Brandywine Global Investment Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Brandywine Global Investment Management, LLC reported 553 stock positions worth $13.7 billion. Its top holding was JPMorgan Chase (JPM) at 3.2% of the portfolio, followed by Bank of America (BAC, 2.2%) and Citigroup (C, 2.1%). Compared with Q3 2024, it opened 68 new positions, sold out of 178, added to 125 and reduced 354. The biggest buy was a new position in Qualcomm (QCOM) and the biggest sale Aflac (AFL, shares −73%).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $13.7B (Q4 2024)
- SEC Filing
- 0000829108-25-000001 ↗ filed Feb 12, 2025
Holdings Value
Holdings 553 stocks · $13.7B
| JPM JPMorgan Chase & Co. | 3.16% | 1,804,882 | $432.6M | Reduce -6.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.15% | 6,701,458 | $294.5M | Reduce -0.7% |
| C Citigroup Inc. | 2.10% | 4,089,244 | $287.8M | Reduce -0.8% |
| JNJ Johnson & Johnson | 1.97% | 1,861,126 | $269.2M | Add +11.2% |
| CMCSA Comcast Corp. Class A | 1.73% | 6,319,973 | $237.2M | Add +34.1% |
| T AT&T Inc. | 1.73% | 10,388,472 | $236.5M | Reduce -7.7% |
| GM General Motors Co. | 1.72% | 4,407,110 | $234.8M | Add +0.8% |
| WFC Wells Fargo & Co. | 1.60% | 3,107,610 | $218.3M | Add +0.6% |
| CVX Chevron Corp. | 1.54% | 1,453,884 | $210.6M | Reduce -8.7% |
| KR Kroger Co. | 1.39% | 3,108,320 | $190.1M | Reduce -0.2% |
| ABBV Abbvie Inc. | 1.39% | 1,069,571 | $190.1M | Reduce -7.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.38% | 857,640 | $188.5M | Reduce -3.8% |
| CAT Caterpillar Inc. | 1.35% | 507,817 | $184.2M | Add +10.8% |
| DAL Delta Air Lines Inc. | 1.24% | 2,812,899 | $170.2M | Reduce -9.2% |
| LMT Lockheed Martin Corp. | 1.17% | 329,672 | $160.2M | Add +1.0% |
| DE Deere & Co. | 1.16% | 373,567 | $158.3M | Add +8.0% |
| GPN Global Payments Inc. | 1.09% | 1,325,312 | $148.5M | Reduce -1.0% |
| AXP American Express Co. | 1.08% | 497,579 | $147.7M | Add +22.5% |
| CSCO Cisco Systems Inc. | 1.02% | 2,363,751 | $139.9M | Reduce -6.1% |
| FDX FedEx Corp. | 1.00% | 486,388 | $136.8M | Add +7.8% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.98% | 1,209,085 | $134.6M | Reduce -0.5% |
| CVS CVS Health Corp. | 0.94% | 2,848,986 | $127.9M | Add +29.6% |
| AER Aercap Holdings NV | 0.89% | 1,269,433 | $121.5M | Add +1.9% |
| COP Conocophillips | 0.88% | 1,218,322 | $120.8M | Reduce -34.8% |
| MDT Medtronic PLC | 0.86% | 1,476,289 | $117.9M | Reduce -3.2% |
| LOW Lowe's Cos Inc. | 0.83% | 459,640 | $113.4M | Reduce -7.2% |
| PM Philip Morris International | 0.83% | 941,466 | $113.3M | Reduce -7.2% |
| VZ Verizon Communications Inc. | 0.81% | 2,777,813 | $111.1M | Reduce -6.7% |
