Brandywine Global Investment Management, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 11, 2026), Brandywine Global Investment Management, LLC reported 594 stock positions worth $14.7 billion. Its top holding was JPMorgan Chase (JPM) at 3.0% of the portfolio, followed by Johnson & Johnson (JNJ, 2.7%) and Bank of America (BAC, 2.2%). Compared with Q3 2025, it opened 69 new positions, sold out of 65, added to 146 and reduced 369. The biggest buy was Merck (MRK, shares +943%) and the biggest sale an exit from Abbvie (ABBV).
- Most Recent 13F
- Q4 2025
- Location
- Philadelphia, PA
- CIK
- 0000829108
- Portfolio Value
- $14.7B (Q4 2025)
- SEC Filing
- 0000829108-26-000001 ↗ filed Feb 11, 2026
Holdings Value
Holdings 594 stocks · $14.7B
| JPM JPMorgan Chase & Co. | 3.01% | 1,374,890 | $443.0M | Reduce -4.8% |
| JNJ Johnson & Johnson | 2.74% | 1,951,088 | $403.8M | Reduce -0.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 2.23% | 5,972,520 | $328.5M | Reduce -2.0% |
| WFC Wells Fargo & Co. | 2.17% | 3,422,909 | $319.0M | Reduce -1.0% |
| C Citigroup Inc. | 2.14% | 2,696,496 | $314.7M | Reduce -3.0% |
| T AT&T Inc. | 2.06% | 12,229,088 | $303.8M | Add +3.6% |
| XOM Exxon Mobil Corp. | 1.64% | 2,009,194 | $241.8M | Add +21.4% |
| GS Goldman Sachs Group Inc. | 1.54% | 257,578 | $226.4M | Add +49.0% |
| GOOGL Alphabet Inc. Class A | 1.50% | 704,629 | $220.5M | Reduce -2.3% |
| CVS CVS Health Corp. | 1.47% | 2,723,074 | $216.1M | Reduce -13.2% |
| KR Kroger Co. | 1.43% | 3,357,243 | $209.8M | Add +10.1% |
| CMCSA Comcast Corp. Class A | 1.42% | 6,975,368 | $208.5M | Reduce -17.0% |
| PEP Pepsico Inc. | 1.36% | 1,391,861 | $199.8M | Add +42.4% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 1.33% | 1,717,034 | $195.3M | Add +2.5% |
| VZ Verizon Communications Inc. | 1.19% | 4,309,428 | $175.5M | Add +4.1% |
| DG Dollar General Corp. | 1.13% | 1,254,014 | $166.5M | Reduce -12.8% |
| FDX FedEx Corp. | 1.09% | 553,129 | $159.8M | Add +69.0% |
| MS Morgan Stanley | 1.06% | 877,171 | $155.7M | Reduce -1.9% |
| MDT Medtronic PLC | 1.03% | 1,584,743 | $152.2M | Add +4.2% |
| GPN Global Payments Inc. | 0.99% | 1,888,747 | $146.2M | Add +14.4% |
| AMGN Amgen Inc. | 0.95% | 427,722 | $140.0M | Add +15.6% |
| QCOM Qualcomm Inc. | 0.88% | 756,299 | $129.4M | Reduce -1.9% |
| DAL Delta Air Lines Inc. | 0.87% | 1,838,051 | $127.6M | Reduce -5.8% |
| AER Aercap Holdings NV | 0.85% | 873,309 | $125.5M | Reduce -24.9% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.80% | 584,386 | $117.7M | Add +24.0% |
| GM General Motors Co. | 0.78% | 1,412,993 | $114.9M | Reduce -51.2% |
| CRM Salesforce Inc. | 0.75% | 415,202 | $110.0M | Add +13.7% |
| LMT Lockheed Martin Corp. | 0.74% | 225,122 | $108.9M | Reduce -0.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.73% | 364,334 | $107.9M | Reduce -5.5% |
