Brandywine Global Investment Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Brandywine Global Investment Management, LLC reported 551 stock positions worth $13.7 billion. Its top holding was Johnson & Johnson (JNJ) at 2.6% of the portfolio, followed by JPMorgan Chase (JPM, 2.4%) and Unitedhealth (UNH, 2.1%). Compared with Q4 2024, it opened 68 new positions, sold out of 70, added to 206 and reduced 270. The biggest buy was Unitedhealth (UNH, shares +183%) and the biggest sale an exit from American Express (AXP).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $13.7B (Q1 2025)
- SEC Filing
- 0000829108-25-000003 ↗ filed May 13, 2025
Holdings Value
Holdings 551 stocks · $13.7B
| JNJ Johnson & Johnson | 2.56% | 2,118,530 | $351.3M | Add +13.8% |
| JPM JPMorgan Chase & Co. | 2.43% | 1,361,235 | $333.9M | Reduce -24.6% |
| UNH Unitedhealth Group Inc. | 2.11% | 553,211 | $289.7M | Add +182.6% |
| T AT&T Inc. | 2.01% | 9,749,805 | $275.7M | Reduce -6.2% |
| CMCSA Comcast Corp. Class A | 2.00% | 7,428,720 | $274.1M | Add +17.5% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.93% | 6,365,688 | $265.6M | Reduce -5.0% |
| C Citigroup Inc. | 1.69% | 3,270,690 | $232.2M | Reduce -20.0% |
| CVS CVS Health Corp. | 1.69% | 3,421,519 | $231.8M | Add +20.1% |
| ABBV Abbvie Inc. | 1.55% | 1,018,472 | $213.4M | Reduce -4.8% |
| WFC Wells Fargo & Co. | 1.53% | 2,935,926 | $210.8M | Reduce -5.5% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.46% | 2,038,345 | $201.2M | Add +68.6% |
| CAT Caterpillar Inc. | 1.43% | 597,249 | $197.0M | Add +17.6% |
| KR Kroger Co. | 1.42% | 2,872,407 | $194.4M | Reduce -7.6% |
| DE Deere & Co. | 1.41% | 411,598 | $193.2M | Add +10.2% |
| GM General Motors Co. | 1.37% | 3,993,483 | $187.8M | Reduce -9.4% |
| VZ Verizon Communications Inc. | 1.30% | 3,930,312 | $178.3M | Add +41.5% |
| LMT Lockheed Martin Corp. | 1.26% | 386,007 | $172.4M | Add +17.1% |
| CVX Chevron Corp. | 1.06% | 874,436 | $146.3M | Reduce -39.9% |
| CSCO Cisco Systems Inc. | 1.01% | 2,251,102 | $138.9M | Reduce -4.8% |
| GPN Global Payments Inc. | 0.99% | 1,394,199 | $136.5M | Add +5.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.91% | 505,113 | $125.6M | Reduce -41.1% |
| DG Dollar General Corp. | 0.89% | 1,389,892 | $122.2M | Add +2.6% |
| AER Aercap Holdings NV | 0.89% | 1,190,418 | $121.6M | Reduce -6.2% |
| FDX FedEx Corp. | 0.88% | 493,487 | $120.3M | Add +1.5% |
| MMM 3M Co. | 0.87% | 812,133 | $119.3M | Add +79.8% |
| TMUS T-Mobile US Inc. | 0.86% | 442,887 | $118.1M | Add +19.2% |
| MS Morgan Stanley | 0.83% | 976,001 | $113.9M | Add +12.7% |
| MDT Medtronic PLC | 0.77% | 1,183,672 | $106.4M | Reduce -19.8% |
| NRG NRG Energy Inc. | 0.77% | 1,114,008 | $106.3M | Reduce -0.6% |
| GS Goldman Sachs Group Inc. | 0.75% | 187,951 | $102.7M | Add +9.0% |
