THORNBURG INVESTMENT MANAGEMENT INC

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CIK 1145020

13F portfolio (2026-Q1)

$9.6B

Positions

169

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

169

Top 5

42.6%

Top 10

58.7%

Effective N

20.8

HHI

0.048

This quarter

23 new · 0 exit →

By sector

Financials19.8%

Health Care16.4%

Information Technology15.8%

Energy14.9%

Communication Services11.6%

Industrials7.6%

Materials4.2%

Consumer Discretionary3.5%

Other6.3%

By market cap

Unknown33.4%

Mega (>$200B)31.5%

Large ($10–200B)31.0%

Mid ($2–10B)3.3%

Small ($300M–2B)0.8%

By region

North America73.1%

Europe20.8%

Asia-Pacific3.6%

Other2.2%

Latin America0.2%

By industry group GICS — finer than sector

Industry group	Weight	Names
Oil, Gas & Consumable Fuels	14.93%	8
Pharmaceuticals & Biotechnology	13.03%	13
Banks	12.35%	13
Semiconductors & Semiconductor Equipment	10.18%	10
Diversified Telecommunication Services	9.37%	3
Capital Markets	4.87%	9
Software & IT Services	3.57%	10
Utilities	3.31%	3
Health Care Equipment & Supplies	3.22%	5
Technology Hardware & Equipment	2.86%	6
Commercial Services & Supplies	2.61%	9
Specialty Retail	2.57%	8
Unclassified	2.45%	15
Chemicals	2.38%	5
Insurance	2.04%	3
Metals & Mining	1.80%	4
Road & Rail	1.70%	2
Construction & Engineering	1.41%	3
Software	1.16%	12
Aerospace & Defense	1.03%	6
Machinery	0.75%	4
Equity Real Estate Investment Trusts (REITs)	0.71%	1
Transportation Infrastructure	0.62%	2
Household Durables	0.33%	2
Media & Entertainment	0.17%	3
Distributors	0.16%	1
Real Estate Management & Development	0.14%	1
Health Care Providers & Services	0.10%	1
Hotels, Restaurants & Leisure	0.08%	1
Beverages	0.07%	3
Textiles, Apparel & Luxury Goods	0.01%	1
Communications Equipment	0.01%	1
Airlines	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	TTE	Totalenergies SE	Energy	11.33%
2	C	CITIGROUP INC	Financials	9.42%
3	T	AT&T INC.	Communication Services	9.36%
4	AVGO	Broadcom Inc.	Information Technology	6.71%
5	AZN	Astrazeneca PLC	Health Care	5.78%
6	MRK	Merck & Co., Inc.	Health Care	4.66%
7	CME	CME GROUP INC.	Financials	3.52%
8	TRP	TC ENERGY CORP	Utilities	3.07%
9	TSM	Taiwan Semiconductor Manufacturing Co Ltd	Information Technology	2.46%
10	CSCO	CISCO SYSTEMS, INC.	Information Technology	2.35%

156/169 names classified · sector 97.9% of weight · industry 97.5% · mkt cap 66.6%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 52 quarters

FinancialsCME, JPM, C, EQH, RF · other

Information TechnologyAVGO, QCOM, TSM, BIDU, CSCO · other

Health CareMRK, PFE, ABBV, MDT, AZN · other

Consumer DiscretionaryHD, LVS, TGT, YUM, LULU · other

IndustrialsBABA, MELI, CP, ACN, EMBJ · other

Communication ServicesT, META, GOOGL, TMUS, VOD · other

MaterialsLYB, LIN, FCX, CF, NKE · other

EnergyENB, SLB, PBR, VLO, TTE · other

Real EstateCCI, ELME, LAMR, OUT, CIM · other

UtilitiesTRP, OKE, DUK, D, KMI · other

Consumer StaplesMDLZ, FMX, CVS, KHC, BTI · other

UnclassifiedROYAL DUTCH SHELL PLC, WALGREENS BOOTS ALLIANCE INC, CHIMERA INVT CORP, ALLERGAN PLC, POTASH CORP OF SASKATCHEWAN · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 97.9% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (98 classified)THORNBURG INVESTMENT MANAGEMENT INC centroid (Large Core)

FinancialsInformation TechnologyCommunication ServicesHealth CareMaterialsIndustrialsConsumer DiscretionaryReal EstateEnergyUtilitiesConsumer Staples

Style box summary for THORNBURG INVESTMENT MANAGEMENT INC: centroid Large Core. Heaviest cells: Large Value 33.1%, Large Growth 12.7%, Large Core 6.4%.

