Brandywine Global Investment Management, LLC

CIK

829108

Location

Philadelphia, PA

Portfolio Value

Large $14,632,933,491

Diversification

Diversified

Filing Date

Global Rank

#257 / 8,420 ▲ 81

Top Industry

Banks - Diversified 9.9%

3Y Alpha vs SPY

-3.2%

Period ended 5 months ago

Filed Feb 11, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+62.8%

SPY

+76.5%

Annualised alpha

-3.2%

Max drawdown

−16.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

584 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

3.0%

−0.2 pts

Top 5

12.4%

+0.1 pts

Top 10

20.6%

+0.2 pts

HHI

Diversified+3

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	25.0%	$3,658,531,949	199
Healthcare	14.6%	$2,129,995,772	50
Industrials	11.0%	$1,605,757,081	61
Consumer Defensive	9.2%	$1,342,535,786	34
Communication Services	9.0%	$1,315,711,455	20
Consumer Cyclical	8.8%	$1,285,113,213	79
Energy	7.6%	$1,116,883,654	49
Technology	6.7%	$985,902,517	39
Utilities	4.2%	$608,712,471	23
Basic Materials	2.4%	$348,193,107	24
Real Estate	1.5%	$225,584,867	5
Unclassified	0.1%	$10,011,619	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
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	Exxon Mobil 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	$50,241,391
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 Group Holdings N.V.	+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
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	$195,401,681
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
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
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	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.

Portfolio Positions

Compact Export CSV View 13F filing

584 positions · $14,632,933,491 total · 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 584 positions by value · page 1 of 12

