Brandywine Global Investment Management, LLC — 13F Holdings & Portfolio

CIK 829108 · latest 13F-HR filed 2026-02-11

Brandywine Global Investment Management, LLC manages $14.91B in 13F-reported U.S. long-equity assets across 601 reported positions as of its 2025-12-31 13F-HR filing. Its largest disclosed positions are JPM (2.97%), JNJ (2.71%), BAC (2.20%). Quarter over quarter (versus its 2025-09-30 filing) the fund opened 70 new positions and exited 67; 228 existing positions rose in reported value and 147 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.

AUM

$14.91B

Long-equity book

Holdings

601

Distinct positions

Period

2025-12-31

Filed 2026-02-11

Q/Q Activity

+70 / −67 / ↑228 / ↓147

vs 2025-09-30

Portfolio charts

Latest quarter's book, what changed, and how the portfolio has evolved across filings.

Portfolio map

Q4 25

JPM3.0% · -5%JNJ2.7% · -0%BAC2.2% · -2%WFC2.1% · -1%C2.1% · -3%T2.0% · +4%XOM1.6% · +21%GS1.5% · +49%GOOGL1.5% · -2%CVS1.4% · -13%KR1.4% · +10%CMCSA1.4% · -17%PEP1.3% · +42%DIS1.3% · +2%VZ1.2% · +4%DG1.1% · -13%FDX1.1% · +69%MS1.0% · -2%MDT1.0% · +4%GPN1.0% · +14%AMGN0.9% · +16%QCOM0.9% · -2%DAL0.9% · -6%AER0.8% · -25%MTB0.8% · +24%GM0.8% · -51%CRM0.7% · +14%LMT0.7% · -1%IBM0.7% · -6%WTW0.7% · +13%GILD0.7% · +22%LOW0.7% · -2%ON0.7% · +18%MRK0.6% · +943%EOG0.6% · +4%KMB0.6% · +122%ADBE0.6% · +22%TMUS0.6% · +2%HCA0.6% · -2%UNP0.6% · +39%HON0.6% · +23%CI0.6% · +61%MET0.6% · +3%ECHO0.5% · +20%HUM0.5% · +32%ANF0.5% · -16%CNQ0.5% · -1%SRE0.5% · -0%EBAY0.5% · -1%CB0.5% · -2%ICLR0.5% · +6%NEM0.5% · -2%PFE0.5% · +78%PG0.5% · +99%VTRS0.5% · +22%MO0.5% · -1%ADM0.4% · -1%XEL0.4% · -1%PYPL0.4% · +1%COP0.4% · -0%

Box 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 value

Sectors from each company's SIC code; funds and ETFs grouped separately.

Biggest buys and sells

Q3 25 → Q4 25

Estimated 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 quarters

Total reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.

Top positions over time

reported value

The eight largest current positions, valued at each quarter end.

Concentration

top 10 = 20.2%

Cumulative share of the portfolio held in the largest N positions.

Firm Profile & Key People

Assets Under Management

$65.44B

Discretionary

$60.69B

Employees

157

Accounts

977

Address

1735 MARKET STREET
SUITE 1800
PHILADELPHIA, PA 19103

Phone

(215) 609-3500

Website

WWW.FACEBOOK.COM/BRANDYWINEGLOBAL
SEEKINGALPHA.COM/AUTHOR/BRANDYWINE-GLOBAL-INVESTMENT-MANAGEMENT
WWW.LINKEDIN.COM/COMPANY/BRANDYWINE-GLOBAL-INVESTMENT-MANAGEMENT

This firm reports 3 disclosure items on its registration.

Name	Title / Status	Ownership	Type
CORREA, CHRISTIAN, KANAN Control	EXECUTIVE VICE PRESIDENT AND CHIEF INVESTMENT OFFICER	Less than 5%	Individual
DESAI, SONAL Control	EXECUTIVE VICE PRESIDENT AND DIRECTOR	Less than 5%	Individual
FETTER, THEODORE, W Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
FRANKLIN RESOURCES, INC. Control	SOLE SHAREHOLDER OF LEGG MASON, INC.	75% or more	Domestic Entity
KASER, PATRICK, STANLEY Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
LAMENT, LEIGH, DORAN Control	CHIEF COMPLIANCE OFFICER	Less than 5%	Individual
LAWRENCE, RICHARD Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
LEGG MASON, INC. Control	MANAGING MEMBER	75% or more	Domestic Entity
MURPHY, TERRENCE, JAMES Control	ELECTED MANAGER	Less than 5%	Individual
NICHOLLS, MATTHEW Control	ELECTED MANAGER	Less than 5%	Individual
OH, SEOK, SELENE Control	DIRECTOR	Less than 5%	Individual
OTTO, HENRY, FRED Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
SAREEN, ANUJEET, SINGH Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
SPECTOR, ADAM, BENJAMIN Control	ELECTED MANAGER	Less than 5%	Individual
TONKOVICH, STEVEN, MATHEW Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual
WILCHUSKY, SUSAN, BORESKI Control	SENIOR MANAGING DIRECTOR	Less than 5%	Individual

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)

GOLDMAN SACHS GROUP INC$88.8M +64.5%
MERCK & CO INC$88.1M +1208.5%
FEDEX CORP$82.6M +107.0%
PEPSICO INC$62.5M +45.5%
EXXON MOBIL CORP$55.2M +29.6%

Show all 228 →

Top Trims

CISCO SYS INC-$88.2M -58.5%
FMC CORP-$76.1M -99.2%
GENERAL MTRS CO-$61.6M -34.9%
COMCAST CORP NEW-$55.5M -21.0%
MICRON TECHNOLOGY INC-$53.1M -99.2%

