Brandywine Global Investment Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Brandywine Global Investment Management, LLC reported 590 stock positions worth $14.4 billion. Its top holding was JPMorgan Chase (JPM) at 3.2% of the portfolio, followed by Johnson & Johnson (JNJ, 2.5%) and AT&T (T, 2.3%). Compared with Q2 2025, it opened 93 new positions, sold out of 67, added to 191 and reduced 297. The biggest buy was a new position in Exxon Mobil (XOM) and the biggest sale an exit from Caterpillar (CAT).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $14.4B (Q3 2025)
- SEC Filing
- 0000829108-25-000008 ↗ filed Nov 13, 2025
Holdings Value
Holdings 590 stocks · $14.4B
| JPM JPMorgan Chase & Co. | 3.16% | 1,443,635 | $455.4M | Add +11.2% |
| JNJ Johnson & Johnson | 2.52% | 1,954,378 | $362.4M | Reduce -0.9% |
| T AT&T Inc. | 2.31% | 11,799,813 | $333.2M | Add +22.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.19% | 6,097,423 | $314.6M | Reduce -0.5% |
| WFC Wells Fargo & Co. | 2.01% | 3,457,533 | $289.8M | Add +10.2% |
| C Citigroup Inc. | 1.96% | 2,780,479 | $282.2M | Reduce -17.3% |
| CMCSA Comcast Corp. Class A | 1.83% | 8,402,079 | $264.0M | Reduce -0.9% |
| CVS CVS Health Corp. | 1.64% | 3,137,476 | $236.5M | Reduce -0.4% |
| KR Kroger Co. | 1.43% | 3,048,179 | $205.5M | Add +3.1% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.33% | 1,675,227 | $191.8M | Reduce -3.1% |
| XOM Exxon Mobil Corp. | 1.30% | 1,654,861 | $186.6M | New |
| VZ Verizon Communications Inc. | 1.26% | 4,140,831 | $182.0M | Add +0.3% |
| GM General Motors Co. | 1.23% | 2,894,765 | $176.5M | Reduce -8.2% |
| GOOGL Alphabet Inc. Class A | 1.22% | 721,352 | $175.4M | Add +58.7% |
| CSCO Cisco Systems Inc. | 1.05% | 2,201,402 | $150.6M | Add +0.1% |
| DG Dollar General Corp. | 1.03% | 1,438,400 | $148.7M | Add +1.2% |
| MDT Medtronic PLC | 1.01% | 1,520,277 | $144.8M | Add +22.6% |
| MS Morgan Stanley | 0.99% | 893,962 | $142.1M | Reduce -0.0% |
| AER Aercap Holdings NV | 0.98% | 1,162,089 | $140.6M | Reduce -1.2% |
| GS Goldman Sachs Group Inc. | 0.96% | 172,834 | $137.6M | Add +0.1% |
| PEP Pepsico Inc. | 0.95% | 977,468 | $137.3M | Add +22.3% |
| GPN Global Payments Inc. | 0.95% | 1,651,248 | $137.2M | Reduce -1.7% |
| QCOM Qualcomm Inc. | 0.89% | 771,166 | $128.3M | Add +7.6% |
| ABBV Abbvie Inc. | 0.80% | 496,675 | $115.0M | Reduce -0.2% |
| LMT Lockheed Martin Corp. | 0.79% | 227,062 | $113.4M | Reduce -40.9% |
| DAL Delta Air Lines Inc. | 0.77% | 1,950,752 | $110.7M | Reduce -3.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.76% | 385,501 | $108.8M | Reduce -21.5% |
| LOW Lowe's Cos Inc. | 0.74% | 425,728 | $107.0M | Add +0.2% |
| AMGN Amgen Inc. | 0.73% | 370,096 | $104.4M | Reduce -1.6% |
| TMUS T-Mobile US Inc. | 0.72% | 432,245 | $103.5M | Reduce -1.8% |
