Brandywine Global Investment Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 13, 2024), Brandywine Global Investment Management, LLC reported 690 stock positions worth $13.8 billion. Its top holding was JPMorgan Chase (JPM) at 2.9% of the portfolio, followed by Citigroup (C, 1.9%) and Chevron (CVX, 1.7%). Compared with Q4 2023, it opened 69 new positions, sold out of 56, added to 262 and reduced 311. The biggest buy was Wells Fargo (WFC, shares +115%) and the biggest sale Merck (MRK, shares −93%).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $13.8B (Q1 2024)
- SEC Filing
- 0000829108-24-000003 ↗ filed May 13, 2024
Holdings Value
Holdings 690 stocks · $13.8B
| JPM JPMorgan Chase & Co. | 2.89% | 1,984,114 | $397.4M | Add +0.5% |
| C Citigroup Inc. | 1.94% | 4,227,004 | $267.3M | Add +3.1% |
| CVX Chevron Corp. | 1.75% | 1,522,185 | $240.1M | Add +0.3% |
| XOM Exxon Mobil Corp. | 1.72% | 2,035,041 | $236.6M | Reduce -0.8% |
| JNJ Johnson & Johnson | 1.70% | 1,482,545 | $234.5M | Add +24.6% |
| COP Conocophillips | 1.65% | 1,778,552 | $226.4M | Add +3.1% |
| GM General Motors Co. | 1.42% | 4,320,769 | $195.9M | Add +34.9% |
| CVS CVS Health Corp. | 1.34% | 2,316,651 | $184.8M | Add +11.2% |
| KR Kroger Co. | 1.29% | 3,100,417 | $177.1M | Add +5.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.29% | 4,666,895 | $177.0M | Add +26.1% |
| CMCSA Comcast Corp. Class A | 1.27% | 4,034,782 | $174.9M | Add +24.6% |
| WFC Wells Fargo & Co. | 1.25% | 2,972,102 | $172.3M | Add +114.9% |
| ABBV Abbvie Inc. | 1.13% | 857,338 | $156.1M | Reduce -2.2% |
| CSCO Cisco Systems Inc. | 1.12% | 3,098,765 | $154.7M | Add +24.0% |
| AER Aercap Holdings NV | 1.10% | 1,735,484 | $150.8M | Add +31.0% |
| LMT Lockheed Martin Corp. | 1.02% | 308,951 | $140.5M | Add +3.7% |
| T AT&T Inc. | 0.98% | 7,656,589 | $134.8M | Add +25.7% |
| GPN Global Payments Inc. | 0.94% | 970,131 | $129.7M | Add +4.6% |
| CSX CSX Corp. | 0.93% | 3,469,482 | $128.6M | Add +2.0% |
| TMUS T-Mobile US Inc. | 0.89% | 751,282 | $122.6M | Reduce -23.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.87% | 974,736 | $119.3M | Reduce -3.9% |
| LOW Lowe's Cos Inc. | 0.85% | 458,312 | $116.7M | Reduce -0.7% |
| DAL Delta Air Lines Inc. | 0.84% | 2,410,681 | $115.4M | Add +5.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.83% | 600,387 | $114.6M | Add +45.6% |
| NRG NRG Energy Inc. | 0.83% | 1,681,209 | $113.8M | Add +6.0% |
| MPC Marathon Petroleum Corp. | 0.82% | 561,867 | $113.2M | Add +4.3% |
| FDX FedEx Corp. | 0.81% | 384,407 | $111.4M | Add +3.9% |
| DE Deere & Co. | 0.80% | 269,524 | $110.7M | Add +90.3% |
| MDT Medtronic PLC | 0.79% | 1,253,054 | $109.2M | Add +17.5% |