Show all 147 →

New Positions

Show all 70 →

Exited Positions

Show all 67 →

Loading…

#	Issuer	Symbol	CUSIP	Value	Δ

Brandywine Global Investment Management, LLC Holdings (2025-12-31)

#	Issuer	Symbol	CUSIP	Value	Weight	Shares	Type
1	JPMORGAN CHASE & CO.	JPM	46625H100	$443.0M	2.97%	1,374,890	SH
2	JOHNSON & JOHNSON	JNJ	478160104	$403.8M	2.71%	1,951,088	SH
3	BANK AMERICA CORP	BAC	060505104	$328.5M	2.20%	5,972,520	SH
4	WELLS FARGO CO NEW	WFC	949746101	$319.0M	2.14%	3,422,909	SH
5	CITIGROUP INC	C	172967424	$314.7M	2.11%	2,696,496	SH
6	AT&T INC	T	00206R102	$303.8M	2.04%	12,229,088	SH
7	EXXON MOBIL CORP	XOM	30231G102	$241.8M	1.62%	2,009,194	SH
8	GOLDMAN SACHS GROUP INC	GS	38141G104	$226.4M	1.52%	257,578	SH
9	ALPHABET INC	GOOGL	02079K305	$220.5M	1.48%	704,629	SH
10	CVS HEALTH CORP	CVS	126650100	$216.1M	1.45%	2,723,074	SH
11	KROGER CO	KR	501044101	$209.8M	1.41%	3,357,243	SH
12	COMCAST CORP NEW	CMCSA	20030N101	$208.5M	1.40%	6,975,368	SH
13	PEPSICO INC	PEP	713448108	$199.8M	1.34%	1,391,861	SH
14	DISNEY WALT CO	DIS	254687106	$195.3M	1.31%	1,717,034	SH
15	VERIZON COMMUNICATIONS INC	VZ	92343V104	$175.5M	1.18%	4,309,428	SH
16	DOLLAR GEN CORP NEW	DG	256677105	$166.5M	1.12%	1,254,014	SH
17	FEDEX CORP	FDX	31428X106	$159.8M	1.07%	553,129	SH
18	MORGAN STANLEY	MS	617446448	$155.7M	1.04%	877,171	SH
19	MEDTRONIC PLC	MDT	G5960L103	$152.2M	1.02%	1,584,743	SH
20	GLOBAL PMTS INC	GPN	37940X102	$146.2M	0.98%	1,888,747	SH
21	AMGEN INC	AMGN	031162100	$140.0M	0.94%	427,722	SH
22	QUALCOMM INC	QCOM	747525103	$129.4M	0.87%	756,299	SH
23	DELTA AIR LINES INC DEL	DAL	247361702	$127.6M	0.86%	1,838,051	SH
24	AERCAP HOLDINGS NV	AER	N00985106	$125.5M	0.84%	873,309	SH
25	M & T BK CORP	MTB	55261F104	$117.7M	0.79%	584,386	SH
26	GENERAL MTRS CO	GM	37045V100	$114.9M	0.77%	1,412,993	SH
27	SALESFORCE INC	CRM	79466L302	$110.0M	0.74%	415,202	SH
28	LOCKHEED MARTIN CORP	LMT	539830109	$108.9M	0.73%	225,122	SH
29	INTERNATIONAL BUSINESS MACHS	IBM	459200101	$107.9M	0.72%	364,334	SH
30	WILLIS TOWERS WATSON PLC LTD	WTW	G96629103	$107.9M	0.72%	328,291	SH
31	GILEAD SCIENCES INC	GILD	375558103	$105.7M	0.71%	861,496	SH
32	LOWES COS INC	LOW	548661107	$100.7M	0.68%	417,673	SH
33	ON SEMICONDUCTOR CORP	ON	682189105	$100.0M	0.67%	1,847,377	SH
34	MERCK & CO INC	MRK	58933Y105	$95.3M	0.64%	905,795	SH
35	EOG RES INC	EOG	26875P101	$93.7M	0.63%	892,095	SH
36	KIMBERLY-CLARK CORP	KMB	494368103	$93.0M	0.62%	922,106	SH
37	ADOBE INC	ADBE	00724F101	$92.0M	0.62%	262,757	SH
38	T-MOBILE US INC	TMUS	872590104	$89.4M	0.60%	440,280	SH
39	HCA HEALTHCARE INC	HCA	40412C101	$89.4M	0.60%	191,451	SH
40	UNION PAC CORP	UNP	907818108	$88.9M	0.60%	384,313	SH
41	HONEYWELL INTL INC	HON	438516106	$88.3M	0.59%	452,541	SH
42	THE CIGNA GROUP	CI	125523100	$83.0M	0.56%	301,723	SH
43	METLIFE INC	MET	59156R108	$82.6M	0.55%	1,046,639	SH
44	ECHOSTAR CORP	ECHO	278768AB2	$80.9M	0.54%	24,218,011	PRN
45	HUMANA INC	HUM	444859102	$80.4M	0.54%	313,859	SH
46	ABERCROMBIE & FITCH CO	ANF	002896207	$80.3M	0.54%	637,848	SH
47	CANADIAN NAT RES LTD	CNQ	136385101	$77.4M	0.52%	2,285,276	SH
48	SEMPRA	SRE	816851109	$76.8M	0.51%	869,717	SH
49	EBAY INC.	EBAY	278642103	$75.5M	0.51%	866,383	SH
50	CHUBB LIMITED	CB	H1467J104	$72.3M	0.49%	231,747	SH