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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
BREAD FINANCIAL HOLDINGS INC018581108 · BFH COM $8.5m 114,310
BRIDGEWATER BANCSHARES INC108621103 · BWB COM $292,926 16,710
BRISTOL-MYERS SQUIBB CO110122108 · BMY COM $28.5m 529,009
BRISTOW GROUP INC11040G103 · VTOL COM $4.3m 116,372
BUCKLE INC118440106 · BKE COM $10.7m 200,382
BURKE HERBERT FINL SVCS CORP12135Y108 · BHRB COM $570,137 9,150
BUSINESS FIRST BANCSHARES IN12326C105 · BFST COM $1.1m 40,361
BYLINE BANCORP INC124411109 · BY COM $2.7m 91,115
CABLE ONE INC12685JAG0 NOTE 1.125% 3/1 $57.4m 70,351,000
CACI INTL INC127190304 · CACI CL A $7.7m 14,226
CAL MAINE FOODS INC128030202 · CALM COM NEW $1.9m 23,969
CALIFORNIA RES CORP13057Q305 · CRC COM STOCK $12.7m 283,794
CANADIAN NAT RES LTD136385101 · CNQ COM $77.4m 2,285,276
CAPITOL FED FINL INC14057J101 · CFFN COM $538,262 79,040
CARLISLE COS INC142339100 · CSL COM $27.6m 86,311
CATALYST PHARMACEUTICALS INC14888U101 COM $7.0m 300,116
CATHAY GEN BANCORP149150104 · CATY COM $7.2m 148,259
CDW CORP12514G108 · CDW COM $6.8m 49,704
CELANESE CORP DEL150870103 · CE COM $47.3m 1,119,658
CENCORA INC03073E105 · COR COM $45.2m 133,773
CENTRAL GARDEN & PET CO153527205 · CENT CL A NON-VTG $3.5m 118,225
CENTRAL PAC FINL CORP154760409 · CPF COM NEW $522,117 16,756
CF INDS HLDGS INC125269100 · CF COM $27.1m 350,077
CHENIERE ENERGY INC16411R208 · LNG COM NEW $29.1m 149,569
CHEVRON CORP NEW166764100 · CVX COM $250,867 1,646
CHUBB LIMITEDH1467J104 · CB COM $72.3m 231,747
CINCINNATI FINL CORP172062101 · CINF COM $14.9m 91,067
CIRRUS LOGIC INC172755100 · CRUS COM $696,188 5,875
CISCO SYS INC17275R102 · CSCO COM $62.4m 810,693
CITIGROUP INC172967424 · C COM NEW $314.7m 2,696,496
CITIZENS FINL GROUP INC174610105 · CFG COM $12.8m 219,830
CITIZENS INC174740100 · CIA CL A $84,428 17,480
CIVISTA BANCSHARES INC178867107 · CIVB COM NO PAR $282,216 12,701
CLEAN ENERGY FUELS CORP184499101 · CLNE COM $1.1m 536,750
CNH INDL N VN20944109 · CNH SHS $45.7m 4,961,457
CNO FINL GROUP INC12621E103 · CNO COM $8.1m 191,281
CNX RES CORP12653C108 · CNX COM $10.5m 286,656
COCA COLA CONS INC191098102 · COKE COM $8.2m 53,253
COGNIZANT TECHNOLOGY SOLUTIO192446102 · CTSH CL A $28.2m 339,521
COLLEGIUM PHARMACEUTICAL INC19459J104 · COLL COM $6.0m 130,545
COMCAST CORP NEW20030N101 · CMCSA CL A $208.5m 6,975,368
COMERICA INC200340107 COM $4.1m 47,563
COMMERCE BANCSHARES INC200525103 · CBSH COM $3.5m 66,755
COMMUNITY TR BANCORP INC204149108 · CTBI COM $2.1m 36,969
COMMUNITY WEST BANCSHARES NE203937107 · CWBC COM $316,238 14,055
CONAGRA BRANDS INC205887102 · CAG COM $47.3m 2,734,874
CONOCOPHILLIPS20825C104 · COP COM $64.9m 693,506
CONSENSUS CLOUD SOLUTIONS IN20848V105 · CCSI COM $1.7m 78,980
