THORNBURG INVESTMENT MANAGEMENT INC

CIK 0001145020 · Q1 2026

13F Equity AUM

$9.6B

+21.6% QoQ

Positions

171

-5 QoQ

AUM Rank

#659

Top 5%

Skill Alpha (FF)

-0.6%/yr^ns

No Clear Edge

Rank #3,061 · Top 37%

vs S&P -4.6%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 42.5%Top 10: 58.5%Top 20: 75.3%

TTE11.3%

TRVC9.4%

T9.3%

AVGO6.7%

AZN5.8%

MRK4.7%

CME3.5%

TRP3.1%

TSM2.5%

CSCO2.4%

Others (161)41.5%

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

Sector Allocation

Energy18.3%

Healthcare16.3%

Technology15.1%

Financial Services12.0%

Communication Services11.7%

Unclassified9.4%

Industrials6.2%

Consumer Cyclical5.3%

Other5.6%

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

Position Sizing

Positions: 171Median: 0.11%Avg: 0.58%

0–0.5%

137(13.5%)

0.5–1%

11(7.7%)

1–3%

15(25.1%)

3–5%

3(11.2%)

5%+

5(42.5%)

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

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Portfolio Overlap

Shared: 170Unique: 1vs 20 funds

2.3%Low

171

Fund positions

7,299

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.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

3.2%

BANK OF AMERICA CORP /DE/

3.6%

3.5%

4.2%

5.6%

4.5%

VANGUARD CAPITAL MANAGEMENT LLC

4.2%

GEODE CAPITAL MANAGEMENT, LLC

4.1%

VANGUARD PORTFOLIO MANAGEMENT LLC

4.5%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New24Increased67Decreased69Exited29

New Positions

TTE11.3%

+11.7M

AZN5.8%

+2.9M

VB0.2%

+64K

NFLX0.1%

+126K

PNFP0.1%

+139K

VSCO0.0%

+32K

SPGI0.0%

+6K

AAMI0.0%

+28K

RPRX0.0%

+31K

DDOG0.0%

+5K

Increased

T9.3%

+2.0M(+7%)

SOBO1.3%

+803K(+28%)

TRP3.1%

+680K(+17%)

CLBT0.1%

+371K(+84%)

RF1.8%

+285K(+5%)

SLRC0.7%

+266K(+6%)

CIM0.7%

+208K(+4%)

MMYT0.1%

+143K(+89%)

XP0.1%

+120K(+27%)

CIGI0.1%

+116K(+1565%)

Decreased

MRX0.2%

-693,266(-63%)

CCC0.0%

-490,944(-52%)

NU0.1%

-229,332(-21%)

MIR0.0%

-174,612(-77%)

FTI0.2%

-91,588(-22%)

BMRN0.0%

-80,122(-88%)

CP1.7%

-74,226(-4%)

BJ0.1%

-69,106(-57%)

SARO0.0%

-65,143(-28%)

IOT0.0%

-55,462(-61%)

Exited

AZN

-505,985

FLUTTER ENTMT PLC

-66,216

-124,159

-138,594

-123,239

-176,758

-160,103

CASY

-14,020

VRRM

-356,591

SOY

-2,074,489

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

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Holdings

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