| AFL Aflac Inc. | 0.76% | 1,215,358 | $104.4M | Add +7.8% |
| GE General Electric | 0.75% | 587,146 | $103.1M | Add +5.1% |
| FMC FMC Corp. | 0.71% | 1,533,297 | $97.7M | Add +5.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.71% | 231,347 | $97.3M | Reduce -3.6% |
| QCOM Qualcomm Inc. | 0.70% | 570,470 | $96.6M | Reduce -0.8% |
| AMGN Amgen Inc. | 0.67% | 322,399 | $91.7M | Reduce -0.8% |
| BP BP PLC-Spons ADR | 0.66% | 2,427,290 | $91.5M | Add +6.6% |
| CAT Caterpillar Inc. | 0.65% | 243,165 | $89.1M | Reduce -1.3% |
| WTW Willis Towers Watson PLC | 0.63% | 313,640 | $86.3M | Add +4.8% |
| AXP American Express Co. | 0.62% | 376,812 | $85.8M | Reduce -0.7% |
| VZ Verizon Communications Inc. | 0.61% | 2,006,527 | $84.2M | Reduce -1.2% |
| ALL Allstate Corp. | 0.60% | 480,850 | $83.2M | Add +5.5% |
| MS Morgan Stanley | 0.59% | 864,282 | $81.4M | Reduce -0.7% |
| ELV Elevance Health Inc. | 0.58% | 154,270 | $80.0M | Reduce -0.8% |
| TSN Tyson Foods Inc. Class A | 0.58% | 1,358,123 | $79.8M | Add +6.0% |
| TGT Target Corp. | 0.55% | 430,040 | $76.2M | Add +50.0% |
| EIX Edison International | 0.55% | 1,064,211 | $75.3M | Add +4.7% |
| BMY Bristol-Myers Squibb Co. | 0.52% | 1,322,517 | $71.7M | Reduce -7.4% |
| GS Goldman Sachs Group Inc. | 0.52% | 171,189 | $71.5M | Reduce -1.0% |
| SHEL Shell PLC-ADR | 0.52% | 1,064,554 | $71.4M | Add +6.5% |
| GSK GSK PLC-Spon ADR | 0.52% | 1,662,014 | $71.3M | Add +6.1% |
| HCA HCA Healthcare Inc. | 0.51% | 208,516 | $69.5M | Reduce -1.1% |
| PM Philip Morris International | 0.50% | 756,071 | $69.3M | Reduce -1.2% |
| BLDR Builders Firstsource Inc. | 0.47% | 309,556 | $64.6M | Reduce -1.0% |
| CAG Conagra Brands Inc. | 0.47% | 2,171,135 | $64.4M | Add +6.7% |
| CNQ Canadian Natural Resources | 0.46% | 835,073 | $63.7M | Add +4.4% |
| BAX Baxter International Inc. | 0.45% | 1,463,807 | $62.6M | Add +5.3% |
| VLO Valero Energy Corp. | 0.45% | 364,216 | $62.2M | Reduce -0.9% |
| GTLS Chart Industries Inc. | 0.45% | 377,011 | $62.1M | Add +57.0% |
| TER Teradyne Inc. | 0.45% | 547,742 | $61.8M | Add +4.4% |
| CI The Cigna Group | 0.44% | 168,474 | $61.2M | Reduce -0.4% |
| SO The Southern Co. | 0.44% | 837,702 | $60.1M | New |
| ED Consolidated Edison Inc. | 0.42% | 629,679 | $57.2M | Add +29.1% |
| CB Chubb Ltd. | 0.42% | 220,503 | $57.1M | Reduce -0.7% |
| LYB Lyondellbasell Indu Class A | 0.42% | 558,567 | $57.1M | Add +19.0% |
| FE Firstenergy Corp. | 0.41% | 1,473,178 | $56.9M | Add +6.7% |
| MCK McKesson Corp. | 0.39% | 100,842 | $54.1M | Reduce -0.8% |
| XRAY Dentsply Sirona Inc. | 0.39% | 1,616,942 | $53.7M | Add +6.5% |
| EOG EOG Resources Inc. | 0.39% | 419,360 | $53.6M | Add +15.2% |
| SCHW Schwab (charles) Corp. | 0.39% | 738,909 | $53.5M | Add +4.1% |
