Brandywine Global Investment Management Portfolio holdings
Brandywine Global Investment Management, founded in 1986, runs stock, bond and balanced portfolios across U.S., international and global markets, and is an indirect subsidiary of Franklin Templeton. Its bond teams concentrate on countries with above-average inflation-adjusted interest rates, buying the bonds with the highest real yields around the world. On the stock side, one team picks companies whose shares look cheap but should return to normal valuations, while another builds widely diversified portfolios of stocks with low value-based ratios. The bond team sits within Franklin Templeton Fixed Income Group and the equity teams within Franklin Equity Group, but Brandywine makes its own investment decisions. It is also hired to manage money for other firms' mutual funds, and it serves endowments, foundations, public retirement plans, insurance companies and high net worth investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Merck
MRK
|
+$76.9M |
| 2 |
Goldman Sachs
GS
|
+$69.1M |
| 3 |
PepsiCo
PEP
|
+$60.9M |
| 4 |
FedEx
FDX
|
+$59.3M |
| 5 |
Kimberly-Clark
KMB
|
+$55.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AbbVie
ABBV
|
+$115M |
| 2 |
General Motors
GM
|
+$104M |
| 3 |
Cisco
CSCO
|
+$103M |
| 4 |
Deere & Co
DE
|
+$99.1M |
| 5 |
Micron Technology
MU
|
+$73.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.63% |
| 2 | Healthcare | 14.29% |
| 3 | Industrials | 10.83% |
| 4 | Communication Services | 8.98% |
| 5 | Consumer Staples | 8.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
JPMorgan Chase
JPM
$912B
| $443M | 2.97% |
1,374,890
-68,745
| -5% | -$21.3M |
2013 Q2
50 quarters
|
|
2
Johnson & Johnson
JNJ
$668B
| $404M | 2.71% |
1,951,088
-3,290
| -0.2% | -$651K |
2014 Q3
45 quarters
|
|
3
Bank of America
BAC
$349B
| $328M | 2.2% |
5,972,520
-124,903
| -2% | -$6.6M |
2013 Q2
50 quarters
|
|
4
Wells Fargo
WFC
$257B
| $319M | 2.14% |
3,422,909
-34,624
| -1% | -$3.01M |
2013 Q2
50 quarters
|
|
5
Citigroup
C
$206B
| $315M | 2.11% |
2,696,496
-83,983
| -3% | -$8.72M |
2013 Q2
50 quarters
|
|
6
AT&T
T
$148B
| $304M | 2.04% |
12,229,088
+429,275
| +4% | +$10.9M |
2016 Q3
37 quarters
|
|
7
ExxonMobil
XOM
$675B
| $242M | 1.62% |
2,009,194
+354,333
| +21% | +$41.1M |
2025 Q3
1 quarter
|
|
|
8
Goldman Sachs
GS
$269B
| $226M | 1.52% |
257,578
+84,744
| +49% | +$69.1M |
2013 Q2
50 quarters
|
|
9
Alphabet (Google) Class A
GOOGL
$3.61T
| $221M | 1.48% |
704,629
-16,723
| -2% | -$4.78M |
2023 Q1
11 quarters
|
|
10
CVS Health
CVS
$113B
| $216M | 1.45% |
2,723,074
-414,402
| -13% | -$32.7M |
2017 Q2
34 quarters
|
|
11
Kroger
KR
$40.4B
| $210M | 1.41% |
3,357,243
+309,064
| +10% | +$20.2M |
2017 Q3
33 quarters
|
|
12
Comcast
CMCSA
$87.7B
| $208M | 1.4% |
6,975,368
-1,426,711
| -17% | -$40.7M |
2016 Q2
38 quarters
|
|
|
13
PepsiCo
PEP
$193B
| $200M | 1.34% |
1,391,861
+414,393
| +42% | +$60.9M |
2024 Q4
4 quarters
|
|
14
Walt Disney
DIS
$206B
| $195M | 1.31% |
1,717,034
+41,807
| +2% | +$4.6M |
2020 Q3
21 quarters
|
|
15
Verizon
VZ
$192B
| $176M | 1.18% |
4,309,428
+168,597
| +4% | +$6.84M |
2023 Q3
9 quarters
|
|
16
Dollar General
DG
$30.1B
| $166M | 1.12% |
1,254,014
-184,386
| -13% | -$20.6M |
2024 Q2
6 quarters
|
|
|
17
FedEx
FDX
$75.1B
| $160M | 1.07% |
553,129
+225,856
| +69% | +$59.3M |
2020 Q1
23 quarters
|
|
18
Morgan Stanley
MS
$298B
| $156M | 1.04% |
877,171
-16,791
| -2% | -$2.8M |
2013 Q2
50 quarters
|
|
19
Medtronic
MDT
$129B
| $152M | 1.02% |
1,584,743
+64,466
| +4% | +$6.26M |
2019 Q2
26 quarters
|
|
20
Global Payments
GPN
$26.6B
| $146M | 0.98% |
1,888,747
+237,499
| +14% | +$19.1M |
2021 Q4
16 quarters
|
|
21
Amgen
AMGN
$250B
| $140M | 0.94% |
427,722
+57,626
| +16% | +$18.3M |
2013 Q2
50 quarters
|
|
22
Qualcomm
QCOM
$194B
| $129M | 0.87% |
756,299
-14,867
| -2% | -$2.55M |
2024 Q4
4 quarters
|
|
23
Delta Air Lines
DAL
$60.3B
| $128M | 0.86% |
1,838,051
-112,701
| -6% | -$7.04M |
2022 Q1
15 quarters
|
|
24
AerCap
AER
$26.8B
| $126M | 0.84% |
873,309
-288,780
| -25% | -$38.2M |
2016 Q1
39 quarters
|
|
25
M&T Bank
MTB
$31.7B
| $118M | 0.79% |
584,386
+113,108
| +24% | +$21.6M |
2023 Q4
8 quarters
|
|
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Brandywine Global Investment Management's Q4 2025 Portfolio in Review
As of Q4 2025, Brandywine Global Investment Management held 666 positions worth $14.9B, up 2.3% from $14.6B the previous quarter. Its ten largest holdings account for 20% of the portfolio.
Brandywine Global Investment Management's Q4 2025 filing shows 69 new, 144 increased, 371 reduced and 65 closed positions. Its largest new stake was Smurfit Westrock: 1,404,000 shares worth $53.7M. The largest sale was AbbVie, an estimated $115M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 24% a quarter earlier, followed by Healthcare and Industrials.
- Brandywine Global Investment Management's largest Q4 2025 buy was Smurfit Westrock: 1,404,000 shares worth $53.7M.
- Brandywine Global Investment Management added most to Merck in Q4 2025, an estimated $76.9M increase.
- Brandywine Global Investment Management's biggest Q4 2025 reduction was General Motors, cutting an estimated $104M.
- Brandywine Global Investment Management fully exited AbbVie in Q4 2025, selling an estimated $115M.
- Brandywine Global Investment Management's ten largest holdings make up 20% of its $14.9B portfolio in Q4 2025.
- Brandywine Global Investment Management opened 69 new positions and closed 65 in Q4 2025.
- Brandywine Global Investment Management's portfolio value rose 2.3% quarter-over-quarter to $14.9B.
Based on Brandywine Global Investment Management's 13F filing for Q4 2025, filed 11 Feb 2026.