| WTW Willis Towers Watson PLC | 0.70% | 289,742 | $100.1M | Reduce -3.5% |
| DE Deere & Co. | 0.69% | 216,680 | $99.1M | Reduce -13.5% |
| EOG EOG Resources Inc. | 0.67% | 861,854 | $96.6M | Add +2.8% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.65% | 471,278 | $93.1M | Add +32.5% |
| CRM Salesforce Inc. | 0.60% | 365,328 | $86.6M | Add +33.0% |
| MET Metlife Inc. | 0.58% | 1,016,171 | $83.7M | Reduce -0.9% |
| HCA HCA Healthcare Inc. | 0.58% | 195,487 | $83.3M | Add +0.3% |
| EBAY eBay Inc. | 0.55% | 877,280 | $79.8M | Reduce -4.9% |
| SRE Sempra | 0.54% | 871,743 | $78.4M | Add +30.9% |
| MO Altria Group Inc. | 0.54% | 1,182,635 | $78.1M | Add +7.7% |
| GILD Gilead Sciences Inc. | 0.54% | 703,103 | $78.0M | Add +0.5% |
| ON On Semiconductor | 0.54% | 1,572,298 | $77.5M | Add +18.3% |
| HON Honeywell International Inc. | 0.54% | 367,180 | $77.3M | Reduce -12.3% |
| FDX FedEx Corp. | 0.54% | 327,273 | $77.2M | Add +32.7% |
| FMC FMC Corp. | 0.53% | 2,280,846 | $76.7M | Reduce -1.6% |
| ADBE Adobe Inc. | 0.53% | 216,297 | $76.3M | Add +33.2% |
| PYPL PayPal Holdings Inc. | 0.52% | 1,111,584 | $74.5M | Reduce -38.9% |
| CNQ Canadian Natural Resources | 0.51% | 2,304,399 | $73.7M | Reduce -0.4% |
| XEL Xcel Energy Inc. | 0.51% | 911,834 | $73.5M | Reduce -1.9% |
| ADM Archer-Daniels-Midland Co. | 0.49% | 1,171,484 | $70.0M | Add +78.0% |
| CB Chubb Ltd. | 0.46% | 236,274 | $66.7M | Add +0.0% |
| SYY Sysco Corp. | 0.46% | 800,778 | $65.9M | Reduce -5.2% |
| COP Conocophillips | 0.46% | 696,055 | $65.8M | Add +31.6% |
| UNP Union Pacific Corp. | 0.45% | 275,980 | $65.2M | Add +227.4% |
| NLY Annaly Capital Management Inc. | 0.45% | 3,224,839 | $65.2M | Reduce -25.5% |
| DOC Healthpeak Properties Inc. | 0.45% | 3,384,904 | $64.8M | New |
| ANF Abercrombie & Fitch Co. Class A | 0.45% | 756,466 | $64.7M | Add +1.7% |
| PGR Progressive Corp. | 0.44% | 255,917 | $63.2M | Add +0.2% |
| HUM Humana Inc. | 0.43% | 238,402 | $62.0M | Add +22.2% |
| NEM Newmont Corp. | 0.43% | 726,350 | $61.2M | Reduce -0.6% |
| ICLR Icon PLC | 0.42% | 377,420 | $60.9M | Add +6.4% |
| FE Firstenergy Corp. | 0.42% | 1,305,399 | $59.8M | Reduce -20.6% |
| NRG NRG Energy Inc. | 0.42% | 368,984 | $59.8M | Reduce -59.9% |
| CSX CSX Corp. | 0.41% | 1,642,679 | $58.3M | Add +0.9% |
| EIX Edison International | 0.40% | 1,052,924 | $58.2M | Add +11.5% |
| MMM 3M Co. | 0.40% | 374,399 | $58.1M | Reduce -54.1% |
| VNT Vontier Corp. | 0.40% | 1,384,221 | $58.1M | Reduce -2.0% |
| SHEL Shell PLC-ADR | 0.40% | 804,685 | $57.6M | Reduce -2.0% |
| TRV The Travelers Cos Inc. | 0.40% | 204,953 | $57.2M | Reduce -0.5% |
| SNY Sanofi-ADR | 0.39% | 1,201,132 | $56.7M | Add +62.3% |
| ES Eversource Energy | 0.39% | 792,430 | $56.4M | New |
