THORNBURG INVESTMENT MANAGEMENT INC

CIK 0001145020 · Q2 2026

13F Equity AUM

$10.5B

+8.5% QoQ

Positions

139

-32 QoQ

AUM Rank

#1,102

Top 9%

Skill Alpha (FF)

-0.1%/yr^ns

No Clear Edge

Rank #2,970 · Top 36%

vs S&P -2.2%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 38.7%Top 10: 58.1%Top 20: 76.6%

TRVC10.1%

TTE8.8%

T7.1%

AVGO6.6%

KMB6.0%

AZN5.2%

MRK4.7%

TSM3.5%

CSCO3.0%

TRP3.0%

Others (129)41.9%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Technology17.5%

Healthcare15.8%

Energy15.2%

Financial Services11.1%

Communication Services10.2%

Unclassified10.1%

Consumer Defensive6.2%

Consumer Cyclical4.7%

Other9.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 139Median: 0.11%Avg: 0.72%

0–0.5%

105(11.8%)

0.5–1%

9(5.8%)

1–3%

15(24.3%)

3–5%

4(14.2%)

5%+

6(43.9%)

Count of positions per weight bucket — (%) = combined portfolio weight

Loading summary cards...

Portfolio Overlap

Shared: 0Unique: 139vs 20 funds

0%Low

139

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Loading overlap analysis...

Position Changes This Quarter

New8Increased71Decreased48Exited39

New Positions

KMB6.0%

+5.8M

IQV0.1%

+69K

UBER0.1%

+157K

LRCX0.1%

+20K

TPD0.1%

+82K

RJF0.1%

+33K

COCO0.0%

+48K

WISE GROUP PLC0.0%

+169K

Increased

T7.1%

+5.0M(+16%)

CCC0.1%

+1.1M(+240%)

NFLX0.5%

+540K(+428%)

MDT1.9%

+495K(+25%)

FCX2.0%

+469K(+17%)

SCHW1.0%

+361K(+45%)

BKNG0.5%

+305K(+2721%)

RF1.9%

+231K(+4%)

TTE8.8%

+167K(+1%)

MUFG0.2%

+152K(+14%)

Decreased

LYB0.0%

-894,177(-92%)

BZ0.7%

-819,117(-13%)

TRVC10.1%

-441,524(-6%)

FTI0.0%

-305,336(-92%)

PBR0.0%

-303,479(-88%)

PFE0.5%

-272,182(-12%)

AVGO6.6%

-253,497(-12%)

CSCO3.0%

-198,371(-7%)

CLBT0.1%

-192,891(-24%)

MRX0.2%

-133,850(-33%)

Exited

-64,480

-203,167

-74,613

-130,431

-56,414

-62,018

-139,204

-158,357

-37,351

-37,762

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

Loading position changes...

Holdings

Loading holdings...