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
JPM	Jpmorgan Chase & Co Financial Services	Reduced	1,374,890	-68,745	$443,017,055	−2.7%	3.03%
JNJ	Johnson & Johnson Healthcare	Reduced	1,951,088	-3,290	$403,777,661	+11.4%	2.76%
BAC	Bank Of America Corp /De/ Financial Services	Reduced	5,972,520	-124,903	$328,488,600	+4.4%	2.24%
WFC	Wells Fargo & Company/Mn Financial Services	Reduced	3,422,909	-34,624	$319,015,118	+10.1%	2.18%
C	Citigroup Inc Financial Services	Reduced	2,696,496	-83,983	$314,654,118	+11.5%	2.15%
T	At&T Inc. Communication Services	Added	12,229,088	+429,275	$303,770,545	−8.8%	2.08%
XOM	Exxon Mobil Corp Energy	Added	2,009,194	+354,333	$241,786,405	+29.6%	1.65%
GS	Goldman Sachs Group Inc Financial Services	Added	257,578	+84,744	$226,411,062	+64.5%	1.55%
GOOGL	Alphabet Inc. Communication Services	Reduced	704,629	-16,723	$220,548,877	+25.8%	1.51%
CVS	CVS HEALTH Corp Healthcare	Reduced	2,723,074	-414,402	$216,103,152	−8.6%	1.48%
KR	Kroger Co Consumer Defensive	Added	3,357,243	+309,064	$209,760,542	+2.1%	1.43%
PEP	Pepsico Inc Consumer Defensive	Added	1,391,861	+414,393	$199,759,890	+45.5%	1.37%
CMCSA	Comcast Corp Communication Services	Reduced	6,975,368	-1,426,711	$195,401,681	−21.0%	1.34%
DIS	Walt Disney Co Communication Services	Added	1,717,034	+41,807	$195,346,958	+1.8%	1.33%
VZ	Verizon Communications Inc Communication Services	Added	4,309,428	+168,597	$175,523,002	−3.6%	1.20%
DG	Dollar General Corp Consumer Defensive	Reduced	1,254,014	-184,386	$166,495,438	+12.0%	1.14%
FDX	Fedex Corp Industrials	Added	553,129	+225,856	$159,776,842	+107.0%	1.09%
MS	Morgan Stanley Financial Services	Reduced	877,171	-16,791	$155,724,167	+9.6%	1.06%
MDT	Medtronic plc Healthcare	Added	1,584,743	+64,466	$152,230,412	+5.1%	1.04%
GPN	Global Payments Inc Industrials	Added	1,888,747	+237,499	$146,189,017	+6.6%	1.00%
AMGN	Amgen Inc Healthcare	Added	427,722	+57,626	$139,997,687	+34.0%	0.96%
QCOM	Qualcomm Inc/De Technology	Reduced	756,299	-14,867	$129,364,943	+0.8%	0.88%
DAL	Delta Air Lines, Inc. Industrials	Reduced	1,838,051	-112,701	$127,560,739	+15.2%	0.87%
AER	AerCap Holdings N.V. Industrials	Reduced	873,309	-288,780	$125,546,901	−10.7%	0.86%
MTB	M&T Bank Corp Financial Services	Added	584,386	+113,108	$117,742,091	+26.4%	0.80%
GM	General Motors Co Consumer Cyclical	Reduced	1,412,993	-1,481,772	$114,904,590	−34.9%	0.79%
CRM	Salesforce, Inc. Technology	Added	415,202	+49,874	$109,991,161	+27.0%	0.75%
LMT	Lockheed Martin Corp Industrials	Reduced	225,122	-1,940	$108,884,757	−3.9%	0.74%
IBM	International Business Machines Corp Technology	Reduced	364,334	-21,167	$107,919,374	−0.8%	0.74%
WTW	Willis Towers Watson PLC Financial Services	Added	328,291	+38,549	$107,876,422	+7.8%	0.74%
GILD	Gilead Sciences, Inc. Healthcare	Added	861,496	+158,393	$105,740,019	+35.5%	0.72%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	417,673	-8,055	$100,726,020	−5.9%	0.69%
ON	On Semiconductor Corp Technology	Added	1,847,377	+275,079	$100,035,464	+29.0%	0.68%
MRK	Merck & Co., Inc. Healthcare	Added	905,795	+818,978	$95,343,981	+1208.5%	0.65%
EOG	Eog Resources Inc Energy	Added	892,095	+30,241	$93,678,895	−3.1%	0.64%
KMB	Kimberly Clark Corp Consumer Defensive	Added	922,106	+507,339	$93,031,274	+80.4%	0.64%
ADBE	Adobe Inc. Technology	Added	262,757	+46,460	$91,962,322	+20.5%	0.63%
TMUS	T-Mobile US, Inc. Communication Services	Added	440,280	+8,035	$89,394,451	−13.6%	0.61%
HCA	HCA Healthcare, Inc. Healthcare	Reduced	191,451	-4,036	$89,380,813	+7.3%	0.61%
UNP	Union Pacific Corp Industrials	Added	384,313	+108,333	$88,899,283	+36.3%	0.61%
HON	Honeywell International Inc Industrials	Added	452,541	+85,361	$88,286,223	+21.2%	0.60%
CI	Cigna Group Healthcare	Added	301,723	+113,805	$83,043,221	+53.3%	0.57%
MET	Metlife Inc Financial Services	Added	1,046,639	+30,468	$82,621,682	−1.3%	0.56%
HUM	Humana Inc Healthcare	Added	313,859	+75,457	$80,388,705	+29.6%	0.55%
ANF	Abercrombie & Fitch Co /De/ Consumer Cyclical	Reduced	637,848	-118,618	$80,285,927	+24.1%	0.55%
CNQ	Canadian Natural Resources Ltd Energy	Reduced	2,285,276	-19,123	$77,356,592	+5.0%	0.53%
SRE	Sempra Utilities	Reduced	869,717	-2,026	$76,787,313	−2.1%	0.52%
EBAY	Ebay Inc Consumer Cyclical	Reduced	866,383	-10,897	$75,461,959	−5.4%	0.52%
ICLR	Icon PLC Healthcare	Added	399,813	+22,393	$72,853,924	+10.3%	0.50%
CB	Chubb Ltd Financial Services	Reduced	231,747	-4,527	$72,332,873	+8.5%	0.49%