Brandywine Global Investment Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 12, 2024), Brandywine Global Investment Management, LLC reported 663 stock positions worth $14.9 billion. Its top holding was JPMorgan Chase (JPM) at 2.9% of the portfolio, followed by Bank of America (BAC, 1.9%) and Citigroup (C, 1.8%). Compared with Q2 2024, it opened 57 new positions, sold out of 75, added to 277 and reduced 305. The biggest buy was Merck (MRK, shares +869%) and the biggest sale Amgen (AMGN, shares −84%).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $14.9B (Q3 2024)
- SEC Filing
- 0000829108-24-000008 ↗ filed Nov 12, 2024
Holdings Value
Holdings 663 stocks · $14.9B
| JPM JPMorgan Chase & Co. | 2.88% | 1,929,797 | $427.4M | Reduce -3.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.90% | 6,749,225 | $282.9M | Add +16.1% |
| C Citigroup Inc. | 1.83% | 4,121,307 | $272.0M | Add +2.2% |
| JNJ Johnson & Johnson | 1.82% | 1,674,006 | $270.5M | Add +5.4% |
| CVX Chevron Corp. | 1.63% | 1,591,694 | $241.6M | Add +2.2% |
| T AT&T Inc. | 1.61% | 11,249,505 | $239.2M | Add +12.1% |
| ABBV Abbvie Inc. | 1.52% | 1,152,580 | $225.5M | Add +21.3% |
| GM General Motors Co. | 1.43% | 4,374,235 | $212.7M | Add +2.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.41% | 891,741 | $209.8M | Add +7.0% |
| COP Conocophillips | 1.38% | 1,868,151 | $204.5M | Add +3.5% |
| LMT Lockheed Martin Corp. | 1.34% | 326,327 | $199.3M | Reduce -5.6% |
| CMCSA Comcast Corp. Class A | 1.33% | 4,713,380 | $197.8M | Add +2.7% |
| TMUS T-Mobile US Inc. | 1.30% | 896,419 | $193.5M | Reduce -15.1% |
| WFC Wells Fargo & Co. | 1.29% | 3,089,396 | $192.0M | Add +8.3% |
| CAT Caterpillar Inc. | 1.22% | 458,263 | $180.5M | Add +18.1% |
| KR Kroger Co. | 1.16% | 3,114,719 | $172.2M | Add +2.3% |
| DAL Delta Air Lines Inc. | 1.11% | 3,097,278 | $164.7M | Add +32.6% |
| CVS CVS Health Corp. | 1.00% | 2,198,154 | $148.3M | Add +12.4% |
| AFL Aflac Inc. | 0.97% | 1,264,131 | $144.2M | Reduce -0.4% |
| CSX CSX Corp. | 0.96% | 4,025,915 | $142.1M | Add +3.4% |
| DE Deere & Co. | 0.95% | 345,924 | $141.0M | Add +6.7% |
| LOW Lowe's Cos Inc. | 0.94% | 495,210 | $139.0M | Add +4.5% |
| GPN Global Payments Inc. | 0.93% | 1,339,285 | $137.5M | Add +25.7% |
| MDT Medtronic PLC | 0.92% | 1,525,608 | $137.3M | Add +6.9% |
| CSCO Cisco Systems Inc. | 0.92% | 2,516,589 | $136.6M | Add +1.1% |
| VZ Verizon Communications Inc. | 0.87% | 2,976,874 | $128.6M | Add +20.1% |
| PM Philip Morris International | 0.82% | 1,014,266 | $121.8M | Add +10.7% |
| AER Aercap Holdings NV | 0.82% | 1,246,148 | $121.4M | Reduce -14.1% |
| FDX FedEx Corp. | 0.81% | 451,200 | $120.7M | Add +1.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.78% | 1,214,744 | $115.4M | Add +28.2% |