| WTW Willis Towers Watson PLC | 0.74% | 301,545 | $101.9M | Reduce -6.0% |
| LOW Lowe's Cos Inc. | 0.74% | 435,308 | $101.5M | Reduce -5.3% |
| PYPL PayPal Holdings Inc. | 0.72% | 1,515,890 | $98.9M | Add +28.0% |
| FMC FMC Corp. | 0.70% | 2,284,267 | $96.4M | Add +22.7% |
| HON Honeywell International Inc. | 0.65% | 421,382 | $89.2M | Add +23.6% |
| EOG EOG Resources Inc. | 0.63% | 671,075 | $86.1M | Add +48.7% |
| DAL Delta Air Lines Inc. | 0.62% | 1,966,754 | $85.8M | Reduce -30.1% |
| CB Chubb Ltd. | 0.62% | 282,793 | $85.4M | Add +28.5% |
| TSN Tyson Foods Inc. Class A | 0.60% | 1,299,852 | $82.9M | Add +8.2% |
| ALL Allstate Corp. | 0.58% | 384,365 | $79.6M | Reduce -19.8% |
| GILD Gilead Sciences Inc. | 0.58% | 705,368 | $79.0M | Reduce -4.7% |
| PEP Pepsico Inc. | 0.57% | 524,413 | $78.6M | Add +80.0% |
| CE Celanese Corp. | 0.52% | 1,265,895 | $71.9M | Add +32.7% |
| CAG Conagra Brands Inc. | 0.52% | 2,689,923 | $71.7M | Reduce -5.1% |
| HCA HCA Healthcare Inc. | 0.50% | 199,363 | $68.9M | Reduce -4.6% |
| CNQ Canadian Natural Resources | 0.49% | 2,183,598 | $67.2M | Add +27.5% |
| NLY Annaly Capital Management Inc. | 0.48% | 3,247,124 | $65.9M | Reduce -5.8% |
| XEL Xcel Energy Inc. | 0.48% | 924,036 | $65.4M | Reduce -18.3% |
| NEE Nextera Energy Inc. | 0.48% | 921,444 | $65.3M | Add +162.7% |
| CCK Crown Holdings Inc. | 0.47% | 718,107 | $64.1M | Reduce -6.2% |
| VLO Valero Energy Corp. | 0.46% | 476,230 | $62.9M | Add +136.1% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.45% | 349,506 | $62.5M | Add +390.5% |
| GOOGL Alphabet Inc. Class A | 0.45% | 400,098 | $61.9M | Add +37.4% |
| MO Altria Group Inc. | 0.45% | 1,021,671 | $61.3M | Reduce -1.7% |
| SHEL Shell PLC-ADR | 0.43% | 812,654 | $59.6M | Reduce -7.2% |
| BMY Bristol-Myers Squibb Co. | 0.43% | 968,519 | $59.1M | Add +2.2% |
| FCX Freeport-McMoran Inc. | 0.43% | 1,547,519 | $58.6M | Reduce -4.5% |
| GSK GSK PLC-Spon ADR | 0.43% | 1,510,608 | $58.5M | Reduce -5.5% |
| AFL Aflac Inc. | 0.42% | 523,236 | $58.2M | Add +53.6% |
| TRV The Travelers Cos Inc. | 0.41% | 214,424 | $56.7M | Reduce -4.0% |
| GIS General Mills Inc. | 0.40% | 913,290 | $54.6M | Add +20.6% |
| CI The Cigna Group | 0.40% | 165,942 | $54.6M | Reduce -3.9% |
| DUK Duke Energy Corp. | 0.40% | 445,048 | $54.3M | Reduce -4.8% |
| RPRX Royalty Pharma PLC Class A | 0.39% | 1,720,376 | $53.6M | Reduce -12.2% |
| ON On Semiconductor | 0.39% | 1,309,806 | $53.3M | Reduce -0.7% |
| MDLZ Mondelez International Inc. Class A | 0.39% | 782,783 | $53.1M | New |
| EBAY eBay Inc. | 0.39% | 782,713 | $53.0M | Add +17.6% |
| MET Metlife Inc. | 0.39% | 659,158 | $52.9M | Add +49.8% |
| FE Firstenergy Corp. | 0.38% | 1,289,491 | $52.1M | Reduce -5.8% |
| HUM Humana Inc. | 0.37% | 192,760 | $51.0M | Reduce -4.3% |
