Western Asset Management Company, LLC — 13F Holdings & Portfolio
CIK 1138897 · latest 13F-HR filed 2025-11-13
Western Asset Management Company, LLC manages $45.2M in 13F-reported U.S. long-equity assets across 10 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are TWO (35.35%), SJNK (14.24%), WFCPL (13.56%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 3 new positions and exited 5; 2 existing positions rose in reported value and 2 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
Long-equity book
Distinct positions
Filed 2025-11-13
vs 2025-06-30
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q3 25Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q2 25 → Q3 25Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
2 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 100%Cumulative share of the portfolio held in the largest N positions.
As of the firm’s regulatory filing dated Sep 16, 2026.
PASADENA, CA 91101
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BUCHANAN, MICHAEL, CARLTON Control | DIRECTOR AND CHIEF INVESTMENT OFFICER since Sep 2023 | Less than 5% | Individual |
| FISCHER, CONNIE, SUE Control | DIRECTOR OF PORTFOLIO OPERATIONS since Feb 2023 | Less than 5% | Individual |
| Hoffmann, Courtney, Ann Control | GENERAL COUNSEL AND SECRETARY since Jul 2022 | Less than 5% | Individual |
| JOHNSON, JENNIFER, MORROW Control | NON-EMPLOYEE DIRECTOR since Jul 2020 | Less than 5% | Individual |
| LEGG MASON, INC. Control | SOLE SHAREHOLDER OF APPLICANT since Dec 1986 | 75% or more | Domestic Entity |
| NICHOLLS, MATTHEW Control | NON-EMPLOYEE DIRECTOR since Jul 2020 | Less than 5% | Individual |
| MASOM, JEFFREY, SCOTT | HEAD-US DISTRIBUTION & GLOBAL WEALTH MANAGEMENT ALTERNATIVES since Apr 2025 | Less than 5% | Individual |
| STOUT, KIM, EILEEN | CHIEF COMPLIANCE OFFICER since Dec 2025 | Less than 5% | Individual |
| FRANKLIN TEMPLETON, INC. Control Indirect owner via LEGG MASON, INC. | SOLE SHAREHOLDER OF LEGG MASON, INC. since Jul 2020 | 75% or more | Domestic Entity |
Ownership & leadership changes · 17 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
- No longer listedFRANKLIN RESOURCES, INC. · SOLE SHAREHOLDER OF LEGG MASON, INC. · 75% or more · indirect via LEGG MASON, INC. · control person · listed since Jul 2020
- AddedFRANKLIN TEMPLETON, INC. · SOLE SHAREHOLDER OF LEGG MASON, INC. · 75% or more · indirect via LEGG MASON, INC. · control person
- No longer listedGAHAN, THOMAS, JAMES · PRESIDENT AND CHIEF EXECUTIVE OFFICER · Less than 5% · control person · listed since Dec 2024
- No longer listedHIRSCHMANN, JAMES, WILLIAM · CHAIRMAN · Less than 5% · control person · listed since Dec 2024
- No longer listedGIDDINGS, DANIEL, EVERETT · GLOBAL CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Mar 2023
- AddedMASOM, JEFFREY, SCOTT · HEAD-US DISTRIBUTION & GLOBAL WEALTH MANAGEMENT ALTERNATIVES · Less than 5%
- Listed againSTOUT, KIM, EILEEN · CHIEF COMPLIANCE OFFICER · Less than 5%
- No longer listedPLAFKER, JED, ANDREW · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jul 2020
- No longer listedBERNARDI, MARZO, NMN · DIRECTOR OF CLIENT SERVICE AND MARKETING · Less than 5% · control person · listed since May 2015
- AddedGAHAN, THOMAS, JAMES · PRESIDENT AND CHIEF EXECUTIVE OFFICER · Less than 5% · control person
- ChangedBUCHANAN, MICHAEL, CARLTON · title DIRECTOR AND CO-CHIEF INVESTMENT OFFICER → DIRECTOR AND CHIEF INVESTMENT OFFICER
- ChangedHIRSCHMANN, JAMES, WILLIAM · title DIRECTOR, CHIEF EXECUTIVE OFFICER AND PRESIDENT → CHAIRMAN
- No longer listedBOWDEN, ANDREW, JOHN · CHIEF OPERATING OFFICER · Less than 5% · control person · listed since Aug 2021
- AddedBUCHANAN, MICHAEL, CARLTON · DIRECTOR AND CO-CHIEF INVESTMENT OFFICER · Less than 5% · control person
- No longer listedMCNAMARA, DENNIS · DIRECTOR OF PORTFOLIO OPERATIONS · Less than 5% · control person · listed since Jul 2016
- No longer listedSTOUT, KIM, EILEEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Jul 2022
- AddedFISCHER, CONNIE, SUE · DIRECTOR OF PORTFOLIO OPERATIONS · Less than 5% · control person
- AddedGIDDINGS, DANIEL, EVERETT · GLOBAL CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- No longer listedEHRLICH, KEVIN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since Feb 2007
- No longer listedRUYS DE PEREZ, CHARLES, ANTONY · GENERAL COUNSEL AND SECRETARY · Less than 5% · control person · listed since Apr 2007
- No longer listedWILLIAMS MURPHY, JENNIFER · DIRECTOR AND SENIOR ADVISOR · Less than 5% · control person · listed since Aug 2021
- AddedHoffmann, Courtney, Ann · GENERAL COUNSEL AND SECRETARY · Less than 5% · control person