| JAZZ Jazz Pharmaceuticals PLC | 0.38% | 436,557 | $52.6M | Add +13.7% |
| NSC Norfolk Southern Corp. | 0.38% | 205,423 | $52.4M | Reduce -1.1% |
| STLD Steel Dynamics Inc. | 0.38% | 349,217 | $51.8M | Add +3.6% |
| ALK Alaska Air Group Inc. | 0.38% | 1,203,275 | $51.7M | Add +9.5% |
| MU Micron Technology Inc. | 0.37% | 433,671 | $51.1M | Reduce -61.2% |
| TRV The Travelers Cos Inc. | 0.37% | 220,766 | $50.8M | Reduce -2.0% |
| VNT Vontier Corp. | 0.37% | 1,116,937 | $50.7M | Reduce -23.5% |
| CCK Crown Holdings Inc. | 0.37% | 634,286 | $50.3M | Add +4.8% |
| VTRS Viatris Inc. | 0.35% | 4,018,412 | $48.0M | Add +13.1% |
| HHH Howard Hughes Holdings Inc. | 0.35% | 657,943 | $47.8M | Add +4.6% |
| INGR Ingredion Inc. | 0.34% | 406,231 | $47.5M | Reduce -9.1% |
| GILD Gilead Sciences Inc. | 0.34% | 638,993 | $46.8M | Reduce -59.1% |
| DVN Devon Energy Corp. | 0.34% | 925,156 | $46.4M | Add +31.4% |
| PSX Phillips 66 | 0.33% | 274,318 | $44.8M | Reduce -1.0% |
| LAD Lithia Motors Inc. | 0.32% | 148,485 | $44.7M | Add +5.9% |
| PHG Koninklijke Philips NVR- NY | 0.32% | 2,210,064 | $44.2M | Add +3.6% |
| EXC Exelon Corp. | 0.31% | 1,126,031 | $42.3M | New |
| FISV Fiserv Inc. | 0.30% | 261,002 | $41.7M | Reduce -0.4% |
| IWD iShares Russell 1000 Value E | 0.29% | 224,282 | $40.2M | Reduce -6.3% |
| CHTR Charter Communications Inc. Class A | 0.29% | 135,954 | $39.5M | Add +197.3% |
| MO Altria Group Inc. | 0.28% | 897,408 | $39.1M | Reduce -0.7% |
| NEM Newmont Corp. | 0.27% | 1,054,814 | $37.8M | Add +6.6% |
| DHI D.R. Horton Inc. | 0.27% | 229,504 | $37.8M | Reduce -1.0% |
| NUE Nucor Corp. | 0.27% | 188,636 | $37.3M | Reduce -59.3% |
| DUK Duke Energy Corp. | 0.27% | 380,245 | $36.8M | Reduce -0.9% |
| EXEL Exelixis Inc. | 0.26% | 1,520,675 | $36.1M | Add +6.0% |
| PH Parker Hannifin Corp. | 0.26% | 64,309 | $35.7M | Reduce -1.3% |
| BBY Best Buy Co. Inc. | 0.26% | 430,526 | $35.3M | Reduce -0.1% |
| RS Reliance Inc. | 0.26% | 105,595 | $35.3M | Add +9.5% |
| RTX RTX Corp. | 0.26% | 360,338 | $35.1M | New |
| PFE Pfizer Inc. | 0.26% | 1,265,734 | $35.1M | Reduce -31.3% |
Other holdings (6): bonds, preferreds, convertibles and warrants · $86.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | 74,160,000 | $46.5M | Reduce -0.7% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 30,921,000 | $23.4M | Add +636.2% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 160,000 | $7.2M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $3.7M | No change |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $3.5M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 3,000,000 | $2.3M | No change |
Total filed on the 13F, all lines: $13.8B.
