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Institution

Brandywine Global Investment Management, LLC

13F for December 31, 2025, filed February 11, 2026 · SEC CIK 829108 · Holdings history from December 31, 2007

The latest available holdings for this manager are dated December 31, 2025.

Reported value
$14.9bn
94% in companies we cover
Positions we cover
561
Largest JPM 3.0%
Copy, a year
+14.2%
S&P 500 +15.4%
Copy Sharpe ratio
0.75
S&P 500 0.88

Copy-performance statistics: November 18, 2011 to May 29, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

601 reported entries for December 31, 2025.

IssuerClass / typeReported valueQuantity
MANITOWOC CO INC563571405 · MTW COM NEW $877,548 73,190
MARATHON PETE CORP56585A102 · MPC COM $5.8m 35,478
MARINEMAX INC567908108 · HZO COM $1.3m 52,240
MARKEL GROUP INC570535104 · MKL COM $11.9m 5,559
MARTIN MARIETTA MATLS INC573284106 · MLM COM $16.7m 26,839
MASCO CORP574599106 · MAS COM $9.5m 150,003
MATCH GROUP INC NEW57667L107 · MTCH COM $5.4m 168,464
MATTEL INC577081102 · MAT COM $6.0m 301,030
MDU RES GROUP INC552690109 · MDU COM $11.6m 596,653
MEDTRONIC PLCG5960L103 · MDT SHS $152.2m 1,584,743
MERCANTILE BK CORP587376104 · MBWM COM $1.6m 33,147
3M CO88579Y101 · MMM COM $58.8m 367,504
ABERCROMBIE & FITCH CO002896207 · ANF CL A $80.3m 637,848
ACADEMY SPORTS & OUTDOORS IN00402L107 · ASO COM $11.2m 224,013
ACUITY INC00508Y102 · AYI COM $7.5m 20,949
ADEIA INC00676P107 · ADEA COM $4.9m 281,963
ADIENT PLCG0084W101 · ADNT ORD SHS $3.8m 199,442
ADOBE INC00724F101 · ADBE COM $92.0m 262,757
ADT INC DEL00090Q103 · ADT COM $6.2m 766,045
ADVANCE AUTO PARTS INC00751Y106 · AAP COM $3.5m 89,651
AECOM00766T100 · ACM COM $2.8m 29,400
AERCAP HOLDINGS NVN00985106 · AER SHS $125.5m 873,309
AES CORP00130H105 · AES COM $7.2m 500,797
AFFILIATED MANAGERS GROUP IN008252108 · AMG COM $14.7m 50,902
AFLAC INC001055102 · AFL COM $34.9m 316,704
AGCO CORP001084102 · AGCO COM $5.4m 51,710
AIR PRODS & CHEMS INC009158106 · APD COM $15.6m 63,048
AIRBNB INC009066AB7 NOTE3/1 $6.2m 6,250,000
ALBEMARLE CORP012653101 · ALB COM $11.5m 81,595
ALBERTSONS COS INC013091103 · ACI COMMON STOCK $13.3m 774,086
ALCOA CORP013872106 · AA COM $9.6m 181,296
ALIBABA GROUP HLDG LTD01609W102 · BABA SPONSORED ADS $12.7m 86,528
ALLEGION PLCG0176J109 · ALLE ORD SHS $8.7m 54,621
ALLIANT ENERGY CORP018802108 · LNT COM $3.7m 57,239
ALLISON TRANSMISSION HLDGS I01973R101 · ALSN COM $1.9m 19,417
ALLSTATE CORP020002101 · ALL COM $63.8m 306,489
ALLY FINL INC02005N100 · ALLY COM $6.1m 134,681
ALPHABET INC02079K305 · GOOGL CAP STK CL A $220.5m 704,629
ALTRIA GROUP INC02209S103 · MO COM $67.2m 1,165,851
AMAZON COM INC023135106 · AMZN COM $18.7m 81,195
AMBEV SA02319V103 · ABEV SPONSORED ADR $763,107 308,950
AMC NETWORKS INC00164V103 · AMCX CL A $158,032 16,600
AMDOCS LTDG02602103 · DOX SHS $6.2m 76,763
AMERICAN COASTAL INS CORP910710102 · ACIC COM $1.4m 111,470
AMERICAN FINL GROUP INC OHIO025932104 · AFG COM $14.0m 102,223
