Brandywine Global Investment Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Brandywine Global Investment Management, LLC reported 564 stock positions worth $14.0 billion. Its top holding was JPMorgan Chase (JPM) at 2.7% of the portfolio, followed by Comcast Class A (CMCSA, 2.2%) and Johnson & Johnson (JNJ, 2.1%). Compared with Q1 2025, it opened 82 new positions, sold out of 69, added to 175 and reduced 304. The biggest buy was Amgen (AMGN, shares +490%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $14.0B (Q2 2025)
- SEC Filing
- 0000829108-25-000004 ↗ filed Aug 12, 2025
Holdings Value
Holdings 564 stocks · $14.0B
| JPM JPMorgan Chase & Co. | 2.68% | 1,298,315 | $376.4M | Reduce -4.6% |
| CMCSA Comcast Corp. Class A | 2.16% | 8,481,249 | $302.7M | Add +14.2% |
| JNJ Johnson & Johnson | 2.15% | 1,972,587 | $301.3M | Reduce -6.9% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.07% | 6,125,842 | $289.9M | Reduce -3.8% |
| C Citigroup Inc. | 2.04% | 3,362,968 | $286.3M | Add +2.8% |
| T AT&T Inc. | 1.99% | 9,663,955 | $279.7M | Reduce -0.9% |
| WFC Wells Fargo & Co. | 1.79% | 3,138,429 | $251.5M | Add +6.9% |
| CAT Caterpillar Inc. | 1.73% | 624,360 | $242.4M | Add +4.5% |
| CVS CVS Health Corp. | 1.55% | 3,150,315 | $217.3M | Reduce -7.9% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.53% | 1,728,542 | $214.4M | Reduce -15.2% |
| KR Kroger Co. | 1.51% | 2,956,142 | $212.0M | Add +2.9% |
| VZ Verizon Communications Inc. | 1.27% | 4,129,257 | $178.7M | Add +5.1% |
| LMT Lockheed Martin Corp. | 1.27% | 384,373 | $178.0M | Reduce -0.4% |
| DG Dollar General Corp. | 1.16% | 1,421,283 | $162.6M | Add +2.3% |
| GM General Motors Co. | 1.11% | 3,152,674 | $155.1M | Reduce -21.1% |
| CSCO Cisco Systems Inc. | 1.09% | 2,198,322 | $152.5M | Reduce -2.3% |
| NRG NRG Energy Inc. | 1.05% | 919,547 | $147.7M | Reduce -17.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.03% | 491,275 | $144.8M | Reduce -2.7% |
| AER Aercap Holdings NV | 0.98% | 1,176,636 | $137.7M | Reduce -1.2% |
| PYPL PayPal Holdings Inc. | 0.96% | 1,817,656 | $135.1M | Add +19.9% |
| GPN Global Payments Inc. | 0.96% | 1,679,228 | $134.4M | Add +20.4% |
| DE Deere & Co. | 0.91% | 250,437 | $127.3M | Reduce -39.1% |
| MS Morgan Stanley | 0.90% | 894,317 | $126.0M | Reduce -8.4% |
| MMM 3M Co. | 0.89% | 816,016 | $124.2M | Add +0.5% |
| GS Goldman Sachs Group Inc. | 0.87% | 172,586 | $122.1M | Reduce -8.2% |
| CVX Chevron Corp. | 0.86% | 841,176 | $120.4M | Reduce -3.8% |
| QCOM Qualcomm Inc. | 0.81% | 716,480 | $114.1M | Add +127.2% |
| MDT Medtronic PLC | 0.77% | 1,239,919 | $108.1M | Add +4.8% |
| PEP Pepsico Inc. | 0.75% | 799,496 | $105.6M | Add +52.5% |
| AMGN Amgen Inc. | 0.75% | 376,200 | $105.0M | Add +490.4% |