| MS Morgan Stanley | 0.80% | 866,315 | $108.9M | Reduce -7.2% |
| DG Dollar General Corp. | 0.75% | 1,354,248 | $102.7M | Add +64.7% |
| QCOM Qualcomm Inc. | 0.74% | 659,913 | $101.4M | New |
| PYPL PayPal Holdings Inc. | 0.74% | 1,184,215 | $101.1M | Add +29.6% |
| NRG NRG Energy Inc. | 0.74% | 1,120,265 | $101.1M | Add +4.7% |
| WTW Willis Towers Watson PLC | 0.73% | 320,690 | $100.5M | Reduce -4.6% |
| UNH Unitedhealth Group Inc. | 0.72% | 195,792 | $99.0M | New |
| GS Goldman Sachs Group Inc. | 0.72% | 172,385 | $98.7M | Reduce -7.2% |
| ALL Allstate Corp. | 0.68% | 479,247 | $92.4M | Add +0.5% |
| FMC FMC Corp. | 0.66% | 1,861,057 | $90.5M | Add +14.9% |
| RTX RTX Corp. | 0.63% | 748,685 | $86.6M | Reduce -7.2% |
| ON On Semiconductor | 0.61% | 1,319,560 | $83.2M | Add +12.4% |
| TMUS T-Mobile US Inc. | 0.60% | 371,689 | $82.0M | Reduce -58.5% |
| CAG Conagra Brands Inc. | 0.57% | 2,833,831 | $78.6M | Add +18.1% |
| HON Honeywell International Inc. | 0.56% | 340,904 | $77.0M | Add +2.2% |
| XEL Xcel Energy Inc. | 0.56% | 1,131,567 | $76.4M | Reduce -11.6% |
| MGA Magna International Inc. | 0.54% | 1,762,728 | $73.6M | Add +17.7% |
| EIX Edison International | 0.51% | 878,136 | $70.1M | Reduce -25.3% |
| TSN Tyson Foods Inc. Class A | 0.50% | 1,201,073 | $69.0M | Reduce -8.4% |
| PCAR Paccar Inc. | 0.50% | 658,861 | $68.5M | Add +91.2% |
| GILD Gilead Sciences Inc. | 0.50% | 740,097 | $68.4M | Add +330.9% |
| CE Celanese Corp. | 0.48% | 953,802 | $66.0M | Add +1453.2% |
| CCK Crown Holdings Inc. | 0.46% | 765,352 | $63.3M | Add +0.3% |
| NLY Annaly Capital Management Inc. | 0.46% | 3,447,037 | $63.1M | Add +2.1% |
| HCA HCA Healthcare Inc. | 0.46% | 208,920 | $62.7M | Reduce -7.3% |
| FCX Freeport-McMoran Inc. | 0.45% | 1,620,072 | $61.7M | Add +202.4% |
| CB Chubb Ltd. | 0.44% | 220,101 | $60.8M | Reduce -7.3% |
| BP BP PLC-Spons ADR | 0.44% | 2,015,220 | $59.6M | Reduce -14.3% |
| TGT Target Corp. | 0.43% | 439,875 | $59.5M | Reduce -27.2% |
| MMM 3M Co. | 0.43% | 451,588 | $58.3M | New |
| MCK McKesson Corp. | 0.42% | 101,690 | $58.0M | Reduce -7.3% |
| EOG EOG Resources Inc. | 0.40% | 451,215 | $55.3M | Add +0.2% |
| GOOGL Alphabet Inc. Class A | 0.40% | 291,235 | $55.1M | Add +3.0% |
| SHEL Shell PLC-ADR | 0.40% | 875,987 | $54.9M | Reduce -15.0% |
| FE Firstenergy Corp. | 0.40% | 1,368,608 | $54.4M | Reduce -15.3% |
| MPC Marathon Petroleum Corp. | 0.40% | 389,712 | $54.4M | Reduce -37.2% |
| MO Altria Group Inc. | 0.40% | 1,039,244 | $54.3M | Reduce -7.3% |
| VNT Vontier Corp. | 0.40% | 1,482,989 | $54.1M | Reduce -0.7% |
| GSK GSK PLC-Spon ADR | 0.40% | 1,597,997 | $54.0M | Reduce -0.4% |