| STLD Steel Dynamics Inc. | 0.37% | 404,999 | $50.7M | Add +12.3% |
| IWD iShares Russell 1000 Value E | 0.37% | 268,699 | $50.6M | Add +13.4% |
| PGR Progressive Corp. | 0.36% | 174,649 | $49.4M | Add +11.2% |
| D Dominion Energy Inc. | 0.35% | 867,062 | $48.6M | Add +15.5% |
| JAZZ Jazz Pharmaceuticals PLC | 0.35% | 391,276 | $48.6M | Add +2.5% |
| QCOM Qualcomm Inc. | 0.35% | 315,390 | $48.4M | Reduce -52.2% |
| KMB Kimberly-Clark Corp. | 0.35% | 333,884 | $47.5M | Add +68.5% |
| EIX Edison International | 0.34% | 803,360 | $47.3M | Reduce -8.5% |
| COP Conocophillips | 0.34% | 440,852 | $46.3M | Reduce -63.8% |
| VNT Vontier Corp. | 0.33% | 1,393,723 | $45.8M | Reduce -6.0% |
| BLDR Builders Firstsource Inc. | 0.33% | 366,394 | $45.8M | Add +16.8% |
| SYY Sysco Corp. | 0.33% | 607,754 | $45.6M | Add +37.8% |
| SRE Sempra | 0.32% | 615,783 | $43.9M | Add +92.0% |
| MPC Marathon Petroleum Corp. | 0.32% | 299,071 | $43.6M | Reduce -23.3% |
| VTRS Viatris Inc. | 0.32% | 4,977,133 | $43.4M | Add +19.4% |
| BP BP PLC-Spons ADR | 0.31% | 1,251,576 | $42.3M | Reduce -37.9% |
| WMB Williams Cos Inc. | 0.31% | 702,210 | $42.0M | Add +33.4% |
| TGT Target Corp. | 0.31% | 401,830 | $41.9M | Reduce -8.7% |
| PHM Pultegroup Inc. | 0.30% | 406,254 | $41.8M | Add +9.7% |
| ACGL Arch Capital Group Ltd. | 0.30% | 427,158 | $41.1M | Add +41.1% |
| ABEV Ambev SA-ADR | 0.30% | 17,595,463 | $41.0M | Reduce -5.5% |
| SNY Sanofi-ADR | 0.30% | 733,129 | $40.7M | Reduce -6.5% |
| ADM Archer-Daniels-Midland Co. | 0.29% | 841,794 | $40.4M | Add +23.1% |
| HHH Howard Hughes Holdings Inc. | 0.29% | 542,921 | $40.2M | Reduce -5.8% |
| WMT Walmart Inc. | 0.29% | 455,029 | $39.9M | Add +22.9% |
| SIRI Sirius XM Holdings Inc. | 0.29% | 1,740,601 | $39.2M | Reduce -21.5% |
| APO Apollo Global Management Inc. | 0.28% | 283,144 | $38.8M | Reduce -4.5% |
| HST Host Hotels & Resorts Inc. | 0.28% | 2,717,136 | $38.6M | New |
| KMI Kinder Morgan Inc. | 0.28% | 1,352,885 | $38.6M | Reduce -0.1% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.28% | 574,698 | $37.9M | Add +58.8% |
Other holdings (7): bonds, preferreds, convertibles and warrants · $131.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 66,805,000 | $53.2M | Add +11.6% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 25,991,401 | $29.1M | Reduce -12.4% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 26,615,000 | $25.2M | New |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 10,000,000 | $8.8M | New |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 7,750,000 | $7.1M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,500,000 | $6.2M | No change |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 2,000,000 | $1.8M | No change |
Total filed on the 13F, all lines: $13.9B.