| TMUS T-Mobile US Inc. | 0.75% | 440,343 | $104.9M | Reduce -0.6% |
| EOG EOG Resources Inc. | 0.71% | 838,243 | $100.3M | Add +24.9% |
| DAL Delta Air Lines Inc. | 0.71% | 2,026,891 | $99.7M | Add +3.1% |
| HON Honeywell International Inc. | 0.70% | 418,912 | $97.6M | Reduce -0.6% |
| FMC FMC Corp. | 0.69% | 2,319,037 | $96.8M | Add +1.5% |
| LOW Lowe's Cos Inc. | 0.67% | 424,908 | $94.3M | Reduce -2.4% |
| ABBV Abbvie Inc. | 0.66% | 497,491 | $92.3M | Reduce -51.1% |
| WTW Willis Towers Watson PLC | 0.66% | 300,201 | $92.0M | Reduce -0.5% |
| MET Metlife Inc. | 0.59% | 1,025,733 | $82.5M | Add +55.6% |
| NLY Annaly Capital Management Inc. | 0.58% | 4,328,606 | $81.5M | Add +33.3% |
| GOOGL Alphabet Inc. Class A | 0.57% | 454,450 | $80.1M | Add +13.6% |
| GILD Gilead Sciences Inc. | 0.55% | 699,718 | $77.6M | Reduce -0.8% |
| CRM Salesforce Inc. | 0.53% | 274,704 | $74.9M | New |
| HCA HCA Healthcare Inc. | 0.53% | 194,798 | $74.6M | Reduce -2.3% |
| CNQ Canadian Natural Resources | 0.52% | 2,313,289 | $72.8M | Add +5.9% |
| CE Celanese Corp. | 0.51% | 1,298,819 | $71.9M | Add +2.6% |
| ON On Semiconductor | 0.50% | 1,328,869 | $69.6M | Add +1.5% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.49% | 355,735 | $69.0M | Add +1.8% |
| EBAY eBay Inc. | 0.49% | 922,455 | $68.7M | Add +17.9% |
| CB Chubb Ltd. | 0.49% | 236,259 | $68.4M | Reduce -16.5% |
| PGR Progressive Corp. | 0.49% | 255,357 | $68.1M | Add +46.2% |
| FE Firstenergy Corp. | 0.47% | 1,645,163 | $66.2M | Add +27.6% |
| MO Altria Group Inc. | 0.46% | 1,098,412 | $64.4M | Add +7.5% |
| SYY Sysco Corp. | 0.46% | 844,350 | $64.0M | Add +38.9% |
| XEL Xcel Energy Inc. | 0.45% | 929,312 | $63.3M | Add +0.6% |
| ADBE Adobe Inc. | 0.45% | 162,384 | $62.8M | New |
| ANF Abercrombie & Fitch Co. Class A | 0.44% | 744,026 | $61.6M | New |
| FCX Freeport-McMoran Inc. | 0.43% | 1,389,637 | $60.2M | Reduce -10.2% |
| MDLZ Mondelez International Inc. Class A | 0.43% | 893,029 | $60.2M | Add +14.1% |
| VLO Valero Energy Corp. | 0.42% | 438,435 | $58.9M | Reduce -7.9% |
| GSK GSK PLC-Spon ADR | 0.41% | 1,510,384 | $58.0M | Reduce -0.0% |
| SHEL Shell PLC-ADR | 0.41% | 820,762 | $57.8M | Add +1.0% |
| AFL Aflac Inc. | 0.41% | 547,760 | $57.8M | Add +4.7% |
| RRX Regal Rexnord Corp. | 0.41% | 398,107 | $57.7M | Add +76.5% |
| CI The Cigna Group | 0.41% | 174,534 | $57.7M | Add +5.2% |
| TSM Taiwan Semiconductor-SP ADR | 0.41% | 251,680 | $57.0M | Add +267.8% |
| FDX FedEx Corp. | 0.40% | 246,660 | $56.1M | Reduce -50.0% |
| MU Micron Technology Inc. | 0.40% | 449,929 | $55.5M | Add +9.7% |
| CAG Conagra Brands Inc. | 0.39% | 2,700,624 | $55.3M | Add +0.4% |
| TRV The Travelers Cos Inc. | 0.39% | 205,914 | $55.1M | Reduce -4.0% |