| AXP American Express Co. | 0.76% | 406,038 | $112.3M | Add +4.4% |
| MS Morgan Stanley | 0.71% | 933,595 | $104.8M | Add +4.5% |
| FMC FMC Corp. | 0.68% | 1,619,475 | $101.6M | Reduce -6.7% |
| MPC Marathon Petroleum Corp. | 0.68% | 620,528 | $100.8M | Add +4.3% |
| RTX RTX Corp. | 0.68% | 806,575 | $100.5M | Add +4.4% |
| EIX Edison International | 0.67% | 1,176,256 | $99.4M | Add +0.7% |
| WTW Willis Towers Watson PLC | 0.66% | 336,043 | $98.3M | Add +2.5% |
| GS Goldman Sachs Group Inc. | 0.65% | 185,734 | $97.1M | Add +4.6% |
| NRG NRG Energy Inc. | 0.65% | 1,070,442 | $96.4M | Add +26.6% |
| TGT Target Corp. | 0.64% | 604,297 | $95.5M | Add +6.5% |
| ALL Allstate Corp. | 0.61% | 476,955 | $90.9M | Add +2.5% |
| HCA HCA Healthcare Inc. | 0.60% | 225,270 | $89.2M | Add +4.4% |
| MRK Merck & Co. Inc. | 0.59% | 804,265 | $88.2M | Add +868.6% |
| ON On Semiconductor | 0.58% | 1,174,182 | $85.5M | Add +33.5% |
| ELV Elevance Health Inc. | 0.57% | 166,762 | $84.9M | Add +4.6% |
| XEL Xcel Energy Inc. | 0.54% | 1,279,421 | $80.6M | Add +30.8% |
| TSN Tyson Foods Inc. Class A | 0.53% | 1,311,600 | $78.5M | Add +1.6% |
| BP BP PLC-Spons ADR | 0.51% | 2,351,195 | $75.2M | Add +0.7% |
| PYPL PayPal Holdings Inc. | 0.50% | 913,573 | $73.7M | Add +62.4% |
| HON Honeywell International Inc. | 0.49% | 333,652 | $72.6M | Reduce -2.5% |
| CCK Crown Holdings Inc. | 0.48% | 763,373 | $71.3M | Add +22.9% |
| CAG Conagra Brands Inc. | 0.48% | 2,400,555 | $70.7M | Add +1.7% |
| SHEL Shell PLC-ADR | 0.47% | 1,030,648 | $70.5M | Add +0.2% |
| FE Firstenergy Corp. | 0.47% | 1,616,260 | $69.8M | Add +0.1% |
| CB Chubb Ltd. | 0.46% | 237,441 | $68.6M | Add +4.4% |
| NLY Annaly Capital Management Inc. | 0.45% | 3,375,252 | $66.7M | New |
| DG Dollar General Corp. | 0.44% | 822,364 | $65.6M | Add +536.1% |
| CI The Cigna Group | 0.44% | 185,956 | $65.4M | Add +6.9% |
| IWD iShares Russell 1000 Value E | 0.44% | 335,803 | $64.7M | Add +57.4% |
| CNQ Canadian Natural Resources | 0.43% | 1,673,411 | $64.0M | Add +5.9% |
| BMY Bristol-Myers Squibb Co. | 0.43% | 1,212,236 | $63.8M | Reduce -1.4% |
| BLDR Builders Firstsource Inc. | 0.43% | 321,598 | $63.3M | Reduce -0.6% |
| MGA Magna International Inc. | 0.42% | 1,497,442 | $63.1M | Add +4.1% |
| GSK GSK PLC-Spon ADR | 0.42% | 1,604,496 | $62.8M | Add +0.3% |
| XRAY Dentsply Sirona Inc. | 0.41% | 2,477,186 | $60.5M | Add +22.3% |
| EOG EOG Resources Inc. | 0.40% | 450,184 | $59.2M | Add +3.4% |
| DUK Duke Energy Corp. | 0.39% | 503,891 | $58.0M | Add +10.7% |
| NUE Nucor Corp. | 0.39% | 378,673 | $57.9M | Add +35.4% |
| VLO Valero Energy Corp. | 0.39% | 409,845 | $57.9M | Add +8.3% |
