CIK: 0000829108
Total reported value
$14.9B
Reporting period: 2025-12-31 · Number of holdings: 601
Brandywine Global Investment Management, LLC disclosed 601 holdings in its latest 13F filing for the period ending 2025-12-31, with total reported value of $14.9B and a quarterly turnover rate of 25.6%.
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Brandywine Global Investment Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.008 — mathematically equivalent to about 122 equally-sized positions, well below its 601 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.98), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 44% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim CSCO
-63.2% -$88.2M
Add MRK
+943.3% $88.1M
Add GS
+49.0% $88.8M
Add FDX
+69.0% $82.6M
Trim FMC
-98.1% -$76.1M
Trim GM
-51.2% -$61.6M
Brandywine is systematically rotating capital from underperforming laggards (ABBV, DE, CSCO) into the quarter's momentum winners (GS, MRK, FDX, PEP), signaling a pure systematic momentum-harvesting strategy. This is not defensive hedging — it's an active Alpha play exploiting relative-strength trends with conviction sizing.
The portfolio's massive Financials overweight (29%) and additions to GS and FDX telegraph a bet on a durable expansion with steepening curve and resilient activity. The opposing thesis: this momentum trade is late-cycle consensus, leaving the portfolio exposed to an inflection where growth slows, rates drop, and momentum leadership reverses violently.
The structural vulnerability is pure Factor Crowding — a momentum-contrarian score of 100 means Brandywine is a levered proxy for the momentum factor itself, already a crowded trade across quant funds. When momentum crashes (as it does in regime shifts), all 601 positions correlate to the same factor unwind, making diversification irrelevant in a simultaneous de-leveraging.
Generated by AI based on public SEC filings. Reflects past holdings only and should not be treated as investment advice.
Showing top 200 holdings (of 601 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.97% | — | -4.76% | |
| 2 | JNJ | Johnson & Johnson | Stock-Healthcare | 2.71% | +0.22% | -0.17% | |
| 3 | BAC | Bank Of America CORP | Stock-Financials | 2.20% | — | -2.05% | |
| 4 | WFC | Wells Fargo & Co | Stock-Financials | 2.14% | +0.15% | -1.00% | |
| 5 | C | Citigroup INC | Stock-Financials | 2.11% | +0.17% | -3.02% | |
| 6 | T | At&t INC | Stock-Comm Services | 2.04% | -0.25% | +3.64% | |
| 7 | XOM | Exxon Mobil CORP | Stock-Energy | 1.62% | +0.34% | +21.41% | |
| 8 | GS | Goldman Sachs Group INC | Stock-Financials | 1.52% | +0.58% | +49.03% | |
| 9 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.48% | +0.28% | -2.32% | |
| 10 | CVS | Cvs Health CORP | Stock-Healthcare | 1.45% | -0.17% | -13.21% | |
| 11 | KR | Kroger Co | Stock-Consumer Staples | 1.41% | — | +10.14% | |
| 12 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 1.40% | -0.41% | -16.98% | |
| 13 | PEP | Pepsico INC | Stock-Consumer Staples | 1.34% | +0.40% | +42.39% | |
| 14 | DIS | Walt Disney Co/the | Stock-Comm Services | 1.31% | — | +2.50% | |
| 15 | VZ | Verizon Communications INC | Stock-Comm Services | 1.18% | — | +4.07% | |
| 16 | DG | Dollar General CORP | Stock-Consumer Staples | 1.12% | — | -12.82% | |
| 17 | FDX | Fedex CORP | Stock-Industrials | 1.07% | +0.54% | +69.01% | |
| 18 | MS | Morgan Stanley | Stock-Financials | 1.04% | — | -1.88% | |
| 19 | MDT | Medtronic plc | Stock-Healthcare | 1.02% | — | +4.24% | |
| 20 | GPN | Global Payments INC | Stock-Industrials | 0.98% | — | +14.38% | |
| 21 | AMGN | Amgen INC | Stock-Healthcare | 0.94% | +0.22% | +15.57% | |
| 22 | QCOM | Qualcomm INC | Stock-Tech | 0.87% | — | -1.93% | |
| 23 | DAL | Delta Air Lines INC | Stock-Industrials | 0.86% | — | -5.78% | |
