BROWN FORMAN CORP BF.B
CL B · Common Stock · CUSIP 115637209 · ISIN US1156372096
American-owned spirit and wine producer and distributor
- SectorConsumer staples
- IndustryBeverages
- HeadquartersLouisville, KY
- Founded1870
- Websitebrown-forman.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($50.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $26.94. Options: 12 managers hold calls ($29.9m notional), 13 hold puts ($56.8m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 664 |
| Q4 2022 | 679 |
| Q1 2023 | 663 |
| Q2 2023 | 656 |
| Q3 2023 | 625 |
| Q4 2023 | 618 |
| Q1 2024 | 616 |
| Q2 2024 | 590 |
| Q3 2024 | 616 |
| Q4 2024 | 638 |
| Q1 2025 | 646 |
| Q2 2025 | 641 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 229 | 318 |
| Q4 2023 | 264 | 280 |
| Q1 2024 | 246 | 318 |
| Q2 2024 | 277 | 310 |
| Q3 2024 | 324 | 240 |
| Q4 2024 | 271 | 325 |
| Q1 2025 | 344 | 284 |
| Q2 2025 | 333 | 302 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $24.9m | $11.0m | 0.44 |
| Q4 2024 | $27.6m | $12.0m | 0.44 |
| Q1 2025 | $46.7m | $42.1m | 0.90 |
| Q2 2025 | $29.9m | $56.8m | 1.90 |
Biggest buyers
| FMR LLC | Added | +9.1m |
| EQUITY INVESTMENT CORP | New | +3.3m |
| CITADEL ADVISORS LLC | Added | +2.9m |
| Black Creek Investment Management Inc. | Added | +2.4m |
| Invesco Ltd. | Added | +1.3m |
| ROYAL BANK OF CANADA | Added | +982.4k |
| Grantham, Mayo, Van Otterloo & Co. LLC | New | +932.8k |
| CITIGROUP INC | Added | +921.0k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC | Added | +864.6k |
| FIL Ltd | Added | +848.9k |
Biggest sellers
| Fundsmith LLP | Sold out | -9.6m |
| VAN ECK ASSOCIATES CORP | Reduced | -5.1m |
| FUNDSMITH INVESTMENT SERVICES LTD. | Sold out | -2.9m |
| Champlain Investment Partners, LLC | Sold out | -2.6m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -2.6m |
| Madison Asset Management, LLC | Sold out | -1.9m |
| Vontobel Holding Ltd. | Sold out | -1.5m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.5m |
| UBS Group AG | Reduced | -1.4m |
| BESSEMER GROUP INC | Reduced | -851.7k |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $10.3m384.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.3m272.8k shares |
| CITADEL ADVISORS LLC | Reduced | $4.3m160.6k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.1m115.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.8m68.4k shares |
| Private Capital Management, LLC | New | $1.2m43.0k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $1.1m40.3k shares |
| WOLVERINE TRADING, LLC | Added | $666.8k25.2k shares |
| GROUP ONE TRADING LLC | Added | $61.9k2.3k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $31.5m1.2m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.3m269.7k shares |
| Twin Tree Management, LP | New | $6.0m222.5k shares |
| JANE STREET GROUP, LLC | Added | $3.8m142.3k shares |
| SIMPLEX TRADING, LLC | Added | $3.5m128.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $1.5m54.3k shares |
| WOLVERINE TRADING, LLC | Added | $1.4m54.2k shares |
| GROUP ONE TRADING LLC | Added | $1.1m42.3k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $390.2k14.5k shares |
| Caption Management, LLC | New | $269.1k10.0k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 5.6% |
Fell to 5% or below in the last year: FMR LLC (4.4%, 2026-05-06), VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.01% of their portfolio | 31.3m $841.5m | Added +592.8k |
| BlackRock, Inc. 0.01% of their portfolio | 14.7m $396.1m | Reduced -787.0k |
| STATE STREET CORP 0.01% of their portfolio | 12.0m $325.0m | Reduced -488.0k |
| FMR LLC 0.02% of their portfolio | 10.2m $275.7m | Added +9.1m |
| Invesco Ltd. 0.03% of their portfolio | 7.0m $189.5m | Added +1.3m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.5m $174.9m | Added +724.4k |