| TRV The Travelers Cos Inc. | 0.39% | 223,414 | $53.8M | Reduce -7.0% |
| BMY Bristol-Myers Squibb Co. | 0.39% | 947,523 | $53.6M | Reduce -21.8% |
| CNQ Canadian Natural Resources | 0.39% | 1,713,207 | $52.8M | Add +2.4% |
| VTRS Viatris Inc. | 0.38% | 4,169,427 | $51.9M | Reduce -0.2% |
| EXC Exelon Corp. | 0.38% | 1,369,645 | $51.6M | Reduce -0.4% |
| HUM Humana Inc. | 0.37% | 201,432 | $51.1M | New |
| BRK.B Berkshire Hathaway Inc. Class B | 0.37% | 112,644 | $51.1M | Reduce -0.4% |
| SIRI Sirius XM Holdings Inc. | 0.37% | 2,218,017 | $50.6M | Add +7.3% |
| DUK Duke Energy Corp. | 0.37% | 467,681 | $50.4M | Reduce -7.2% |
| SO The Southern Co. | 0.37% | 607,903 | $50.0M | Add +89.4% |
| RPRX Royalty Pharma PLC Class A | 0.37% | 1,958,302 | $50.0M | Add +7.8% |
| APO Apollo Global Management Inc. | 0.36% | 296,614 | $49.0M | Reduce -7.4% |
| GIS General Mills Inc. | 0.35% | 757,010 | $48.3M | Add +58.1% |
| CI The Cigna Group | 0.35% | 172,677 | $47.7M | Reduce -7.1% |
| JAZZ Jazz Pharmaceuticals PLC | 0.34% | 381,730 | $47.0M | Reduce -0.4% |
| BLDR Builders Firstsource Inc. | 0.33% | 313,592 | $44.8M | Reduce -2.5% |
| HHH Howard Hughes Holdings Inc. | 0.32% | 576,263 | $44.3M | Reduce -9.1% |
| PEP Pepsico Inc. | 0.32% | 291,341 | $44.3M | New |
| IWD iShares Russell 1000 Value E | 0.32% | 236,914 | $43.9M | Reduce -29.4% |
| KHC The Kraft Heinz Co. | 0.31% | 1,360,605 | $41.8M | Reduce -3.6% |
| EBAY eBay Inc. | 0.30% | 665,814 | $41.2M | Add +49.7% |
| STLD Steel Dynamics Inc. | 0.30% | 360,585 | $41.1M | Reduce -2.9% |
| D Dominion Energy Inc. | 0.30% | 750,710 | $40.4M | Add +36.3% |
| PHM Pultegroup Inc. | 0.29% | 370,296 | $40.3M | Add +14.7% |
| PNC PNC Financial Services Group | 0.29% | 207,855 | $40.1M | Reduce -7.0% |
| CSX CSX Corp. | 0.28% | 1,183,470 | $38.2M | Reduce -70.6% |
| SNY Sanofi-ADR | 0.28% | 783,816 | $37.8M | Reduce -0.3% |
| PGR Progressive Corp. | 0.28% | 157,058 | $37.6M | Add +9.8% |
| KMI Kinder Morgan Inc. | 0.27% | 1,354,529 | $37.1M | Reduce -7.2% |
| MET Metlife Inc. | 0.26% | 440,078 | $36.0M | Reduce -7.2% |
| AFL Aflac Inc. | 0.26% | 340,605 | $35.2M | Reduce -73.1% |
| ADM Archer-Daniels-Midland Co. | 0.25% | 683,934 | $34.6M | Reduce -0.1% |
| ABEV Ambev SA-ADR | 0.25% | 18,614,210 | $34.4M | Add +5.0% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $88.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 59,876,000 | $49.5M | Add +16.0% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 29,677,840 | $31.3M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,500,000 | $6.1M | No change |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 2,000,000 | $1.7M | No change |
Total filed on the 13F, all lines: $13.8B.