| WTW Willis Towers Watson PLC | 0.73% | 328,291 | $107.9M | Add +13.3% |
| GILD Gilead Sciences Inc. | 0.72% | 861,496 | $105.7M | Add +22.5% |
| LOW Lowe's Cos Inc. | 0.68% | 417,673 | $100.7M | Reduce -1.9% |
| ON On Semiconductor | 0.68% | 1,847,377 | $100.0M | Add +17.5% |
| MRK Merck & Co. Inc. | 0.65% | 905,795 | $95.3M | Add +943.3% |
| EOG EOG Resources Inc. | 0.64% | 892,095 | $93.7M | Add +3.5% |
| KMB Kimberly-Clark Corp. | 0.63% | 922,106 | $93.0M | Add +122.3% |
| ADBE Adobe Inc. | 0.62% | 262,757 | $92.0M | Add +21.5% |
| TMUS T-Mobile US Inc. | 0.61% | 440,280 | $89.4M | Add +1.9% |
| HCA HCA Healthcare Inc. | 0.61% | 191,451 | $89.4M | Reduce -2.1% |
| UNP Union Pacific Corp. | 0.60% | 384,313 | $88.9M | Add +39.3% |
| HON Honeywell International Inc. | 0.60% | 452,541 | $88.3M | Add +23.3% |
| CI The Cigna Group | 0.56% | 301,723 | $83.0M | Add +60.6% |
| MET Metlife Inc. | 0.56% | 1,046,639 | $82.6M | Add +3.0% |
| HUM Humana Inc. | 0.55% | 313,859 | $80.4M | Add +31.6% |
| ANF Abercrombie & Fitch Co. Class A | 0.55% | 637,848 | $80.3M | Reduce -15.7% |
| CNQ Canadian Natural Resources | 0.53% | 2,285,276 | $77.4M | Reduce -0.8% |
| SRE Sempra | 0.52% | 869,717 | $76.8M | Reduce -0.2% |
| EBAY eBay Inc. | 0.51% | 866,383 | $75.5M | Reduce -1.2% |
| CB Chubb Ltd. | 0.49% | 231,747 | $72.3M | Reduce -1.9% |
| ICLR Icon PLC | 0.49% | 399,813 | $71.7M | Add +5.9% |
| NEM Newmont Corp. | 0.48% | 713,007 | $71.2M | Reduce -1.8% |
| PFE Pfizer Inc. | 0.48% | 2,857,645 | $71.2M | Add +77.8% |
| PG The Procter & Gamble Co. | 0.47% | 481,295 | $69.0M | Add +98.9% |
| VTRS Viatris Inc. | 0.46% | 5,423,976 | $67.5M | Add +22.1% |
| MO Altria Group Inc. | 0.46% | 1,165,851 | $67.2M | Reduce -1.4% |
| ADM Archer-Daniels-Midland Co. | 0.45% | 1,161,285 | $66.8M | Reduce -0.9% |
| XEL Xcel Energy Inc. | 0.45% | 902,437 | $66.7M | Reduce -1.0% |
| PYPL PayPal Holdings Inc. | 0.44% | 1,118,334 | $65.3M | Add +0.6% |
| COP Conocophillips | 0.44% | 693,506 | $64.9M | Reduce -0.4% |
| ALL Allstate Corp. | 0.43% | 306,489 | $63.8M | Add +20.8% |
| EIX Edison International | 0.43% | 1,043,859 | $62.7M | Reduce -0.9% |
| CSCO Cisco Systems Inc. | 0.42% | 810,693 | $62.4M | Reduce -63.2% |
| NLY Annaly Capital Management Inc. | 0.42% | 2,771,945 | $62.0M | Reduce -14.0% |
| RPRX Royalty Pharma PLC Class A | 0.41% | 1,579,252 | $61.0M | Add +4.2% |
| SYY Sysco Corp. | 0.41% | 813,340 | $59.9M | Add +1.6% |
| FE Firstenergy Corp. | 0.40% | 1,329,624 | $59.5M | Add +1.9% |
| MMM 3M Co. | 0.40% | 367,504 | $58.8M | Reduce -1.8% |
| TRV The Travelers Cos Inc. | 0.40% | 200,865 | $58.3M | Reduce -2.0% |
| SNY Sanofi-ADR | 0.40% | 1,200,571 | $58.2M | Reduce -0.1% |
| SHEL Shell PLC-ADR | 0.39% | 781,017 | $57.4M | Reduce -2.9% |
| PGR Progressive Corp. | 0.39% | 250,851 | $57.1M | Reduce -2.0% |