| MORGAN STANLEY 0.01% of their portfolio | 6.0m $160.3m | Added +575.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 5.5m $146.7m | Added +204.2k |
| ProShare Advisors LLC 0.25% of their portfolio | 4.6m $124.1m | Reduced -418.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 4.1m $110.5m | Added +100.1k |
| Black Creek Investment Management Inc. 4.60% of their portfolio | 3.7m $99.6m | Added +2.4m |
| CITADEL ADVISORS LLC 0.08% of their portfolio | 3.5m $95.4m | Added +2.9m |
| EQUITY INVESTMENT CORP 1.97% of their portfolio | 3.3m $90.1m | New |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 2.9m $78.1m | Reduced -102.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 2.6m $70.1m | Reduced -2.6m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 2.5m $66.0m | Added +559.6k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.3m $61.9m | Reduced -1.5m |
| NORGES BANK 0.01% of their portfolio | 2.1m $56.8m | Reduced -250.2k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 2.1m $56.1m | Reduced -46.7k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 2.0m $55.0m | Added +461.9k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 1.9m $52.1m | Reduced -452.5k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 1.9m $50.8m | Added +737.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.8m $49.5m | Added +982.4k |
| UBS Group AG 0.01% of their portfolio | 1.7m $46.3m | Reduced -1.4m |
| Lindsell Train Ltd 1.05% of their portfolio | 1.6m $44.4m | Added +74.3k |
| Alecta Tjanstepension Omsesidigt 0.20% of their portfolio | 1.6m $43.0m | Unchanged |
| Legal & General Group Plc 0.01% of their portfolio | 1.6m $42.4m | Added +2.6k |
| Vest Financial, LLC 0.59% of their portfolio | 1.5m $41.6m | Reduced -71.6k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.5m $40.5m | Added +38.0k |
| J. Safra Sarasin Holding AG 0.67% of their portfolio | 1.4m $38.7m | Added +450.1k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.53% of their portfolio | 1.4m $37.2m | Added +864.6k |
| LONDON CO OF VIRGINIA 0.20% of their portfolio | 1.3m $35.8m | Reduced -67.2k |
| CITIGROUP INC 0.02% of their portfolio | 1.3m $35.3m | Added +921.0k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 1.3m $34.5m | Reduced -218.7k |
| NOMURA ASSET MANAGEMENT CO LTD 0.08% of their portfolio | 1.1m $30.0m | Reduced -52.1k |
| VAN ECK ASSOCIATES CORP 0.03% of their portfolio | 1.1m $28.4m | Reduced -5.1m |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.08% of their portfolio | 932.8k $25.1m | New |
| EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 3.09% of their portfolio | 909.7k $24.5m | Added +313.0k |
| FIL Ltd 0.02% of their portfolio | 891.9k $24.0m | Added +848.9k |
| ExodusPoint Capital Management, LP 0.28% of their portfolio | 840.1k $22.6m | New |
| GARDNER RUSSO & QUINN LLC 0.22% of their portfolio | 778.5k $21.0m | Reduced -42.3k |
| ABSHER WEALTH MANAGEMENT, LLC 2.41% of their portfolio | 723.4k $19.5m | Added +15.0k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 707.5k $19.0m | Added +577.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 702.1k $18.9m | Reduced -31.7k |
| Cubist Systematic Strategies, LLC 0.19% of their portfolio | 665.3k $17.9m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 635.6k $17.1m | Added +246.3k |
| Amundi 0.01% of their portfolio | 634.9k $18.2m | Added +115.1k |
| Cerity Partners LLC 0.03% of their portfolio | 611.5k $16.5m | Reduced -151.8k |
| Glenview Trust Co 0.31% of their portfolio | 585.3k $18.0m | Unchanged |
| Sather Financial Group Inc 0.91% of their portfolio | 573.9k $15.4m | Added +29.0k |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 573.2k $15.4m | Reduced -4.3k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.06% of their portfolio | 570.6k $15.4m | Added +510.5k |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 568.7k $15.3m | Added +493.5k |