Classified: 59.6% of book weight (98/169 names) · unclassified 40.4%: TTE, AZN, TRP, TSM, ENB, EQH, CP, ALC, SOBO, FER +61 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 169 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	TTETotalEnergies SE	11,660,983	$1.1B	11.3%	NEW
2	CCITIGROUP INC	7,988,210	$906M	9.4%	HOLD
3	TAT&T INC	31,045,244	$900M	9.4%	ADD 7%
4	AVGOBROADCOM INC	2,083,646	$645M	6.7%	HOLD
5	AZNASTRAZENECA PLC	2,858,651	$556M	5.8%	NEW
6	MRKMERCK & CO INC	3,728,673	$449M	4.7%	HOLD
7	CMECME GROUP INC	1,145,442	$338M	3.5%	HOLD
8	TRPTC ENERGY CORP	4,720,722	$295M	3.1%	ADD 17%
9	TSMTAIWAN SEMICONDUCTOR MFG LTD	701,352	$237M	2.5%	ADD 9%
10	CSCOCISCO SYS INC	2,914,333	$226M	2.4%	HOLD
11	ENBENBRIDGE INC	3,641,034	$197M	2.1%	HOLD
12	EQHEQUITABLE HLDGS INC	4,994,205	$185M	1.9%	ADD 2%
13	MDTMEDTRONIC PLC	2,017,077	$175M	1.8%	ADD 5%
14	HDHOME DEPOT INC	521,009	$171M	1.8%	HOLD
15	RFREGIONS FINANCIAL CORP NEW	6,515,272	$170M	1.8%	ADD 5%
16	FCXFREEPORT MCMORAN INC	2,836,234	$167M	1.7%	HOLD
17	CPCANADIAN PACIFIC KANSAS CITY	2,028,713	$160M	1.7%	TRIM −4%
18	LINLINDE PLC	274,372	$135M	1.4%	HOLD
19	ALCALCON AG	1,708,677	$128M	1.3%	TRIM −2%
20	GOOGLALPHABET INC	424,942	$122M	1.3%	HOLD
21	SOBOSOUTH BOW CORP	3,632,875	$121M	1.3%	ADD 28%
22	FERFERROVIAL SE	1,739,341	$112M	1.2%	HOLD
23	ABBVABBVIE INC	502,832	$109M	1.1%	ADD 25%
24	BZKANZHUN LIMITED	6,232,846	$83M	0.9%	HOLD
25	LYBLYONDELLBASELL INDUSTRIES N	977,081	$79M	0.8%	HOLD
26	BABAALIBABA GROUP HLDG LTD	610,184	$77M	0.8%	ADD 4%
27	SCHWSCHWAB CHARLES CORP	809,560	$76M	0.8%	ADD 7%
28	METAMETA PLATFORMS INC	126,216	$72M	0.8%	TRIM −3%
29	CIMCHIMERA INVT CORP	5,476,302	$69M	0.7%	ADD 4%
30	SLRCSLR INVESTMENT CORP	4,633,431	$66M	0.7%	ADD 6%
31	PFEPFIZER INC	2,242,186	$63M	0.7%	HOLD
32	LLYELI LILLY & CO	60,178	$55M	0.6%	ADD 33%
33	MELIMERCADOLIBRE INC	31,022	$54M	0.6%	ADD 4%
34	MAMASTERCARD INCORPORATED	97,913	$49M	0.5%	HOLD
35	BKNGBOOKING HOLDINGS INC	11,211	$47M	0.5%	ADD 169%
36	CACICACI INTL INC	84,568	$46M	0.5%	HOLD
37	LHXL3HARRIS TECHNOLOGIES INC	126,698	$44M	0.5%	HOLD
38	ADBEADOBE INC	173,515	$42M	0.4%	ADD 75%
39	TJXTJX COS INC NEW	263,663	$42M	0.4%	HOLD
40	MFICMIDCAP FINANCIAL INVSTMNT CO	3,237,783	$36M	0.4%	ADD 3%
41	TDGTRANSDIGM GROUP INC	29,662	$34M	0.4%	TRIM −38%
42	RACEFERRARI N V	96,042	$33M	0.3%	ADD 9%
43	SESEA LTD	369,873	$31M	0.3%	ADD 14%
44	VRTVERTIV HOLDINGS CO	115,016	$29M	0.3%	TRIM −14%
45	SHOPSHOPIFY INC	233,601	$28M	0.3%	ADD 70%
46	ASMLASML HOLDING N V	19,513	$26M	0.3%	TRIM −4%
47	COFCAPITAL ONE FINL CORP	139,670	$25M	0.3%	TRIM −24%
48	AMDADVANCED MICRO DEVICES INC	122,568	$25M	0.3%	HOLD
49	FTITECHNIPFMC PLC	333,174	$23M	0.2%	TRIM −22%
50	ANETARISTA NETWORKS INC	168,348	$21M	0.2%	ADD 5%
51	MUFGMITSUBISHI UFJ FINANCIAL GRO	1,077,231	$18M	0.2%	ADD 5%
52	MRXMAREX GROUP PLC	408,877	$18M	0.2%	TRIM −63%
53	ACWXISHARES TR	263,169	$18M	0.2%	ADD 9%
54	SNSHARKNINJA INC	169,821	$18M	0.2%	TRIM −10%
