THORNBURG INVESTMENT MANAGEMENT INC

•CIK: 1145020•Filing: Q4 2025

Thornburg Investment Management Inc., led by CEO John F. Norris, is known for its concentrated, high-conviction equity strategy, currently managing $7.9 billion in assets across 176 positions. Recently, the fund has made notable shifts by adding significant positions in MU and FCX, while cutting JPM and KRG drastically, reflecting a focus on tech and materials sectors.

Total AUM

$7.9B

QoQ Performance

+3.4%

Positions

173

Top 10 Concentration

52.3%

Latest Filing

Q4 2025

Top Holdings Allocation

TRVC

AVGO

TRVC11.8%

T9.1%

AVGO9.0%

MRK5.0%

CME4.0%

EQH2.9%

TRP2.8%

CSCO2.8%

📈 Biggest Buys

LLY

ELI LILLY & CO

NEW

0.6% of portfolio

FCX

FREEPORT-MCMORAN INC

+50.7%

1.8% of portfolio

KANZHUN LIMITED

+58.8%

1.6% of portfolio

REGIONS FINANCIAL CORP NEW

+34.7%

2.1% of portfolio

ALC

ALCON AG

+21.7%

1.7% of portfolio

📉 Biggest Sells

AVGO

BROADCOM INC

-6.6%

9.0% of portfolio

JPM

JPMORGAN CHASE & CO.

-97.9%

0.0% of portfolio

GOOGL

ALPHABET INC

-17.7%

1.7% of portfolio

CANADIAN PACIFIC KANSAS CITY

-8.4%

2.0% of portfolio

Sector Breakdown

Other57.5%

Technology15.4%

Healthcare9.8%

Communication9.2%

Materials3.3%

Consumer2.6%

Financial2.3%

Energy0.0%

🚪 Exited Positionssold since Q3 2025

NVO

NOVO-NORDISK A S

SOLD

$30.2M

ELME

ELME COMMUNITIES

SOLD

$27.0M

TTEN

TOTALENERGIES SE

SOLD

$14.0M

TXNM

TXNM ENERGY INC

SOLD

$11.7M

RPAY

REPAY HLDGS CORP

SOLD

$5.7M

+5 more exited positions

Changes from Q3 2025

NEW10 new positions

↑56 increased

↓99 decreased

Historical Filings

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