Thornburg Investment Management portfolio

What changed this quarter

160 positions with a change (7 new, 68 added to, 46 trimmed, 39 sold); also, 1 entered through an IPO. 4 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Kimberly Clark+6.1 ppof portfolioNew
  — → 6.1%
• At&t+16%more sharesIncreased
  9.4% → 7.1%
• Broadcom−12%fewer sharesReduced
  6.7% → 6.6%
• Citigroup−5.5%fewer sharesReduced
  9.4% → 10.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• CitigroupC10.1%
• TotalEnergiesTTE8.8%
• At&tT7.1%
• BroadcomAVGO6.6%
• Kimberly ClarkKMB6.1%
• AstrazenecaAZN5.2%
• MerckMRK4.7%
• Taiwan Semiconductor ManufacturingTSM3.5%
• Cisco SystemsCSCO3.1%
• TC EnergyTRP3.0%
• CME GroupCME2.4%
• Equitable HoldingsEQH2.2%
• Freeport-McMoRanFCX2.0%
• Regions FinancialRF2.0%
• EnbridgeENB1.9%
• MedtronicMDT1.9%
• Canadian Pacific Kansas CityCP1.7%
• AlphabetGOOGL1.7%
• Home DepotHD1.6%
• LindeLIN1.3%
• AbbVieABBV1.3%
• South BOWSOBO1.3%
• FerrovialFER1.1%
• AlconALC1.1%
• Charles SchwabSCHW1.0%
• Eli LillyLLY0.9%
• Chimera InvestmentCIM0.7%
• Meta PlatformsMETA0.7%
• KanzhunBZ0.7%
• MastercardMA0.6%
• Alibaba Group HoldingBABA0.6%
• SLR InvestmentSLRC0.6%
• Booking HoldingsBKNG0.5%
• AdobeADBE0.5%
• MercadoLibreMELI0.5%
• Advanced Micro DevicesAMD0.5%
• NetflixNFLX0.5%
• PfizerPFE0.5%
• TJXTJX0.4%
• L3harris TechnologiesLHX0.4%
• Capital One FinancialCOF0.4%
• CACI InternationalCACI0.4%
• ASML HoldingASML0.4%
• Micron TechnologyMU0.3%
• SeaSE0.3%
• Midcap Financial InvestmentMFIC0.3%
• FerrariRACE0.3%
• ShopifySHOP0.3%
• MicrosoftMSFT0.2%
• Mitsubishi UFJ Financial GroupMUFG0.2%
• AppleAAPL0.2%
• ING GroepING0.2%
• CoherentCOHR0.2%
• Arista NetworksANET0.2%
• Talen EnergyTLN0.2%
• Colliers International GroupCIGI0.2%
• SAPSAP0.2%
• AerCap HoldingsAER0.2%
• ShellSHEL0.2%
• Marex Group0.2%
• LPL Financial HoldingsLPLA0.1%
• Sony GroupSONY0.1%
• CredicorpBAP0.1%
• IQVIA HoldingsIQV0.1%
• Credo Technology Group HoldingCRDO0.1%
• SharkninjaSN0.1%
• iShares Msci Eafe ETFEFA0.1%
• iShares Msci Acwi EX US ETFACWX0.1%
• ProgressivePGR0.1%
• BBB FoodsTBBB0.1%
• UBER TechnologiesUBER0.1%
• XPXP0.1%
• Nu HoldingsNU0.1%
• TransUnionTRU0.1%
• MakeMyTripMMYT0.1%
• Builders FirstsourceBLDR0.1%
• Cellebrite DICLBT0.1%
• Lam ResearchLRCX0.1%
• Victoria's SecretVSXY0.1%
• CCC Intelligent Solutions HoldingsCCC0.1%
• ArganAGX0.1%
• Icici BankIBN0.1%
• SiTimeSITM0.1%
• Royalty PharmaRPRX0.1%
• Vertiv HoldingsVRT0.1%
• Somnigroup InternationalSGI0.1%
• DatadogDDOG0.1%
• HeicoHEI/A0.1%
• RepligenRGEN0.1%
• RedditRDDT0.1%
• Deckers OutdoorDECK0.1%
• S&P GlobalSPGI0.1%
• DiageoDEO0.1%
• StandardAeroSARO0.1%
• Raymond James FinancialRJFunder 0.1%
• SLBSLBunder 0.1%
• TapestryTPRunder 0.1%
• Lyondellbasell IndustriesLYBunder 0.1%
• SamsaraIOTunder 0.1%
• Acadian Asset ManagementAAMIunder 0.1%