| 24 | AER | AerCap Holdings N.V. | Stock-Industrials | 0.84% | — | -24.85% | |
| 25 | MTB | M & T Bank CORP | Stock-Financials | 0.79% | +0.15% | +24.00% | |
| 26 | GM | General Motors Co | Stock-Consumer Disc | 0.77% | -0.44% | -51.19% | |
| 27 | CRM | Salesforce INC | Stock-Tech | 0.74% | +0.15% | +13.65% | |
| 28 | LMT | Lockheed Martin CORP | Stock-Industrials | 0.73% | — | -0.85% | |
| 29 | IBM | Intl Business Machines CORP | Stock-Tech | 0.72% | — | -5.49% | |
| 30 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 0.72% | — | +13.30% | |
| 31 | GILD | Gilead Sciences INC | Stock-Healthcare | 0.71% | +0.17% | +22.53% | |
| 32 | LOW | Lowe's Cos INC | Stock-Consumer Disc | 0.68% | — | -1.89% | |
| 33 | ON | On Semiconductor | Stock-Tech | 0.67% | +0.14% | +17.50% | |
| 34 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.64% | +0.59% | +943.34% | |
| 35 | EOG | Eog Resources INC | Stock-Energy | 0.63% | — | +3.51% | |
| 36 | KMB | Kimberly-clark CORP | Stock-Consumer Staples | 0.62% | +0.27% | +122.32% | |
| 37 | ADBE | Adobe INC | Stock-Tech | 0.62% | — | +21.48% | |
| 38 | TMUS | T-mobile US INC | Stock-Comm Services | 0.60% | — | +1.86% | |
| 39 | HCA | Hca Healthcare INC | Stock-Healthcare | 0.60% | — | -2.06% | |
| 40 | UNP | Union Pacific CORP | Stock-Industrials | 0.60% | +0.15% | +39.25% | |
| 41 | HON | Honeywell International INC | Stock-Industrials | 0.59% | — | +23.25% | |
| 42 | CI | THE Cigna Group | Stock-Healthcare | 0.56% | +0.19% | +60.56% | |
| 43 | MET | Metlife INC | Stock-Financials | 0.55% | — | +3.00% | |
| 44 | ECHO 3.875 11-30-30 | Echostar CORP | Stock-Comm Services | 0.54% | +0.20% | +20.24% | |
| 45 | HUM | Humana INC | Stock-Healthcare | 0.54% | — | +31.65% | |
| 46 | ANF | Abercrombie & Fitch Co-cl A | Stock-Consumer Disc | 0.54% | — | -15.68% | |
| 47 | CNQ | Canadian Natural Resources | Stock-Energy | 0.52% | — | -0.83% | |
| 48 | SRE | Sempra | Stock-Utilities | 0.51% | — | -0.23% | |
| 49 | EBAY | Ebay INC | Stock-Consumer Disc | 0.51% | — | -1.24% | |
| 50 | CB | Chubb Limited | Stock-Financials | 0.49% | — | -1.92% |
Performance for Q3 2026
+3.1%
Performance Last 4 Quarters
+20.3%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-12-31 | 601 | $14.9B | 26 | |
| 2025-09-30 | 598 | $14.6B | 47 | |
| 2025-06-30 | 572 | $14.2B | 0 | |
| 2025-03-31 | 558 | $13.9B | 100 | |
| 2024-12-31 | 557 | $13.8B | 0 | |
| 2024-09-30 | 669 | $15.0B | 0 | |
| 2024-06-30 | 686 | $13.4B | 0 | |
| 2024-03-31 | 696 | $13.8B | 0 | |
| 2023-12-31 | 684 | $12.4B | 0 | |
| 2023-09-30 | 686 | $11.4B | 0 | |
| 2023-06-30 | 694 | $12.0B | 0 | |
| 2023-03-31 | 704 | $12.4B | 0 | |
| 2022-12-31 | 719 | $12.8B | 0 | |
| 2022-09-30 | 731 | $10.7B | 0 | |
| 2022-06-30 | 719 | $11.5B | 0 | |
| 2022-03-31 | 712 | $13.7B | 0 | |
| 2021-12-31 | 695 | $14.0B | 0 | |
| 2021-09-30 | 676 | $13.2B | 0 | |
| 2021-06-30 | 681 | $13.5B | 99 | |
| 2021-03-31 | 671 | $13.3B | 36 | |
| 2020-12-31 | 627 | $12.0B | 48 | |
| 2020-09-30 | 589 | $10.2B | 29 | |
| 2020-06-30 | 743 | $9.8B | 36 | |
| 2020-03-31 | 792 | $8.4B | 62 | |
| 2019-12-31 | 814 | $14.2B | 21 | |
| 2019-09-30 | 825 | $13.6B | 20 | |
| 2019-06-30 | 821 | $14.5B | 26 | |
| 2019-03-31 | 842 | $14.5B | 27 | |
| 2018-12-31 | 825 | $13.5B | 38 | |
| 2018-09-30 | 844 | $16.0B | 21 | |
| 2018-06-30 | 874 | $15.7B | 23 | |
| 2018-03-31 | 892 | $15.9B | 21 | |
| 2017-12-31 | 881 | $16.7B | 27 | |
| 2017-09-30 | 877 | $15.8B | 22 | |
| 2017-06-30 | 889 | $15.7B | 20 | |
| 2017-03-31 | 915 | $15.8B | 26 | |
| 2016-12-31 | 926 | $15.7B | 25 | |
| 2016-09-30 | 934 | $15.2B | 22 | |
| 2016-06-30 | 930 | $14.8B | 23 | |
| 2016-03-31 | 962 | $15.3B | 31 | |
| 2015-12-31 | 939 | $15.7B | 31 | |
| 2015-09-30 | 982 | $15.3B | 27 | |
