Clients
Thornburg Investment Management serves 635 clients, 187 of them high-net-worth individuals. The average client has about $86 million with the firm, and high-net-worth clients hold 1% of its $54.5 billion in assets.
- Investment companies25 clients91%
- Pooled investment vehicles35 clients5%
- OtherIndividuals, High-net-worth individuals, Charitable organizations, Other investment advisers, Corporations and other businesses, Other4%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 300 | $864,403,976 | 1.6% | $2.88M |
| High-net-worth individuals | 187 | $385,811,091 | 0.7% | $2.06M |
| Investment companies | 25 | $49,531,118,540 | 91.0% | $1.98B |
| Pooled investment vehicles | 35 | $2,501,977,494 | 4.6% | $71.5M |
| Charitable organizations | 8 | $5,075,149 | 0.0% | $634K |
| Other investment advisers | 6 | $42,589,080 | 0.1% | $7.10M |
| Corporations and other businesses | 52 | $338,904,649 | 0.6% | $6.52M |
| Other | 22 | $782,122,844 | 1.4% | $35.6M |
| Total | 635 | $54,452,002,823 | 100% | $85.8M |
- Clients
- 300
- Regulatory AUM
- $864,403,976
- Share
- 1.6%
- Avg. per client
- $2.88M
- Clients
- 187
- Regulatory AUM
- $385,811,091
- Share
- 0.7%
- Avg. per client
- $2.06M
- Clients
- 25
- Regulatory AUM
- $49,531,118,540
- Share
- 91.0%
- Avg. per client
- $1.98B
- Clients
- 35
- Regulatory AUM
- $2,501,977,494
- Share
- 4.6%
- Avg. per client
- $71.5M
- Clients
- 8
- Regulatory AUM
- $5,075,149
- Share
- 0.0%
- Avg. per client
- $634K
- Clients
- 6
- Regulatory AUM
- $42,589,080
- Share
- 0.1%
- Avg. per client
- $7.10M
- Clients
- 52
- Regulatory AUM
- $338,904,649
- Share
- 0.6%
- Avg. per client
- $6.52M
- Clients
- 22
- Regulatory AUM
- $782,122,844
- Share
- 1.4%
- Avg. per client
- $35.6M
Total
- Clients
- 635
- Regulatory AUM
- $54,452,002,823
- Share
- 100%
- Avg. per client
- $85.8M
What it does
Thornburg Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and other activities. It is paid through a percentage of assets.
Thornburg Investment Management advises 2 private funds.
100.0% of assets ($54.45B across 635 accounts) are managed with discretion. $419.2M sits in a wrap fee program the firm both sponsors and manages. 2% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks32%
- Bonds65%
- State and local bonds59%
- U.S. government and agency bonds4%
- Investment grade corporate bonds2%
- Cash2%
Filed values cover 99%. The neutral 1% gap has no reported category.
Custodians
Thornburg Investment Management’s client accounts are held mainly at Sumitomo Mitsui Trust (hong Kong) Limited, with 1% of managed assets, and RBC Capital Markets, with 1%. Thornburg Investment Management has custody of $52.6M for 2 clients.
- RBC Capital MarketsRBC Capital Markets, LLC · Minneapolis, MN · $580.5M1%
- PershingPershing LLC · Jersey City, NJ · $301.8M1%
- Sumitomo Mitsui Trust (hong Kong) LimitedSumitomo Mitsui Trust (hong Kong) Limited · Central Hong Kong · $613.0M1%
- OtherCharles Schwab, All other custodians97%
Ownership and leadership
Garrett Thornburg Revocable Trust owns 75% or more of Thornburg Investment Management, and Mark Zinkula is its CEO.
- Owns 75% or more of Thornburg Investment Management Inc
Garrett Thornburg Revocable Trust
Control person · since September 1990
- Owns 75% or more of Garrett Thornburg Revocable Trust
Harold Thornburg
Control person · since July 1990
Leadership
- Mark ZinkulaPresident, Chief Executive Officer, Director
- Nimish BhattChief Financial Officer and Treasurer
- Gladys XiquesChief Compliance Officer
- Brian BoydDirector
- Amy CallowGeneral Counsel and Secretary
- Robin KellerDirector
- Tanya KemosDirector
- Brian McMahonVice Chairman, Director
- Blair NaylorDirector
- Harold ThornburgChairman,director
Staff
- 219 employees
- 40 in advisory functions
- 34 state-registered reps
- 66 broker-dealer reps
- 2 soliciting firms
Reported holdings
Thornburg Investment Management’s reported 13F holdings total $10.45B across 139 positions, and the ten largest make up 58.1% of it.
- $10.45B
- Reported 13F value
- 139
- Positions
- 58.1%
- In the 10 largest
- +8.5%
- Value vs. prior quarter
- Citigroup Inc.10.1%
- Totalenergies SE · Act8.8%
- AT&T Inc.7.1%
- Broadcom Inc.6.6%
- Kimberly-clark Corp.6.0%
- Astrazeneca PLC5.2%
- Merck & CO Inc.4.7%
- Taiwan Semiconductor Manufac · Sponsored ADS3.5%
- Cisco Sys Inc.3.1%
- TC Energy Corp.3.0%
Together, the ten largest are 58.1% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $10.45B is not its $54.45B in regulatory assets and does not represent any individual client's portfolio.
Fees
Thornburg Investment Management is paid through a percentage of assets under management.
Thornburg Investment Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Thornburg Investment Management has 0 offices, with 1 listed address in 1 state.
New Mexico · 1 listed address
- 2300 North Ridgetop Road, Santa FeHQ
Registration details
- Legal name
- Thornburg Investment Management Inc
- Headquarters
- 2300 North Ridgetop Road, Santa Fe, NM 87506
- Phone
- 505-467-7283
- Website
- www.thornburg.com
- SEC file
- 801-17853
- Structure
- Delaware corporation
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Thornburg Investment Management have?
Thornburg Investment Management has 635 clients and manages $54.5 billion for them, as of March 2026. They include 300 other individuals, 187 high-net-worth individuals and 52 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 27 March 2026
What services does Thornburg Investment Management offer?
Thornburg Investment Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, portfolio management for institutions and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Thornburg Investment Management use?
Thornburg Investment Management’s separately managed account assets are held at Sumitomo Mitsui Trust (hong Kong) Limited (Central Hong Kong), with $613,019,423, RBC Capital Markets, LLC (Minneapolis, MN), with $580,530,509, Pershing LLC (Jersey City, NJ), with $301,754,221 and Charles Schwab (El Paso, NM), with $236,543,693. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 27 March 2026
How many financial advisors does Thornburg Investment Management have?
Thornburg Investment Management has 34 investment adviser representatives registered with state securities authorities, out of 219 employees, and 40 perform investment advisory functions. 66 are registered representatives of a broker-dealer and 0 are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Thornburg Investment Management invest in?
At the end of its last fiscal year, Thornburg Investment Management’s separately managed accounts held 59% state and local bonds, 32% exchange-traded equities, 4% U.S. government and agency bonds, 2% investment grade corporate bonds and 2% cash and equivalents. It advises 2 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Thornburg Investment Management?
Thornburg Investment Management is owned through a trust by Harold Thornburg. Its direct owner is Garrett Thornburg Revocable Trust (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 27 March 2026
How does Thornburg Investment Management get paid?
Thornburg Investment Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
