Brandywine Global Investment Management, LLC
CIK
829108
Location
Philadelphia, PA
Portfolio Value
Large
$14,668,852,536
Diversification
Diversified
Files via
FRANKLIN RESOURCES INC
Filing Date
Global Rank
#342
/ 8,676
▼ 2
· as of Dec 2025
Top Industry
Banks - Diversified
9.9%
3Y Alpha vs SPY
-3.5%
Period ended 7 months ago
Filed Feb 11, 2026 · 6mo
24 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Cloned portfolio
+55.6%
SPY
+70.0%
Annualised alpha
-3.5%
Max drawdown
−16.6%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 100% of reported value on average across 12 quarters.Brandywine Global Investment Management, LLC has stopped filing, so the simulation ends in Jul 2026 — where its last reported portfolio went stale — rather than trading that portfolio forward to today. Past performance does not predict future results.
Portfolio Concentration
586 tracked positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025Top Position
3.0%
−0.2 pts
Top 5
12.3%
+0.1 pts
Top 10
20.6%
+0.0 pts
HHI
84
Diversified+3
Portfolio Trend
24 quarters · across all stocks
Sector Breakdown
As of Dec 31, 2025| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 25.0% | $3,667,312,113 |
| Healthcare | 14.5% | $2,129,995,772 |
| Industrials | 11.1% | $1,627,655,395 |
| Consumer Defensive | 9.1% | $1,334,684,441 |
| Communication Services | 9.1% | $1,328,803,367 |
| Consumer Cyclical | 8.8% | $1,285,113,213 |
| Energy | 7.6% | $1,116,883,654 |
| Technology | 6.7% | $985,902,517 |
| Utilities | 4.1% | $608,712,471 |
| Basic Materials | 2.4% | $348,193,107 |
| Real Estate | 1.5% | $225,584,867 |
| Unclassified | 0.1% | $10,011,619 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CNH | CNH Industrial N.V. | +3,227,143 | 4,961,457 | $45,744,633 | |
| RIG | Transocean Ltd. | +2,044,544 | 2,523,548 | $10,422,253 | |
| PFE | Pfizer Inc | +1,250,255 | 2,857,645 | $71,155,360 | |
| VTRS | Viatris Inc | +981,842 | 5,423,976 | $67,528,501 | |
| MRK | Merck & Co., Inc. | +818,978 | 905,795 | $95,343,981 | |
| KMB | Kimberly Clark Corp | +507,339 | 922,106 | $93,031,274 | |
| DVN | Devon Energy Corp/De | +432,294 | 1,111,510 | $40,714,611 | |
| T | At&T Inc. | +429,275 | 12,229,088 | $303,770,545 | |
| PEP | Pepsico Inc | +414,393 | 1,391,861 | $199,759,890 | |
| M | Macy's, Inc. | +374,978 | 511,406 | $11,276,502 | |
| XOM | ExxonMobil Holdings Corp | +354,333 | 2,009,194 | $241,786,405 | |
| KR | Kroger Co | +309,064 | 3,357,243 | $209,760,542 | |
| MIDD | MIDDLEBY Corp | +300,577 | 337,939 | $62,450,049 | |
| TALO | Talos Energy Inc. | +300,518 | 389,201 | $4,288,995 | |
| NE | Noble Corp plc | +283,214 | 363,896 | $10,276,423 | |
| ON | On Semiconductor Corp | +275,079 | 1,847,377 | $100,035,464 | |
| MUR | Murphy Oil Corp | +254,675 | 327,156 | $10,223,625 | |
| PG | PROCTER & GAMBLE Co | +239,348 | 481,295 | $68,974,386 | |
| GPN | Global Payments Inc | +237,499 | 1,888,747 | $146,189,017 | |
| FDX | Fedex Corp | +225,856 | 553,129 | $159,776,842 | |
| AES | Aes Corp | +219,500 | 500,797 | $7,181,428 | |
| HOG | Harley-Davidson, Inc. | +209,025 | 270,744 | $5,547,544 | |
| PBF | PBF Energy Inc. | +206,666 | 265,493 | $7,200,170 | |
| XPRO | Expro Ltd | +201,535 | 260,062 | $3,471,827 | |
| FHN | First Horizon Corp | +194,406 | 562,604 | $13,446,235 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ABEV | Ambev S.A. | −16,559,938 | 308,950 | $763,106 | |