| RRX Regal Rexnord Corp. | 0.39% | 391,226 | $56.1M | Reduce -1.7% |
| GD General Dynamics Corp. | 0.38% | 162,078 | $55.3M | Reduce -0.1% |
| ALL Allstate Corp. | 0.38% | 253,823 | $54.5M | Add +15.0% |
| HST Host Hotels & Resorts Inc. | 0.38% | 3,192,019 | $54.3M | Add +32.5% |
| CI The Cigna Group | 0.38% | 187,918 | $54.2M | Add +7.7% |
| DUK Duke Energy Corp. | 0.37% | 435,368 | $53.9M | Add +0.2% |
| MU Micron Technology Inc. | 0.37% | 319,860 | $53.5M | Reduce -28.9% |
| RPRX Royalty Pharma PLC Class A | 0.37% | 1,516,321 | $53.5M | Add +20.3% |
| CRH CRH PLC | 0.37% | 441,772 | $53.3M | Add +0.0% |
| DHI D.R. Horton Inc. | 0.36% | 305,075 | $51.7M | Add +44.8% |
| KMB Kimberly-Clark Corp. | 0.36% | 414,767 | $51.6M | Add +12.7% |
| CAG Conagra Brands Inc. | 0.35% | 2,733,475 | $50.0M | Add +1.2% |
| BIDU Baidu Inc. - Spon ADR | 0.35% | 379,462 | $50.0M | Add +31.4% |
| GSK GSK PLC-Spon ADR | 0.34% | 1,143,549 | $49.4M | Reduce -24.3% |
| BMRN Biomarin Pharmaceutical Inc. | 0.34% | 906,030 | $49.1M | New |
| MDLZ Mondelez International Inc. Class A | 0.34% | 782,978 | $48.9M | Reduce -12.3% |
| CE Celanese Corp. | 0.33% | 1,122,933 | $47.3M | Reduce -13.5% |
| MGA Magna International Inc. | 0.33% | 989,781 | $46.9M | Reduce -0.6% |
| CVX Chevron Corp. | 0.31% | 286,490 | $44.5M | Reduce -65.9% |
| KMI Kinder Morgan Inc. | 0.31% | 1,567,168 | $44.4M | Add +15.9% |
| VTRS Viatris Inc. | 0.31% | 4,442,134 | $44.0M | Reduce -0.7% |
| CCK Crown Holdings Inc. | 0.30% | 454,073 | $43.9M | Reduce -0.7% |
| HHH Howard Hughes Holdings Inc. | 0.30% | 532,714 | $43.8M | Reduce -2.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.30% | 400,273 | $43.6M | Reduce -0.6% |
| GMAB Genmab A/S -SP ADR | 0.30% | 1,412,835 | $43.3M | Reduce -19.0% |
| COR Cencora Inc. | 0.30% | 136,306 | $42.6M | Add +14.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.29% | 1,231,369 | $42.3M | Reduce -6.1% |
| TSN Tyson Foods Inc. Class A | 0.29% | 763,474 | $41.5M | Add +0.7% |
| BP BP PLC-Spons ADR | 0.29% | 1,197,933 | $41.3M | Reduce -2.0% |
Other holdings (8): bonds, preferreds, convertibles and warrants · $182.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 70,351,000 | $60.2M | Reduce -9.1% |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 20,141,005 | $49.6M | Reduce -23.6% |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 26,615,000 | $24.4M | No change |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 19,500,000 | $16.8M | Reduce -1.3% |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | 12,375,000 | $12.3M | Reduce -4.8% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 12,966,000 | $11.6M | Reduce -8.8% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,250,000 | $6.1M | 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: $14.6B.
