THORNBURG INVESTMENT MANAGEMENT INC

hedge fundUpdated 28 days ago

Managed by Thornburg Investment Management Inc • Latest filing Q2 2026

Portfolio value

$10.5B

Q2 2026

Filings

14

Quarterly 13F history

Top-10 concentration

100.0%

Weight of largest holdings

Annualized return

18.3%

Implied from 13F holdings

Portfolio value history

13F-disclosed portfolio value over 14 quarters

Show data table

Period	Portfolio value
Q1 2023	$6.1B
Q2 2023	$6.2B
Q3 2023	$6.1B
Q4 2023	$6.9B
Q1 2024	$7.2B
Q2 2024	$7.1B
Q3 2024	$7.7B
Q4 2024	$7.6B
Q1 2025	$71.5B
Q2 2025	$7.8B
Q3 2025	$7.7B
Q4 2025	$7.9B
Q1 2026	$9.6B
Q2 2026	$10.5B

Top holdings

139 positions as of Q2 2026

#	Stock	Value	Shares	% Portfolio	Change
1	C C-PR CITIGROUP INC	$1.1B	7.55M	10.10%	Trimmed(-5.5%)
2	T TTE TOTALENERGIES SE	$919M	11.83M	8.79%	Added(+1.4%)
3	A APP AT&T INC	$745.7M	36.02M	7.13%	Added(+16.0%)
4	A AVGO BROADCOM INC	$691.3M	1.83M	6.61%	Trimmed(-12.2%)
5	K KMB KIMBERLY-CLARK CORP	$632.4M	5.76M	6.05%	—
6	A AZN ASTRAZENECA PLC	$540.6M	2.89M	5.17%	Added(+1.1%)
7	M MRK MERCK & CO INC	$486.8M	3.79M	4.66%	Added(+1.6%)
8	T TSMWF TAIWAN SEMICONDUCTOR MANUFAC	$365.3M	764.9K	3.49%	Added(+9.1%)
9	C CSCO CISCO SYS INC	$319M	2.72M	3.05%	Trimmed(-6.8%)
10	T TRPRF TC ENERGY CORP	$314.6M	4.76M	3.01%	Added(+0.7%)
11	C CME CME GROUP INC	$250.1M	1.13M	2.39%	Trimmed(-1.1%)
12	E EQH-PC EQUITABLE HLDGS INC	$225.6M	5.14M	2.16%	Added(+3.0%)
13	F FCX FREEPORT MCMORAN INC	$207.8M	3.30M	1.99%	Added(+16.5%)
14	R RF-PF REGIONS FINANCIAL CORP NEW	$203.7M	6.75M	1.95%	Added(+3.5%)
15	E EBBGF ENBRIDGE INC	$199.1M	3.67M	1.90%	Added(+0.9%)
16	M MDT MEDTRONIC PLC	$196.5M	2.51M	1.88%	Added(+24.5%)
17	C CP CANADIAN PACIFIC KANSAS CITY	$174.8M	2.02M	1.67%	Trimmed(-0.5%)
18	G GOOGN ALPHABET INC	$174.4M	488.1K	1.67%	Added(+14.8%)
19	H HD HOME DEPOT INC	$164M	464.9K	1.57%	Trimmed(-10.8%)
20	L LIN LINDE PLC	$140.7M	270.8K	1.35%	Trimmed(-1.3%)

C

CITIGROUP INC

-5.5%

Value

$1.1B

Shares

7.55M

% Port

10.10%

T

TOTALENERGIES SE

+1.4%

Value

$919M

Shares

11.83M

% Port

8.79%

A

AT&T INC

+16.0%

Value

$745.7M

Shares

36.02M

% Port

7.13%

A

BROADCOM INC

-12.2%

Value

$691.3M

Shares

1.83M

% Port

6.61%

K

KIMBERLY-CLARK CORP

Value

$632.4M

Shares

5.76M

% Port

6.05%

A

ASTRAZENECA PLC

+1.1%

Value

$540.6M

Shares

2.89M

% Port

5.17%

M

MERCK & CO INC

+1.6%

Value

$486.8M

Shares

3.79M

% Port

4.66%

T

TAIWAN SEMICONDUCTOR MANUFAC

+9.1%

Value

$365.3M

Shares

764.9K

% Port

3.49%

C

CISCO SYS INC

-6.8%

Value

$319M

Shares

2.72M

% Port

3.05%

T

TC ENERGY CORP

+0.7%

Value

$314.6M

Shares

4.76M

% Port

3.01%

C

11.CME

CME GROUP INC

-1.1%

Value

$250.1M

Shares

1.13M

% Port

2.39%

E

EQUITABLE HLDGS INC

+3.0%

Value

$225.6M

Shares

5.14M

% Port

2.16%

F

13.FCX

FREEPORT MCMORAN INC

+16.5%

Value

$207.8M

Shares

3.30M

% Port

1.99%

R

REGIONS FINANCIAL CORP NEW

+3.5%

Value

$203.7M

Shares

6.75M

% Port

1.95%

E

ENBRIDGE INC

+0.9%

Value

$199.1M

Shares

3.67M

% Port

1.90%

M

16.MDT

MEDTRONIC PLC

+24.5%

Value

$196.5M

Shares

2.51M

% Port

1.88%

C

17.CP

CANADIAN PACIFIC KANSAS CITY

-0.5%

Value

$174.8M

Shares

2.02M

% Port

1.67%

G

ALPHABET INC

+14.8%

Value

$174.4M

Shares

488.1K

% Port

1.67%

H

19.HD

HOME DEPOT INC

-10.8%

Value

$164M

Shares

464.9K

% Port

1.57%

L

20.LIN

LINDE PLC

-1.3%

Value

$140.7M

Shares

270.8K

% Port

1.35%

View full portfolio (139 holdings) →

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