AMERICAN INTL GROUP INC026874784 · AIG COM NEW $52.3m 611,195
AMERIPRISE FINL INC03076C106 · AMP COM $27.2m 55,525
AMERIS BANCORP03076K108 · ABCB COM $10.3m 138,231
AMGEN INC031162100 · AMGN COM $140.0m 427,722
AMPHASTAR PHARMACEUTICALS IN03209R103 · AMPH COM $2.8m 105,417
ANDERSONS INC034164103 · ANDE COM $3.5m 65,116
ANNALY CAPITAL MANAGEMENT IN035710839 · NLY COM NEW $62.0m 2,771,945
ANTERO MIDSTREAM CORP03676B102 COM $15.1m 848,947
ANTERO RESOURCES CORP03674X106 · AR COM $7.4m 215,470
APA CORPORATION03743Q108 · APA COM $6.1m 249,292
APPLE INC037833100 · AAPL COM $202,264 744
ARCH CAP GROUP LTDG0450A105 · ACGL ORD $17.1m 178,182
ARCHER DANIELS MIDLAND CO039483102 · ADM COM $66.8m 1,161,285
ARROW FINL CORP042744102 · AROW COM $317,140 10,100
ARTISAN PARTNERS ASSET MGMT04316A108 · APAM CL A $4.3m 104,950
ASBURY AUTOMOTIVE GROUP INC043436104 · ABG COM $18.0m 77,395
ASSOCIATED BANC CORP045487105 · ASB COM $6.4m 249,329
ASSURANT INC04621X108 · AIZ COM $7.0m 29,198
ASSURED GUARANTY LTDG0585R106 · AGO COM $11.0m 121,963
ASTEC INDS INC046224101 · ASTE COM $3.2m 73,470
ASTRAZENECA PLC046353108 · AZN SPONSORED ADR $1.9m 20,157
AT&T INC00206R102 · T COM $303.8m 12,229,088
ATLANTIC UN BANKSHARES CORP04911A107 · AUB COM $5.5m 155,910
AUTONATION INC05329W102 · AN COM $11.8m 57,269
AVERY DENNISON CORP053611109 · AVY COM $14.1m 77,257
AVISTA CORP05379B107 · AVA COM $9.8m 255,210
AVNET INC053807103 · AVT COM $16.3m 339,427
AXIS CAP HLDGS LTDG0692U109 · AXS SHS $11.0m 102,373
AXOS FINANCIAL INC05465C100 · AX COM $10.8m 125,371
BAIDU INC056752108 · BIDU SPON ADR REP A $50.2m 384,282
BAKER HUGHES COMPANY05722G100 · BKR CL A $28.9m 635,252
BALL CORP058498106 · BALL COM $10.1m 190,551
BANC OF CALIFORNIA INC05990K106 · BANC COM $1.7m 90,498
BANCO DE CHILE059520106 SPONSORED ADS $1.1m 29,731
BANK AMERICA CORP060505104 · BAC COM $328.5m 5,972,520
BANK NEW YORK MELLON CORP064058100 · BNY COM $45.6m 392,700
BANK OZK LITTLE ROCK ARK06417N103 COM $10.6m 230,916
BANKUNITED INC06652K103 · BKU COM $2.1m 47,909
BANNER CORP06652V208 · BANR COM NEW $1.3m 20,607
BAR HBR BANKSHARES066849100 · BHB COM $883,621 28,458
BEAZER HOMES USA INC07556Q881 · BZH COM NEW $898,164 44,310
BENCHMARK ELECTRS INC08160H101 · BHE COM $4.0m 94,130
BERKLEY W R CORP084423102 · WRB COM $15.5m 220,882
BERKSHIRE HATHAWAY INC DEL084670702 CL B NEW $12.4m 24,620
BEST BUY INC086516101 · BBY COM $4.7m 69,605
BIO RAD LABS INC090572207 · BIO CL A $4.7m 15,415
BIOMARIN PHARMACEUTICAL INC09061G101 · BMRN COM $56.2m 945,847
BJS WHSL CLUB HLDGS INC05550J101 · BJ COM $3.9m 43,123
BLACK HILLS CORP092113109 · BKH COM $16.0m 231,017
BLOCK INC852234103 · XYZ CL A $12.3m 189,650
BLOCK INC852234AK9 NOTE 0.250%11/0 $1.9m 2,000,000
BORGWARNER INC099724106 · BWA COM $6.8m 150,646
BOSTON OMAHA CORP101044105 · BOC CL A COM STK $1.5m 124,790
BOYD GAMING CORP103304101 · BYD COM $8.1m 95,427
BP PLC055622104 SPONSORED ADR $41.2m 1,186,320