| Swiss National Bank 0.01% of their portfolio | 548.4k $14.8m | Added +36.3k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 539.7k $14.5m | Added +18.5k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 532.2k $14.3m | Added +79.2k |
| Baird Financial Group, Inc. 0.02% of their portfolio | 524.2k $14.1m | Added +157.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 517.3k $13.9m | Added +37.4k |
| BARCLAYS PLC 0.01% of their portfolio | 503.8k $13.6m | Reduced -37.5k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 488.9k $13.2m | Reduced -4.1k |
| TUDOR INVESTMENT CORP ET AL 0.10% of their portfolio | 474.7k $12.8m | New |
| Markel Group Inc. 0.11% of their portfolio | 474.2k $12.8m | Unchanged |
| SPRUCEGROVE INVESTMENT MANAGEMENT LTD 0.99% of their portfolio | 456.2k $12.3m | Added +22.9k |
| GRACE & WHITE INC /NY 2.15% of their portfolio | 436.7k $11.8m | Unchanged |
| PINEBRIDGE INVESTMENTS, L.P. 0.09% of their portfolio | 432.5k $11.6m | Reduced -71.2k |
| BARLOW WEALTH PARTNERS, LLC 1.46% of their portfolio | 424.0k $12.2m | Added +381.0k |
| MATHER GROUP, LLC. 0.12% of their portfolio | 418.2k $11.3m | Added +10.2k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 414.6k $11.2m | Reduced -5.9k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 403.7k $10.9m | Added +122 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 381.4k $10.3m | Added +331.3k |
| Jain Global LLC 0.15% of their portfolio | 369.8k $10.0m | New |
| Nuveen, LLC 0.00% of their portfolio | 364.7k $9.8m | Reduced -61.7k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 351.3k $9.5m | Added +45.7k |
| Sone Capital Management, LLC 0.86% of their portfolio | 345.8k $9.3m | New |
| Freestone Grove Partners LP 0.07% of their portfolio | 340.1k $9.2m | Reduced -209.1k |
| Janney Montgomery Scott LLC 0.02% of their portfolio | 338.0k $9.1m | Added +22.9k |
| AMIRAL GESTION 3.89% of their portfolio | 334.9k $9.0m | Reduced -49.4k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 334.5k $9.0m | Reduced -2.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 322.3k $8.7m | Added +27.3k |
| Verition Fund Management LLC 0.05% of their portfolio | 322.1k $8.7m | Added +91.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 322.0k $8.7m | Added +4.9k |
| Mariner, LLC 0.01% of their portfolio | 320.3k $8.6m | Added +247.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 318.7k $8.6m | Reduced -20.9k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 293.0k $7.9m | Reduced -24.2k |
| RBO & CO LLC 1.25% of their portfolio | 289.6k $7.8m | Added +60 |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 286.9k $7.7m | Added +272.4k |
| ICICI Prudential Asset Management Co Ltd 0.94% of their portfolio | 281.6k $7.6m | Unchanged |
| HRT FINANCIAL LP 0.04% of their portfolio | 255.6k $6.9m | New |
| BESSEMER GROUP INC 0.01% of their portfolio | 241.5k $6.5m | Reduced -851.7k |
| Black Cypress Capital Management, LLC 5.27% of their portfolio | 239.6k $6.4m | Reduced -19.6k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.01% of their portfolio | 236.6k $6.4m | Added +60.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 236.4k $6.4m | Added +11.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 234.5k $6.3m | Added +193.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 226.8k $6.1m | Reduced -109.2k |
| Alyeska Investment Group, L.P. 0.02% of their portfolio | 225.0k $6.1m | New |
| GUGGENHEIM CAPITAL LLC 0.05% of their portfolio | 223.2k $6.0m | Added +9.5k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 222.5k $6.0m | Reduced -5.3k |
| BENJAMIN EDWARDS INC 0.07% of their portfolio | 218.1k $5.9m | Added +77.1k |
| Wealthfront Advisers LLC 0.01% of their portfolio | 215.4k $5.8m | Added +65.5k |
| Douglass Winthrop Advisors, LLC 0.10% of their portfolio | 210.1k $5.7m | Reduced -12.4k |