| FMC | Fmc Corp | −2,238,370 | 42,476 | $589,142 | |
| GM | General Motors Co | −1,481,772 | 1,412,993 | $114,904,590 | |
| CMCSA | Comcast Corp | −1,426,711 | 6,975,368 | $208,493,593 | |
| CSCO | Cisco Systems, Inc. | −1,390,709 | 810,693 | $62,447,681 | |
| RES | Rpc Inc | −580,541 | 329,724 | $1,793,698 | |
| NLY | Annaly Capital Management Inc | −452,894 | 2,771,945 | $61,980,690 | |
| CSX | Csx Corp | −440,664 | 1,202,015 | $43,573,043 | |
| CVS | CVS HEALTH Corp | −414,402 | 2,723,074 | $216,103,152 | |
| ADT | ADT Inc. | −409,352 | 766,045 | $6,181,983 | |
| GMAB | Genmab A/S | −381,371 | 1,031,464 | $31,769,091 | |
| CCK | Crown Holdings, Inc. | −345,561 | 108,512 | $11,173,480 | |
| MU | Micron Technology Inc | −318,439 | 1,421 | $405,567 | |
| AER | AerCap Holdings N.V. | −288,780 | 873,309 | $125,546,901 | |
| CVX | Chevron Corp | −284,844 | 1,646 | $250,866 | |
| SLB | Slb Limited/Nv | −257,698 | 973,671 | $37,369,492 | |
| WMT | Walmart Inc. | −195,163 | 192,599 | $21,457,454 | |
| DG | Dollar General Corp | −184,386 | 1,254,014 | $166,495,438 | |
| BAC | Bank Of America Corp /De/ | −124,903 | 5,972,520 | $328,488,600 | |
| ANF | Abercrombie & Fitch Co /De/ | −118,618 | 637,848 | $80,285,927 | |
| DAL | Delta Air Lines, Inc. | −112,701 | 1,838,051 | $127,560,739 | |
| NRG | Nrg Energy, Inc. | −100,733 | 268,251 | $42,716,289 | |
| WHR | Whirlpool Corp /De/ | −95,108 | 380,676 | $27,461,966 | |
| C | Citigroup Inc | −83,983 | 2,696,496 | $314,654,118 | |
| JPM | Jpmorgan Chase & Co | −68,745 | 1,374,890 | $443,017,055 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| SW | Smurfit Westrock plc | 1,404,000 | $54,292,680 | |
| DEO | Diageo PLC | 540,879 | $46,661,631 | |
| ITW | Illinois Tool Works Inc | 125,737 | $30,969,023 | |
| FANG | Diamondback Energy, Inc. | 200,936 | $30,206,708 | |
| LNG | Cheniere Energy, Inc. | 149,569 | $29,074,717 | |
| OI | O-I Glass, Inc. /DE/ | 1,698,081 | $25,063,675 | |
| TPR | Tapestry, Inc. | 142,168 | $18,164,805 | |
| REGN | Regeneron Pharmaceuticals, Inc. | 23,076 | $17,811,672 | |
| HAL | Halliburton Co | 586,599 | $16,577,287 | |
| XYZ | Block, Inc. | 189,650 | $12,344,318 | |
| MTH | Meritage Homes CORP | 161,308 | $10,614,066 | |
| AA | Alcoa Corp | 181,296 | $9,634,069 | |
| BTU | Peabody Energy Corp | 278,781 | $8,279,795 | |
| THO | Thor Industries Inc | 79,128 | $8,124,071 | |
| PVH | Pvh Corp. /De/ | 110,288 | $7,391,501 | |
| HPQ | Hp Inc | 311,249 | $6,934,627 | |
| ZTS | Zoetis Inc. | 51,878 | $6,527,289 | |
| MPC | Marathon Petroleum Corp | 35,478 | $5,769,787 | |
| OII | Oceaneering International Inc | 228,424 | $5,489,028 | |
| KSS | KOHLS Corp | 256,874 | $5,242,798 | |
| SDRL | SEADRILL Ltd | 142,989 | $4,947,419 | |
| BBY | Best Buy Co Inc | 69,605 | $4,658,662 | |
| CXW | CoreCivic, Inc. | 239,527 | $4,577,360 | |
| RPM | Rpm International Inc/De/ | 41,911 | $4,358,744 | |
| WBTN | WEBTOON Entertainment Inc. | 299,547 | $3,903,097 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| ABBV | AbbVie Inc. | 496,675 | $115,000,129 | |
| DE | Deere & Co | 216,680 | $99,079,096 | |
| CRH | Crh Public Ltd Co | 441,772 | $52,968,462 | |
| NSC | Norfolk Southern Corp | 136,434 | $40,986,137 | |
| APO | Apollo Global Management, Inc. | 276,854 | $36,896,332 | |
| OGN | Organon & Co. | 2,214,334 | $23,649,087 | |