| DHI D.R. Horton Inc. | 0.38% | 391,512 | $56.4M | Add +28.3% |
| BMRN Biomarin Pharmaceutical Inc. | 0.38% | 945,847 | $56.2M | Add +4.4% |
| HST Host Hotels & Resorts Inc. | 0.38% | 3,163,450 | $56.1M | Reduce -0.9% |
| ES Eversource Energy | 0.38% | 829,120 | $55.8M | Add +4.6% |
| VNT Vontier Corp. | 0.38% | 1,495,686 | $55.6M | Add +8.1% |
| DOC Healthpeak Properties Inc. | 0.38% | 3,446,910 | $55.4M | Add +1.8% |
| GSK GSK PLC-Spon ADR | 0.37% | 1,116,087 | $54.7M | Reduce -2.4% |
| RRX Regal Rexnord Corp. | 0.37% | 387,424 | $54.4M | Reduce -1.0% |
| SW Smurfit Westrock PLC | 0.37% | 1,404,000 | $53.7M | New |
| GD General Dynamics Corp. | 0.36% | 159,113 | $53.6M | Reduce -1.8% |
| MGA Magna International Inc. | 0.36% | 982,886 | $52.4M | Reduce -0.7% |
| AIG American International Group | 0.36% | 611,195 | $52.3M | Add +36.3% |
| IWD iShares Russell 1000 Value E | 0.35% | 242,573 | $51.0M | Add +20.8% |
| MIDD Middleby Corp. | 0.34% | 337,939 | $50.2M | Add +804.5% |
| BIDU Baidu Inc. - Spon ADR | 0.34% | 384,282 | $50.2M | Add +1.3% |
| DUK Duke Energy Corp. | 0.34% | 426,984 | $50.0M | Reduce -1.9% |
| HIG Hartford Insurance Group Inc. | 0.33% | 351,366 | $48.4M | Add +25.8% |
| CAG Conagra Brands Inc. | 0.32% | 2,734,874 | $47.3M | Add +0.1% |
| CE Celanese Corp. | 0.32% | 1,119,658 | $47.3M | Reduce -0.3% |
| DEO Diageo PLC-Sponsored ADR | 0.32% | 540,879 | $46.8M | New |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.31% | 439,378 | $46.0M | Reduce -0.9% |
| CNH CNH Industrial NV | 0.31% | 4,961,457 | $45.7M | Add +186.1% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.31% | 392,700 | $45.6M | Reduce -1.9% |
| COR Cencora Inc. | 0.31% | 133,773 | $45.2M | Reduce -1.9% |
| TSN Tyson Foods Inc. Class A | 0.30% | 757,626 | $44.4M | Reduce -0.8% |
| SYF Synchrony Financial | 0.30% | 523,715 | $43.7M | Add +15.0% |
| CSX CSX Corp. | 0.30% | 1,202,015 | $43.6M | Reduce -26.8% |
| NRG NRG Energy Inc. | 0.29% | 268,251 | $42.7M | Reduce -27.3% |
| KMI Kinder Morgan Inc. | 0.29% | 1,553,215 | $42.7M | Reduce -0.9% |
Other holdings (7): bonds, preferreds, convertibles and warrants · $194.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | 24,218,011 | $80.9M | Add +20.2% |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 70,351,000 | $57.4M | No change |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 26,505,000 | $23.8M | Reduce -0.4% |
| SNAP INC (SNAP 0.5 05/01/30) | NOTE 0.500% 5/0 · principal | 19,500,000 | $17.1M | No change |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 7,966,000 | $7.5M | Reduce -38.6% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 6,250,000 | $6.2M | No change |
| BLOCK INC (XYZ 0.25 11/01/27) | NOTE 0.250%11/0 · principal | 2,000,000 | $1.9M | No change |
Total filed on the 13F, all lines: $14.9B.