Portfolio Sells Q4 2023 → Q1 2024
| MRK Merck & Co. Inc. | Reduce -93.4% | 0.08% | −0.99 |
| GILD Gilead Sciences Inc. | Reduce -59.1% | 0.34% | −0.68 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.57 |
| AIG American International Group | Reduce -78.1% | 0.15% | −0.51 |
| FLG New York Community Bancorp | Reduce -92.9% | 0.01% | −0.42 |
| MU Micron Technology Inc. | Reduce -61.2% | 0.37% | −0.40 |
| TMUS T-Mobile US Inc. | Reduce -23.8% | 0.89% | −0.39 |
| NUE Nucor Corp. | Reduce -59.3% | 0.27% | −0.38 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −0.37 |
| SCCO Southern Copper Corp. | Sold out | 0.00% | −0.30 |
| DFS Discover Financial Services | Reduce -69.4% | 0.14% | −0.29 |
| HIG Hartford Insurance Group Inc. | Reduce -70.1% | 0.13% | −0.25 |
| OMC Omnicom Group | Reduce -70.3% | 0.09% | −0.22 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.21 |
| PXD Pioneer Natural Resources Co. | Sold out | 0.00% | −0.21 |
| PFE Pfizer Inc. | Reduce -31.3% | 0.26% | −0.17 |
| BIIB Biogen Inc. | Sold out | 0.00% | −0.15 |
| MLI Mueller Industries Inc. | Sold out | 0.00% | −0.14 |
| ON On Semiconductor | Sold out | 0.00% | −0.12 |
| EQH Equitable Holdings Inc. | Reduce -66.2% | 0.06% | −0.11 |
| TMHC Taylor Morrison Home Corp. | Reduce -65.0% | 0.06% | −0.11 |
| MUSA Murphy USA Inc. | Reduce -76.7% | 0.03% | −0.10 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.10 |
| M D C HLDGS INC | Sold out | 0.00% | −0.10 |
| AMGN Amgen Inc. | Reduce -0.8% | 0.67% | −0.09 |
| EXP Eagle Materials Inc. | Reduce -77.2% | 0.03% | −0.09 |
| MATX Matson Inc. | Sold out | 0.00% | −0.09 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.09 |
| X United States Steel Corp. | Reduce -59.9% | 0.03% | −0.08 |
| PM Philip Morris International | Reduce -1.2% | 0.50% | −0.08 |
| HST Host Hotels & Resorts Inc. | Reduce -90.0% | 0.01% | −0.08 |
| STT State Street Corp. | Reduce -36.1% | 0.10% | −0.07 |
| ADM Archer-Daniels-Midland Co. | Reduce -2.6% | 0.24% | −0.07 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.4% | 0.52% | −0.07 |
| MS Morgan Stanley | Reduce -0.7% | 0.59% | −0.07 |
| AMN Amn Healthcare Services Inc. | Sold out | 0.00% | −0.06 |
| GFF Griffon Corp. | Sold out | 0.00% | −0.06 |
| ALGT Allegiant Travel Co. | Reduce -19.4% | 0.10% | −0.05 |
| IWN iShares Russell 2000 Value E | Reduce -91.0% | 0.00% | −0.05 |
| CPE Callon Petroleum Co. | Reduce -89.6% | 0.01% | −0.05 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.05 |
| CRBG Corebridge Financial Inc. | Sold out | 0.00% | −0.05 |
| SSRM SSR Mining Inc. | Sold out | 0.00% | −0.05 |
| INGR Ingredion Inc. | Reduce -9.1% | 0.34% | −0.05 |
| IPG Interpublic Group of Cos Inc. | Reduce -19.0% | 0.13% | −0.05 |
| UNFI United Natural Foods Inc. | Sold out | 0.00% | −0.05 |
| IRWD Ironwood Pharmaceuticals Inc. | Sold out | 0.00% | −0.04 |
| RL Ralph Lauren Corp. | Reduce -65.4% | 0.03% | −0.04 |
| VNT Vontier Corp. | Reduce -23.5% | 0.37% | −0.04 |
| NRDS Nerdwallet Inc. Class A | Reduce -24.4% | 0.08% | −0.04 |
Portfolio Buys Q4 2023 → Q1 2024
| WFC Wells Fargo & Co. | Add +114.9% | 1.25% | +0.70 |
| GM General Motors Co. | Add +34.9% | 1.42% | +0.49 |
| SO The Southern Co. | New | 0.44% | +0.44 |
| DE Deere & Co. | Add +90.3% | 0.80% | +0.35 |
| EXC Exelon Corp. | New | 0.31% | +0.31 |
| AER Aercap Holdings NV | Add +31.0% | 1.10% | +0.30 |
| IBM Intl Business Machines Corp. | Add +45.6% | 0.83% | +0.29 |
