THORNBURG INVESTMENT MANAGEMENT INC

Q3 2025 13F-HR Holdings

Location
Santa Fe, NM
Holdings as of
9/30/2025
Date filed
11/12/2025
Form type
13F-HR
Num holdings
176
Total value ($000)
$7,665,790
Net value change ($000)
-108,792 (-1.4%)
New positions
10
Sold out positions
11
Turnover %
2.5%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/13/2025 Next filing: 2/13/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
C 127,649 18.6%
TDG 62,785 NEW
BABA 43,998 80.1%
ABBV 33,601 56.5%
GOOGL 31,072 33.1%
TRP 30,312 16.1%
TSM 25,096 15.6%
HD 21,036 11.2%
ADBE 20,579 NEW
ENB 18,143 11.1%
Top Reduces (Value $000, Stocks/ETFs)
PFE -216,589 -85.4%
PBR -92,111 -95.5%
MRK -78,911 -21.1%
LYB -63,613 -55.8%
FCX -53,654 -42.4%
ALC -35,797 -25.1%
NVO -26,573 -46.8%
EQH -25,202 -9.3%
STEVANATO GROUP S P A -18,133 -100.0%
BLDR -14,006 -44.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type