COOPER COS INC216648501 · COO COM $3.6m 43,734
COPA HOLDINGS SAP31076105 CL A $16.6m 137,970
CORE & MAIN INC21874C102 · CNM CL A $6.8m 131,625
COREBRIDGE FINL INC21871X109 · CRBG COM $7.8m 259,531
MERCHANTS BANCORP IND58844R108 · MBIN COM $1.8m 53,926
MERCK & CO INC58933Y105 · MRK COM $95.3m 905,795
MERITAGE HOMES CORP59001A102 · MTH COM $10.6m 161,308
META PLATFORMS INC30303M102 · META CL A $12.3m 18,574
METALLUS INC887399103 · MTUS COM $1.8m 102,430
METLIFE INC59156R108 · MET COM $82.6m 1,046,639
MGIC INVT CORP WIS552848103 · MTG COM $12.7m 435,879
MICRON TECHNOLOGY INC595112103 · MU COM $405,568 1,421
MID PENN BANCORP INC59540G107 · MPB COM $429,317 13,840
MIDDLEBY CORP596278101 · MIDD COM $50.2m 337,939
MILLICOM INTL CELLULAR S AL6388F110 · TIGO COM STK $6.1m 110,551
MOHAWK INDS INC608190104 · MHK COM $995,832 9,111
MONDELEZ INTL INC609207105 · MDLZ CL A $41.4m 768,229
MORGAN STANLEY617446448 · MS COM NEW $155.7m 877,171
MOSAIC CO NEW61945C103 · MOS COM $5.0m 205,673
MOTORCAR PTS AMER INC620071100 · MPAA COM $125,621 10,180
MUELLER INDS INC624756102 · MLI COM $8.8m 76,886
MURPHY OIL CORP626717102 · MUR COM $10.2m 327,156
MURPHY USA INC626755102 · MUSA COM $8.3m 20,526
NATIONAL BK HLDGS CORP633707104 · NBHC CL A $280,742 7,386
NATIONAL FUEL GAS CO636180101 · NFG COM $4.7m 58,681
NATURAL GAS SVCS GROUP INC63886Q109 · NGS COM $315,805 9,385
NAVIENT CORPORATION63938C108 · NAVI COM $3.6m 274,213
NB BANCORP INC63945M107 · NBBK COM $544,455 27,470
NCR ATLEOS CORPORATION63001N106 · NATL COM SHS $5.5m 144,391
NELNET INC64031N108 · NNI CL A $5.2m 38,854
NETAPP INC64110D104 · NTAP COM $14.8m 138,480
NEWMONT CORP651639106 · NEM COM $71.2m 713,007
NEWS CORP NEW65249B109 · NWSA CL A $6.8m 259,807
NEXSTAR MEDIA GROUP INC65336K103 · NXST COMMON STOCK $21.7m 107,111
NMI HLDGS INC629209305 · NMIH COM $7.8m 190,054
NOBLE CORP PLCG65431127 · NE ORD SHS A $10.3m 363,896
NORTHERN TR CORP665859104 · NTRS COM $33.6m 246,036
NORTHFIELD BANCORP INC DEL66611T108 COM $235,801 20,630
NORTHRIM BANCORP INC666762109 · NRIM COM $534,755 20,096
NORTHWEST BANCSHARES INC MD667340103 · NWBI COM $2.5m 209,915
NORTHWEST NAT HLDG CO66765N105 · NWN COM $6.1m 129,513
NORTHWESTERN ENERGY GROUP IN668074305 · NWE COM NEW $12.7m 196,038
NOV INC62955J103 · NOV COM $2.9m 184,857
NRG ENERGY INC629377508 · NRG COM NEW $42.7m 268,251
NUCOR CORP670346105 · NUE COM $26.0m 159,673
NVR INC62944T105 · NVR COM $36.1m 4,945
NWPX INFRASTRUCTURE INC667746101 · NWPX COM $2.5m 39,638
OCEANEERING INTL INC675232102 · OII COM $5.5m 228,424
OCEANFIRST FINL CORP675234108 · OCFC COM $682,172 38,004
OFG BANCORP67103X102 · OFG COM $4.0m 98,399
O-I GLASS INC67098H104 · OI COM $25.1m 1,698,081
OIL STS INTL INC678026105 · OIS COM $388,666 57,410

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.