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Top 5 1st Quarter Trades of Brandywine Global Investment Management, LLC

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May 13, 2022
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Brandywine Global Investment Management, LLC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Brandywine Global Investment Management is a private investment management company. The company can trace its history back to 1986 when it was incorporated as Brandywine Asset Management. Brandywine began with offering large and small cap domestic value strategies and expanded to fixed income and balanced strategies in 1992. The company continued to grow until it was acquired by Legg Mason in 1998, becoming a wholly owned by independent subsidiary of the company. The company’s $6 billion in assets has grown significantly to its amount today, and a variety of subsidiaries were created including Brandywine Global Investment Management (Asia) Pte. in 2003 and Global Investment Management (Europe) Limited in 2007, also changing its name to its current Brandywine Global Investment Management that year after relocating to its current headquarters in Cira Center, Philadelphia. The company focuses on value investing and has found that “value-style investing—whether in equity or fixed income markets, domestically or internationally—may provide excellent risk-adjusted returns over full investment cycles” through research and experience. Today the company has over $66 billion in total assets under management spread across over 2,000 accounts. Most of its assets are focused in fixed income, which alone makes up over three quarters of its assets, and the company also allocates assets in diversified value equity, large cap equity, absolute value equity, and multi asset equity, in order of decreasing portfolio allocation. The majority of Brandywine Global Investment Management’s clients are sub advisory companies, which alone makes up almost half of its total client base, and also includes employee benefits, government and municipal entities, public retirement, endowments and foundations, corporations, Taft-Hartley, and individual investors, in order of decreasing clientele. Some of the mutual funds that the company currently offers include the Global Opportunistic Fixed Income, Global High Yield, International Opportunistic Fixed Income (Non-U.S.), Global Opportunistic Absolute Return, and Dynamic Large Cap Value Equity Funds.

As of the latest 13F report, the guru’s equity portfolio contained 710 stocks valued at a total of $13,525,000,000. The top holdings were JNJ(3.19%), JPM(2.76%), and BAC(2.61%).

According to GuruFocus data, these were Brandywine Global Investment Management, LLC’s top five trades of the quarter.

3M Co


The guru sold out of their 576,299-share investment in NYSE:MMM. Previously, the stock had a 0.74% weight in the equity portfolio. Shares traded for an average price of $159.16 during the quarter.

On 05/13/2022, 3M Co traded for a price of $149.3 per share and a market cap of $84,960,486,000. The stock has returned -21.80% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, 3M Co has a price-earnings ratio of 15.54, a price-book ratio of 5.69, a price-earnings-to-growth (PEG) ratio of 7.40, a EV-to-Ebitda ratio of 10.72 and a price-sales ratio of 2.49.

The price-to-GF Value ratio is 0.80, earning the stock a GF Value rank of 10.

Chevron Corp


During the quarter, Brandywine Global Investment Management, LLC bought 521,920 shares of NYSE:CVX for a total holding of 843,452. The trade had a 0.63% impact on the equity portfolio. During the quarter, the stock traded for an average price of $143.03.

On 05/13/2022, Chevron Corp traded for a price of $167.87 per share and a market cap of $329,833,234,000. The stock has returned 58.47% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Chevron Corp has a price-earnings ratio of 15.79, a price-book ratio of 2.24, a price-earnings-to-growth (PEG) ratio of 3.36, a EV-to-Ebitda ratio of 7.45 and a price-sales ratio of 1.82.

The price-to-GF Value ratio is 1.14, earning the stock a GF Value rank of 5.

General Motors Co


Brandywine Global Investment Management, LLC reduced their investment in NYSE:GM by 1,145,289 shares. The trade had a 0.48% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.08.

On 05/13/2022, General Motors Co traded for a price of $38.21 per share and a market cap of $55,719,386,000. The stock has returned -33.85% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, General Motors Co has a price-earnings ratio of 6.34, a price-book ratio of 0.91, a price-earnings-to-growth (PEG) ratio of 2.88, a EV-to-Ebitda ratio of 5.77 and a price-sales ratio of 0.43.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 6.

Qualcomm Inc


The guru established a new position worth 408,877 shares in NAS:QCOM, giving the stock a 0.46% weight in the equity portfolio. Shares traded for an average price of $168.05 during the quarter.

On 05/13/2022, Qualcomm Inc traded for a price of $134.93 per share and a market cap of $151,121,600,000. The stock has returned 7.92% over the past year.

GuruFocus gives the company a financial strength rating of 7 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Qualcomm Inc has a price-earnings ratio of 13.83, a price-book ratio of 11.34, a price-earnings-to-growth (PEG) ratio of 0.65, a EV-to-Ebitda ratio of 10.30 and a price-sales ratio of 3.92.

The price-to-GF Value ratio is 0.76, earning the stock a GF Value rank of 10.

Bristol-Myers Squibb Co


During the quarter, Brandywine Global Investment Management, LLC bought 740,694 shares of NYSE:BMY for a total holding of 1,833,569. The trade had a 0.4% impact on the equity portfolio. During the quarter, the stock traded for an average price of $67.12.

On 05/13/2022, Bristol-Myers Squibb Co traded for a price of $75.8 per share and a market cap of $161,383,072,000. The stock has returned 21.43% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.

In terms of valuation, Bristol-Myers Squibb Co has a price-earnings ratio of 26.89, a price-book ratio of 5.10, a price-earnings-to-growth (PEG) ratio of 3.36, a EV-to-Ebitda ratio of 10.03 and a price-sales ratio of 3.60.

The price-to-GF Value ratio is 1.02, earning the stock a GF Value rank of 6.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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