# Brandywine Global Investment Management, LLC

> Institutional holdings reported to the SEC as of Q4 2025 on Form 13F. CIK 829108. Source: https://holderbook.com/funds/829108-brandywine-global-investment-management-llc/

- Reported value: $14.9B
- Positions: 601
- Weight of the ten largest: 20.2%
- Filed: 2026-02-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $443.0M | 1,374,890 | 3.0% | 29 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $403.8M | 1,951,088 | 2.7% | 29 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $328.5M | 5,972,520 | 2.2% | 29 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $319.0M | 3,422,909 | 2.1% | 29 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $314.7M | 2,696,496 | 2.1% | 29 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $303.8M | 12,229,088 | 2.0% | 29 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $241.8M | 2,009,194 | 1.6% | 2 |
| GOLDMAN SACHS GROUP INC | [GS](https://holderbook.com/stocks/GS/) | $226.4M | 257,578 | 1.5% | 29 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $220.5M | 704,629 | 1.5% | 12 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $216.1M | 2,723,074 | 1.4% | 29 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $209.8M | 3,357,243 | 1.4% | 29 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $208.5M | 6,975,368 | 1.4% | 29 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $199.8M | 1,391,861 | 1.3% | 5 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $195.3M | 1,717,034 | 1.3% | 22 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $175.5M | 4,309,428 | 1.2% | 10 |
| DOLLAR GEN CORP | [DG](https://holderbook.com/stocks/DG/) | $166.5M | 1,254,014 | 1.1% | 7 |
| FEDEX CORP | [FDX](https://holderbook.com/stocks/FDX/) | $159.8M | 553,129 | 1.1% | 24 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $155.7M | 877,171 | 1.0% | 29 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $152.2M | 1,584,743 | 1.0% | 27 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $146.2M | 1,888,747 | 1.0% | 17 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $140.0M | 427,722 | 0.9% | 29 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $129.4M | 756,299 | 0.9% | 5 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $127.6M | 1,838,051 | 0.9% | 16 |
| AERCAP HOLDINGS NV | [AER](https://holderbook.com/stocks/AER/) | $125.5M | 873,309 | 0.8% | 29 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $117.7M | 584,386 | 0.8% | 9 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $114.9M | 1,412,993 | 0.8% | 29 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $110.0M | 415,202 | 0.7% | 3 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $108.9M | 225,122 | 0.7% | 12 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $107.9M | 364,334 | 0.7% | 19 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $107.9M | 328,291 | 0.7% | 18 |
| GILEAD SCIENCES INC | [GILD](https://holderbook.com/stocks/GILD/) | $105.7M | 861,496 | 0.7% | 6 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $100.7M | 417,673 | 0.7% | 21 |
| ON SEMICONDUCTOR CORP | [ON](https://holderbook.com/stocks/ON/) | $100.0M | 1,847,377 | 0.7% | 7 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $95.3M | 905,795 | 0.6% | 29 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $93.7M | 892,095 | 0.6% | 21 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $93.0M | 922,106 | 0.6% | 7 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $92.0M | 262,757 | 0.6% | 3 |
| T-MOBILE US INC | [TMUS](https://holderbook.com/stocks/TMUS/) | $89.4M | 440,280 | 0.6% | 20 |
| HCA HEALTHCARE INC | [HCA](https://holderbook.com/stocks/HCA/) | $89.4M | 191,451 | 0.6% | 29 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $88.9M | 384,313 | 0.6% | 3 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $88.3M | 452,541 | 0.6% | 8 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $83.0M | 301,723 | 0.6% | 23 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $82.6M | 1,046,639 | 0.6% | 29 |
| ECHOSTAR CORP | - | $80.9M | 24,218,011 | 0.5% | 5 |
| HUMANA INC | [HUM](https://holderbook.com/stocks/HUM/) | $80.4M | 313,859 | 0.5% | 5 |
| ABERCROMBIE & FITCH CO | [ANF](https://holderbook.com/stocks/ANF/) | $80.3M | 637,848 | 0.5% | 3 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $77.4M | 2,285,276 | 0.5% | 29 |
| SEMPRA | [SRE](https://holderbook.com/stocks/SRE/) | $76.8M | 869,717 | 0.5% | 14 |
| EBAY INC. | [EBAY](https://holderbook.com/stocks/EBAY/) | $75.5M | 866,383 | 0.5% | 10 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $72.3M | 231,747 | 0.5% | 29 |
| ICON PUB LTD CO | [ICLR](https://holderbook.com/stocks/ICLR/) | $71.7M | 399,813 | 0.5% | 4 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $71.2M | 713,007 | 0.5% | 4 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $71.2M | 2,857,645 | 0.5% | 29 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $69.0M | 481,295 | 0.5% | 28 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $67.5M | 5,423,976 | 0.5% | 21 |
