# EDGAR Filing Document

**Accession Number:** 0001145020
**File Stem:** 0001140361-26-005232
**Filing Date:** 2026-2
**Character Count:** 21147
**Document Hash:** 7ef85b3346cc14a537c99087a0bd2e54
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-005232.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001140361-26-005232

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THORNBURG INVESTMENT MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0001145020

**ORGANIZATION NAME:**
- **EIN:** 850301299
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06605
- **FILM NUMBER:** 26629776

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361
- **BUSINESS PHONE:** 5059840200

**MAIL ADDRESS:**
- **STREET 1:** 2300 NORTH RIDGETOP ROAD
- **CITY:** SANTA FE
- **STATE:** NM
- **ZIP:** 87506-8361

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** THORNBURG INVESTMENT MANAGEMENT INC<br>**Address:** 2300 NORTH RIDGETOP ROAD<br>SANTA FE, NM 87506-8361

**Form 13F File Number:** 028-06605

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Gladys Xiques<br>**Title:** Chief Compliance Officer<br>**Phone:** 5054677918

**Signature, Place, and Date of Signing:**

/s/ Gladys Xiques  Santa Fe, NM  02-13-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 176

**Form 13F Information Table Value Total:** $7925044389

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AT INC | COM | 00206R102 |  | 721465579 | 29044508 | SH |  | SOLE |  | 29044508 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 91626775 | 401010 | SH |  | SOLE |  | 401010 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 34713758 | 99185 | SH |  | SOLE |  | 99185 | 0 | 0 |
| ADTALEM GLOBAL ED INC | COM | 00737L103 |  | 12751539 | 123239 | SH |  | SOLE |  | 123239 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 26393721 | 123243 | SH |  | SOLE |  | 122948 | 0 | 295 |
| AEROVIRONMENT INC | COM | 008073108 |  | 3398796 | 14051 | SH |  | SOLE |  | 14051 | 0 | 0 |
| AGILYSYS INC | COM | 00847J105 |  | 21169682 | 178136 | SH |  | SOLE |  | 178136 | 0 | 0 |
| AIRBNB INC | NOTE 3/1 | 009066AB7 |  | 1337367 | 1350000 | PRN |  | SOLE |  | 1350000 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 253709 | 3950 | SH |  | SOLE |  | 3950 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 85606824 | 584028 | SH |  | SOLE |  | 583062 | 0 | 966 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 132224346 | 422442 | SH |  | SOLE |  | 422442 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 2480853 | 10748 | SH |  | SOLE |  | 10748 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 35896238 | 3137783 | SH |  | SOLE |  | 3137783 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 361302 | 1329 | SH |  | SOLE |  | 1329 | 0 | 0 |
| APPLIED INDL TECHNOLOGIES IN | COM | 03820C105 |  | 19486019 | 75889 | SH |  | SOLE |  | 75889 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 11599618 | 109101 | SH |  | SOLE |  | 109101 | 0 | 0 |
| ARGAN INC | COM | 04010E109 |  | 7711119 | 24611 | SH |  | SOLE |  | 24611 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 21073817 | 160832 | SH |  | SOLE |  | 160405 | 0 | 427 |
| ASSURANT INC | COM | 04621X108 |  | 11105353 | 46109 | SH |  | SOLE |  | 46109 | 0 | 0 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 46515201 | 505985 | SH |  | SOLE |  | 502294 | 0 | 3691 |
| AVANTOR INC | COM | 05352A100 |  | 6611950 | 576959 | SH |  | SOLE |  | 576959 | 0 | 0 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 10955301 | 121685 | SH |  | SOLE |  | 121685 | 0 | 0 |
