Brandywine Global Investment Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Brandywine Global Investment Management, LLC reported 681 stock positions worth $13.3 billion. Its top holding was JPMorgan Chase (JPM) at 3.0% of the portfolio, followed by Citigroup (C, 1.9%) and Chevron (CVX, 1.8%). Compared with Q1 2024, it opened 64 new positions, sold out of 73, added to 311 and reduced 286. The biggest buy was T-Mobile US (TMUS, shares +41%) and the biggest sale Exxon Mobil (XOM, shares −96%).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $13.3B (Q2 2024)
- SEC Filing
- 0000829108-24-000004 ↗ filed Aug 14, 2024
Holdings Value
Holdings 681 stocks · $13.3B
| JPM JPMorgan Chase & Co. | 3.05% | 1,999,695 | $404.5M | Add +0.8% |
| C Citigroup Inc. | 1.93% | 4,032,555 | $255.9M | Reduce -4.6% |
| CVX Chevron Corp. | 1.83% | 1,556,994 | $243.5M | Add +2.3% |
| JNJ Johnson & Johnson | 1.75% | 1,588,480 | $232.2M | Add +7.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.74% | 5,813,126 | $231.2M | Add +24.6% |
| COP Conocophillips | 1.55% | 1,805,295 | $206.5M | Add +1.5% |
| GM General Motors Co. | 1.49% | 4,255,474 | $197.7M | Reduce -1.5% |
| T AT&T Inc. | 1.44% | 10,036,086 | $191.8M | Add +31.1% |
| TMUS T-Mobile US Inc. | 1.40% | 1,056,269 | $186.1M | Add +40.6% |
| CMCSA Comcast Corp. Class A | 1.35% | 4,590,182 | $179.8M | Add +13.8% |
| WFC Wells Fargo & Co. | 1.27% | 2,851,569 | $169.4M | Reduce -4.1% |
| ABBV Abbvie Inc. | 1.23% | 950,206 | $163.0M | Add +10.8% |
| LMT Lockheed Martin Corp. | 1.22% | 345,638 | $161.4M | Add +11.9% |
| KR Kroger Co. | 1.14% | 3,043,987 | $152.0M | Reduce -1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.08% | 833,040 | $144.1M | Add +38.8% |
| AER Aercap Holdings NV | 1.02% | 1,450,266 | $135.2M | Reduce -16.4% |
| FDX FedEx Corp. | 1.00% | 444,163 | $133.2M | Add +15.5% |
| CSX CSX Corp. | 0.98% | 3,892,193 | $130.2M | Add +12.2% |
| CAT Caterpillar Inc. | 0.97% | 388,163 | $129.3M | Add +59.6% |
| DE Deere & Co. | 0.91% | 324,306 | $121.2M | Add +20.3% |
| CSCO Cisco Systems Inc. | 0.89% | 2,488,025 | $118.2M | Reduce -19.7% |
| CVS CVS Health Corp. | 0.87% | 1,954,888 | $115.5M | Reduce -15.6% |
| AFL Aflac Inc. | 0.85% | 1,269,010 | $113.3M | Add +4.4% |
| MDT Medtronic PLC | 0.85% | 1,427,045 | $112.3M | Add +13.9% |
| DAL Delta Air Lines Inc. | 0.83% | 2,335,733 | $110.8M | Reduce -3.1% |
| LOW Lowe's Cos Inc. | 0.79% | 474,103 | $104.5M | Add +3.5% |
| AMGN Amgen Inc. | 0.79% | 333,867 | $104.3M | Add +3.6% |
| MPC Marathon Petroleum Corp. | 0.78% | 595,124 | $103.2M | Add +5.9% |
| GPN Global Payments Inc. | 0.78% | 1,065,502 | $103.0M | Add +9.8% |