Portfolio Sells Q2 2025 → Q3 2025
| CAT Caterpillar Inc. | Sold out | 0.00% | −1.73 |
| NRG NRG Energy Inc. | Reduce -59.9% | 0.42% | −0.64 |
| CVX Chevron Corp. | Reduce -65.9% | 0.31% | −0.55 |
| MMM 3M Co. | Reduce -54.1% | 0.40% | −0.48 |
| LMT Lockheed Martin Corp. | Reduce -40.9% | 0.79% | −0.48 |
| PYPL PayPal Holdings Inc. | Reduce -38.9% | 0.52% | −0.44 |
| FCX Freeport-McMoran Inc. | Reduce -94.3% | 0.02% | −0.41 |
| CMCSA Comcast Corp. Class A | Reduce -0.9% | 1.83% | −0.32 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -74.4% | 0.13% | −0.28 |
| IBM Intl Business Machines Corp. | Reduce -21.5% | 0.76% | −0.28 |
| GIS General Mills Inc. | Sold out | 0.00% | −0.27 |
| TGT Target Corp. | Sold out | 0.00% | −0.25 |
| CHTR Charter Communications Inc. Class A | Sold out | 0.00% | −0.24 |
| UPS United Parcel Service Class B | Sold out | 0.00% | −0.23 |
| DE Deere & Co. | Reduce -13.5% | 0.69% | −0.22 |
| LHX L3HARRIS Technologies Inc. | Sold out | 0.00% | −0.20 |
| DIS The Walt Disney Co. | Reduce -3.1% | 1.33% | −0.19 |
| CE Celanese Corp. | Reduce -13.5% | 0.33% | −0.18 |
| JAZZ Jazz Pharmaceuticals PLC | Reduce -86.4% | 0.03% | −0.17 |
| AFL Aflac Inc. | Reduce -41.1% | 0.25% | −0.16 |
| PHM Pultegroup Inc. | Reduce -61.2% | 0.14% | −0.16 |
| HON Honeywell International Inc. | Reduce -12.3% | 0.54% | −0.16 |
| FMC FMC Corp. | Reduce -1.6% | 0.53% | −0.16 |
| NEU Newmarket Corp. | Sold out | 0.00% | −0.16 |
| VLO Valero Energy Corp. | Reduce -48.5% | 0.27% | −0.15 |
| IPG Interpublic Group of Cos Inc. | Sold out | 0.00% | −0.15 |
| AN Autonation Inc. | Reduce -69.9% | 0.07% | −0.14 |
| NLY Annaly Capital Management Inc. | Reduce -25.5% | 0.45% | −0.13 |
| AMCR Amcor PLC | Sold out | 0.00% | −0.13 |
| BBY Best Buy Co. Inc. | Sold out | 0.00% | −0.11 |
| LAUR Laureate Education Inc. | Sold out | 0.00% | −0.11 |
| EME Emcor Group Inc. | Sold out | 0.00% | −0.10 |
| REZI Resideo Technologies Inc. | Sold out | 0.00% | −0.10 |
| NTAP Netapp Inc. | Reduce -51.3% | 0.11% | −0.10 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −0.09 |
| MATX Matson Inc. | Sold out | 0.00% | −0.09 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.09 |
| MDLZ Mondelez International Inc. Class A | Reduce -12.3% | 0.34% | −0.09 |
| CNX CNX Resources Corp. | Reduce -53.5% | 0.07% | −0.09 |
| TOL Toll Brothers Inc. | Reduce -65.5% | 0.06% | −0.08 |
| C Citigroup Inc. | Reduce -17.3% | 1.96% | −0.08 |
| FITB Fifth Third Bancorp | Reduce -49.4% | 0.09% | −0.08 |
| COKE Coca-Cola Consolidated Inc. | Reduce -63.5% | 0.04% | −0.07 |
| GSK GSK PLC-Spon ADR | Reduce -24.3% | 0.34% | −0.07 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.07 |
| DXC DXC Technology Co. | Sold out | 0.00% | −0.07 |
| EL Estee Lauder Companies Class A | Reduce -24.1% | 0.27% | −0.07 |
| PREMIER INC-CLASS A | Sold out | 0.00% | −0.06 |
| OC Owens Corning | Sold out | 0.00% | −0.06 |
| FE Firstenergy Corp. | Reduce -20.6% | 0.42% | −0.06 |
Portfolio Buys Q2 2025 → Q3 2025
| XOM Exxon Mobil Corp. | New | 1.30% | +1.30 |
| GOOGL Alphabet Inc. Class A | Add +58.7% | 1.22% | +0.65 |