| CSX CSX Corp. | 0.38% | 1,628,255 | $53.1M | Add +41.8% |
| VNT Vontier Corp. | 0.37% | 1,413,252 | $52.1M | Add +1.4% |
| DUK Duke Energy Corp. | 0.37% | 434,508 | $51.3M | Reduce -2.4% |
| ICLR Icon PLC | 0.36% | 354,775 | $51.1M | Add +164.0% |
| SRE Sempra | 0.36% | 666,108 | $50.5M | Add +8.2% |
| EIX Edison International | 0.35% | 944,353 | $48.7M | Add +17.6% |
| HUM Humana Inc. | 0.34% | 195,086 | $47.7M | Add +1.2% |
| COP Conocophillips | 0.34% | 529,135 | $47.5M | Add +20.0% |
| KMB Kimberly-Clark Corp. | 0.34% | 368,161 | $47.5M | Add +10.3% |
| GD General Dynamics Corp. | 0.34% | 162,258 | $47.3M | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.34% | 584,581 | $47.2M | Add +1.7% |
| CCK Crown Holdings Inc. | 0.34% | 457,023 | $47.1M | Reduce -36.4% |
| RPRX Royalty Pharma PLC Class A | 0.32% | 1,260,205 | $45.4M | Reduce -26.8% |
| ALL Allstate Corp. | 0.32% | 220,698 | $44.4M | Reduce -42.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.32% | 1,311,339 | $44.3M | Add +56.5% |
| WMT Walmart Inc. | 0.32% | 452,411 | $44.2M | Reduce -0.6% |
| WMB Williams Cos Inc. | 0.31% | 698,292 | $43.9M | Reduce -0.6% |
| NEM Newmont Corp. | 0.30% | 731,065 | $42.6M | Add +6.4% |
| TSN Tyson Foods Inc. Class A | 0.30% | 758,181 | $42.4M | Reduce -41.7% |
| PHM Pultegroup Inc. | 0.30% | 401,269 | $42.3M | Reduce -1.2% |
| JBL Jabil Inc. | 0.30% | 192,394 | $42.0M | Reduce -23.6% |
| ABEV Ambev SA-ADR | 0.30% | 17,187,221 | $41.4M | Reduce -2.3% |
| CRH CRH PLC | 0.29% | 441,642 | $40.8M | New |
| IWD iShares Russell 1000 Value E | 0.29% | 209,596 | $40.7M | Reduce -22.0% |
| VTRS Viatris Inc. | 0.28% | 4,473,259 | $39.9M | Reduce -10.1% |
| KMI Kinder Morgan Inc. | 0.28% | 1,352,362 | $39.8M | Reduce -0.0% |
| PFE Pfizer Inc. | 0.28% | 1,637,574 | $39.7M | Add +44.5% |
| APO Apollo Global Management Inc. | 0.28% | 276,304 | $39.2M | Reduce -2.4% |
| NVR NVR Inc. | 0.28% | 5,307 | $39.2M | Add +17.3% |
| CMI Cummins Inc. | 0.28% | 118,144 | $38.7M | Add +25.0% |
Other holdings (8): bonds, preferreds, convertibles and warrants · $163.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 77,355,000 | $59.2M | Add +15.8% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 26,371,714 | $31.1M | Add +1.5% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 26,615,000 | $23.9M | No change |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 19,750,000 | $16.8M | New |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 14,216,000 | $12.3M | Add +42.2% |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 13,000,000 | $12.3M | Add +67.7% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,250,000 | $6.0M | Reduce -3.9% |
| 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: $14.2B.