55	COHRCOHERENT CORP	74,771	$18M	0.2%	TRIM −31%
56	SAPSAP SE	101,507	$17M	0.2%	ADD 428%
57	INGING GROEP N.V.	666,239	$17M	0.2%	ADD 5%
58	VBVANGUARD INDEX FDS	64,480	$17M	0.2%	NEW
59	MTSIMACOM TECH SOLUTIONS HLDGS I	74,613	$17M	0.2%	TRIM −19%
60	CWSTCASELLA WASTE SYS INC	203,167	$16M	0.2%	TRIM −17%
61	DCODUCOMMUN INC DEL	130,431	$16M	0.2%	TRIM −3%
62	AERAERCAP HOLDINGS NV	115,348	$16M	0.2%	HOLD
63	AITAPPLIED INDL TECHNOLOGIES IN	56,414	$15M	0.2%	TRIM −26%
64	ITTITT INC	77,958	$15M	0.2%	TRIM −25%
65	BLDRBUILDERS FIRSTSOURCE INC	179,104	$15M	0.2%	ADD 25%
66	SONYSONY GROUP CORP	669,134	$14M	0.1%	ADD 16%
67	BAPCREDICORP LTD	40,584	$14M	0.1%	HOLD
68	AGXARGAN INC	24,848	$14M	0.1%	HOLD
69	CIGICOLLIERS INTL GROUP INC	123,834	$13M	0.1%	ADD 1565%
70	TLNTALEN ENERGY CORP	40,611	$13M	0.1%	ADD 9%
71	EFAISHARES TR	128,249	$12M	0.1%	ADD 91%
72	NFLXNETFLIX INC	125,985	$12M	0.1%	NEW
73	NUNU HLDGS LTD	840,203	$12M	0.1%	TRIM −21%
74	XPOXPO INC	62,018	$12M	0.1%	TRIM −27%
75	PNFPPINNACLE FINL PARTNERS INC	139,204	$12M	0.1%	NEW
76	MMYTMAKEMYTRIP LIMITED MAURITIUS	302,535	$11M	0.1%	ADD 89%
77	WALWESTERN ALLIANCE BANCORP	158,357	$11M	0.1%	TRIM −3%
78	CLBTCELLEBRITE DI LTD	811,748	$11M	0.1%	ADD 84%
79	LPLALPL FINL HLDGS INC	37,010	$11M	0.1%	ADD 26%
80	XPXP INC	570,057	$11M	0.1%	ADD 27%
81	CLHCLEAN HARBORS INC	37,762	$11M	0.1%	TRIM −38%
82	SHELSHELL PLC	113,874	$11M	0.1%	ADD 5%
83	MYRGMYR GROUP INC DEL	37,351	$11M	0.1%	TRIM −30%
84	TRUTRANSUNION	151,605	$10M	0.1%	TRIM −24%
85	DTMDT MIDSTREAM INC	77,547	$10M	0.1%	TRIM −22%
86	MSFTMICROSOFT CORP	27,521	$10M	0.1%	ADD 102%
87	THCTenet Healthcare Corp.	52,134	$10M	0.1%	TRIM −18%
88	AIZASSURANT INC	44,316	$10M	0.1%	TRIM −4%
89	AGYSAGILYSYS INC	126,433	$9M	0.1%	TRIM −29%
90	SXTSENSIENT TECHNOLOGIES CORP	101,425	$9M	0.1%	TRIM −23%
91	PEVERPURE INC	147,434	$9M	0.1%	TRIM −24%
92	ACAARCOSA INC	79,739	$8M	0.1%	TRIM −27%
93	MUMICRON TECHNOLOGY INC	24,621	$8M	0.1%	TRIM −7%
94	PJTPJT PARTNERS INC	56,023	$8M	0.1%	ADD 5%
95	WHWYNDHAM HOTELS & RESORTS INC	96,056	$8M	0.1%	TRIM −4%
96	SITMSITIME CORP	21,207	$7M	0.1%	HOLD
97	GPIGROUP 1 AUTOMOTIVE INC	21,853	$7M	0.1%	TRIM −3%
98	PBRPETROLEO BRASILEIRO S A	345,693	$7M	0.1%	HOLD
99	MTDRMATADOR RES CO	113,175	$7M	0.1%	HOLD
100	INSMINSMED INC	38,337	$6M	0.1%	HOLD
101	TBBBBBB FOODS INC	169,676	$6M	0.1%	TRIM −9%
102	CYTKCYTOKINETICS INC	83,190	$5M	0.1%	HOLD
103	BJBJS WHSL CLUB HLDGS INC	52,579	$5M	0.1%	TRIM −57%
104	DECKDECKERS OUTDOOR CORP	50,889	$5M	0.1%	TRIM −7%
105	CSTMCONSTELLIUM SE	205,467	$5M	0.1%	TRIM −18%
106	FROGJFROG LTD	107,419	$5M	0.1%	HOLD
107	IBNICICI BANK LIMITED	193,500	$5M	0.1%	HOLD
108	RMBSRAMBUS INC DEL	58,106	$5M	0.1%	HOLD
109	AMZNAMAZON COM INC	23,677	$5M	0.1%	ADD 120%
110	AORTARTIVION INC	130,276	$5M	0.0%	HOLD
111	CRDOCREDO TECHNOLOGY GROUP HOLDI	49,584	$5M	0.0%	TRIM −10%
112	SAROSTANDARDAERO INC	167,359	$4M	0.0%	TRIM −28%
113	GLOBGLOBANT S A	92,277	$4M	0.0%	ADD 147%
