1y return+12.9%S&P 500 +20.9%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2025: $113 against $121 in the S&P 500.2
Thornburg Investment Management IncS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| CCitigroup Inc | $1.1B | 10.1% | −5.5% |
| Totalenergies SeCUSIP F92124100 | $919.0M | 8.8% | +1.4% |
| TAt&t Inc | $745.7M | 7.1% | +16.0% |
| AVGOBroadcom Inc | $691.3M | 6.6% | −12.2% |
| KMBKimberly-clark Corp | $632.4M | 6.1% | New |
| Astrazeneca PLCCUSIP G0593M107 | $540.6M | 5.2% | +1.1% |
| MRKMerck & Co Inc | $486.8M | 4.7% | +1.6% |
| TSMTaiwan Semiconductor Manufac | $365.3M | 3.5% | +9.1% |
| CSCOCisco Sys Inc | $319.0M | 3.1% | −6.8% |
| TRPTc Energy Corp | $314.6M | 3.0% | |
| CMECme Group Inc | $250.1M | 2.4% | −1.1% |
| EQHEquitable Hldgs Inc | $225.6M | 2.2% | +3.0% |
| FCXFreeport Mcmoran Inc | $207.8M | 2.0% | +16.5% |
| RFRegions Financial Corp New | $203.7M | 2.0% | +3.5% |
| ENBEnbridge Inc | $199.1M | 1.9% | |
| Medtronic PLCCUSIP G5960L103 | $196.5M | 1.9% | +24.5% |
| CPCanadian Pacific Kansas City | $174.8M | 1.7% | |
| GOOGLAlphabet Inc | $174.4M | 1.7% | +14.9% |
| HDHome Depot Inc | $164.0M | 1.6% | −10.8% |
| Linde PLCCUSIP G54950103 | $140.7M | 1.3% | −1.3% |
| ABBVAbbvie Inc | $136.2M | 1.3% | +7.6% |
| SOBOSouth Bow Corp | $131.0M | 1.3% | +2.4% |
| Ferrovial NvCUSIP N3168P101 | $117.3M | 1.1% | −1.5% |
| Alcon AgCUSIP H01301128 | $109.7M | 1.1% | −4.5% |
| SCHWSchwab Charles Corp | $108.0M | 1.0% | +44.6% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| AVGOBroadcom Inc | June 30, 2020 | +1096.9% | $691.3M |
| TSMTaiwan Semiconductor Manufac | June 30, 2020 | +741.2% | $365.3M |
| AMDAdvanced Micro Devices Inc | September 30, 2023 | +465.0% | $49.0M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $174.4M |
| TJXTjx Cos Inc New | June 30, 2020 | +199.6% | $46.8M |
| CCitigroup Inc | June 30, 2020 | +173.9% | $1.1B |
| SCHWSchwab Charles Corp | June 30, 2020 | +173.5% | $108.0M |
| RFRegions Financial Corp New | June 30, 2020 | +171.6% | $203.7M |
| ABBVAbbvie Inc | June 30, 2020 | +156.3% | $136.2M |
| CSCOCisco Sys Inc | June 30, 2020 | +151.8% | $319.0M |
Sold off last quarter
- VBVanguard Index Fds was $16.9M
- MTSIMacom Tech Solutions Hldgs I was $16.6M
- CWSTCasella Waste Sys Inc was $16.1M
- DCODucommun Inc Del was $15.9M
- AITApplied Indl Technologies In was $15.0M
- XPOXpo Inc was $12.1M
- PNFPPinnacle Finl Partners Inc was $12.0M
- WALWestern Alliance Bancorp was $11.2M
- CLHClean Harbors Inc was $10.8M
- MYRGMyr Group Inc was $10.5M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +4.0% | +14.8% |
| March 31, 2026 | +0.2% | −4.6% |
| December 31, 2025 | +1.7% | +2.4% |
| September 30, 2025 | +6.5% | +7.8% |
| March 31, 2025 | −1.0% | −4.6% |
| December 31, 2024 | +1.8% | +2.1% |
| September 30, 2024 | +6.0% | +5.4% |
| June 30, 2024 | +1.3% | +4.0% |
| March 31, 2024 | +11.6% | +10.0% |
| December 31, 2023 | +11.1% | +11.2% |
| September 30, 2023 | −1.7% | −3.6% |
| June 30, 2023 | +4.8% | +8.3% |
| March 31, 2023 | +4.9% | +7.0% |
| December 31, 2022 | +10.8% | +7.1% |
| September 30, 2022 | −8.7% | −5.3% |
| June 30, 2022 | −15.6% | −16.5% |
| March 31, 2022 | −6.9% | −4.9% |
| December 31, 2021 | +6.9% | +10.7% |
| September 30, 2021 | −3.2% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Thornburg Investment Management Inc Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1145020&type=13F-HR&dateb=&owner=include&count=40CIK 1145020
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1145020/000114036126032780/Filed August 13, 2026 · accession 0001140361-26-032780