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −2.11 |
| ABBV Abbvie Inc. | Reduce -51.1% | 0.66% | −0.90 |
| DE Deere & Co. | Reduce -39.1% | 0.91% | −0.50 |
| FDX FedEx Corp. | Reduce -50.0% | 0.40% | −0.48 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.48 |
| JNJ Johnson & Johnson | Reduce -6.9% | 2.15% | −0.41 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.35 |
| BLDR Builders Firstsource Inc. | Sold out | 0.00% | −0.33 |
| BMY Bristol-Myers Squibb Co. | Reduce -65.4% | 0.11% | −0.32 |
| MPC Marathon Petroleum Corp. | Sold out | 0.00% | −0.32 |
| TSN Tyson Foods Inc. Class A | Reduce -41.7% | 0.30% | −0.30 |
| SIRI Sirius XM Holdings Inc. | Sold out | 0.00% | −0.29 |
| ALL Allstate Corp. | Reduce -42.6% | 0.32% | −0.26 |
| GM General Motors Co. | Reduce -21.1% | 1.11% | −0.26 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.25 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.23 |
| STLD Steel Dynamics Inc. | Reduce -56.5% | 0.16% | −0.21 |
| CVX Chevron Corp. | Reduce -3.8% | 0.86% | −0.21 |
| ACGL Arch Capital Group Ltd. | Reduce -57.6% | 0.12% | −0.18 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.17 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.16 |
| HPQ HP Inc. | Sold out | 0.00% | −0.16 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -30.6% | 0.21% | −0.15 |
| EXPE Expedia Group Inc. | Reduce -59.9% | 0.10% | −0.15 |
| LEN Lennar Corp. Class A | Reduce -50.4% | 0.12% | −0.14 |
| EXPD Expeditors Intl Wash Inc. | Reduce -63.2% | 0.07% | −0.14 |
| CVS CVS Health Corp. | Reduce -7.9% | 1.55% | −0.14 |
| EQH Equitable Holdings Inc. | Reduce -65.2% | 0.08% | −0.14 |
| FOXA Fox Corp. Class A | Reduce -62.5% | 0.08% | −0.14 |
| CB Chubb Ltd. | Reduce -16.5% | 0.49% | −0.13 |
| CCK Crown Holdings Inc. | Reduce -36.4% | 0.34% | −0.13 |
| GIS General Mills Inc. | Reduce -19.6% | 0.27% | −0.13 |
| CPAY Corpay Inc. | Reduce -57.9% | 0.08% | −0.12 |
| AL Sumisho Air Lease Corp. | Sold out | 0.00% | −0.12 |
| TMUS T-Mobile US Inc. | Reduce -0.6% | 0.75% | −0.11 |
| KBH KB Home | Sold out | 0.00% | −0.11 |
| SR Spire Inc. | Sold out | 0.00% | −0.11 |
| MTG Mgic Investment Corp. | Reduce -53.3% | 0.10% | −0.10 |
| DVA Davita Inc. | Reduce -63.5% | 0.05% | −0.10 |
| LPLA LPL Financial Holdings Inc. | Sold out | 0.00% | −0.09 |
| WTW Willis Towers Watson PLC | Reduce -0.5% | 0.66% | −0.09 |
| TXT Textron Inc. | Reduce -57.0% | 0.07% | −0.08 |
| OMC Omnicom Group | Sold out | 0.00% | −0.08 |
| MHO M/I Homes Inc. | Sold out | 0.00% | −0.08 |
| SRPT Sarepta Therapeutics Inc. | Reduce -86.1% | 0.00% | −0.08 |
| IWD iShares Russell 1000 Value E | Reduce -22.0% | 0.29% | −0.08 |
| BCC Boise Cascade Co. | Sold out | 0.00% | −0.08 |
| CTRA Coterra Energy Inc. | Sold out | 0.00% | −0.08 |
| SLVM Sylvamo Corp. | Sold out | 0.00% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -2.4% | 0.67% | −0.07 |
Portfolio Buys Q1 2025 → Q2 2025
| AMGN Amgen Inc. | Add +490.4% | 0.75% | +0.60 |
| CRM Salesforce Inc. | New | 0.53% | +0.53 |
| QCOM Qualcomm Inc. | Add +127.2% | 0.81% | +0.46 |