| TRV The Travelers Cos Inc. | 0.39% | 240,324 | $57.7M | Add +4.5% |
| LYB Lyondellbasell Indu Class A | 0.39% | 612,363 | $57.2M | Add +1.8% |
| MO Altria Group Inc. | 0.38% | 1,121,194 | $55.9M | Add +10.9% |
| MCK McKesson Corp. | 0.38% | 109,665 | $55.9M | Add +4.8% |
| SIRI Sirius XM Holdings Inc. | 0.37% | 2,067,273 | $55.6M | New |
| EXC Exelon Corp. | 0.37% | 1,375,741 | $54.9M | Add +0.2% |
| FISV Fiserv Inc. | 0.37% | 280,905 | $54.3M | Add +4.3% |
| BAX Baxter International Inc. | 0.36% | 1,457,192 | $53.8M | Add +2.9% |
| DVN Devon Energy Corp. | 0.36% | 1,241,064 | $53.2M | Add +13.1% |
| NSC Norfolk Southern Corp. | 0.36% | 208,930 | $53.0M | Reduce -2.4% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.35% | 113,136 | $52.0M | Add +0.1% |
| PSX Phillips 66 | 0.35% | 383,792 | $52.0M | Add +22.4% |
| VNT Vontier Corp. | 0.35% | 1,493,942 | $51.3M | Add +41.5% |
| RPRX Royalty Pharma PLC Class A | 0.34% | 1,816,126 | $50.6M | Add +10.9% |
| KHC The Kraft Heinz Co. | 0.34% | 1,410,946 | $49.9M | Add +44.8% |
| PRU Prudential Financial Inc. | 0.34% | 398,157 | $49.8M | Add +21.4% |
| HHH Howard Hughes Holdings Inc. | 0.33% | 633,632 | $48.8M | Reduce -0.2% |
| STLD Steel Dynamics Inc. | 0.33% | 371,486 | $48.4M | Add +2.2% |
| VTRS Viatris Inc. | 0.32% | 4,176,134 | $47.6M | Add +3.6% |
| GOOGL Alphabet Inc. Class A | 0.31% | 282,768 | $46.6M | Add +3.4% |
| DHI D.R. Horton Inc. | 0.31% | 246,268 | $46.1M | Add +4.2% |
| GTLS Chart Industries Inc. | 0.31% | 361,318 | $46.0M | Add +0.5% |
| PHM Pultegroup Inc. | 0.31% | 322,747 | $46.0M | Add +19.5% |
| APO Apollo Global Management Inc. | 0.30% | 320,275 | $45.3M | Add +4.5% |
| SNY Sanofi-ADR | 0.29% | 786,596 | $43.2M | Add +18.2% |
| JAZZ Jazz Pharmaceuticals PLC | 0.29% | 383,120 | $42.5M | Reduce -0.2% |
| PNC PNC Financial Services Group | 0.28% | 223,396 | $42.1M | Add +4.3% |
| ABEV Ambev SA-ADR | 0.28% | 17,733,447 | $41.5M | Add +6.8% |
| MET Metlife Inc. | 0.27% | 473,968 | $40.7M | Add +4.5% |
| ADM Archer-Daniels-Midland Co. | 0.27% | 684,834 | $39.7M | Add +0.4% |
| PCAR Paccar Inc. | 0.25% | 344,562 | $37.3M | Add +11.4% |
Other holdings (6): bonds, preferreds, convertibles and warrants · $143.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | 74,065,000 | $61.7M | Reduce -0.1% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 51,609,000 | $41.0M | No change |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 31,420,000 | $29.7M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,500,000 | $6.1M | Add +62.5% |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | 3,350,000 | $2.9M | Add +11.7% |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 2,000,000 | $1.7M | New |
Total filed on the 13F, all lines: $15.0B.