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

$10.0k$20.0k$40.0k$80.0k 20112013201520172019202120232025 $80.1k$68.7k
CopyS&P 500 $10,000 copying Brandywine Global Investment Management, LLC's usable filed holdings in companies we cover from November 18, 2011, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −39.2% (S&P 500 −31.8%); beta 1.01; alpha −0.9% a year (t = −0.46); last 12 months +26.3% against +32.1%.

Reported value by quarter

Brandywine Global Investment Management, LLC: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.
$0 $500B $1T Reported value, 2008-09-30: $902B Reported value, 2009-06-30: $899B Reported value, 2011-05-12: $901.5B Reported value, 2011-08-11: $901.4B Reported value, 2011-09-30: $7.7B Reported value, 2012-06-30: $9B Reported value, 2012-09-30: $9.2B Reported value, 2012-12-31: $8.7B Reported value, 2013-03-31: $901.7B Reported value, 2013-06-30: $9.7B Reported value, 2013-09-30: $10.1B Reported value, 2013-12-31: $10.9B Reported value, 2014-03-31: $11.5B Reported value, 2014-06-30: $12.8B Reported value, 2014-09-30: $13.6B Reported value, 2014-12-31: $14.9B Reported value, 2015-03-31: $15.5B Reported value, 2015-06-30: $16B Reported value, 2015-09-30: $15.3B Reported value, 2015-12-31: $15.7B Reported value, 2016-03-31: $15.3B Reported value, 2016-06-30: $14.8B Reported value, 2016-09-30: $15.2B Reported value, 2016-12-31: $15.7B Reported value, 2017-03-31: $15.8B Reported value, 2017-06-30: $15.7B Reported value, 2017-09-30: $15.8B Reported value, 2017-12-31: $16.7B Reported value, 2018-03-31: $15.9B Reported value, 2018-06-30: $15.7B Reported value, 2018-09-30: $16B Reported value, 2018-12-31: $13.5B Reported value, 2019-03-31: $14.5B Reported value, 2019-06-30: $14.5B Reported value, 2019-09-30: $13.6B Reported value, 2019-12-31: $14.2B Reported value, 2020-03-31: $8.4B Reported value, 2020-06-30: $9.8B Reported value, 2020-09-30: $10.2B Reported value, 2020-12-31: $12B Reported value, 2021-03-31: $13.3B Reported value, 2021-06-30: $13.5B Reported value, 2021-09-30: $13.2B Reported value, 2021-12-31: $14B Reported value, 2022-03-31: $13.7B Reported value, 2022-06-30: $11.5B Reported value, 2022-09-30: $10.7B Reported value, 2022-12-31: $12.8B Reported value, 2023-03-31: $24.8B Reported value, 2023-06-30: $12B Reported value, 2023-09-30: $11.4B Reported value, 2023-12-31: $12.4B Reported value, 2024-03-31: $13.8B Reported value, 2024-06-30: $13.4B Reported value, 2024-09-30: $15B Reported value, 2024-12-31: $13.8B Reported value, 2025-03-31: $13.9B Reported value, 2025-06-30: $14.2B Reported value, 2025-09-30: $14.6B Reported value, 2025-12-31: $14.9B 2008-09-30 2014-03-31 2017-03-31 2020-03-31 2023-03-31 2025-12-31 $14.9B
View chart data
Period Reported value
2008-09-30 $902B
2009-06-30 $899B
2011-05-12 $901.5B
2011-08-11 $901.4B
2011-09-30 $7.7B
2012-06-30 $9B
2012-09-30 $9.2B
2012-12-31 $8.7B
2013-03-31 $901.7B
2013-06-30 $9.7B
2013-09-30 $10.1B
2013-12-31 $10.9B
2014-03-31 $11.5B
2014-06-30 $12.8B
2014-09-30 $13.6B
2014-12-31 $14.9B
2015-03-31 $15.5B
2015-06-30 $16B
2015-09-30 $15.3B
2015-12-31 $15.7B
2016-03-31 $15.3B
2016-06-30 $14.8B
2016-09-30 $15.2B
2016-12-31 $15.7B
2017-03-31 $15.8B
2017-06-30 $15.7B
2017-09-30 $15.8B
2017-12-31 $16.7B
2018-03-31 $15.9B
2018-06-30 $15.7B
2018-09-30 $16B
2018-12-31 $13.5B
2019-03-31 $14.5B
2019-06-30 $14.5B
2019-09-30 $13.6B
2019-12-31 $14.2B
2020-03-31 $8.4B
2020-06-30 $9.8B
2020-09-30 $10.2B
2020-12-31 $12B
2021-03-31 $13.3B
2021-06-30 $13.5B
2021-09-30 $13.2B
2021-12-31 $14B
2022-03-31 $13.7B
2022-06-30 $11.5B
2022-09-30 $10.7B
2022-12-31 $12.8B
2023-03-31 $24.8B
2023-06-30 $12B
2023-09-30 $11.4B
2023-12-31 $12.4B
2024-03-31 $13.8B
2024-06-30 $13.4B
2024-09-30 $15B
2024-12-31 $13.8B
2025-03-31 $13.9B
2025-06-30 $14.2B
2025-09-30 $14.6B
2025-12-31 $14.9B