| ADBE Adobe Inc. | New | 0.45% | +0.45 |
| ANF Abercrombie & Fitch Co. Class A | New | 0.44% | +0.44 |
| C Citigroup Inc. | Add +2.8% | 2.04% | +0.35 |
| GD General Dynamics Corp. | New | 0.34% | +0.34 |
| TSM Taiwan Semiconductor-SP ADR | Add +267.8% | 0.41% | +0.32 |
| CAT Caterpillar Inc. | Add +4.5% | 1.73% | +0.29 |
| CRH CRH PLC | New | 0.29% | +0.29 |
| DG Dollar General Corp. | Add +2.3% | 1.16% | +0.27 |
| WFC Wells Fargo & Co. | Add +6.9% | 1.79% | +0.26 |
| NSC Norfolk Southern Corp. | New | 0.25% | +0.25 |
| PYPL PayPal Holdings Inc. | Add +19.9% | 0.96% | +0.24 |
| PSX Phillips 66 | New | 0.23% | +0.23 |
| RRX Regal Rexnord Corp. | Add +76.5% | 0.41% | +0.22 |
| MET Metlife Inc. | Add +55.6% | 0.59% | +0.20 |
| F Ford Motor Co. | Add +23461.3% | 0.20% | +0.20 |
| DELL Dell Technologies -C | New | 0.19% | +0.19 |
| ICLR Icon PLC | Add +164.0% | 0.36% | +0.19 |
| PEP Pepsico Inc. | Add +52.5% | 0.75% | +0.18 |
| CMCSA Comcast Corp. Class A | Add +14.2% | 2.16% | +0.16 |
| NTAP Netapp Inc. | Add +275.3% | 0.20% | +0.16 |
| APD Air Products & Chemicals Inc. | New | 0.15% | +0.15 |
| PPG PPG Industries Inc. | Add +161.5% | 0.24% | +0.15 |
| LVS Las Vegas Sands Corp. | New | 0.14% | +0.14 |
| NUE Nucor Corp. | New | 0.14% | +0.14 |
| UNP Union Pacific Corp. | New | 0.14% | +0.14 |
| MU Micron Technology Inc. | Add +9.7% | 0.40% | +0.14 |
| CSX CSX Corp. | Add +41.8% | 0.38% | +0.13 |
| DTE DTE Energy Company | New | 0.13% | +0.13 |
| PGR Progressive Corp. | Add +46.2% | 0.49% | +0.13 |
| SYY Sysco Corp. | Add +38.9% | 0.46% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +13.6% | 0.57% | +0.12 |
| ON On Semiconductor | Add +1.5% | 0.50% | +0.11 |
| EBAY eBay Inc. | Add +17.9% | 0.49% | +0.10 |
| NLY Annaly Capital Management Inc. | Add +33.3% | 0.58% | +0.10 |
| KR Kroger Co. | Add +2.9% | 1.51% | +0.10 |
| FE Firstenergy Corp. | Add +27.6% | 0.47% | +0.09 |
| GT Goodyear Tire & Rubber Co. | New | 0.09% | +0.09 |
| META Meta Platforms Inc. Class A | New | 0.09% | +0.09 |
| TPR Tapestry Inc. | New | 0.09% | +0.09 |
| DLTR Dollar Tree Inc. | New | 0.09% | +0.09 |
| EOG EOG Resources Inc. | Add +24.9% | 0.71% | +0.09 |
| DAL Delta Air Lines Inc. | Add +3.1% | 0.71% | +0.09 |
| LULU Lululemon Athletica Inc. | New | 0.09% | +0.09 |
| SYF Synchrony Financial | Add +56.5% | 0.18% | +0.08 |
| NTRS Northern Trust Corp. | Add +53.3% | 0.16% | +0.08 |
| PKG Packaging Corp. of America | New | 0.08% | +0.08 |
| VC Visteon Corp. | New | 0.08% | +0.08 |
Notes & Other Activity Q1 2025 → Q2 2025
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Add +15.8% | 77,355,000 | $59.2M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +1.5% | 26,371,714 | $31.1M |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | New | 19,750,000 | $16.8M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | Add +42.2% | 14,216,000 | $12.3M |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | Add +67.7% | 13,000,000 | $12.3M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | Reduce -3.9% | 6,250,000 | $6.0M |
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 |