| VZ Verizon Communications Inc. | 0.77% | 2,478,349 | $102.2M | Add +23.5% |
| FMC FMC Corp. | 0.75% | 1,735,821 | $99.9M | Add +13.2% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.71% | 947,297 | $94.1M | Reduce -2.8% |
| PM Philip Morris International | 0.70% | 916,220 | $92.8M | Add +21.2% |
| AXP American Express Co. | 0.68% | 388,975 | $90.1M | Add +3.2% |
| MS Morgan Stanley | 0.65% | 893,636 | $86.9M | Add +3.4% |
| ELV Elevance Health Inc. | 0.65% | 159,416 | $86.4M | Add +3.3% |
| WTW Willis Towers Watson PLC | 0.65% | 327,863 | $85.9M | Add +4.5% |
| BP BP PLC-Spons ADR | 0.63% | 2,336,125 | $84.3M | Reduce -3.8% |
| TGT Target Corp. | 0.63% | 567,456 | $84.0M | Add +31.9% |
| EIX Edison International | 0.63% | 1,168,127 | $83.9M | Add +9.8% |
| GS Goldman Sachs Group Inc. | 0.60% | 177,502 | $80.3M | Add +3.7% |
| RTX RTX Corp. | 0.58% | 772,396 | $77.5M | Add +114.3% |
| ALL Allstate Corp. | 0.56% | 465,249 | $74.3M | Reduce -3.2% |
| SHEL Shell PLC-ADR | 0.56% | 1,028,628 | $74.2M | Reduce -3.4% |
| TSN Tyson Foods Inc. Class A | 0.56% | 1,291,174 | $73.8M | Reduce -4.9% |
| HON Honeywell International Inc. | 0.55% | 342,218 | $73.1M | Add +148.5% |
| HCA HCA Healthcare Inc. | 0.52% | 215,749 | $69.3M | Add +3.5% |
| SO The Southern Co. | 0.51% | 871,581 | $67.6M | Add +4.0% |
| CAG Conagra Brands Inc. | 0.51% | 2,360,560 | $67.1M | Add +8.7% |
| NRG NRG Energy Inc. | 0.50% | 845,342 | $65.8M | Reduce -49.7% |
| FE Firstenergy Corp. | 0.47% | 1,614,813 | $61.8M | Add +9.6% |
| GSK GSK PLC-Spon ADR | 0.46% | 1,599,851 | $61.6M | Reduce -3.7% |
| MCK McKesson Corp. | 0.46% | 104,665 | $61.1M | Add +3.8% |
| MGA Magna International Inc. | 0.45% | 1,438,723 | $60.3M | Add +151.9% |
| ON On Semiconductor | 0.45% | 879,458 | $60.3M | New |
| VLO Valero Energy Corp. | 0.45% | 378,271 | $59.3M | Add +3.9% |
| CB Chubb Ltd. | 0.44% | 227,491 | $58.0M | Add +3.2% |
| LYB Lyondellbasell Indu Class A | 0.43% | 601,751 | $57.6M | Add +7.7% |
| CI The Cigna Group | 0.43% | 173,952 | $57.5M | Add +3.3% |
| CNQ Canadian Natural Resources | 0.42% | 1,580,116 | $56.3M | Reduce -5.4% |
| EOG EOG Resources Inc. | 0.41% | 435,270 | $54.8M | Add +3.8% |
| XEL Xcel Energy Inc. | 0.39% | 978,415 | $52.3M | New |
| DVN Devon Energy Corp. | 0.39% | 1,097,177 | $52.0M | Add +18.6% |
| GTLS Chart Industries Inc. | 0.39% | 359,398 | $51.9M | Reduce -4.7% |
| BMY Bristol-Myers Squibb Co. | 0.38% | 1,229,749 | $51.1M | Reduce -7.0% |
| XRAY Dentsply Sirona Inc. | 0.38% | 2,024,946 | $50.4M | Add +25.2% |
| GOOGL Alphabet Inc. Class A | 0.37% | 273,377 | $49.8M | Add +523.6% |
| TER Teradyne Inc. | 0.36% | 326,229 | $48.4M | Reduce -40.4% |
| EXC Exelon Corp. | 0.36% | 1,373,447 | $47.5M | Add +22.0% |
