Brandywine Global Investment Management, LLC

Registered adviser

CIK

829108

Location

Philadelphia, PA

Portfolio Value

Large $14,715,343,298

Diversification

Diversified

Files via

FRANKLIN RESOURCES INC

Filing Date

Global Rank

#377 / 8,853 ▲ 4 · as of Dec 2025

Top Industry

Banks - Diversified 9.9%

Period ended 10 months ago

Filed Feb 11, 2026 · 9mo

24 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 110783

Roster of Nov 1, 2026

Regulatory AUM

$65,444,378,166

Main clients

Diversified

Private funds

15 funds · Other private funds

Focus by gross assets, Schedule D of Dec 20, 2024

$3,848,132,299 gross assets

LEI

8GTBE30G9EQQ2JEJZ302

Private funds on Schedule D 7.B.(1)

As filed Dec 20, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$4,059,183,754 gross assets in 18 funds Other private funds $3,993,531,185 (16) Hedge funds $65,652,569 (2)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Jan 2026 to Nov 2026	$65,444,378,166	Diversified
Jan 2025 to Dec 2025	$66,447,858,097	Diversified
Jan 2024 to Dec 2024	$56,026,385,835	Diversified
May 2023 to Dec 2023	$54,376,358,142	Diversified
Jan 2023 to Apr 2023	$54,376,358,142	Diversified
Jan 2022 to Dec 2022	$69,446,000,033	Diversified

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Dec 31, 2025, never from the firm's own description.

Style

Diversified active

Top 10 weight 20.5%, 119.4 effective positions, active share 75.9% against the Russell 1000 as of 2025-12-31; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Medium turnover

48.6% over the last four quarters (30% to under 100%)

Horizon

Long horizon

Value-weighted holding period 15.2 quarters (12+), a floor since 39.7% of the book was already held when coverage starts

Closest benchmark: the Russell 1000 as of 2025-12-31, active share 75.9%; sector active share 32.6% against the combined 13F book's sector weights.

Over time 24 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

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

Top Position

3.0%

−0.2 pts

Top 5

12.3%

+0.1 pts

Top 10

20.5%

+0.1 pts

HHI

Diversified+3

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	24.9%	$3,667,312,115	200
Healthcare	14.5%	$2,129,995,772	50
Industrials	11.0%	$1,615,446,741	62
Consumer Defensive	9.1%	$1,338,153,381	35
Communication Services	9.0%	$1,328,803,367	20
Consumer Cyclical	8.7%	$1,285,113,214	79
Energy	7.6%	$1,116,883,654	49
Technology	6.7%	$985,902,517	39
Utilities	4.1%	$608,712,471	23
Basic Materials	2.4%	$348,193,107	24
Real Estate	1.5%	$225,584,867	5
Unclassified	0.4%	$65,242,092	6

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	+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	$50,241,394
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
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	−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	−124,903	5,972,520	$328,488,600
ANF	Abercrombie & Fitch Co	−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	−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.	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.	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	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	110,431	$22,609,642
CAH	Cardinal Health Inc	142,524	$22,370,567
—		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	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

592 tracked positions · $14,715,343,298 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 592 positions by value · page 1 of 12

