979 +4.8%
59 MTSI 0.21% 92,639 $16M $171.28 $5M +4,547 +5.2%
60 BLDR 0.20% 143,154 $15M $102.89 -$3M -2,690 -1.8%
61 SONY 0.20% 575,081 $15M $25.60 -$5M -97,652 -14.5%
62 CLH 0.19% 60,620 $14M $234.48 $36K -433 -0.7%
63 TLN 0.19% 37,231 $14M $374.84 -$3M -2,029 -5.2%
64 WAL 0.18% 163,527 $14M $84.07 -$527K -1,085 -0.7%
65 PNFP 0.18% 138,594 $13M $95.41 -$330K -5,915 -4.1%
66 TTAN 0.18% 124,159 $13M $106.50 $5M +41,467 +50.1%
67 MMYT 0.18% 159,711 $13M $82.12 +159,711 NEW
68 P 0.17% 193,748 $13M $67.01 -$6M -34,296 -15.0%
69 DCO 0.17% 135,098 $13M $95.13 -$101K +350 +0.3%
70 CVSA 0.17% 123,239 $13M $103.47 -$7M -1,633 -1.3%
71 TCOM 0.17% 176,758 $13M $71.91 -$969K -5,155 -2.8%
72 THC 0.17% 63,760 $13M $198.72 -$361K -423 -0.7%
73 SXT 0.16% 130,897 $12M $93.95 -$77K -959 -0.7%
74 DTM 0.16% 99,833 $12M $119.68 $613K -425 -0.4%
75 BAP 0.16% 40,601 $12M $287.00 -$2M -11,175 -21.6%
76 ACA 0.16% 109,101 $12M $106.32 $1M -744 -0.7%
77 MYRG 0.16% 53,070 $12M $218.50 -$6M -29,626 -35.8%
78 XPO 0.15% 84,488 $11M $135.91 $487K -573 -0.7%
79 AIZ 0.15% 46,109 $11M $240.85 -$406K -7,036 -13.2%
80 BJ 0.15% 121,685 $11M $90.03 -$470K -837 -0.7%
81 LPLA 0.14% 29,470 $11M $357.17 $635K -259 -0.9%
82 ICLR 0.13% 54,173 $10M $182.22 -$139K -3,028 -5.3%
83 WD 0.13% 160,103 $10M $60.15 -$4M +462 +0.3%
84 PJT 0.12% 53,566 $9M $167.20 $2M +12,566 +30.6%
85 GPI 0.12% 22,455 $9M $393.30 -$2M -1,480 -6.2%
86 SHEL 0.11% 108,821 $8M $73.48 $214K +23 +0.0%
87 VRRM 0.11% 356,591 $8M $22.41 $394K +49,021 +15.9%
88 CLBT 0.11% 440,624 $8M $18.03 +440,624 NEW
89 CRDO 0.11% 54,962 $8M $143.89 $184K +1,913 +3.6%
90 STKL 0.11% 2,074,489 $8M $3.80 -$4M -14,024 -0.7%
91 CASY 0.10% 14,020 $8M $552.71 $3M +5,163 +58.3%
92 AGX 0.10% 24,611 $8M $313.32 -$188K -4,638 -15.9%
93 RGEN 0.10% 46,488 $8M $163.86 $1M -1,309 -2.7%
94 WH 0.10% 99,830 $8M $75.56 -$5M -51,378 -34.0%
95 MU 0.10% 26,428 $8M $285.41 $6M +18,637 +239.2%
96 CCCS 0.10% 938,688 $7M $7.95 -$6M -520,508 -35.7%
97 SITM 0.10% 21,006 $7M $353.19 $1M -31 -0.1%
98 XP 0.10% 450,131 $7M $16.37 +450,131 NEW
99 CXT 0.09% 142,960 $7M $47.07 -$3M -4,994 -3.4%
100 NTNX 0.09% 129,597 $7M $51.69 -$6M -43,385 -25.1%

New Positions

SymbolValue% Port
LLY $49M 0.65%
MMYT $13M 0.18%
CLBT $8M 0.11%
XP $7M 0.10%
NTSK $5M 0.07%
MIR $5M 0.07%
CSTM $5M 0.06%
ENTG $4M 0.06%
AVAV $3M 0.05%
CCB $2M 0.03%

Sold Out Positions

SymbolValue% Port
NVO —%
TXNM —%
CWAN —%
TTE —%
FANG —%
SMPL —%
RARE —%
RPAY —%
WRE —%
CYBR —%
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