114	OTEXOPEN TEXT CORP	170,733	$4M	0.0%	HOLD
115	TWTRADEWEB MKTS INC	32,066	$4M	0.0%	HOLD
116	SAIASAIA INC	10,180	$4M	0.0%	HOLD
117	RGENREPLIGEN CORP	29,401	$3M	0.0%	TRIM −37%
118	DEODIAGEO PLC	44,442	$3M	0.0%	ADD 18%
119	CELHCELSIUS HLDGS INC	88,133	$3M	0.0%	TRIM −22%
120	NOWSERVICENOW INC	29,835	$3M	0.0%	HOLD
121	FWONKLIBERTY MEDIA CORP DEL	36,301	$3M	0.0%	HOLD
122	CCCCCC INTELLIGENT SOLUTIONS HL	447,744	$3M	0.0%	TRIM −52%
123	SPGIS&P GLOBAL INC	5,547	$2M	0.0%	NEW
124	BMYBRISTOL-MYERS SQUIBB CO	38,400	$2M	0.0%	HOLD
125	STLASTELLANTIS N.V	278,210	$2M	0.0%	TRIM −6%
126	NVDANVIDIA CORPORATION	10,105	$2M	0.0%	TRIM −7%
127	LBRTLIBERTY ENERGY INC	60,352	$2M	0.0%	TRIM −4%
128	SLBSCHLUMBERGER LTD	33,154	$2M	0.0%	TRIM −6%
129	AAMIACADIAN ASSET MANAGEMENT INC	27,786	$2M	0.0%	NEW
130	RPRXROYALTY PHARMA PLC	31,409	$2M	0.0%	NEW
131	VSXYVICTORIAS SECRET AND CO	32,032	$1M	0.0%	NEW
132	TMETENCENT MUSIC ENTMT GROUP	151,834	$1M	0.0%	NEW
133	VVISA INC	4,166	$1M	0.0%	HOLD
134	GKOSGLAUKOS CORP	10,886	$1M	0.0%	TRIM −77%
135	HEI.AHEICO CORP NEW	5,512	$1M	0.0%	NEW
136	IOTSAMSARA INC	35,873	$1M	0.0%	TRIM −61%
137	RDDTREDDIT INC	8,431	$1M	0.0%	NEW
138	PGRPROGRESSIVE CORP	5,670	$1M	0.0%	NEW
139	TSTENARIS S A	16,792	$976,959	0.0%	TRIM −21%
140	MIRMIRION TECHNOLOGIES INC	51,597	$959,188	0.0%	TRIM −77%
141	GWREGUIDEWIRE SOFTWARE INC	5,891	$881,058	0.0%	NEW
142	TPRTAPESTRY INC	6,130	$865,004	0.0%	NEW
143	VEEVVEEVA SYS INC	4,803	$843,695	0.0%	NEW
144	STEPSTEPSTONE GROUP INC	16,225	$774,257	0.0%	TRIM −77%
145	ZTSZOETIS INC	5,816	$687,509	0.0%	HOLD
146	PODDINSULET CORP	3,249	$681,770	0.0%	TRIM −77%
147	ICLRICON PLC	6,010	$665,067	0.0%	TRIM −89%
148	WPMWHEATON PRECIOUS METALS CORP	4,868	$637,757	0.0%	NEW
149	NVSNOVARTIS AG	4,114	$628,414	0.0%	TRIM −16%
150	BMRNBIOMARIN PHARMACEUTICAL INC	10,608	$599,246	0.0%	TRIM −88%
151	RBRKRUBRIK INC.	12,017	$588,473	0.0%	NEW
152	AVAVAEROVIRONMENT INC	3,206	$586,858	0.0%	TRIM −77%
153	TMUST-MOBILE US INC	2,739	$575,272	0.0%	NEW
154	JPMJPMORGAN CHASE & CO	1,949	$573,318	0.0%	HOLD
155	CDNSCADENCE DESIGN SYSTEM INC	2,058	$571,857	0.0%	NEW
156	LITELUMENTUM HLDGS INC	797	$560,100	0.0%	NEW
157	DDOGDATADOG INC	4,686	$553,182	0.0%	NEW
158	ONONON HLDG AG	15,334	$521,663	0.0%	TRIM −77%
159	PACGrupo Aeroportuario del Pacifico ADR	1,999	$493,493	0.0%	HOLD
160	KRMNKARMAN HLDGS INC	6,044	$483,822	0.0%	NEW
161	KBKB FINL GROUP INC	4,631	$461,850	0.0%	HOLD
162	KOFCOCA-COLA FEMSA SAB DE CV	4,546	$443,462	0.0%	HOLD
163	HDBHDFC BANK LTD	15,106	$375,837	0.0%	TRIM −3%
164	AAPLAPPLE INC	1,329	$337,287	0.0%	HOLD
165	ITUBITAU UNIBANCO HLDG S A	34,087	$285,649	0.0%	TRIM −21%
166	VEUVANGUARD INTL EQUITY INDEX F	3,594	$269,909	0.0%	TRIM −85%
167	VODVODAFONE GROUP PLC	17,164	$257,803	0.0%	HOLD
168	INFYINFOSYS LTD	16,746	$226,239	0.0%	HOLD
169	CPNGCOUPANG INC	11,064	$208,888	0.0%	TRIM −3%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