| MGM | MGM Resorts International | 675,415 | $23,409,883 | |
| AMAT | Applied Materials Inc /De | 110,431 | $22,609,642 | |
| CAH | Cardinal Health Inc | 142,524 | $22,370,567 | |
| SEE | SEALED AIR CORP/DE | 598,798 | $21,167,509 | |
| TRGP | Targa Resources Corp. | 92,087 | $15,428,255 | |
| CLF | Cleveland-Cliffs Inc. | 1,256,507 | $15,329,385 | |
| KVUE | Kenvue Inc. | 900,211 | $14,610,424 | |
| PFSI | PennyMac Financial Services, Inc. | 108,431 | $13,432,432 | |
| CG | Carlyle Group Inc. | 212,622 | $13,331,399 | |
| HBAN | Huntington Bancshares Inc /Md/ | 711,563 | $12,288,693 | |
| EXPD | Expeditors International Of Washington Inc | 96,058 | $11,775,750 | |
| HCC | Warrior Met Coal, Inc. | 159,369 | $10,142,243 | |
| CPAY | Corpay, Inc. | 33,855 | $9,752,271 | |
| VAC | MARRIOTT VACATIONS WORLDWIDE Corp | 143,543 | $9,554,222 | |
| TAP-A | Molson Coors Beverage Co | 180,644 | $8,174,141 | |
| BHF | Brighthouse Financial, Inc. | 147,402 | $7,824,098 | |
| APTV | Aptiv PLC | 88,047 | $7,591,412 | |
| ENR | Energizer Holdings, Inc. | 304,045 | $7,567,680 | |
| CNXC | Concentrix Corp | 160,173 | $7,391,983 | |
| No positions match the current search. | ||||
586 tracked positions ·
$14,668,852,536 total
· filing declares
601 positions · $14,911,914,746
· as of Dec 31, 2025
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 586 positions by value
· page 1 of 12
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Reduced | 1,374,890 | $443,017,055 | 3.02% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Reduced | 1,951,088 | $403,777,661 | 2.75% | |
| BAC |
Bank Of America Corp /De/
Financial Services
|
Reduced | 5,972,520 | $328,488,600 | 2.24% | |
| WFC |
Wells Fargo & Company/Mn
Financial Services
|
Reduced | 3,422,909 | $319,015,118 | 2.17% | |
| C |
Citigroup Inc
Financial Services
|
Reduced | 2,696,496 | $314,654,118 | 2.15% | |
| T |
At&T Inc.
Communication Services
|
Added | 12,229,088 | $303,770,545 | 2.07% | |
| XOM |
ExxonMobil Holdings Corp
Energy
|
Added | 2,009,194 | $241,786,405 | 1.65% | |
| GS |
Goldman Sachs Group Inc
Financial Services
|
Added | 257,578 | $226,411,062 | 1.54% | |
| GOOGL |
Alphabet Inc.
Communication Services
|
Reduced | 704,629 | $220,548,877 | 1.50% | |
| CVS |
CVS HEALTH Corp
Healthcare
|
Reduced | 2,723,074 | $216,103,152 | 1.47% | |
| KR |
Kroger Co
Consumer Defensive
|
Added | 3,357,243 | $209,760,542 | 1.43% | |
| CMCSA |
Comcast Corp
Communication Services
|
Reduced | 6,975,368 | $208,493,593 | 1.42% | |
| PEP |
Pepsico Inc
Consumer Defensive
|
Added | 1,391,861 | $199,759,890 | 1.36% | |
| DIS |
Walt Disney Co
Communication Services
|
Added | 1,717,034 | $195,346,958 | 1.33% | |
| VZ |
Verizon Communications Inc
Communication Services
|
Added | 4,309,428 | $175,523,002 | 1.20% | |
| DG |
Dollar General Corp
Consumer Defensive
|
Reduced | 1,254,014 | $166,495,438 | 1.14% | |
| FDX |
Fedex Corp
Industrials
|
Added | 553,129 | $159,776,842 | 1.09% | |
| MS |
Morgan Stanley
Financial Services
|
Reduced | 877,171 | $155,724,167 | 1.06% | |
| MDT |
Medtronic plc
Healthcare
|
Added | 1,584,743 | $152,230,412 | 1.04% | |
| GPN |
Global Payments Inc
Industrials
|
Added | 1,888,747 | $146,189,017 | 1.00% | |
| AMGN |
Amgen Inc
Healthcare
|
Added | 427,722 | $139,997,687 | 0.95% | |
| QCOM |
Qualcomm Inc/De
Technology
|
Reduced | 756,299 | $129,364,943 | 0.88% | |
| DAL |
Delta Air Lines, Inc.