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
JPM	Jpmorgan Chase & Co Financial Services	Reduced	1,374,890	-68,745	$443,017,055	−2.7%	24+	before history	3.01%
JNJ	Johnson & Johnson Healthcare	Reduced	1,951,088	-3,290	$403,777,661	+11.4%	24+	before history	2.74%
BAC	Bank Of America Corp Financial Services	Reduced	5,972,520	-124,903	$328,488,600	+4.4%	24+	before history	2.23%
WFC	Wells Fargo & Company Financial Services	Reduced	3,422,909	-34,624	$319,015,118	+10.1%	24+	before history	2.17%
C	Citigroup Inc Financial Services	Reduced	2,696,496	-83,983	$314,654,118	+11.5%	24+	before history	2.14%
T	At&T Inc. Communication Services	Added	12,229,088	+429,275	$303,770,545	−8.8%	24+	before history	2.06%
XOM	ExxonMobil Holdings Corp Energy	Added	2,009,194	+354,333	$241,786,405	+29.6%	2	$112.02	1.64%
GS	Goldman Sachs Group Inc Financial Services	Added	257,578	+84,744	$226,411,062	+64.5%	24+	before history	1.54%
GOOGL	Alphabet Inc. Communication Services	Reduced	704,629	-16,723	$220,548,877	+25.8%	12	$180.93	1.50%
CVS	CVS HEALTH Corp Healthcare	Reduced	2,723,074	-414,402	$216,103,152	−8.6%	24+	before history	1.47%
KR	Kroger Co Consumer Defensive	Added	3,357,243	+309,064	$209,760,542	+2.1%	24+	before history	1.43%
CMCSA	Comcast Corp Communication Services	Reduced	6,975,368	-1,426,711	$208,493,593	−21.0%	24+	before history	1.42%
PEP	Pepsico Inc Consumer Defensive	Added	1,391,861	+414,393	$199,759,890	+45.5%	5	$147.85	1.36%
DIS	Walt Disney Co Communication Services	Added	1,717,034	+41,807	$195,346,958	+1.8%	22	$104.43	1.33%
VZ	Verizon Communications Inc Communication Services	Added	4,309,428	+168,597	$175,523,002	−3.6%	10	$38.14	1.19%
DG	Dollar General Corp Consumer Defensive	Reduced	1,254,014	-184,386	$166,495,438	+12.0%	7	$99.85	1.13%
FDX	Fedex Corp Industrials	Added	553,129	+225,856	$159,776,842	+107.0%	24+	before history	1.09%
MS	Morgan Stanley Financial Services	Reduced	877,171	-16,791	$155,724,167	+9.6%	24+	before history	1.06%
MDT	Medtronic plc Healthcare	Added	1,584,743	+64,466	$152,230,412	+5.1%	24+	before history	1.03%
GPN	Global Payments Inc Industrials	Added	1,888,747	+237,499	$146,189,017	+6.6%	17	$108.14	0.99%
AMGN	Amgen Inc Healthcare	Added	427,722	+57,626	$139,997,687	+34.0%	24+	before history	0.95%
QCOM	Qualcomm Inc Technology	Reduced	756,299	-14,867	$129,364,943	+0.8%	5	$154.78	0.88%
DAL	Delta Air Lines, Inc. Industrials	Reduced	1,838,051	-112,701	$127,560,739	+15.2%	16	$39.41	0.87%
AER	AerCap Holdings N.V. Industrials	Reduced	873,309	-288,780	$125,546,901	−10.7%	24+	before history	0.85%
MTB	M&T Bank Corp Financial Services	Added	584,386	+113,108	$117,742,091	+26.4%	9	$183.97	0.80%
GM	General Motors Co Consumer Cyclical	Reduced	1,412,993	-1,481,772	$114,904,590	−34.9%	24+	before history	0.78%
CRM	Salesforce, Inc. Technology	Added	415,202	+49,874	$109,991,161	+27.0%	3	$261.78	0.75%
LMT	Lockheed Martin Corp Industrials	Reduced	225,122	-1,940	$108,884,757	−3.9%	12	$462.84	0.74%
IBM	International Business Machines Corp Technology	Reduced	364,334	-21,167	$107,919,374	−0.8%	19	unpriced	0.73%
WTW	Willis Towers Watson PLC Financial Services	Added	328,291	+38,549	$107,876,422	+7.8%	18	$241.04	0.73%
GILD	Gilead Sciences, Inc. Healthcare	Added	861,496	+158,393	$105,740,019	+35.5%	6	$93.33	0.72%
LOW	Lowes Companies Inc Consumer Cyclical	Reduced	417,673	-8,055	$100,726,020	−5.9%	21	$170.20	0.68%
ON	On Semiconductor Corp Technology	Added	1,847,377	+275,079	$100,035,464	+29.0%	7	$65.08	0.68%
MRK	Merck & Co., Inc. Healthcare	Added	905,795	+818,978	$95,343,981	+1208.5%	24+	before history	0.65%
EOG	Eog Resources Inc Energy	Added	892,095	+30,241	$93,678,895	−3.1%	21	$91.05	0.64%
KMB	Kimberly Clark Corp Consumer Defensive	Added	922,106	+507,339	$93,031,274	+80.4%	7	$120.39	0.63%
ADBE	Adobe Inc. Technology	Added	262,757	+46,460	$91,962,322	+20.5%	3	$371.87	0.62%
TMUS	T-Mobile US, Inc. Communication Services	Added	440,280	+8,035	$89,394,451	−13.6%	20	$160.69	0.61%
HCA	HCA Healthcare, Inc. Healthcare	Reduced	191,451	-4,036	$89,380,813	+7.3%	24+	before history	0.61%
UNP	Union Pacific Corp Industrials	Added	384,313	+108,333	$88,899,283	+36.3%	3	$225.45	0.60%
HON	Honeywell International Inc Industrials	Added	452,541	+85,361	$88,286,227	+14.2%	8	unpriced	0.60%
CI	Cigna Group Healthcare	Added	301,723	+113,805	$83,043,221	+53.3%	23	$266.40	0.56%
MET	Metlife Inc Financial Services	Added	1,046,639	+30,468	$82,621,682	−1.3%	24+	before history	0.56%
HUM	Humana Inc Healthcare	Added	313,859	+75,457	$80,388,705	+29.6%	5	$265.88	0.55%
ANF	Abercrombie & Fitch Co Consumer Cyclical	Reduced	637,848	-118,618	$80,285,927	+24.1%	3	$76.14	0.55%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Reduced	2,285,276	-19,123	$77,356,592	+5.0%	24+	before history	0.53%
SRE	Sempra Utilities	Reduced	869,717	-2,026	$76,787,313	−2.1%	14	$79.15	0.52%
EBAY	Ebay Inc Consumer Cyclical	Reduced	866,383	-10,897	$75,461,959	−5.4%	10	$58.35	0.51%
ICLR	Icon PLC Healthcare	Added	399,813	+22,393	$72,853,924	+10.3%	4	$162.80	0.50%
CB	Chubb Ltd Financial Services	Reduced	231,747	-4,527	$72,332,873	+8.5%	24+	before history	0.49%

Showing the top 50 of 592 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

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.