Portfolio Sells Q3 2025 → Q4 2025
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.80 |
| DE Deere & Co. | Sold out | 0.00% | −0.69 |
| CSCO Cisco Systems Inc. | Reduce -63.2% | 0.42% | −0.62 |
| FMC FMC Corp. | Reduce -98.1% | 0.00% | −0.53 |
| GM General Motors Co. | Reduce -51.2% | 0.78% | −0.45 |
| CMCSA Comcast Corp. Class A | Reduce -17.0% | 1.42% | −0.42 |
| CRH CRH PLC | Sold out | 0.00% | −0.37 |
| MU Micron Technology Inc. | Reduce -99.6% | 0.00% | −0.37 |
| CVX Chevron Corp. | Reduce -99.4% | 0.00% | −0.31 |
| NSC Norfolk Southern Corp. | Sold out | 0.00% | −0.28 |
| APO Apollo Global Management Inc. | Sold out | 0.00% | −0.26 |
| ABEV Ambev SA-ADR | Reduce -98.2% | 0.01% | −0.26 |
| CCK Crown Holdings Inc. | Reduce -76.1% | 0.08% | −0.23 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -95.2% | 0.01% | −0.21 |
| CVS CVS Health Corp. | Reduce -13.2% | 1.47% | −0.17 |
| OGN Organon & Co. | Sold out | 0.00% | −0.16 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.16 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.16 |
| CAH Cardinal Health Inc. | Sold out | 0.00% | −0.16 |
| JPM JPMorgan Chase & Co. | Reduce -4.8% | 3.01% | −0.15 |
| SEE Sealed Air Corp. | Sold out | 0.00% | −0.15 |
| WMT Walmart Inc. | Reduce -50.3% | 0.15% | −0.13 |
| NRG NRG Energy Inc. | Reduce -27.3% | 0.29% | −0.12 |
| AER Aercap Holdings NV | Reduce -24.9% | 0.85% | −0.12 |
| CSX CSX Corp. | Reduce -26.8% | 0.30% | −0.11 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.11 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.11 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.10 |
| PFSI Pennymac Financial Services | Sold out | 0.00% | −0.09 |
| CG The Carlyle Group Inc. | Sold out | 0.00% | −0.09 |
| MO Altria Group Inc. | Reduce -1.4% | 0.46% | −0.09 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −0.09 |
| GMAB Genmab A/S -SP ADR | Reduce -27.0% | 0.22% | −0.09 |
| WSM Williams-Sonoma Inc. | Reduce -38.5% | 0.10% | −0.08 |
| EXPD Expeditors Intl Wash Inc. | Sold out | 0.00% | −0.08 |
| IWN iShares Russell 2000 Value E | Reduce -99.8% | 0.00% | −0.07 |
| WHR Whirlpool Corp. | Reduce -20.0% | 0.19% | −0.07 |
| HCC Warrior Met Coal Inc. | Sold out | 0.00% | −0.07 |
| PRI Primerica Inc. | Reduce -64.3% | 0.03% | −0.07 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.07 |
| VAC Marriott Vacations World | Sold out | 0.00% | −0.07 |
| LOW Lowe's Cos Inc. | Reduce -1.9% | 0.68% | −0.06 |
| MDLZ Mondelez International Inc. Class A | Reduce -1.9% | 0.28% | −0.06 |
| XEL Xcel Energy Inc. | Reduce -1.0% | 0.45% | −0.06 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.06 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.05 |
| APTV Aptiv PLC | Sold out | 0.00% | −0.05 |
| ENR Energizer Holdings Inc. | Sold out | 0.00% | −0.05 |
| CNXC Concentrix Corp. | Sold out | 0.00% | −0.05 |
| PGR Progressive Corp. | Reduce -2.0% | 0.39% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
| MRK Merck & Co. Inc. | Add +943.3% | 0.65% | +0.60 |
| GS Goldman Sachs Group Inc. | Add +49.0% | 1.54% | +0.58 |