TTETotalEnergies SE

—

11.7M

$1.1B

CCITIGROUP INC

7.9M

8.1M

8.0M

$906M

TAT&T INC

27.6M

27.5M

28.3M

29.0M

31.0M

$900M

AVGOBROADCOM INC

3.2M

3.0M

2.6M

2.2M

2.1M

$645M

AZNASTRAZENECA PLC

—

2.9M

$556M

MRKMERCK & CO INC

1.9M

3.1M

4.7M

3.5M

3.7M

$449M

CMECME GROUP INC

1.3M

1.0M

1.1M

$338M

TRPTC ENERGY CORP

3.9M

4.0M

4.7M

$295M

TSMTAIWAN SEMICONDUCTOR MFG LTD

849K

772K

709K

665K

644K

701K

$237M

CSCOCISCO SYS INC

2.4M

2.6M

2.9M

$226M

ENBENBRIDGE INC

3.6M

$197M

EQHEQUITABLE HLDGS INC

5.3M

4.9M

5.0M

$185M

MDTMEDTRONIC PLC

1.9M

2.0M

$175M

HDHOME DEPOT INC

510K

509K

513K

516K

520K

521K

$171M

RFREGIONS FINANCIAL CORP NEW

5.2M

4.6M

6.2M

6.5M

$170M

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

☆THORNBURG INVESTMENT MANAGEMENT INC