| BAX Baxter International Inc. | 0.36% | 1,415,663 | $47.4M | Reduce -3.3% |
| STLD Steel Dynamics Inc. | 0.35% | 363,569 | $47.1M | Add +4.1% |
| TRV The Travelers Cos Inc. | 0.35% | 229,918 | $46.8M | Add +4.2% |
| ALK Alaska Air Group Inc. | 0.35% | 1,147,352 | $46.4M | Reduce -4.7% |
| CCK Crown Holdings Inc. | 0.35% | 621,134 | $46.2M | Reduce -2.1% |
| MO Altria Group Inc. | 0.35% | 1,011,170 | $46.1M | Add +12.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 113,079 | $46.0M | Reduce -51.1% |
| NSC Norfolk Southern Corp. | 0.35% | 214,128 | $46.0M | Add +4.2% |
| DUK Duke Energy Corp. | 0.34% | 455,105 | $45.6M | Add +19.7% |
| BLDR Builders Firstsource Inc. | 0.34% | 323,678 | $44.8M | Add +4.6% |
| PSX Phillips 66 | 0.33% | 313,520 | $44.3M | Add +14.3% |
| NUE Nucor Corp. | 0.33% | 279,756 | $44.2M | Add +48.3% |
| RPRX Royalty Pharma PLC Class A | 0.33% | 1,637,195 | $43.2M | New |
| VTRS Viatris Inc. | 0.32% | 4,030,483 | $42.8M | Add +0.3% |
| ADM Archer-Daniels-Midland Co. | 0.31% | 682,205 | $41.2M | Add +32.3% |
| HHH Howard Hughes Holdings Inc. | 0.31% | 634,758 | $41.1M | Reduce -3.5% |
| JAZZ Jazz Pharmaceuticals PLC | 0.31% | 383,957 | $41.0M | Reduce -12.1% |
| VNT Vontier Corp. | 0.30% | 1,055,610 | $40.3M | Reduce -5.5% |
| FISV Fiserv Inc. | 0.30% | 269,269 | $40.1M | Add +3.2% |
| PRU Prudential Financial Inc. | 0.29% | 328,032 | $38.4M | Add +70.3% |
| OXY Occidental Petroleum Corp. | 0.29% | 607,477 | $38.3M | Add +31.1% |
| IWD iShares Russell 1000 Value E | 0.28% | 213,414 | $37.2M | Reduce -4.8% |
| MU Micron Technology Inc. | 0.28% | 279,664 | $36.8M | Reduce -35.5% |
| APO Apollo Global Management Inc. | 0.27% | 306,580 | $36.2M | New |
| LPLA LPL Financial Holdings Inc. | 0.27% | 128,763 | $36.0M | Add +17.1% |
| PFE Pfizer Inc. | 0.26% | 1,216,993 | $34.1M | Reduce -3.9% |
| ABEV Ambev SA-ADR | 0.26% | 16,598,750 | $34.0M | New |
| AIG American International Group | 0.26% | 457,597 | $34.0M | Add +72.6% |
| DHI D.R. Horton Inc. | 0.25% | 236,353 | $33.3M | Add +3.0% |
| PNC PNC Financial Services Group | 0.25% | 214,102 | $33.3M | Add +27.2% |
| EXEL Exelixis Inc. | 0.25% | 1,467,748 | $33.0M | Reduce -3.5% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $98.5M (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 | $46.4M | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 51,609,000 | $38.6M | Add +66.9% |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | 160,000 | $7.5M | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 4,000,000 | $3.7M | No change |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 3,000,000 | $2.4M | No change |
Total filed on the 13F, all lines: $13.4B.