Portfolio Sells Q4 2024 → Q1 2025
| AXP American Express Co. | Sold out | 0.00% | −1.08 |
| PM Philip Morris International | Sold out | 0.00% | −0.83 |
| JPM JPMorgan Chase & Co. | Reduce -24.6% | 2.43% | −0.73 |
| RTX RTX Corp. | Sold out | 0.00% | −0.63 |
| DAL Delta Air Lines Inc. | Reduce -30.1% | 0.62% | −0.62 |
| COP Conocophillips | Reduce -63.8% | 0.34% | −0.55 |
| CVX Chevron Corp. | Reduce -39.9% | 1.06% | −0.47 |
| IBM Intl Business Machines Corp. | Reduce -41.1% | 0.91% | −0.46 |
| MCK McKesson Corp. | Sold out | 0.00% | −0.42 |
| C Citigroup Inc. | Reduce -20.0% | 1.69% | −0.41 |
| QCOM Qualcomm Inc. | Reduce -52.2% | 0.35% | −0.39 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -99.5% | 0.00% | −0.37 |
| EXC Exelon Corp. | Reduce -95.5% | 0.02% | −0.36 |
| GM General Motors Co. | Reduce -9.4% | 1.37% | −0.35 |
| MGA Magna International Inc. | Reduce -42.7% | 0.25% | −0.29 |
| PCAR Paccar Inc. | Reduce -51.7% | 0.23% | −0.28 |
| AZO AutoZone Inc. | Sold out | 0.00% | −0.24 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.22 |
| ON On Semiconductor | Reduce -0.7% | 0.39% | −0.22 |
| BAC Bank of America Corp. | Reduce -5.0% | 1.93% | −0.22 |
| LNG Cheniere Energy Inc. | Sold out | 0.00% | −0.22 |
| JCI Johnson Controls Internation | Sold out | 0.00% | −0.19 |
| F Ford Motor Co. | Reduce -99.6% | 0.00% | −0.18 |
| SO The Southern Co. | Reduce -53.0% | 0.19% | −0.17 |
| EIX Edison International | Reduce -8.5% | 0.34% | −0.17 |
| DELL Dell Technologies -C | Sold out | 0.00% | −0.15 |
| SCI Service Corp. International | Sold out | 0.00% | −0.14 |
| KHC The Kraft Heinz Co. | Reduce -46.3% | 0.16% | −0.14 |
| RS Reliance Inc. | Reduce -67.3% | 0.07% | −0.14 |
| ED Consolidated Edison Inc. | Sold out | 0.00% | −0.14 |
| TGT Target Corp. | Reduce -8.7% | 0.31% | −0.13 |
| BP BP PLC-Spons ADR | Reduce -37.9% | 0.31% | −0.13 |
| HPE Hewlett Packard Enterprise | Sold out | 0.00% | −0.13 |
| NFG National Fuel Gas Co. | Sold out | 0.00% | −0.12 |
| SM SM Energy Co. | Sold out | 0.00% | −0.11 |
| SLM SLM Corp. | Sold out | 0.00% | −0.11 |
| PSX Phillips 66 | Sold out | 0.00% | −0.10 |
| HOG Harley-Davidson Inc. | Sold out | 0.00% | −0.10 |
| ALL Allstate Corp. | Reduce -19.8% | 0.58% | −0.10 |
| LOW Lowe's Cos Inc. | Reduce -5.3% | 0.74% | −0.09 |
| SIG Signet Jewelers Ltd. | Sold out | 0.00% | −0.09 |
| JWN Nordstrom Inc. | Sold out | 0.00% | −0.09 |
| MDT Medtronic PLC | Reduce -19.8% | 0.77% | −0.09 |
| SRPT Sarepta Therapeutics Inc. | Reduce -6.1% | 0.08% | −0.08 |
| SIRI Sirius XM Holdings Inc. | Reduce -21.5% | 0.29% | −0.08 |
| XEL Xcel Energy Inc. | Reduce -18.3% | 0.48% | −0.08 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.08 |
| LBRT Liberty Energy Inc. | Sold out | 0.00% | −0.08 |
| MPC Marathon Petroleum Corp. | Reduce -23.3% | 0.32% | −0.08 |
| CONSOL ENERGY INC | Sold out | 0.00% | −0.08 |
Portfolio Buys Q4 2024 → Q1 2025
| UNH Unitedhealth Group Inc. | Add +182.6% | 2.11% | +1.38 |
| CVS CVS Health Corp. | Add +20.1% | 1.69% | +0.75 |
| JNJ Johnson & Johnson | Add +13.8% | 2.56% | +0.59 |