| FDX FedEx Corp. | Add +69.0% | 1.09% | +0.55 |
| PEP Pepsico Inc. | Add +42.4% | 1.36% | +0.40 |
| SW Smurfit Westrock PLC | New | 0.37% | +0.37 |
| XOM Exxon Mobil Corp. | Add +21.4% | 1.64% | +0.35 |
| DEO Diageo PLC-Sponsored ADR | New | 0.32% | +0.32 |
| MIDD Middleby Corp. | Add +804.5% | 0.34% | +0.31 |
| KMB Kimberly-Clark Corp. | Add +122.3% | 0.63% | +0.27 |
| AMGN Amgen Inc. | Add +15.6% | 0.95% | +0.23 |
| ITW Illinois Tool Works | New | 0.21% | +0.21 |
| PG The Procter & Gamble Co. | Add +98.9% | 0.47% | +0.21 |
| FANG Diamondback Energy Inc. | New | 0.21% | +0.21 |
| PFE Pfizer Inc. | Add +77.8% | 0.48% | +0.20 |
| LNG Cheniere Energy Inc. | New | 0.20% | +0.20 |
| CI The Cigna Group | Add +60.6% | 0.56% | +0.19 |
| CNH CNH Industrial NV | Add +186.1% | 0.31% | +0.18 |
| GILD Gilead Sciences Inc. | Add +22.5% | 0.72% | +0.18 |
| OI O-I Glass Inc. | New | 0.17% | +0.17 |
| VTRS Viatris Inc. | Add +22.1% | 0.46% | +0.15 |
| MTB M & T Bank Corp. | Add +24.0% | 0.80% | +0.15 |
| UNP Union Pacific Corp. | Add +39.3% | 0.60% | +0.15 |
| CRM Salesforce Inc. | Add +13.7% | 0.75% | +0.15 |
| ON On Semiconductor | Add +17.5% | 0.68% | +0.14 |
| TPR Tapestry Inc. | New | 0.12% | +0.12 |
| REGN Regeneron Pharmaceuticals | New | 0.12% | +0.12 |
| HUM Humana Inc. | Add +31.6% | 0.55% | +0.12 |
| HAL Halliburton Co. | New | 0.11% | +0.11 |
| DVN Devon Energy Corp. | Add +63.6% | 0.28% | +0.11 |
| AIG American International Group | Add +36.3% | 0.36% | +0.11 |
| DLTR Dollar Tree Inc. | Add +75.3% | 0.18% | +0.10 |
| ADBE Adobe Inc. | Add +21.5% | 0.62% | +0.09 |
| XYZ Block Inc. | New | 0.08% | +0.08 |
| AVY Avery Dennison Corp. | Add +352.7% | 0.10% | +0.08 |
| DRI Darden Restaurants Inc. | Add +68.0% | 0.20% | +0.07 |
| MTH Meritage Homes Corp. | New | 0.07% | +0.07 |
| SYF Synchrony Financial | Add +15.0% | 0.30% | +0.07 |
| HIG Hartford Insurance Group Inc. | Add +25.8% | 0.33% | +0.07 |
| AA Alcoa Corp. | New | 0.07% | +0.07 |
| ICLR Icon PLC | Add +5.9% | 0.49% | +0.06 |
| HON Honeywell International Inc. | Add +23.3% | 0.60% | +0.06 |
| IWD iShares Russell 1000 Value E | Add +20.8% | 0.35% | +0.06 |
| RIG Transocean Ltd. | Add +426.8% | 0.07% | +0.06 |
| M Macy's Inc. | Add +274.9% | 0.08% | +0.06 |
| BTU Peabody Energy Corp. | New | 0.06% | +0.06 |
| CSL Carlisle Cos Inc. | Add +49.3% | 0.19% | +0.06 |
| MUR Murphy Oil Corp. | Add +351.4% | 0.07% | +0.06 |
| THO Thor Industries Inc. | New | 0.06% | +0.06 |
| ALL Allstate Corp. | Add +20.8% | 0.43% | +0.06 |
| NE Noble Corp. PLC | Add +351.0% | 0.07% | +0.05 |
Notes & Other Activity Q3 2025 → Q4 2025
| ECHOSTAR CORP (ECHO 3.875 11/30/30) | NOTE 3.875%11/3 · principal | Add +20.2% | 24,218,011 | $80.9M |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | Reduce -0.4% | 26,505,000 | $23.8M |
| ENCORE CAPITAL GROUP INC (ECPG 4 03/15/29) | NOTE 4.000% 3/1 · principal | Sold out | 12,375,000 | $12.3Mbefore exit |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | Reduce -38.6% | 7,966,000 | $7.5M |
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 |