THORNBURG INVESTMENT MANAGEMENT INC

Q4 2025 13F-HR Holdings

Location
Santa Fe, NM
Holdings as of
12/31/2025
Date filed
2/13/2026
Form type
13F-HR
Num holdings
176
Total value ($000)
$7,925,044
Net value change ($000)
+259,254 (3.4%)
New positions
10
Sold out positions
10
Turnover %
2.6%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/12/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 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 121,326 14.9%
MRK 96,993 32.8%
FCX 69,201 95.1%
LLY 48,795 NEW
RF 46,894 38.5%
CSCO 42,296 23.7%
BZ 34,692 38.6%
ALC 31,125 29.1%
SOBO 21,336 37.8%
PFE 17,914 48.5%
Top Reduces (Value $000, Stocks/ETFs)
T -76,440 -9.6%
NVO -30,208 -100.0%
HD -30,048 -14.4%
JPM -28,756 -97.9%
ELME -26,967 -100.0%
META -19,875 -18.8%
CP -16,123 -9.4%
LIN -15,101 -11.5%
AVGO -15,023 -2.1%
EQH -14,183 -5.7%
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