| BIOMARIN PHARMACEUTICAL INC | COM | 09061G101 |  | 5392084 | 90730 | SH |  | SOLE |  | 90730 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 22342437 | 4172 | SH |  | SOLE |  | 4172 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 2071296 | 38400 | SH |  | SOLE |  | 38400 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 712272070 | 2057995 | SH |  | SOLE |  | 2057995 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 14729115 | 143154 | SH |  | SOLE |  | 143154 | 0 | 0 |
| CCC INTELLIGENT SOLUTIONS HL | COM | 12510Q100 |  | 7462570 | 938688 | SH |  | SOLE |  | 938688 | 0 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 313096870 | 1146539 | SH |  | SOLE |  | 1146539 | 0 | 0 |
| CACI INTL INC | CL A | 127190304 |  | 44620706 | 83746 | SH |  | SOLE |  | 83746 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 154839399 | 2102939 | SH |  | SOLE |  | 2101187 | 0 | 1752 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 44268024 | 182654 | SH |  | SOLE |  | 182654 | 0 | 0 |
| CASELLA WASTE SYS INC | CL A | 147448104 |  | 23900984 | 244037 | SH |  | SOLE |  | 244037 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 7748994 | 14020 | SH |  | SOLE |  | 14020 | 0 | 0 |
| CELSIUS HLDGS INC | COM NEW | 15118V207 |  | 5166516 | 112954 | SH |  | SOLE |  | 112954 | 0 | 0 |
| CHIMERA INVT CORP | COM SHS | 16934Q802 |  | 65487219 | 5268481 | SH |  | SOLE |  | 5268481 | 0 | 0 |
| CHURCHILL DOWNS INC | COM | 171484108 |  | 3224753 | 28342 | SH |  | SOLE |  | 28342 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 221001612 | 2869033 | SH |  | SOLE |  | 2869033 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 935583313 | 8017682 | SH |  | SOLE |  | 8017682 | 0 | 0 |
| CLEAN HARBORS INC | COM | 184496107 |  | 14214178 | 60620 | SH |  | SOLE |  | 60620 | 0 | 0 |
| COASTAL FINL CORP WA | COM NEW | 19046P209 |  | 2206087 | 19252 | SH |  | SOLE |  | 19252 | 0 | 0 |
| COCA-COLA FEMSA SAB DE CV | SPONS ADS REP | 191241108 |  | 435098 | 4594 | SH |  | SOLE |  | 4594 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 19926362 | 107961 | SH |  | SOLE |  | 107961 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 1093518 | 7439 | SH |  | SOLE |  | 7439 | 0 | 0 |
| COMCAST HOLDINGS CORP | ZONES CV2% PCS | 200300507 |  | 17247574 | 281010 | PRN |  | SOLE |  | 281010 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 268549 | 11384 | SH |  | SOLE |  | 11384 | 0 | 0 |
| CRANE NXT CO | COM | 224441105 |  | 6729127 | 142960 | SH |  | SOLE |  | 142960 | 0 | 0 |
| ARTIVION INC | COM | 228903100 |  | 5885378 | 129037 | SH |  | SOLE |  | 129037 | 0 | 0 |
| CYTOKINETICS INC | COM NEW | 23282W605 |  | 5235569 | 82398 | SH |  | SOLE |  | 82398 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 11948014 | 99833 | SH |  | SOLE |  | 99833 | 0 | 0 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 5668779 | 54681 | SH |  | SOLE |  | 54681 | 0 | 0 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 3258590 | 37772 | SH |  | SOLE |  | 37418 | 0 | 354 |
| DUCOMMUN INC DEL | COM | 264147109 |  | 12851873 | 135098 | SH |  | SOLE |  | 135098 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 5252186 | 85792 | SH |  | SOLE |  | 85792 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 172375590 | 3601831 | SH |  | SOLE |  | 3601831 | 0 | 0 |
| ENTEGRIS INC | COM | 29362U104 |  | 4319245 | 51267 | SH |  | SOLE |  | 51267 | 0 | 0 |
| EQUITABLE HLDGS INC | COM | 29452E101 |  | 232995635 | 4889730 | SH |  | SOLE |  | 4889730 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 85659879 | 129770 | SH |  | SOLE |  | 129770 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 141947587 | 2794794 | SH |  | SOLE |  | 2792405 | 0 | 2389 |
| FRESHPET INC | COM | 358039105 |  | 3940160 | 64667 | SH |  | SOLE |  | 64667 | 0 | 0 |
| GLAUKOS CORP | COM | 377322102 |  | 5388630 | 47725 | SH |  | SOLE |  | 47725 | 0 | 0 |
| GROUP 1 AUTOMOTIVE INC | COM | 398905109 |  | 8831552 | 22455 | SH |  | SOLE |  | 22455 | 0 | 0 |