| JPM JPMorgan Chase & Co. | Add +11.2% | 3.16% | +0.48 |
| DOC Healthpeak Properties Inc. | New | 0.45% | +0.45 |
| ES Eversource Energy | New | 0.39% | +0.39 |
| BMRN Biomarin Pharmaceutical Inc. | New | 0.34% | +0.34 |
| T AT&T Inc. | Add +22.1% | 2.31% | +0.32 |
| UNP Union Pacific Corp. | Add +227.4% | 0.45% | +0.32 |
| WHR Whirlpool Corp. | New | 0.26% | +0.26 |
| ADM Archer-Daniels-Midland Co. | Add +78.0% | 0.49% | +0.24 |
| MDT Medtronic PLC | Add +22.6% | 1.01% | +0.24 |
| WFC Wells Fargo & Co. | Add +10.2% | 2.01% | +0.22 |
| PEP Pepsico Inc. | Add +22.3% | 0.95% | +0.20 |
| SRE Sempra | Add +30.9% | 0.54% | +0.19 |
| BIDU Baidu Inc. - Spon ADR | Add +31.4% | 0.35% | +0.17 |
| DHI D.R. Horton Inc. | Add +44.8% | 0.36% | +0.17 |
| AMAT Applied Materials Inc. | New | 0.16% | +0.16 |
| MTB M & T Bank Corp. | Add +32.5% | 0.65% | +0.16 |
| SNY Sanofi-ADR | Add +62.3% | 0.39% | +0.14 |
| FDX FedEx Corp. | Add +32.7% | 0.54% | +0.14 |
| DRI Darden Restaurants Inc. | New | 0.13% | +0.13 |
| AMZN Amazon.com Inc. | New | 0.12% | +0.12 |
| COP Conocophillips | Add +31.6% | 0.46% | +0.12 |
| FSLR First Solar Inc. | New | 0.12% | +0.12 |
| HST Host Hotels & Resorts Inc. | Add +32.5% | 0.38% | +0.11 |
| CLF Cleveland-Cliffs Inc. | New | 0.11% | +0.11 |
| FLEX Flex Ltd. | Add +148.1% | 0.16% | +0.10 |
| WSM Williams-Sonoma Inc. | Add +71.4% | 0.19% | +0.09 |
| GEHC GE Healthcare Technology | New | 0.09% | +0.09 |
| HUM Humana Inc. | Add +22.2% | 0.43% | +0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | New | 0.09% | +0.09 |
| GS Goldman Sachs Group Inc. | Add +0.1% | 0.96% | +0.09 |
| MO Altria Group Inc. | Add +7.7% | 0.54% | +0.08 |
| ADBE Adobe Inc. | Add +33.2% | 0.53% | +0.08 |
| PG The Procter & Gamble Co. | Add +55.2% | 0.26% | +0.08 |
| CRH CRH PLC | Add +0.0% | 0.37% | +0.08 |
| QCOM Qualcomm Inc. | Add +7.6% | 0.89% | +0.08 |
| ENS Enersys | New | 0.07% | +0.07 |
| AIG American International Group | Add +59.4% | 0.24% | +0.07 |
| TROW T Rowe Price Group Inc. | Add +87.6% | 0.15% | +0.07 |
| LOW Lowe's Cos Inc. | Add +0.2% | 0.74% | +0.07 |
| THC Tenet Healthcare Corp. | Add +70.0% | 0.15% | +0.07 |
| BALL Ball Corp. | New | 0.07% | +0.07 |
| CRM Salesforce Inc. | Add +33.0% | 0.60% | +0.07 |
| MHO M/I Homes Inc. | New | 0.07% | +0.07 |
| LDOS Leidos Holdings Inc. | Add +19.2% | 0.23% | +0.07 |
| ALL Allstate Corp. | Add +15.0% | 0.38% | +0.06 |
| VAL Valaris Ltd. | New | 0.06% | +0.06 |
| ICLR Icon PLC | Add +6.4% | 0.42% | +0.06 |
| EIX Edison International | Add +11.5% | 0.40% | +0.06 |
Notes & Other Activity Q2 2025 → Q3 2025
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Reduce -9.1% | 70,351,000 | $60.2M |
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Reduce -23.6% | 20,141,005 | $49.6M |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | Reduce -1.3% | 19,500,000 | $16.8M |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | Reduce -4.8% | 12,375,000 | $12.3M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | Reduce -8.8% | 12,966,000 | $11.6M |
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 |