| VZ Verizon Communications Inc. | Add +41.5% | 1.30% | +0.49 |
| DIS The Walt Disney Co. | Add +68.6% | 1.46% | +0.48 |
| MMM 3M Co. | Add +79.8% | 0.87% | +0.44 |
| MDLZ Mondelez International Inc. Class A | New | 0.39% | +0.39 |
| MTB M & T Bank Corp. | Add +390.5% | 0.45% | +0.36 |
| NEE Nextera Energy Inc. | Add +162.7% | 0.48% | +0.29 |
| HST Host Hotels & Resorts Inc. | New | 0.28% | +0.28 |
| VLO Valero Energy Corp. | Add +136.1% | 0.46% | +0.28 |
| CMCSA Comcast Corp. Class A | Add +17.5% | 2.00% | +0.26 |
| TMUS T-Mobile US Inc. | Add +19.2% | 0.86% | +0.26 |
| DE Deere & Co. | Add +10.2% | 1.41% | +0.25 |
| PEP Pepsico Inc. | Add +80.0% | 0.57% | +0.25 |
| NEM Newmont Corp. | New | 0.24% | +0.24 |
| CHTR Charter Communications Inc. Class A | New | 0.23% | +0.23 |
| EOG EOG Resources Inc. | Add +48.7% | 0.63% | +0.22 |
| UPS United Parcel Service Class B | New | 0.22% | +0.22 |
| RRX Regal Rexnord Corp. | New | 0.19% | +0.19 |
| CB Chubb Ltd. | Add +28.5% | 0.62% | +0.18 |
| ICLR Icon PLC | New | 0.17% | +0.17 |
| AFL Aflac Inc. | Add +53.6% | 0.42% | +0.17 |
| NOC Northrop Grumman Corp. | New | 0.16% | +0.16 |
| KMB Kimberly-Clark Corp. | Add +68.5% | 0.35% | +0.16 |
| KVUE Kenvue Inc. | Add +958.6% | 0.16% | +0.15 |
| NEU Newmarket Corp. | New | 0.14% | +0.14 |
| DG Dollar General Corp. | Add +2.6% | 0.89% | +0.14 |
| HIG Hartford Insurance Group Inc. | Add +74.8% | 0.27% | +0.13 |
| CTVA Corteva Inc. | Add +178.5% | 0.19% | +0.13 |
| MET Metlife Inc. | Add +49.8% | 0.39% | +0.12 |
| TFC Truist Financial Corp. | New | 0.12% | +0.12 |
| SRE Sempra | Add +92.0% | 0.32% | +0.11 |
| CNH CNH Industrial NV | Add +328.9% | 0.14% | +0.11 |
| CRBG Corebridge Financial Inc. | New | 0.11% | +0.11 |
| CRC California Resources Corp. | New | 0.11% | +0.11 |
| CNQ Canadian Natural Resources | Add +27.5% | 0.49% | +0.10 |
| TSN Tyson Foods Inc. Class A | Add +8.2% | 0.60% | +0.10 |
| ZBH Zimmer Biomet Holdings Inc. | New | 0.10% | +0.10 |
| WMB Williams Cos Inc. | Add +33.4% | 0.31% | +0.10 |
| ACGL Arch Capital Group Ltd. | Add +41.1% | 0.30% | +0.09 |
| SKYW Skywest Inc. | New | 0.09% | +0.09 |
| LUV Southwest Airlines Co. | New | 0.09% | +0.09 |
| CAT Caterpillar Inc. | Add +17.6% | 1.43% | +0.09 |
| MU Micron Technology Inc. | Add +46.1% | 0.26% | +0.09 |
| HON Honeywell International Inc. | Add +23.6% | 0.65% | +0.09 |
| SYY Sysco Corp. | Add +37.8% | 0.33% | +0.09 |
| PGR Progressive Corp. | Add +11.2% | 0.36% | +0.08 |
| EBAY eBay Inc. | Add +17.6% | 0.39% | +0.08 |
| LMT Lockheed Martin Corp. | Add +17.1% | 1.26% | +0.08 |
Notes & Other Activity Q4 2024 → Q1 2025
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +11.6% | 66,805,000 | $53.2M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -12.4% | 25,991,401 | $29.1M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 26,615,000 | $25.2M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | New | 10,000,000 | $8.8M |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | New | 7,750,000 | $7.1M |
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 |