| GRUPO AEROPUERTO DEL PACIFIC | SPON ADS B | 400506101 |  | 532796 | 2021 | SH |  | SOLE |  | 2021 | 0 | 0 |
| HDFC BANK LTD | SPONSORED ADS | 40415F101 |  | 567576 | 15533 | SH |  | SOLE |  | 15533 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 178898622 | 519903 | SH |  | SOLE |  | 519903 | 0 | 0 |
| ITT INC | COM | 45073V108 |  | 17933300 | 103356 | SH |  | SOLE |  | 103356 | 0 | 0 |
| ICICI BANK LIMITED | ADR | 45104G104 |  | 5732298 | 192359 | SH |  | SOLE |  | 191401 | 0 | 958 |
| INFOSYS LTD | SPONSORED ADR | 456788108 |  | 298271 | 16738 | SH |  | SOLE |  | 16738 | 0 | 0 |
| ING GROEP N.V. | SPONSORED ADR | 456837103 |  | 17717084 | 632753 | SH |  | SOLE |  | 627236 | 0 | 5517 |
| INSMED INC | COM PAR $.01 | 457669307 |  | 6608473 | 37971 | SH |  | SOLE |  | 37971 | 0 | 0 |
| INSPIRE MED SYS INC | COM | 457730109 |  | 2323919 | 25197 | SH |  | SOLE |  | 25197 | 0 | 0 |
| INSULET CORP | COM | 45784P101 |  | 4048146 | 14242 | SH |  | SOLE |  | 14242 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 6446110 | 67126 | SH |  | SOLE |  | 66628 | 0 | 498 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 16134091 | 240341 | SH |  | SOLE |  | 238914 | 0 | 1427 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 |  | 307830 | 42993 | SH |  | SOLE |  | 42993 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 628007 | 1949 | SH |  | SOLE |  | 1949 | 0 | 0 |
| KB FINL GROUP INC | SPONSORED ADR | 48241A105 |  | 402237 | 4675 | SH |  | SOLE |  | 4675 | 0 | 0 |
| KANZHUN LIMITED | SPONSORED ADS | 48553T106 |  | 124664664 | 6117010 | SH |  | SOLE |  | 6111532 | 0 | 5478 |
| KITE RLTY GROUP TR | COM NEW | 49803T300 |  | 265516 | 11077 | SH |  | SOLE |  | 11077 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 10525800 | 29470 | SH |  | SOLE |  | 29470 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 37194732 | 126698 | SH |  | SOLE |  | 126698 | 0 | 0 |
| LIBERTY ENERGY INC | COM CL A | 53115L104 |  | 1160802 | 62882 | SH |  | SOLE |  | 62882 | 0 | 0 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S C | 531229755 |  | 3542026 | 35956 | SH |  | SOLE |  | 35956 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 48794771 | 45404 | SH |  | SOLE |  | 45404 | 0 | 0 |
| MYR GROUP INC DEL | COM | 55405W104 |  | 11595795 | 53070 | SH |  | SOLE |  | 53070 | 0 | 0 |
| MACOM TECH SOLUTIONS HLDGS I | COM | 55405Y100 |  | 15867208 | 92639 | SH |  | SOLE |  | 92639 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 56546806 | 99052 | SH |  | SOLE |  | 98810 | 0 | 242 |
| MATADOR RES CO | COM | 576485205 |  | 4782139 | 112680 | SH |  | SOLE |  | 112680 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 60337158 | 29955 | SH |  | SOLE |  | 29892 | 0 | 63 |
| MERCK  CO INC | COM | 58933Y105 |  | 392480120 | 3728673 | SH |  | SOLE |  | 3728673 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6581585 | 13609 | SH |  | SOLE |  | 13609 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 7542816 | 26428 | SH |  | SOLE |  | 26297 | 0 | 131 |
| MIRION TECHNOLOGIES INC | COM CL A | 60471A101 |  | 5297815 | 226209 | SH |  | SOLE |  | 226209 | 0 | 0 |
| MITSUBISHI UFJ FINL GROUP IN | SPONSORED ADS | 606822104 |  | 16298402 | 1027642 | SH |  | SOLE |  | 1018142 | 0 | 9500 |
| NETSKOPE INC | CL A | 64119N608 |  | 5302132 | 302288 | SH |  | SOLE |  | 302288 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 674046 | 4889 | SH |  | SOLE |  | 4889 | 0 | 0 |
| NUTANIX INC | CL A | 67059N108 |  | 6698869 | 129597 | SH |  | SOLE |  | 129597 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2035088 | 10912 | SH |  | SOLE |  | 10912 | 0 | 0 |
| OPEN TEXT CORP | COM | 683715106 |  | 5486498 | 168449 | SH |  | SOLE |  | 168449 | 0 | 0 |
| PJT PARTNERS INC | COM CL A | 69343T107 |  | 8956235 | 53566 | SH |  | SOLE |  | 53566 | 0 | 0 |
| PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 |  | 4086781 | 344876 | SH |  | SOLE |  | 344876 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 54841229 | 2202459 | SH |  | SOLE |  | 2202459 | 0 | 0 |
| PINNACLE FINL PARTNERS INC | COM | 72346Q104 |  | 13223254 | 138594 | SH |  | SOLE |  | 138594 | 0 | 0 |
| PURE STORAGE INC | CL A | 74624M102 |  | 12983053 | 193748 | SH |  | SOLE |  | 193748 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 634356 | 1503 | SH |  | SOLE |  | 1503 | 0 | 0 |
| RAMBUS INC DEL | COM | 750917106 |  | 5288637 | 57554 | SH |  | SOLE |  | 57554 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 168849287 | 6230601 | SH |  | SOLE |  | 6230601 | 0 | 0 |
| REPLIGEN CORP | COM | 759916109 |  | 7617524 | 46488 | SH |  | SOLE |  | 46488 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 7996167 | 108821 | SH |  | SOLE |  | 107965 | 0 | 856 |
| SAIA INC | COM | 78709Y105 |  | 3292628 | 10084 | SH |  | SOLE |  | 10084 | 0 | 0 |
| SAMSARA INC | COM CL A | 79589L106 |  | 3237826 | 91335 | SH |  | SOLE |  | 91335 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 4673103 | 19238 | SH |  | SOLE |  | 19086 | 0 | 152 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 1358882 | 35406 | SH |  | SOLE |  | 35406 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 75420860 | 754888 | SH |  | SOLE |  | 754888 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 41310866 | 323829 | SH |  | SOLE |  | 323187 | 0 | 642 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 12297773 | 130897 | SH |  | SOLE |  | 130897 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 4570424 | 29835 | SH |  | SOLE |  | 29835 | 0 | 0 |
| SERVICETITAN INC | SHS CL A | 81764X103 |  | 13222934 | 124159 | SH |  | SOLE |  | 124159 | 0 | 0 |
| SHIFT4 PMTS INC | CL A | 82452J109 |  | 3581671 | 56879 | SH |  | SOLE |  | 56879 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 22097801 | 137279 | SH |  | SOLE |  | 136962 | 0 | 317 |
| SITIME CORP | COM | 82982T106 |  | 7419109 | 21006 | SH |  | SOLE |  | 21006 | 0 | 0 |
| SLR INVESTMENT CORP | COM | 83413U100 |  | 67527131 | 4367861 | SH |  | SOLE |  | 4367861 | 0 | 0 |
| SONY GROUP CORP | SPONSORED ADR | 835699307 |  | 14722074 | 575081 | SH |  | SOLE |  | 570979 | 0 | 4102 |
| SOUTH BOW CORP | COM | 83671M105 |  | 77840120 | 2829875 | SH |  | SOLE |  | 2829875 | 0 | 0 |
| STANDARDAERO INC | COM | 85423L103 |  | 6668157 | 232502 | SH |  | SOLE |  | 232502 | 0 | 0 |
| STEPSTONE GROUP INC | COM CL A | 85914M107 |  | 4564861 | 71137 | SH |  | SOLE |  | 71137 | 0 | 0 |
| SUNOPTA INC | COM | 8676EP108 |  | 7883058 | 2074489 | SH |  | SOLE |  | 2074489 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 |  | 40026311 | 260571 | SH |  | SOLE |  | 260571 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 195783868 | 644259 | SH |  | SOLE |  | 642858 | 0 | 1401 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 13955668 | 37231 | SH |  | SOLE |  | 37231 | 0 | 0 |
| TC ENERGY CORP | COM | 87807B107 |  | 222535518 | 4040854 | SH |  | SOLE |  | 4040854 | 0 | 0 |
| TENARIS S A | SPONSORED ADS | 88031M109 |  | 818870 | 21297 | SH |  | SOLE |  | 21297 | 0 | 0 |
| TENET HEALTHCARE CORP | COM NEW | 88033G407 |  | 12670387 | 63760 | SH |  | SOLE |  | 63760 | 0 | 0 |
| TRADEWEB MKTS INC | CL A | 892672106 |  | 3415470 | 31760 | SH |  | SOLE |  | 31760 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 63348735 | 47636 | SH |  | SOLE |  | 47636 | 0 | 0 |
| TRANSUNION | COM | 89400J107 |  | 16994450 | 198186 | SH |  | SOLE |  | 198186 | 0 | 0 |