| BAC Bank of America Corp. | Add +26.1% | 1.29% | +0.28 |
| RTX RTX Corp. | New | 0.26% | +0.26 |
| SNY Sanofi-ADR | New | 0.24% | +0.24 |
| C Citigroup Inc. | Add +3.1% | 1.94% | +0.24 |
| FCX Freeport-McMoran Inc. | New | 0.24% | +0.24 |
| TGT Target Corp. | Add +50.0% | 0.55% | +0.22 |
| HON Honeywell International Inc. | New | 0.21% | +0.21 |
| KR Kroger Co. | Add +5.2% | 1.29% | +0.20 |
| JNJ Johnson & Johnson | Add +24.6% | 1.70% | +0.19 |
| GTLS Chart Industries Inc. | Add +57.0% | 0.45% | +0.19 |
| MPC Marathon Petroleum Corp. | Add +4.3% | 0.82% | +0.18 |
| GE General Electric | Add +5.1% | 0.75% | +0.17 |
| JPM JPMorgan Chase & Co. | Add +0.5% | 2.89% | +0.17 |
| NRG NRG Energy Inc. | Add +6.0% | 0.83% | +0.16 |
| FCNCA First Citizens Bcshs Class A | New | 0.15% | +0.15 |
| T AT&T Inc. | Add +25.7% | 0.98% | +0.15 |
| CHTR Charter Communications Inc. Class A | Add +197.3% | 0.29% | +0.14 |
| PYPL PayPal Holdings Inc. | New | 0.14% | +0.14 |
| CMCSA Comcast Corp. Class A | Add +24.6% | 1.27% | +0.12 |
| JBL Jabil Inc. | Add +133.4% | 0.21% | +0.12 |
| WMB Williams Cos Inc. | Add +96.8% | 0.21% | +0.10 |
| NTAP Netapp Inc. | Add +127.6% | 0.17% | +0.10 |
| BKR Baker Hughes Co. | New | 0.10% | +0.10 |
| CSCO Cisco Systems Inc. | Add +24.0% | 1.12% | +0.10 |
| DAL Delta Air Lines Inc. | Add +5.4% | 0.84% | +0.09 |
| AL Sumisho Air Lease Corp. | Add +72.0% | 0.20% | +0.09 |
| BG Bunge Global SA | Add +251.5% | 0.13% | +0.09 |
| DRI Darden Restaurants Inc. | Add +149.8% | 0.16% | +0.09 |
| ALL Allstate Corp. | Add +5.5% | 0.60% | +0.09 |
| DKS Dick's Sporting Goods Inc. | Add +93.4% | 0.14% | +0.09 |
| MGM MGM Resorts International | Add +79.3% | 0.20% | +0.08 |
| LPLA LPL Financial Holdings Inc. | Add +57.0% | 0.21% | +0.08 |
| MDT Medtronic PLC | Add +17.5% | 0.79% | +0.08 |
| DVN Devon Energy Corp. | Add +31.4% | 0.34% | +0.08 |
| FITB Fifth Third Bancorp | New | 0.08% | +0.08 |
| WOR Worthington Enterprises Inc. | New | 0.08% | +0.08 |
| PPG PPG Industries Inc. | New | 0.07% | +0.07 |
| CF CF Industries Holdings Inc. | Add +171.4% | 0.10% | +0.06 |
| RF Regions Financial Corp. | New | 0.06% | +0.06 |
| ED Consolidated Edison Inc. | Add +29.1% | 0.42% | +0.06 |
| EXPE Expedia Group Inc. | New | 0.06% | +0.06 |
| STLD Steel Dynamics Inc. | Add +3.6% | 0.38% | +0.05 |
| LYB Lyondellbasell Indu Class A | Add +19.0% | 0.42% | +0.05 |
Notes & Other Activity Q4 2023 → Q1 2024
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | Reduce -0.7% | 74,160,000 | $46.5M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +636.2% | 30,921,000 | $23.4M |
| WESTERN DIGITAL CORP (WDC 1.5 02/01/24) | NOTE 1.500% 2/0 · principal | Sold out | 12,725,000 | $12.7Mbefore exit |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | New | 160,000 | $7.2M |
| MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) | NOTE 3.250%12/1 · principal | Sold out | 6,446,000 | $5.7Mbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q4 2025 | 594 | $14.7B | JPM, JNJ, BAC, WFC, C |
| Q3 2025 | 590 | $14.4B | JPM, JNJ, T, BAC, WFC |
| Q2 2025 | 564 | $14.0B | JPM, CMCSA, JNJ, BAC, C |
| Q1 2025 | 551 | $13.7B | JNJ, JPM, UNH, T, CMCSA |
| Q4 2024 | 553 | $13.7B | JPM, BAC, C, JNJ, CMCSA |
| Q3 2024 | 663 | $14.9B | JPM, BAC, C, JNJ, CVX |
| Q2 2024 | 681 | $13.3B | JPM, C, CVX, JNJ, BAC |
| Q1 2024 | 690 | $13.8B | JPM, C, CVX, XOM, JNJ |