Latest covered holdings and moves

Covered holdings as of December 31, 2025.

CompanyShare of portfolioValueSharesChange in shares
JPMJPMorgan Chase2.97%$443.0m1.37M−4.8% Reduced
JNJJohnson & Johnson2.71%$403.8m1.95M−0.2%
BACBank of America2.20%$328.5m5.97M−2.0% Reduced
WFCWells Fargo2.14%$319.0m3.42M−1.0% Reduced
CCitigroup2.11%$314.7m2.70M−3.0% Reduced
TAT&T2.04%$303.8m12.23M+3.6% Added
GSGoldman Sachs1.52%$226.4m257.6K+49.0% Added
GOOGLAlphabet Inc. (Class A)1.48%$220.5m704.6K−2.3% Reduced
CVSCVS Health1.45%$216.1m2.72M−13.2% Reduced
KRKroger1.41%$209.8m3.36M+10.1% Added
CMCSAComcast1.40%$208.5m6.98M−17.0% Reduced
PEPPepsiCo1.34%$199.8m1.39M+42.4% Added
DISThe Walt Disney Company1.31%$195.3m1.72M+2.5% Added
VZVerizon1.18%$175.5m4.31M+4.1% Added
DGDollar General1.12%$166.5m1.25M−12.8% Reduced
FDXFedEx1.07%$159.8m553.1K+69.0% Added
MSMorgan Stanley1.04%$155.7m877.2K−1.9% Reduced
MDTMedtronic1.02%$152.2m1.58M+4.2% Added
GPNGlobal Payments0.98%$146.2m1.89M+14.4% Added
AMGNAmgen0.94%$140.0m427.7K+15.6% Added
QCOMQualcomm0.87%$129.4m756.3K−1.9% Reduced
DALDelta Air Lines0.85%$127.6m1.84M−5.8% Reduced
AERAercap Holdings N.V.0.84%$125.5m873.3K−24.9% Reduced
MTBM&T Bank0.79%$117.7m584.4K+24.0% Added
GMGeneral Motors0.77%$114.9m1.41M−51.2% Reduced
CRMSalesforce0.74%$110.0m415.2K+13.7% Added
LMTLockheed Martin0.73%$108.9m225.1K−0.9% Reduced
IBMIBM0.72%$107.9m364.3K−5.5% Reduced
WTWWillis Towers Watson0.72%$107.9m328.3K+13.3% Added
GILDGilead Sciences0.71%$105.7m861.5K+22.5% Added
LOWLowe's0.68%$100.7m417.7K−1.9% Reduced
ONON Semiconductor Corp0.67%$100.0m1.85M+17.5% Added
MRKMerck & Co.0.64%$95.3m905.8K+943.3% Added
EOGEOG Resources0.63%$93.7m892.1K+3.5% Added
KMBKimberly-Clark0.62%$93.0m922.1K+122.3% Added
ADBEAdobe Inc.0.62%$92.0m262.8K+21.5% Added
TMUST-Mobile US0.60%$89.4m440.3K+1.9% Added
HCAHCA Healthcare0.60%$89.4m191.5K−2.1% Reduced
UNPUnion Pacific Corporation0.60%$88.9m384.3K+39.3% Added
CICigna0.56%$83.0m301.7K+60.6% Added
METMetLife0.55%$82.6m1.05M+3.0% Added
HUMHumana0.54%$80.4m313.9K+31.7% Added
ANFAbercrombie & Fitch Co0.54%$80.3m637.8K−15.7% Reduced
CNQCanadian Natural Resources Ltd0.52%$77.4m2.29M−0.8% Reduced
SRESempra0.52%$76.8m869.7K−0.2%
EBAYeBay Inc.0.51%$75.5m866.4K−1.2% Reduced
CBChubb Limited0.48%$72.3m231.7K−1.9% Reduced
ICLRIcon PLC0.48%$71.7m399.8K+5.9% Added
NEMNewmont0.48%$71.2m713.0K−1.8% Reduced
PFEPfizer0.48%$71.2m2.86M+77.8% Added
PGProcter & Gamble0.46%$69.0m481.3K+98.9% Added
