THORNBURG INVESTMENT MANAGEMENT INC

Long Only Manager

THORNBURG INVESTMENT MANAGEMENT INC is a Long Only Manager based in Santa Fe, NM led by Mark Joseph Zinkula, reporting $45.3B in AUM as of Q3 2025 with 52% concentrated in top 10 holdings.

CEOMark Joseph Zinkula

Portfolio Value: $7.6B
Positions: 174
Top Holding: C at 10.65%
Last Reported: Q3 2025

Address2300 North Ridgetop Road, Santa Fe, NM, 87506, United States

Top Holdings

Largest long holdings in THORNBURG INVESTMENT MANAGEMENT INC's portfolio (52% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Citigroup C	Banks - Diversified Financial Services	$814.3M	10.65%	-$4.5M Sold	0.44% 8.0M shares	≤ Q2 2013 Held for 12y 5m+
2 AT&T T	Telecommunications Services Communication Services	$797.9M	10.43%	+$21.8M Bought	0.40% 28.3M shares	Q4 2023 Held for 1y 11m
3 Broadcom Inc. AVGO	Semiconductors Technology	$727.3M	9.51%	-$145.4M Sold	0.05% 2.2M shares	Q3 2018 Held for 7y 2m
4 CME Group CME	Financial - Data & Stock Exchanges Financial Services	$300.2M	3.93%	+$21.6M Bought	0.31% 1.1M shares	Q3 2014 Held for 11y 2m
5 Merck & Co. MRK	Drug Manufacturers - General Healthcare	$295.5M	3.86%	-$101.5M Sold	0.14% 3.5M shares	Q3 2015 Held for 10y 2m
6 Equitable Holdings EQH	Insurance - Diversified Financial Services	$247.2M	3.23%	+$628.1K Bought	1.63% 4.9M shares	Q2 2018 Held for 7y 5m
7 TC Energy TRP	Oil & Gas Midstream Energy	$218.9M	2.86%	+$9.1M Bought	0.39% 4.0M shares	Q3 2023 Held for 2y 2m
8 Home Depot HD	Home Improvement Consumer Cyclical	$208.9M	2.73%	+$1.3M Bought	0.05% 515.7K shares	Q1 2014 Held for 11y 8m
9 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$185.6M	2.43%	-$12.3M Sold	— 664.6K shares	Q4 2023 Held for 1y 11m
10 Medtronic MDT	Medical - Devices Healthcare	$183.8M	2.40%	+$712.9K Bought	0.15% 1.9M shares	Q1 2023 Held for 2y 8m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in THORNBURG INVESTMENT MANAGEMENT INC's latest filing

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Market Value

$7.6B

Prior: $7.8B

Q/Q Change

-1.41%

-$109.0M

Net Flows % of MV

-8.1%

Turnover Ratio

7.79%

New Purchases

10 stocks

$142.8M

Added To

43 stocks

+$192.4M

Sold Out Of

12 stocks

$66.9M

Reduced Holdings

102 stocks

-$889.1M

Increased Positions

Position	Shares Δ	Change
1 TransDigm Group TDG	New	0 → 47.6K +$62.8M
2 Adobe ADBE	New	0 → 58.3K +$20.6M
3 CCC CCC Intelligent Solutions Holdings Inc. CCC	New	0 → 1.5M +$13.3M
4 Ducommun DCO	New	0 → 134.7K +$13.0M
5 Crane NXT, Inc. CXT	New	0 → 148.0K +$9.9M

Decreased Positions

Position	Shares Δ	Change
1 Stevanato Group STVN	Sold	742.2K → 0 −$18.1M
2 CCC Intelligent Solutions Holdings Inc. CCCS	Sold	1.5M → 0 −$14.2M
3 Kemper KMPR	Sold	175.5K → 0 −$11.3M
4 Costco Wholesale COST	Sold	6.2K → 0 −$6.1M
5 Ryan Specialty Holdings RYAN	Sold	87.2K → 0 −$5.9M