Portfolio Sells Q2 2024 → Q3 2024
| AMGN Amgen Inc. | Reduce -84.5% | 0.11% | −0.67 |
| TER Teradyne Inc. | Sold out | 0.00% | −0.36 |
| SO The Southern Co. | Reduce -63.2% | 0.19% | −0.31 |
| OXY Occidental Petroleum Corp. | Sold out | 0.00% | −0.29 |
| EXEL Exelixis Inc. | Sold out | 0.00% | −0.25 |
| LAD Lithia Motors Inc. | Reduce -93.6% | 0.02% | −0.23 |
| AER Aercap Holdings NV | Reduce -14.1% | 0.82% | −0.20 |
| LPLA LPL Financial Holdings Inc. | Reduce -67.3% | 0.07% | −0.20 |
| NTAP Netapp Inc. | Sold out | 0.00% | −0.19 |
| SCHW Schwab (charles) Corp. | Sold out | 0.00% | −0.19 |
| ALK Alaska Air Group Inc. | Reduce -49.3% | 0.18% | −0.17 |
| JPM JPMorgan Chase & Co. | Reduce -3.5% | 2.88% | −0.17 |
| MCHP Microchip Technology Inc. | Sold out | 0.00% | −0.16 |
| PKG Packaging Corp. of America | Sold out | 0.00% | −0.15 |
| ALV Autoliv Inc. | Reduce -92.9% | 0.01% | −0.14 |
| GLW Corning Inc. | Sold out | 0.00% | −0.13 |
| JXN Jackson Financial Inc. Class A | Sold out | 0.00% | −0.13 |
| EMN Eastman Chemical Co. | Reduce -69.4% | 0.06% | −0.13 |
| PAG Penske Automotive Group Inc. | Reduce -70.8% | 0.05% | −0.12 |
| AXS Axis Capital Holdings Ltd. | Sold out | 0.00% | −0.12 |
| CTRA Coterra Energy Inc. | Reduce -45.8% | 0.09% | −0.11 |
| UNM Unum Group | Reduce -72.3% | 0.05% | −0.11 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.10 |
| AMR Alpha Metallurgical Resource | Sold out | 0.00% | −0.10 |
| TMUS T-Mobile US Inc. | Reduce -15.1% | 1.30% | −0.10 |
| AIG American International Group | Reduce -33.7% | 0.16% | −0.10 |
| OLN Olin Corp. | Sold out | 0.00% | −0.09 |
| ESGR Enstar Group Ltd. | Sold out | 0.00% | −0.09 |
| K Kellanova | Sold out | 0.00% | −0.09 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.08 |
| INGR Ingredion Inc. | Reduce -69.0% | 0.04% | −0.08 |
| GT Goodyear Tire & Rubber Co. | Sold out | 0.00% | −0.08 |
| WMB Williams Cos Inc. | Reduce -37.3% | 0.17% | −0.08 |
| ARW Arrow Electronics Inc. | Reduce -63.5% | 0.05% | −0.08 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.08 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.08 |
| DDS Dillards Inc. Class A | Sold out | 0.00% | −0.07 |
| KSS Kohls Corp. | Sold out | 0.00% | −0.07 |
| FMC FMC Corp. | Reduce -6.7% | 0.68% | −0.07 |
| JBL Jabil Inc. | Reduce -35.5% | 0.13% | −0.07 |
| HON Honeywell International Inc. | Reduce -2.5% | 0.49% | −0.06 |
| BYD Boyd Gaming Corp. | Sold out | 0.00% | −0.06 |
| JBLU Jetblue Airways Corp. | Sold out | 0.00% | −0.06 |
| OGN Organon & Co. | Reduce -0.5% | 0.18% | −0.05 |
| PNR Pentair PLC | Sold out | 0.00% | −0.05 |
| PATK Patrick Industries Inc. | Sold out | 0.00% | −0.05 |
| VGR Vector Group Ltd. | Sold out | 0.00% | −0.05 |
| WYNN WYNN Resorts Ltd. | Sold out | 0.00% | −0.04 |
| HAYW Hayward Holdings Inc. | Sold out | 0.00% | −0.04 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.04 |
Portfolio Buys Q2 2024 → Q3 2024
| MRK Merck & Co. Inc. | Add +868.6% | 0.59% | +0.52 |
| NLY Annaly Capital Management Inc. | New | 0.45% | +0.45 |
| SIRI Sirius XM Holdings Inc. | New | 0.37% | +0.37 |
| IBM Intl Business Machines Corp. | Add +7.0% | 1.41% | +0.33 |