VTRSViatris0.45%$67.5m5.42M+22.1% Added
MOAltria0.45%$67.2m1.17M−1.4% Reduced
ADMArcher Daniels Midland0.45%$66.8m1.16M−0.9% Reduced
XELXcel Energy0.45%$66.7m902.4K−1.0% Reduced
PYPLPayPal0.44%$65.3m1.12M+0.6% Added
COPConocoPhillips0.43%$64.9m693.5K−0.4%
ALLAllstate0.43%$63.8m306.5K+20.7% Added
EIXEdison International0.42%$62.7m1.04M−0.9% Reduced
CSCOCisco0.42%$62.4m810.7K−63.2% Reduced
NLYAnnaly Capital Management Inc0.42%$62.0m2.77M−14.0% Reduced
RPRXRoyalty Pharma plc0.41%$61.0m1.58M+4.2% Added
SYYSysco0.40%$59.9m813.3K+1.6% Added
FEFirstEnergy0.40%$59.5m1.33M+1.9% Added
MMM3M0.40%$58.8m367.5K−1.8% Reduced
TRVThe Travelers Companies0.39%$58.3m200.9K−2.0% Reduced
SHELShell plc0.39%$57.4m781.0K−2.9% Reduced
PGRProgressive Corporation0.38%$57.1m250.9K−2.0% Reduced
DHID. R. Horton0.38%$56.4m391.5K+28.3% Added
BMRNBiomarin Pharmaceutical Inc0.38%$56.2m945.8K+4.4% Added
HSTHost Hotels & Resorts0.38%$56.1m3.16M−0.9% Reduced
ESEversource Energy0.37%$55.8m829.1K+4.6% Added
VNTVontier Corp0.37%$55.6m1.50M+8.1% Added
DOCHealthpeak Properties0.37%$55.4m3.45M+1.8% Added
GSKGSK plc0.37%$54.7m1.12M−2.4% Reduced
RRXRegal Rexnord Corp0.36%$54.4m387.4K−1.0% Reduced
SWSmurfit Westrock0.36%$53.7m1.40MNew
GDGeneral Dynamics0.36%$53.6m159.1K−1.8% Reduced
MGAMagna International Inc0.35%$52.4m982.9K−0.7% Reduced
AIGAmerican International Group0.35%$52.3m611.2K+36.3% Added
MIDDMiddleby Corp0.34%$50.2m337.9K+804.5% Added
BIDUBaidu, Inc.0.34%$50.2m384.3K+1.3% Added
DUKDuke Energy0.34%$50.0m427.0K−1.9% Reduced
HIGThe Hartford0.33%$48.4m351.4K+25.8% Added
CAGConagra Brands Inc.0.32%$47.3m2.73M+0.1%
CECelanese Corp0.32%$47.3m1.12M−0.3%
ELThe Estée Lauder Companies0.31%$46.0m439.4K−0.9% Reduced
CNHCNH Industrial N.V.0.31%$45.7m4.96M+186.1% Added
BNYBNY Mellon0.31%$45.6m392.7K−1.9% Reduced
CORCencora0.30%$45.2m133.8K−1.9% Reduced
TSNTyson Foods0.30%$44.4m757.6K−0.8% Reduced
SYFSynchrony Financial0.29%$43.7m523.7K+15.0% Added
CSXCSX Corporation0.29%$43.6m1.20M−26.8% Reduced
NRGNRG Energy0.29%$42.7m268.3K−27.3% Reduced
KMIKinder Morgan0.29%$42.7m1.55M−0.9% Reduced
HHHHoward Hughes Holdings Inc.0.28%$41.9m525.0K−1.5% Reduced
MDLZMondelez International0.28%$41.4m768.2K−1.9% Reduced
DVNDevon Energy0.27%$40.7m1.11M+63.6% Added
CMICummins0.27%$40.7m79.6K−1.9% Reduced
PCARPaccar0.27%$40.0m365.0K−1.1% Reduced
PNCPNC Financial Services0.27%$39.9m191.3K−2.0% Reduced
SLBSchlumberger0.25%$37.4m973.7K−20.9% Reduced
JBLJabil0.25%$37.2m163.0K−0.8% Reduced