Industrials
|
Reduced | 1,838,051 | $127,560,739 | 0.87% | |
| AER |
AerCap Holdings N.V.
Industrials
|
Reduced | 873,309 | $125,546,901 | 0.86% | |
| MTB |
M&T Bank Corp
Financial Services
|
Added | 584,386 | $117,742,091 | 0.80% | |
| GM |
General Motors Co
Consumer Cyclical
|
Reduced | 1,412,993 | $114,904,590 | 0.78% | |
| CRM |
Salesforce, Inc.
Technology
|
Added | 415,202 | $109,991,161 | 0.75% | |
| LMT |
Lockheed Martin Corp
Industrials
|
Reduced | 225,122 | $108,884,757 | 0.74% | |
| IBM |
International Business Machines Corp
Technology
|
Reduced | 364,334 | $107,919,374 | 0.74% | |
| WTW |
Willis Towers Watson PLC
Financial Services
|
Added | 328,291 | $107,876,422 | 0.74% | |
| GILD |
Gilead Sciences, Inc.
Healthcare
|
Added | 861,496 | $105,740,019 | 0.72% | |
| LOW |
Lowes Companies Inc
Consumer Cyclical
|
Reduced | 417,673 | $100,726,020 | 0.69% | |
| ON |
On Semiconductor Corp
Technology
|
Added | 1,847,377 | $100,035,464 | 0.68% | |
| MRK |
Merck & Co., Inc.
Healthcare
|
Added | 905,795 | $95,343,981 | 0.65% | |
| EOG |
Eog Resources Inc
Energy
|
Added | 892,095 | $93,678,895 | 0.64% | |
| KMB |
Kimberly Clark Corp
Consumer Defensive
|
Added | 922,106 | $93,031,274 | 0.63% | |
| ADBE |
Adobe Inc.
Technology
|
Added | 262,757 | $91,962,322 | 0.63% | |
| TMUS |
T-Mobile US, Inc.
Communication Services
|
Added | 440,280 | $89,394,451 | 0.61% | |
| HCA |
HCA Healthcare, Inc.
Healthcare
|
Reduced | 191,451 | $89,380,813 | 0.61% | |
| UNP |
Union Pacific Corp
Industrials
|
Added | 384,313 | $88,899,283 | 0.61% | |
| HON |
Honeywell International Inc
Industrials
|
Added | 452,541 | $88,286,227 | 0.60% | |
| CI |
Cigna Group
Healthcare
|
Added | 301,723 | $83,043,221 | 0.57% | |
| MET |
Metlife Inc
Financial Services
|
Added | 1,046,639 | $82,621,682 | 0.56% | |
| HUM |
Humana Inc
Healthcare
|
Added | 313,859 | $80,388,705 | 0.55% | |
| ANF |
Abercrombie & Fitch Co /De/
Consumer Cyclical
|
Reduced | 637,848 | $80,285,927 | 0.55% | |
| CNQ |
CANADIAN NATURAL RESOURCES Ltd
Energy
|
Reduced | 2,285,276 | $77,356,592 | 0.53% | |
| SRE |
Sempra
Utilities
|
Reduced | 869,717 | $76,787,313 | 0.52% | |
| EBAY |
Ebay Inc
Consumer Cyclical
|
Reduced | 866,383 | $75,461,959 | 0.51% | |
| ICLR |
Icon PLC
Healthcare
|
Added | 399,813 | $72,853,924 | 0.50% | |
| CB |
Chubb Ltd
Financial Services
|
Reduced | 231,747 | $72,332,873 | 0.49% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.