| TRIP COM GROUP LTD | ADS | 89677Q107 |  | 12710668 | 176758 | SH |  | SOLE |  | 176758 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 733428 | 9722 | SH |  | SOLE |  | 9722 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1718067 | 23356 | SH |  | SOLE |  | 23356 | 0 | 0 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 7991204 | 356591 | SH |  | SOLE |  | 356591 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 21653933 | 133658 | SH |  | SOLE |  | 133658 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1461058 | 4166 | SH |  | SOLE |  | 4166 | 0 | 0 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 |  | 226736 | 17164 | SH |  | SOLE |  | 17164 | 0 | 0 |
| WALKER  DUNLOP INC | COM | 93148P102 |  | 9630196 | 160103 | SH |  | SOLE |  | 160103 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 760536 | 4337 | SH |  | SOLE |  | 4337 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 |  | 13747715 | 163527 | SH |  | SOLE |  | 163527 | 0 | 0 |
| WYNDHAM HOTELS  RESORTS INC | COM | 98311A105 |  | 7543155 | 99830 | SH |  | SOLE |  | 99830 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 11482764 | 84488 | SH |  | SOLE |  | 84488 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 731769 | 5816 | SH |  | SOLE |  | 5816 | 0 | 0 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 4745205 | 251735 | SH |  | SOLE |  | 251735 | 0 | 0 |
| AMER SPORTS INC | COM SHS | G0260P102 |  | 1503450 | 40253 | SH |  | SOLE |  | 40253 | 0 | 0 |
| BBB FOODS INC | CL A COM | G0896C103 |  | 6247336 | 187102 | SH |  | SOLE |  | 187102 | 0 | 0 |
| CREDICORP LTD | COM | G2519Y108 |  | 11652487 | 40601 | SH |  | SOLE |  | 40601 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 7908482 | 54962 | SH |  | SOLE |  | 54962 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 14239089 | 66216 | SH |  | SOLE |  | 66039 | 0 | 177 |
| ICON PLC | SHS | G4705A100 |  | 9871404 | 54173 | SH |  | SOLE |  | 53977 | 0 | 196 |
| LINDE PLC | SHS | G54950103 |  | 115891969 | 272505 | SH |  | SOLE |  | 272279 | 0 | 226 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 185275245 | 1928745 | SH |  | SOLE |  | 1928745 | 0 | 0 |
| MAREX GROUP PLC | ORD | G5S37H101 |  | 42278206 | 1102143 | SH |  | SOLE |  | 1101490 | 0 | 653 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 17904016 | 1069535 | SH |  | SOLE |  | 1066475 | 0 | 3060 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 21144624 | 188960 | SH |  | SOLE |  | 188960 | 0 | 0 |
| TECHNIPFMC PLC | COM | G87110105 |  | 18927395 | 424762 | SH |  | SOLE |  | 424762 | 0 | 0 |
| XP INC | CL A | G98239109 |  | 7368645 | 450131 | SH |  | SOLE |  | 450131 | 0 | 0 |
| ALCON AG | ORD SHS | H01301128 |  | 138081162 | 1747719 | SH |  | SOLE |  | 1745532 | 0 | 2187 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 3124618 | 67225 | SH |  | SOLE |  | 67225 | 0 | 0 |
| GLOBANT S A | COM | L44385109 |  | 2438040 | 37296 | SH |  | SOLE |  | 37036 | 0 | 260 |
| CELLEBRITE DI LTD | ORDINARY SHARES | M2197Q107 |  | 7944451 | 440624 | SH |  | SOLE |  | 439536 | 0 | 1088 |
| JFROG LTD | ORD SHS | M6191J100 |  | 6645682 | 106399 | SH |  | SOLE |  | 106399 | 0 | 0 |
| MONDAY COM LTD | SHS | M7S64H106 |  | 6155318 | 41714 | SH |  | SOLE |  | 41714 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 16782542 | 116740 | SH |  | SOLE |  | 116411 | 0 | 329 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 21735276 | 20316 | SH |  | SOLE |  | 20189 | 0 | 127 |
| FERRARI N V | COM | N3167Y103 |  | 32561562 | 88109 | SH |  | SOLE |  | 87877 | 0 | 232 |
| FERROVIAL SE | ORD SHS | N3168P101 |  | 111982299 | 1724228 | SH |  | SOLE |  | 1722122 | 0 | 2106 |
| LYONDELLBASELL INDUSTRIES N | SHS - A - | N53745100 |  | 42307607 | 977081 | SH |  | SOLE |  | 977081 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 3226968 | 296324 | SH |  | SOLE |  | 296324 | 0 | 0 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 |  | 13115467 | 159711 | SH |  | SOLE |  | 159711 | 0 | 0 |

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