| ALTRIA GROUP INC | [MO](https://holderbook.com/stocks/MO/) | $67.2M | 1,165,851 | 0.5% | 20 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $66.8M | 1,161,285 | 0.4% | 29 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $66.7M | 902,437 | 0.4% | 7 |
| PAYPAL HLDGS INC | [PYPL](https://holderbook.com/stocks/PYPL/) | $65.3M | 1,118,334 | 0.4% | 8 |
| CONOCOPHILLIPS | [COP](https://holderbook.com/stocks/COP/) | $64.9M | 693,506 | 0.4% | 29 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $63.8M | 306,489 | 0.4% | 29 |
| EDISON INTL | [EIX](https://holderbook.com/stocks/EIX/) | $62.7M | 1,043,859 | 0.4% | 18 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $62.4M | 810,693 | 0.4% | 29 |
| ANNALY CAPITAL MANAGEMENT IN | [NLY](https://holderbook.com/stocks/NLY/) | $62.0M | 2,771,945 | 0.4% | 6 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $61.0M | 1,579,252 | 0.4% | 7 |
| SYSCO CORP | [SYY](https://holderbook.com/stocks/SYY/) | $59.9M | 813,340 | 0.4% | 9 |
| FIRSTENERGY CORP | [FE](https://holderbook.com/stocks/FE/) | $59.5M | 1,329,624 | 0.4% | 23 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $58.8M | 367,504 | 0.4% | 5 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $58.3M | 200,865 | 0.4% | 29 |
| SANOFI SA | [SNY](https://holderbook.com/stocks/SNY/) | $58.2M | 1,200,571 | 0.4% | 8 |
| CABLE ONE INC | - | $57.4M | 70,351,000 | 0.4% | 9 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $57.4M | 781,017 | 0.4% | 16 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $57.1M | 250,851 | 0.4% | 6 |
| D R HORTON INC | [DHI](https://holderbook.com/stocks/DHI/) | $56.4M | 391,512 | 0.4% | 29 |
| BIOMARIN PHARMACEUTICAL INC | [BMRN](https://holderbook.com/stocks/BMRN/) | $56.2M | 945,847 | 0.4% | 2 |
| HOST HOTELS & RESORTS INC | [HST](https://holderbook.com/stocks/HST/) | $56.1M | 3,163,450 | 0.4% | 4 |
| EVERSOURCE ENERGY | [ES](https://holderbook.com/stocks/ES/) | $55.8M | 829,120 | 0.4% | 2 |
| VONTIER CORPORATION | [VNT](https://holderbook.com/stocks/VNT/) | $55.6M | 1,495,686 | 0.4% | 20 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $55.4M | 3,446,910 | 0.4% | 2 |
| GSK PLC | [GSK](https://holderbook.com/stocks/GSK/) | $54.7M | 1,116,087 | 0.4% | 14 |
| REGAL REXNORD CORPORATION | [RRX](https://holderbook.com/stocks/RRX/) | $54.4M | 387,424 | 0.4% | 4 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $53.7M | 1,404,000 | 0.4% | 1 |
| GENERAL DYNAMICS CORP | [GD](https://holderbook.com/stocks/GD/) | $53.6M | 159,113 | 0.4% | 3 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $52.4M | 982,886 | 0.4% | 29 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $52.3M | 611,195 | 0.4% | 17 |
| ISHARES TR | [IWD](https://holderbook.com/stocks/IWD/) | $51.0M | 242,573 | 0.3% | 29 |
| MIDDLEBY CORP | [MIDD](https://holderbook.com/stocks/MIDD/) | $50.2M | 337,939 | 0.3% | 11 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $50.2M | 384,282 | 0.3% | 15 |
| DUKE ENERGY CORP NEW | [DUK](https://holderbook.com/stocks/DUK/) | $50.0M | 426,984 | 0.3% | 29 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $48.4M | 351,366 | 0.3% | 21 |
| CONAGRA BRANDS INC | [CAG](https://holderbook.com/stocks/CAG/) | $47.3M | 2,734,874 | 0.3% | 18 |
| CELANESE CORP DEL | [CE](https://holderbook.com/stocks/CE/) | $47.3M | 1,119,658 | 0.3% | 7 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $46.8M | 540,879 | 0.3% | 1 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $46.0M | 439,378 | 0.3% | 5 |
| CNH INDL N V | [CNH](https://holderbook.com/stocks/CNH/) | $45.7M | 4,961,457 | 0.3% | 5 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $45.6M | 392,700 | 0.3% | 29 |
| CENCORA INC | [COR](https://holderbook.com/stocks/COR/) | $45.2M | 133,773 | 0.3% | 29 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $44.4M | 757,626 | 0.3% | 29 |
| SYNCHRONY FINANCIAL | [SYF](https://holderbook.com/stocks/SYF/) | $43.7M | 523,715 | 0.3% | 29 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $43.6M | 1,202,015 | 0.3% | 12 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2025 | +3.4% | +2.4% | +1.1% | 99% |
| Q3 2025 | +5.8% | +7.8% | -2.1% | 99% |
| Q2 2025 | +3.0% | +10.5% | -7.4% | 99% |
| Q1 2025 | +1.1% | -4.6% | +5.6% | 99% |
| Q4 2024 | -1.6% | +2.1% | -3.7% | 98% |
| Q3 2024 | +7.7% | +5.4% | +2.2% | 99% |
| Q2 2024 | -4.0% | +4.0% | -8.0% | 99% |
| Q1 2024 | +9.6% | +10.0% | -0.5% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2025 | $14.9B | 601 |
| Q3 2025 | $14.6B | 598 |
| Q2 2025 | $14.2B | 572 |
| Q1 2025 | $13.9B | 558 |
| Q4 2024 | $13.8B | 557 |
| Q3 2024 | $15.0B | 669 |
| Q2 2024 | $13.4B | 686 |
| Q1 2024 | $13.8B | 696 |
| Q4 2023 | $12.4B | 684 |
| Q3 2023 | $11.4B | 686 |
| Q2 2023 | $12.0B | 694 |
| Q1 2023 | $24.8B | 704 |