Thornburg Invest Mgmt

Garrett Thornburg

Period

Q2 2026

Portfolio Date

Jun 30, 2026

Stocks Held

137

Market Value

$9.5B

Holdings Value Trend

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Top 5 Holdings

Citigroup Inc.

10.1%

% of Portfolio

Decreased 5.53%

AT&T Inc.

7.1%

% of Portfolio

Increased 16.03%

$AVGO

Broadcom Inc.

6.6%

% of Portfolio

Decreased 12.17%

$KMB

Kimberly-Clark Corporation

6.0%

% of Portfolio

New

$AZN

AstraZeneca PLC

5.2%

% of Portfolio

Increased 1.15%

Historical Positions

Symbol	Q2 2026	Q1 2026	Q4 2025	Q3 2025
C	10.1%	9.4%	11.8%	10.6%
T	7.1%	9.3%	9.1%	10.4%
AVGO	6.6%	6.7%	9.0%	9.5%
KMB	6.0%	-	-	-
AZN	5.2%	5.8%	-	-
MRK	4.7%	4.7%	5.0%	3.9%
TSM	3.5%	2.5%	2.5%	2.4%
CSCO	3.0%	2.4%	2.8%	-
TRP	3.0%	3.1%	2.8%	2.9%
CME	2.4%	3.5%	4.0%	3.9%

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

T+21.50%

AVGO-3.63%

CME+22.66%

EQH+11.10%

MDT+17.99%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

AZN-12.02%

TSM-12.89%

C-7.35%

TRP-4.73%

ENB-5.89%

Sector Analysis

Energy7.1%

Others6.9%

Materials3.7%

Financials23.2%

Healthcare11.7%

Technology19.3%

Industrials4.2%

Consumer Staples6.9%

Trading Summary

$KMB

6.0%

New

$IQV

0.1%

New

$UBER

0.1%

New

$LRCX

0.1%

New

$SGI

0.1%

New

$RJF

0.1%

New

$COCO

0.0%

New

All Holdings

10.1%

Decreased 5.53%

7.1%

Increased 16.03%

$AVGO

6.6%

Decreased 12.17%

$KMB

6.0%

New

$AZN

5.2%

Increased 1.15%

$MRK

4.7%

Increased 1.59%

$TSM

3.5%

Increased 9.06%

$CSCO

3.0%

Decreased 6.81%

$TRP

3.0%

Increased 0.73%

$CME

2.4%

Decreased 1.14%

$EQH

2.2%

Increased 2.97%

$FCX

2.0%

Increased 16.52%

$RF

1.9%

Increased 3.55%

$ENB

1.9%

Increased 0.93%

$MDT

1.9%

Increased 24.52%

$CP

1.7%

Decreased 0.54%

$GOOGL

1.7%

Increased 14.85%

$HD

1.6%

Decreased 10.77%

$LIN

1.4%

Decreased 1.30%

$ABBV

1.3%

Increased 7.62%

$SOBO

1.3%

Increased 2.43%

$FER

1.1%

Decreased 1.53%

$ALC

1.1%

Decreased 4.47%

$SCHW

1.0%

Increased 44.58%

$LLY

0.9%

Increased 32.41%

$CIM

0.7%

Increased 0.65%

$META

0.7%

Increased 3.37%

$BZ

0.7%

Decreased 13.14%

$MA

0.6%

Increased 26.08%

$BABA

0.6%

Increased 1.24%

$SLRC

0.6%

Increased 1.63%

$BKNG

0.5%

Increased 12.83%

$ADBE

0.5%

Increased 55.49%

$MELI

0.5%

Decreased 5.07%

$AMD

0.5%

Decreased 31.12%

$NFLX

0.5%

Increased 428.28%

$PFE

0.5%

Decreased 12.14%

$TJX

0.5%

Increased 17.15%

$LHX

0.4%

Increased 20.88%

$COF

0.4%

Increased 43.08%

$CACI

0.4%

Increased 1.75%

$ASML

0.4%

Decreased 3.93%

$MU

0.3%

Increased 27.08%

$SE

0.3%

Decreased 1.31%

$MFIC

0.3%

$RACE

0.3%

Decreased 16.97%

$SHOP

0.3%

Increased 5.54%

$MSFT

0.2%

Increased 139.60%

$MUFG

0.2%

Increased 14.13%

$AAPL

0.2%

Increased 6171.11%