Portfolio Sells Q3 2024 → Q4 2024
| AFL Aflac Inc. | Reduce -73.1% | 0.26% | −0.71 |
| TMUS T-Mobile US Inc. | Reduce -58.5% | 0.60% | −0.70 |
| CSX CSX Corp. | Reduce -70.6% | 0.28% | −0.68 |
| ELV Elevance Health Inc. | Sold out | 0.00% | −0.57 |
| MRK Merck & Co. Inc. | Reduce -90.0% | 0.06% | −0.54 |
| COP Conocophillips | Reduce -34.8% | 0.88% | −0.49 |
| XRAY Dentsply Sirona Inc. | Sold out | 0.00% | −0.41 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.39 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.37 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.36 |
| BAX Baxter International Inc. | Reduce -95.0% | 0.02% | −0.35 |
| GTLS Chart Industries Inc. | Reduce -96.1% | 0.02% | −0.29 |
| MPC Marathon Petroleum Corp. | Reduce -37.2% | 0.40% | −0.28 |
| PSX Phillips 66 | Reduce -67.2% | 0.10% | −0.25 |
| VLO Valero Energy Corp. | Reduce -50.8% | 0.18% | −0.21 |
| TGT Target Corp. | Reduce -27.2% | 0.43% | −0.21 |
| KVUE Kenvue Inc. | Reduce -93.8% | 0.01% | −0.19 |
| DVN Devon Energy Corp. | Reduce -41.5% | 0.17% | −0.18 |
| ALK Alaska Air Group Inc. | Reduce -99.3% | 0.00% | −0.17 |
| LYB Lyondellbasell Indu Class A | Reduce -35.1% | 0.22% | −0.17 |
| PRU Prudential Financial Inc. | Reduce -51.1% | 0.17% | −0.17 |
| DOW Dow Inc. | Sold out | 0.00% | −0.17 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −0.17 |
| EIX Edison International | Reduce -25.3% | 0.51% | −0.16 |
| R Ryder System Inc. | Sold out | 0.00% | −0.15 |
| CNC Centene Corp. | Sold out | 0.00% | −0.15 |
| HCA HCA Healthcare Inc. | Reduce -7.3% | 0.46% | −0.14 |
| OC Owens Corning | Reduce -62.0% | 0.08% | −0.14 |
| ABBV Abbvie Inc. | Reduce -7.2% | 1.39% | −0.13 |
| BG Bunge Global SA | Reduce -78.1% | 0.03% | −0.12 |
| IWD iShares Russell 1000 Value E | Reduce -29.4% | 0.32% | −0.11 |
| ASO Academy Sports & Outdoors Inc. | Sold out | 0.00% | −0.11 |
| JHG Janus Henderson Group PLC | Sold out | 0.00% | −0.11 |
| LOW Lowe's Cos Inc. | Reduce -7.2% | 0.83% | −0.11 |
| CADE Cadence Bank | Sold out | 0.00% | −0.10 |
| BLDR Builders Firstsource Inc. | Reduce -2.5% | 0.33% | −0.10 |
| HRI Herc Holdings Inc. | Sold out | 0.00% | −0.10 |
| ZBH Zimmer Biomet Holdings Inc. | Sold out | 0.00% | −0.09 |
| CI The Cigna Group | Reduce -7.1% | 0.35% | −0.09 |
| WMS Advanced Drainage Systems Inc. | Sold out | 0.00% | −0.09 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.09 |
| AFG American Financial Group Inc. | Reduce -69.2% | 0.04% | −0.09 |
| CVX Chevron Corp. | Reduce -8.7% | 1.54% | −0.09 |
| GPC Genuine Parts Co. | Sold out | 0.00% | −0.09 |
| BERY Berry Global Group Inc. | Reduce -75.3% | 0.03% | −0.09 |
| CRBG Corebridge Financial Inc. | Sold out | 0.00% | −0.08 |
| PETQ Petiq Inc. | Sold out | 0.00% | −0.08 |
| ARMK Aramark | Sold out | 0.00% | −0.08 |
| DHI D.R. Horton Inc. | Reduce -7.0% | 0.23% | −0.08 |
| SHEL Shell PLC-ADR | Reduce -15.0% | 0.40% | −0.07 |
Portfolio Buys Q3 2024 → Q4 2024
| QCOM Qualcomm Inc. | New | 0.74% | +0.74 |
| UNH Unitedhealth Group Inc. | New | 0.72% | +0.72 |
| CE Celanese Corp. | Add +1453.2% | 0.48% | +0.43 |