- AddedSTOUT, KIM, EILEEN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- AddedBOWDEN, ANDREW, JOHN · CHIEF OPERATING OFFICER · Less than 5% · control person
- ChangedWILLIAMS MURPHY, JENNIFER · title DIRECTOR AND CHIEF OPERATING OFFICER → DIRECTOR AND SENIOR ADVISOR
Older changes (8 more filings)
- No longer listedMERCHANT, THOMAS, CLIFTON · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jun 2015
- No longer listedNACHTWEY, PETER, HAMILTON · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jun 2015
- No longer listedTRUST, JANE, ELIZABETH · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jan 2020
- AddedFRANKLIN RESOURCES, INC. · SOLE SHAREHOLDER OF LEGG MASON, INC. · 75% or more · indirect via LEGG MASON, INC. · control person
- AddedJOHNSON, JENNIFER, MORROW · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedNICHOLLS, MATTHEW · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedPLAFKER, JED, ANDREW · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- No longer listedALBERTS, BRUCE, DANIEL · CHIEF FINANCIAL OFFICER · Less than 5% · control person · listed since Mar 1999
- No longer listedKENNEY, JOHN, DUFF · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jun 2015
- AddedTRUST, JANE, ELIZABETH · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedMCNAMARA, DENNIS · DIRECTOR OF PORTFOLIO OPERATIONS · Less than 5% · control person
- No longer listedCANON, BRETT, BENJAMIN · DIRECTOR OF RISK MANAGEMENT AND OPERATIONS · Less than 5% · control person · listed since Sep 2002
- No longer listedBILSON, FRANCIS, BARRY · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Sep 2013
- No longer listedFLICK, JAMES, JOSEPH · DIRECTOR OF GLOBAL CLIENT SERVICE AND MARKETING · Less than 5% · control person · listed since Jun 2009
- No longer listedNATTANS, JEFFREY, ALLEN · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Jul 2007
- AddedBERNARDI, MARZO, NMN · DIRECTOR OF CLIENT SERVICE AND MARKETING · Less than 5% · control person
- AddedKENNEY, JOHN, DUFF · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedMERCHANT, THOMAS, CLIFTON · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedNACHTWEY, PETER, HAMILTON · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- AddedWILLIAMS MURPHY, JENNIFER · DIRECTOR AND CHIEF OPERATING OFFICER · Less than 5% · control person
- AddedBILSON, FRANCIS, BARRY · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- No longer listedDEWHURST, RONALD, RICHARD · NON-EMPLOYEE DIRECTOR · Less than 5% · control person · listed since Mar 2011
- ListedALBERTS, BRUCE, DANIEL · CHIEF FINANCIAL OFFICER · Less than 5% · control person
- ListedCANON, BRETT, BENJAMIN · DIRECTOR OF RISK MANAGEMENT AND OPERATIONS · Less than 5% · control person
- ListedDEWHURST, RONALD, RICHARD · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- ListedEHRLICH, KEVIN · CHIEF COMPLIANCE OFFICER · Less than 5% · control person
- ListedFLICK, JAMES, JOSEPH · DIRECTOR OF GLOBAL CLIENT SERVICE AND MARKETING · Less than 5% · control person
- ListedHIRSCHMANN, JAMES, WILLIAM · DIRECTOR, CHIEF EXECUTIVE OFFICER AND PRESIDENT · Less than 5% · control person
- ListedLEGG MASON, INC. · SOLE SHAREHOLDER OF APPLICANT · 75% or more · control person
- ListedNATTANS, JEFFREY, ALLEN · NON-EMPLOYEE DIRECTOR · Less than 5% · control person
- ListedRUYS DE PEREZ, CHARLES, ANTONY · GENERAL COUNSEL AND SECRETARY · Less than 5% · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- SPDR SERIES TRUST$794.0K +14.1%
- WELLS FARGO CO NEW$298.7K +5.1%
Exited Positions
- ISHARES TR$20.6M
- SPIRIT AVIATION HLDGS INC$7.3M
- DRAFTKINGS INC NEW$4.2M
- BLOOM ENERGY CORP$607.5K
- VANECK ETF TRUST$410.7K
Western Asset Management Company, LLC Holdings (2025-09-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | TWO HARBORS INVENTMENT CORPO | TWO | 90187BAB7 | $16.0M | 35.35% | 16,055,000 | PRN |
| 2 | SPDR SERIES TRUST | SJNK | 78468R408 | $6.4M | 14.24% | 251,330 | SH |
| 3 | WELLS FARGO CO NEW | WFCPL | 949746804 | $6.1M | 13.56% | 4,965 | SH |
| 4 | ISHARES TR | SHYG | 46434V407 | $4.9M | 10.86% | 113,400 | SH |
| 5 | WW INTL INC | WW | 98262P200 | $3.9M | 8.72% | 143,989 | SH |
| 6 | ECHOSTAR CORP | ECHO | 278768AB2 | $2.5M | 5.45% | 1,000,000 | PRN |
| 7 | BLACKSTONE MORTGAGE TRUST IN | BXMT | 09257WAE0 | $1.9M | 4.28% | 2,000,000 | PRN |
| 8 | NCL CORP LTD | — | 62886HBD2 | $1.5M | 3.41% | 1,500,000 | PRN |
| 9 | AEROVIRONMENT INC | AVAV | 008073AA6 | $1.5M | 3.30% | 1,200,000 | PRN |
| 10 | CHORD ENERGY CORPORATION | CHRD | 674215207 | $378.1K | 0.84% | 3,805 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-09-30 | 2025-11-13 | $45.2M | 10 | 0001138897-25-000005 |
| 2025-06-30 | 2025-08-12 | $76.3M | 12 | 0001138897-25-000004 |