| DG Dollar General Corp. | Add +536.1% | 0.44% | +0.31 |
| ABBV Abbvie Inc. | Add +21.3% | 1.52% | +0.29 |
| DAL Delta Air Lines Inc. | Add +32.6% | 1.11% | +0.27 |
| PYPL PayPal Holdings Inc. | Add +62.4% | 0.50% | +0.25 |
| PGR Progressive Corp. | New | 0.24% | +0.24 |
| CAT Caterpillar Inc. | Add +18.1% | 1.22% | +0.24 |
| T AT&T Inc. | Add +12.1% | 1.61% | +0.17 |
| BAC Bank of America Corp. | Add +16.1% | 1.90% | +0.16 |
| IWD iShares Russell 1000 Value E | Add +57.4% | 0.44% | +0.16 |
| NRG NRG Energy Inc. | Add +26.6% | 0.65% | +0.15 |
| GPN Global Payments Inc. | Add +25.7% | 0.93% | +0.15 |
| XEL Xcel Energy Inc. | Add +30.8% | 0.54% | +0.15 |
| LOW Lowe's Cos Inc. | Add +4.5% | 0.94% | +0.15 |
| CCK Crown Holdings Inc. | Add +22.9% | 0.48% | +0.13 |
| CVS CVS Health Corp. | Add +12.4% | 1.00% | +0.13 |
| ON On Semiconductor | Add +33.5% | 0.58% | +0.12 |
| PM Philip Morris International | Add +10.7% | 0.82% | +0.12 |
| SEE Sealed Air Corp. | Add +258.3% | 0.15% | +0.10 |
| KHC The Kraft Heinz Co. | Add +44.8% | 0.34% | +0.10 |
| GILD Gilead Sciences Inc. | New | 0.10% | +0.10 |
| HRI Herc Holdings Inc. | New | 0.10% | +0.10 |
| VZ Verizon Communications Inc. | Add +20.1% | 0.87% | +0.10 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.09% | +0.09 |
| RTX RTX Corp. | Add +4.4% | 0.68% | +0.09 |
| PHM Pultegroup Inc. | Add +19.5% | 0.31% | +0.09 |
| EBAY eBay Inc. | Add +50.4% | 0.20% | +0.08 |
| MDT Medtronic PLC | Add +6.9% | 0.92% | +0.08 |
| HCA HCA Healthcare Inc. | Add +4.4% | 0.60% | +0.08 |
| AXP American Express Co. | Add +4.4% | 0.76% | +0.08 |
| JNJ Johnson & Johnson | Add +5.4% | 1.82% | +0.07 |
| RUN Sunrun Inc. | New | 0.07% | +0.07 |
| GIS General Mills Inc. | Add +43.8% | 0.23% | +0.07 |
| DIS The Walt Disney Co. | Add +28.2% | 0.78% | +0.07 |
| EXPE Expedia Group Inc. | Add +55.1% | 0.17% | +0.07 |
| SYY Sysco Corp. | Add +50.1% | 0.22% | +0.07 |
| FISV Fiserv Inc. | Add +4.3% | 0.37% | +0.06 |
| REZI Resideo Technologies Inc. | New | 0.06% | +0.06 |
| DRI Darden Restaurants Inc. | Add +88.3% | 0.14% | +0.06 |
| DHI D.R. Horton Inc. | Add +4.2% | 0.31% | +0.06 |
| NVR NVR Inc. | Add +36.4% | 0.16% | +0.06 |
| WEC WEC Energy Group Inc. | New | 0.06% | +0.06 |
| NUE Nucor Corp. | Add +35.4% | 0.39% | +0.06 |
| ALL Allstate Corp. | Add +2.5% | 0.61% | +0.05 |
| MS Morgan Stanley | Add +4.5% | 0.71% | +0.05 |
| GS Goldman Sachs Group Inc. | Add +4.6% | 0.65% | +0.05 |
| CRBG Corebridge Financial Inc. | Add +152.3% | 0.08% | +0.05 |
Notes & Other Activity Q2 2024 → Q3 2024
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | Reduce -0.1% | 74,065,000 | $61.7M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | New | 31,420,000 | $29.7M |
| BRIGHTSPRING HEALTH SERV (BTSG 6.75 02/01/27) | UNIT 02/01/2027 | Sold out | 160,000 | $7.5Mbefore exit |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Add +62.5% | 6,500,000 | $6.1M |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Add +11.7% | 3,350,000 | $2.9M |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | New | 2,000,000 | $1.7M |
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 |