| MMM 3M Co. | New | 0.43% | +0.43 |
| CMCSA Comcast Corp. Class A | Add +34.1% | 1.73% | +0.40 |
| GILD Gilead Sciences Inc. | Add +330.9% | 0.50% | +0.40 |
| HUM Humana Inc. | New | 0.37% | +0.37 |
| AXP American Express Co. | Add +22.5% | 1.08% | +0.32 |
| PEP Pepsico Inc. | New | 0.32% | +0.32 |
| DG Dollar General Corp. | Add +64.7% | 0.75% | +0.31 |
| WFC Wells Fargo & Co. | Add +0.6% | 1.60% | +0.30 |
| GM General Motors Co. | Add +0.8% | 1.72% | +0.28 |
| FCX Freeport-McMoran Inc. | Add +202.4% | 0.45% | +0.27 |
| PCAR Paccar Inc. | Add +91.2% | 0.50% | +0.25 |
| SLB SLB Ltd. | New | 0.25% | +0.25 |
| GMAB Genmab A/S -SP ADR | New | 0.25% | +0.25 |
| PYPL PayPal Holdings Inc. | Add +29.6% | 0.74% | +0.24 |
| DE Deere & Co. | Add +8.0% | 1.16% | +0.21 |
| AZN Astrazeneca PLC-Spons ADR | New | 0.21% | +0.21 |
| EL Estee Lauder Companies Class A | New | 0.20% | +0.20 |
| KDP Keurig Dr Pepper Inc. | New | 0.19% | +0.19 |
| FDX FedEx Corp. | Add +7.8% | 1.00% | +0.19 |
| NEE Nextera Energy Inc. | New | 0.18% | +0.18 |
| SO The Southern Co. | Add +89.4% | 0.37% | +0.17 |
| SRPT Sarepta Therapeutics Inc. | New | 0.17% | +0.17 |
| DELL Dell Technologies -C | New | 0.15% | +0.15 |
| USB US Bancorp | New | 0.15% | +0.15 |
| JNJ Johnson & Johnson | Add +11.2% | 1.97% | +0.15 |
| NFE New Fortress Energy Inc. | New | 0.14% | +0.14 |
| CAT Caterpillar Inc. | Add +10.8% | 1.35% | +0.13 |
| GIS General Mills Inc. | Add +58.1% | 0.35% | +0.12 |
| NFG National Fuel Gas Co. | New | 0.12% | +0.12 |
| MGA Magna International Inc. | Add +17.7% | 0.54% | +0.11 |
| POR Portland General Electric Co. | Add +1510.2% | 0.11% | +0.11 |
| EBAY eBay Inc. | Add +49.7% | 0.30% | +0.10 |
| MATX Matson Inc. | New | 0.10% | +0.10 |
| MLM Martin Marietta Materials | New | 0.10% | +0.10 |
| CAG Conagra Brands Inc. | Add +18.1% | 0.57% | +0.10 |
| JBL Jabil Inc. | Add +38.2% | 0.23% | +0.10 |
| NRG NRG Energy Inc. | Add +4.7% | 0.74% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +3.0% | 0.40% | +0.09 |
| DRI Darden Restaurants Inc. | Add +24.4% | 0.22% | +0.08 |
| D Dominion Energy Inc. | Add +36.3% | 0.30% | +0.08 |
| TOL Toll Brothers Inc. | Add +283.3% | 0.12% | +0.08 |
| FSLR First Solar Inc. | New | 0.08% | +0.08 |
| DXC DXC Technology Co. | New | 0.08% | +0.08 |
| NVR NVR Inc. | Add +62.5% | 0.24% | +0.08 |
| CPAY Corpay Inc. | Add +57.4% | 0.18% | +0.08 |
| DKS Dick's Sporting Goods Inc. | Add +151.8% | 0.11% | +0.07 |
| HON Honeywell International Inc. | Add +2.2% | 0.56% | +0.07 |
Notes & Other Activity Q3 2024 → Q4 2024
| DISH NETWORK CORP (DISH 3.375 08/15/26) | NOTE 3.375% 8/1 · principal | Sold out | 74,065,000 | $61.7Mbefore exit |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +16.0% | 59,876,000 | $49.5M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | New | 29,677,840 | $31.3M |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Sold out | 31,420,000 | $29.7Mbefore exit |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | NOTE 0.500% 6/1 · principal | Sold out | 3,350,000 | $2.9Mbefore 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 |