PSXPhillips 660.24%$36.2m280.9K−2.0% Reduced
NVRNVR, Inc.0.24%$36.1m4.9K+2.3% Added
FFord Motor Company0.24%$36.0m2.74M−0.9% Reduced
VLOValero Energy0.24%$36.0m221.0K−2.2% Reduced
URIUnited Rentals0.24%$35.7m44.2K+3.9% Added
WMBWilliams Companies0.24%$35.7m594.4K−0.8% Reduced
PPGPPG Industries0.23%$34.9m341.0K+7.9% Added
AFLAflac0.23%$34.9m316.7K−1.9% Reduced
NTRSNorthern Trust0.23%$33.6m246.0K+23.3% Added
CTVACorteva, Inc.0.21%$31.8m474.1K−1.8% Reduced
LDOSLeidos0.21%$31.8m176.0K−1.4% Reduced
ITWIllinois Tool Works0.21%$31.0m125.7KNew
FANGDiamondback Energy0.20%$30.2m200.9KNew
DRIDarden Restaurants0.20%$29.7m161.4K+68.0% Added
DELLDell Technologies0.20%$29.6m235.3K−1.3% Reduced
USBU.S. Bancorp0.20%$29.5m552.9K−1.9% Reduced
LNGCheniere Energy, Inc.0.20%$29.1m149.6KNew
BKRBaker Hughes0.19%$28.9m635.3K−1.9% Reduced
BMYBristol Myers Squibb0.19%$28.5m529.0K+11.1% Added
CTSHCognizant0.19%$28.2m339.5K−2.0% Reduced
PEGPublic Service Enterprise Group0.19%$27.8m346.1K+13.0% Added
CSLCarlisle Companies Inc0.18%$27.6m86.3K+49.3% Added
WHRWhirlpool Corp0.18%$27.5m380.7K−20.0% Reduced
AMPAmeriprise Financial0.18%$27.2m55.5K−1.7% Reduced
DLTRDollar Tree0.18%$27.2m221.3K+75.3% Added
CFCF Industries0.18%$27.1m350.1K−1.1% Reduced
LVSLas Vegas Sands0.18%$26.5m407.7K−0.8% Reduced
KDPKeurig Dr Pepper0.18%$26.2m935.9K−1.9% Reduced
NUENucor0.17%$26.0m159.7K−1.7% Reduced
ORIOLD Republic International Corp0.17%$25.4m557.5K−1.1% Reduced
UALUnited Airlines Holdings0.17%$25.4m227.0K−1.0% Reduced
THCTenet Healthcare Corp0.17%$25.1m126.2K+20.5% Added
OIO-i Glass, Inc.0.17%$25.1m1.70MNew
SOSouthern Company0.16%$23.9m273.9K−2.0% Reduced
EXPEExpedia Group0.16%$23.7m83.6K−1.9% Reduced
FLEXFlex Ltd.0.16%$23.6m390.7K−0.9% Reduced
TFCTruist Financial0.15%$22.4m455.9K−1.5% Reduced
STTState Street Corporation0.15%$21.8m168.8K−1.9% Reduced
NXSTNexstar Media Group, Inc.0.15%$21.7m107.1K−0.6% Reduced
WMTWalmart0.14%$21.5m192.6K−50.3% Reduced
TROWT. Rowe Price0.14%$20.9m203.9K−1.4% Reduced
STLDSteel Dynamics0.14%$20.4m120.3K−27.7% Reduced
PRUPrudential Financial0.14%$20.2m178.6K−1.9% Reduced
FSLRFirst Solar, Inc.0.13%$19.3m73.9K−2.0% Reduced
RJFRaymond James Financial0.13%$19.1m118.8K−1.9% Reduced
ULTAUlta Beauty0.13%$18.9m31.2K+6.5% Added
AMZNAmazon0.13%$18.7m81.2K−0.9% Reduced
CompanyBought (value)Shares
MRKMerck & Co.$86.2m819.0K
GSGoldman Sachs$74.5m84.7K
FDXFedEx$65.2m225.9K
PEPPepsiCo$59.5m414.4K
SWSmurfit Westrock$53.7m1.40M
KMBKimberly-Clark$51.2m507.3K