| 2015-06-30 | 979 | $16.0B | 17 | |
| 2015-03-31 | 984 | $15.5B | 26 | |
| 2014-12-31 | 991 | $14.9B | 29 | |
| 2014-09-30 | 958 | $13.6B | 25 | |
| 2014-06-30 | 961 | $12.8B | 23 | |
| 2014-03-31 | 932 | $11.5B | 26 | |
| 2013-12-31 | 973 | $10.9B | 27 | |
| 2013-09-30 | 980 | $10.1B | 24 | |
| 2013-06-30 | 1008 | $9.7B | 0 |
Brandywine Global Investment Management, LLC's most significant position changes for 2025-12-31: Sold out: Abbvie INC (ABBV); Sold out: Deere & Co (DE); New buy: Smurfit Westrock Plc (SW); Sold out: CRH plc (CRH); New buy: Diageo Plc-sponsored Adr (DEO).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MRK | Merck & Co. INC. | +0.6% | +943.34% | Add |
| 2 | GS | Goldman Sachs Group INC | +0.6% | +49.03% | Add |
| 3 | FDX | Fedex CORP | +0.5% | +69.01% | Add |
| 4 | PEP | Pepsico INC | +0.4% | +42.39% | Add |
| 5 | XOM | Exxon Mobil CORP | +0.3% | +21.41% | Add |
| 6 | MIDD | Middleby CORP | +0.3% | +804.50% | Add |
| 7 | GOOGL | Alphabet Inc-cl A | +0.3% | -2.32% | Trim |
| 8 | KMB | Kimberly-clark CORP | +0.3% | +122.32% | Add |
| 9 | JNJ | Johnson & Johnson | +0.2% | -0.17% | Trim |
| 10 | AMGN | Amgen INC | +0.2% | +15.57% | Add |
| 11 | PG | Procter & Gamble Co/the | +0.2% | +98.93% | Add |
| 12 | ECHO 3.875 11-30-30 | Echostar CORP | +0.2% | +20.24% | Add |
| 13 | PFE | Pfizer INC | +0.2% | +77.78% | Add |
| 14 | CI | THE Cigna Group | +0.2% | +60.56% | Add |
| 15 | CNH | CNH Industrial N.V. | +0.2% | +186.08% | Add |
| 16 | C | Citigroup INC | +0.2% | -3.02% | Trim |
| 17 | GILD | Gilead Sciences INC | +0.2% | +22.53% | Add |
| 18 | WFC | Wells Fargo & Co | +0.2% | -1.00% | Trim |
| 19 | MTB | M & T Bank CORP | +0.2% | +24.00% | Add |
| 20 | UNP | Union Pacific CORP | +0.2% | +39.25% | Add |
| 21 | VTRS | Viatris INC | +0.2% | +22.10% | Add |
| 22 | CRM | Salesforce INC | +0.2% | +13.65% | Add |
| 23 | ON | On Semiconductor | +0.1% | +17.50% | Add |
| 24 | CVS | Cvs Health CORP | -0.2% | -13.21% | Trim |
| 25 | AZNN | Astrazeneca Plc-spons Adr | -0.2% | -95.21% | Trim |
| 26 | CCK | Crown Holdings INC | -0.2% | -76.10% | Trim |
| 27 | ABEV | Ambev Sa-adr | -0.3% | -98.17% | Trim |
| 28 | T | At&t INC | -0.3% | +3.64% | Add |
| 29 | CVX | Chevron CORP | -0.3% | -99.43% | Trim |
| 30 | MU | Micron Technology INC | -0.4% | -99.56% | Trim |
| 31 | CMCSA | Comcast Corp-class A | -0.4% | -16.98% | Trim |
| 32 | GM | General Motors Co | -0.4% | -51.19% | Trim |
| 33 | FMC | Fmc CORP | -0.5% | -98.14% | Trim |
| 34 | CSCO | Cisco Systems INC | -0.6% | -63.17% | Trim |
| 35 | ABBV | Abbvie INC | — | EXIT | Sold out |
| 36 | DE | Deere & Co | — | EXIT | Sold out |
| 37 | SW | Smurfit Westrock Plc | — | NEW | New buy |
| 38 | CRH | CRH plc | — | EXIT | Sold out |
| 39 | DEO | Diageo Plc-sponsored Adr | — | NEW | New buy |
| 40 | NSC | Norfolk Southern CORP | — | EXIT | Sold out |
| 41 | APO | Apollo Global Management INC | — | EXIT | Sold out |
| 42 | ITW | Illinois Tool Works | — | NEW | New buy |
| 43 | FANG | Diamondback Energy INC | — | NEW | New buy |
| 44 | LNG | Cheniere Energy INC | — | NEW | New buy |
| 45 | OI | O-i Glass INC | — | NEW | New buy |
| 46 | OGN | Organon & Co | — | EXIT | Sold out |
| 47 | MGM | Mgm Resorts International | — | EXIT | Sold out |
| 48 | AMAT | Applied Materials INC | — | EXIT | Sold out |
| 49 | CAH | Cardinal Health INC | — | EXIT | Sold out |
| 50 | SDA | Sealed Air CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-12 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-13 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-25 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-13 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-10 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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