Portfolio Sells Q1 2024 → Q2 2024
| XOM Exxon Mobil Corp. | Reduce -95.7% | 0.08% | −1.64 |
| GE General Electric | Sold out | 0.00% | −0.75 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −0.70 |
| CVS CVS Health Corp. | Reduce -15.6% | 0.87% | −0.47 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -51.1% | 0.35% | −0.36 |
| GILD Gilead Sciences Inc. | Sold out | 0.00% | −0.34 |
| NRG NRG Energy Inc. | Reduce -49.7% | 0.50% | −0.33 |
| PHG Koninklijke Philips NVR- NY | Sold out | 0.00% | −0.32 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.29 |
| ED Consolidated Edison Inc. | Reduce -67.5% | 0.14% | −0.28 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.27 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.26 |
| CSCO Cisco Systems Inc. | Reduce -19.7% | 0.89% | −0.23 |
| INGR Ingredion Inc. | Reduce -65.7% | 0.12% | −0.22 |
| SCHW Schwab (charles) Corp. | Reduce -54.7% | 0.19% | −0.20 |
| UGI Ugi Corp. | Sold out | 0.00% | −0.19 |
| BBY Best Buy Co. Inc. | Reduce -70.3% | 0.08% | −0.18 |
| DIS The Walt Disney Co. | Reduce -2.8% | 0.71% | −0.16 |
| KR Kroger Co. | Reduce -1.8% | 1.14% | −0.14 |
| GL Globe Life Inc. | Sold out | 0.00% | −0.14 |
| BMY Bristol-Myers Squibb Co. | Reduce -7.0% | 0.38% | −0.14 |
| SM SM Energy Co. | Reduce -92.5% | 0.01% | −0.13 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.12 |
| VST Vistra Corp. | Sold out | 0.00% | −0.11 |
| DKS Dick's Sporting Goods Inc. | Reduce -77.9% | 0.03% | −0.11 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.10 |
| WIRE Encore Wire Corp. | Sold out | 0.00% | −0.10 |
| FBIN Fortune Brands Innovations I | Reduce -66.3% | 0.04% | −0.10 |
| BAX Baxter International Inc. | Reduce -3.3% | 0.36% | −0.10 |
| CRC California Resources Corp. | Sold out | 0.00% | −0.10 |
| GIS General Mills Inc. | Reduce -33.2% | 0.16% | −0.09 |
| MU Micron Technology Inc. | Reduce -35.5% | 0.28% | −0.09 |
| ALV Autoliv Inc. | Reduce -31.8% | 0.15% | −0.09 |
| CHRW C.H. Robinson Worldwide Inc. | Sold out | 0.00% | −0.09 |
| TER Teradyne Inc. | Reduce -40.4% | 0.36% | −0.08 |
| TOL Toll Brothers Inc. | Reduce -73.0% | 0.03% | −0.08 |
| HP Helmerich & Payne | Sold out | 0.00% | −0.08 |
| DRI Darden Restaurants Inc. | Reduce -46.8% | 0.08% | −0.08 |
| ESNT Essent Group Ltd. | Sold out | 0.00% | −0.08 |
| AER Aercap Holdings NV | Reduce -16.4% | 1.02% | −0.08 |
| LAD Lithia Motors Inc. | Reduce -12.1% | 0.25% | −0.08 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -12.1% | 0.31% | −0.07 |
| PKG Packaging Corp. of America | Reduce -31.8% | 0.15% | −0.07 |
| VOYA Voya Financial Inc. | Sold out | 0.00% | −0.07 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.07 |
| VNT Vontier Corp. | Reduce -5.5% | 0.30% | −0.06 |
| FCNCA First Citizens Bcshs Class A | Reduce -43.7% | 0.09% | −0.06 |
| TMHC Taylor Morrison Home Corp. | Sold out | 0.00% | −0.06 |
| GTLS Chart Industries Inc. | Reduce -4.7% | 0.39% | −0.06 |
| BLMN Bloomin' Brands Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q1 2024 → Q2 2024