MIDDMiddleby Corp$44.7m300.6K
PGProcter & Gamble$34.3m239.3K
CICigna$31.3m113.8K
PFEPfizer$31.1m1.25M
ITWIllinois Tool Works$31.0m125.7K
FANGDiamondback Energy$30.2m200.9K
CNHCNH Industrial N.V.$29.8m3.23M
LNGCheniere Energy, Inc.$29.1m149.6K
OIO-i Glass, Inc.$25.1m1.70M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
GMGeneral Motors−$120.5m−1.48M
ABBVAbbVie−$115.0m−496.7K
CSCOCisco−$107.1m−1.39M
DEDeere & Company−$99.1m−216.7K
MUMicron Technology−$90.9m−318.4K
CRHCRH plc−$53.3m−441.8K
CVXChevron Corporation−$43.4m−284.8K
CMCSAComcast−$42.6m−1.43M
AERAercap Holdings N.V.−$41.5m−288.8K
NSCNorfolk Southern−$41.0m−136.4K
ABEVAmbev S.a.−$40.9m−16.56M
APOApollo Global Management−$36.9m−276.9K
AZNAstrazeneca PLC−$36.8m−400.4K
CCKCrown Holdings, Inc.−$35.6m−345.6K
CVSCVS Health−$32.9m−414.4K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
ABBVAbbVie$115.0m496.7K
DEDeere & Company$99.1m216.7K
CRHCRH plc$53.3m441.8K
NSCNorfolk Southern$41.0m136.4K
APOApollo Global Management$36.9m276.9K
OGNOrganon & Co.$23.6m2.21M
MGMMGM Resorts$23.4m675.4K
AMATApplied Materials$22.6m110.4K
CAHCardinal Health$22.4m142.5K
TRGPTarga Resources$15.4m92.1K
CLFCleveland-cliffs Inc.$15.3m1.26M
KVUEKenvue$14.6m900.2K
PFSIPennymac Financial Services, Inc.$13.4m108.4K
CGCarlyle Group Inc.$13.3m212.6K
HBANHuntington Bancshares$12.3m711.6K
EXPDExpeditors International$11.8m96.1K
HCCWarrior MET Coal, Inc.$10.1m159.4K
CPAYCorpay$9.8m33.9K
VACMarriott Vacations Worldwide Corp$9.6m143.5K
TAPMolson Coors Beverage Co$8.2m180.6K
BHFBrighthouse Financial, Inc.$7.8m147.4K
APTVAptiv$7.6m88.0K
ENREnergizer Holdings, Inc.$7.6m304.0K
CNXCConcentrix Corp$7.4m160.2K
KMPRKemper Corp$7.0m136.0K
DVADaVita$7.0m52.8K
EMNEastman Chemical Co$6.8m108.0K
ROIVRoivant Sciences Ltd.$6.7m443.5K
DCIDonaldson Co Inc$6.7m81.5K
CLVTClarivate PLC$6.5m1.71M
  • Financials27.4%
  • Health Care14.5%
  • Industrials9.7%
  • Communication Services9.5%
  • Consumer Staples9.2%
  • Consumer Discretionary8.3%
  • Technology6.7%
  • Energy5.7%
  • Utilities4.4%
  • Materials3.4%
  • Real Estate1.2%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestNovember 18, 2011 to May 29, 2026+14.2%+15.4%0.750.88−39.2%1.01
2018 onwardsJanuary 5, 2018 to May 29, 2026+10.7%+14.6%0.480.69−39.2%0.97
Last three yearsJune 2, 2023 to May 29, 2026+18.4%+22.6%0.961.15−14.6%0.74
Last yearMay 30, 2025 to May 29, 2026+24.6%+29.9%1.691.94−6.8%0.65

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.