Brandywine Asset Management, Inc.

THORNTON, PA · CIK 2106766 · 13F filing filed 2026-04-22

SEC-registered investment adviser since 2021 · corporation

As an employer

$126.0m reported value -11.4% vs Q4 2025

14positions

99.1%in top 10

0 new 9 added 2 reduced 1 sold out vs Q4 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	445,676	$29.0m23.03%	23.03%	Added +770	+770 0.2%
2	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	29,900	$19.4m15.43%	15.43%	Reduced -4.1k	-4,100 -12.1%
3	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	29,573	$17.9m14.21%	14.21%	Unchanged
4	VANGUARD SCOTTSDALE FDS VNG RUS2000IDX VTWO	VTWO	147,440	$15.0m11.93%	11.93%	Reduced -500	-500 -0.3%
5	ISHARES TR CORE US AGGBD ET AGG	AGG	135,175	$13.4m10.62%	10.62%	Added +114	+114 0.1%
6	VANGUARD SCOTTSDALE FDS VNG RUS1000GRW VONG	VONG	101,346	$11.3m8.94%	8.94%	Added +6.1k	+6,131 6.4%
7	VANGUARD SCOTTSDALE FDS VNG RUS1000VAL VONV	VONV	96,915	$9.2m7.31%	7.31%	Added +425	+425 0.4%
8	VANGUARD SCOTTSDALE FDS VNG RUS2000GRW VTWG	VTWG	18,550	$4.3m3.43%	3.43%	Added +26	+26 0.1%
9	VANGUARD SCOTTSDALE FDS VNG RUS2000VAL VTWV	VTWV	22,843	$3.9m3.08%	3.08%	Added +84	+84 0.4%
10	VANGUARD CHARLOTTE FDS TOTAL INT BD ETF BNDX	BNDX	29,282	$1.4m1.11%	1.11%	Added +128	+128 0.4%
11	SPDR SERIES TRUST PORTFLI HIGH YLD SPHY	SPHY	26,607	$621.0k0.49%	0.49%	Added +466	+466 1.8%
12	VANGUARD WHITEHALL FDS EM MK GOV BD ETF VWOB	VWOB	7,774	$510.9k0.41%	0.41%	Added +75	+75 1.0%
13	VANGUARD INDEX FDS MID CAP ETF VO	VO	1	$2910.00%	0.00%	Unchanged
14	VANGUARD INDEX FDS SMALL CP ETF VB	VB	1	$910.00%	0.00%	Unchanged

Security	Ticker	Shares held before	Value then
INVESCO EXCH TRADED FD TR II QQQM	QQQM	40,000	$10.1m40.0k shares