| TMUS T-Mobile US Inc. | Add +40.6% | 1.40% | +0.51 |
| T AT&T Inc. | Add +31.1% | 1.44% | +0.46 |
| BAC Bank of America Corp. | Add +24.6% | 1.74% | +0.45 |
| ON On Semiconductor | New | 0.45% | +0.45 |
| XEL Xcel Energy Inc. | New | 0.39% | +0.39 |
| HON Honeywell International Inc. | Add +148.5% | 0.55% | +0.34 |
| RTX RTX Corp. | Add +114.3% | 0.58% | +0.33 |
| GOOGL Alphabet Inc. Class A | Add +523.6% | 0.37% | +0.33 |
| CAT Caterpillar Inc. | Add +59.6% | 0.97% | +0.33 |
| RPRX Royalty Pharma PLC Class A | New | 0.33% | +0.33 |
| APO Apollo Global Management Inc. | New | 0.27% | +0.27 |
| ABEV Ambev SA-ADR | New | 0.26% | +0.26 |
| IBM Intl Business Machines Corp. | Add +38.8% | 1.08% | +0.25 |
| MGA Magna International Inc. | Add +151.9% | 0.45% | +0.23 |
| AZO AutoZone Inc. | New | 0.21% | +0.21 |
| PM Philip Morris International | Add +21.2% | 0.70% | +0.20 |
| LMT Lockheed Martin Corp. | Add +11.9% | 1.22% | +0.19 |
| FDX FedEx Corp. | Add +15.5% | 1.00% | +0.19 |
| KMB Kimberly-Clark Corp. | New | 0.19% | +0.19 |
| D Dominion Energy Inc. | New | 0.18% | +0.18 |
| VZ Verizon Communications Inc. | Add +23.5% | 0.77% | +0.16 |
| JPM JPMorgan Chase & Co. | Add +0.8% | 3.05% | +0.16 |
| HOG Harley-Davidson Inc. | New | 0.13% | +0.13 |
| DG Dollar General Corp. | New | 0.13% | +0.13 |
| PRU Prudential Financial Inc. | Add +70.3% | 0.29% | +0.13 |
| AMGN Amgen Inc. | Add +3.6% | 0.79% | +0.12 |
| DE Deere & Co. | Add +20.3% | 0.91% | +0.11 |
| AIG American International Group | Add +72.6% | 0.26% | +0.11 |
| PYPL PayPal Holdings Inc. | Add +93.5% | 0.25% | +0.10 |
| DLTR Dollar Tree Inc. | New | 0.10% | +0.10 |
| BKH Black Hills Corp. | Add +788.7% | 0.11% | +0.10 |
| AFL Aflac Inc. | Add +4.4% | 0.85% | +0.09 |
| ABBV Abbvie Inc. | Add +10.8% | 1.23% | +0.09 |
| CVX Chevron Corp. | Add +2.3% | 1.83% | +0.09 |
| K Kellanova | New | 0.09% | +0.09 |
| GS Goldman Sachs Group Inc. | Add +3.7% | 0.60% | +0.08 |
| EIX Edison International | Add +9.8% | 0.63% | +0.08 |
| CMCSA Comcast Corp. Class A | Add +13.8% | 1.35% | +0.08 |
| ULTA Ulta Beauty Inc. | New | 0.08% | +0.08 |
| TGT Target Corp. | Add +31.9% | 0.63% | +0.08 |
| DUK Duke Energy Corp. | Add +19.7% | 0.34% | +0.08 |
| CPAY Corpay Inc. | New | 0.08% | +0.08 |
| ADM Archer-Daniels-Midland Co. | Add +32.3% | 0.31% | +0.08 |
| AVA Avista Corp. | New | 0.07% | +0.07 |
| SO The Southern Co. | Add +4.0% | 0.51% | +0.07 |
| SR Spire Inc. | Add +117.0% | 0.13% | +0.07 |
| UAL United Airlines Holdings Inc. | New | 0.07% | +0.07 |
| OXY Occidental Petroleum Corp. | Add +31.1% | 0.29% | +0.07 |
| ELV Elevance Health Inc. | Add +3.3% | 0.65% | +0.07 |
| KHC The Kraft Heinz Co. | Add +56.0% | 0.24% | +0.07 |
Notes & Other Activity Q1 2024 → Q2 2024
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +66.9% | 51,609,000 | $38.6M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Sold out | 4,000,000 | $3.5Mbefore 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 |