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 ($34.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $26.64. Options: 13 managers hold calls ($24.8m notional), 8 hold puts ($10.0m).
Trends to Q2 2026
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 |
| Q3 2025 | 628 |
| Q4 2025 | 641 |
| Q1 2026 | 581 |
| Q2 2026 | 594 |
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 2024 | 324 | 240 |
| Q4 2024 | 271 | 325 |
| Q1 2025 | 344 | 284 |
| Q2 2025 | 333 | 302 |
| Q3 2025 | 289 | 323 |
| Q4 2025 | 271 | 319 |
| Q1 2026 | 243 | 361 |
| Q2 2026 | 272 | 285 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $27.0m | $21.9m | 0.81 |
| Q4 2025 | $26.7m | $36.5m | 1.37 |
| Q1 2026 | $29.4m | $20.3m | 0.69 |
| Q2 2026 | $24.8m | $10.0m | 0.41 |
Biggest buyers
| DIMENSIONAL FUND ADVISORS LP | Added | +2.3m |
| Pureheart Capital Pte Ltd. | New | +1.4m |
| MILLENNIUM MANAGEMENT LLC | New | +1.2m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +1.1m |
| GOLDMAN SACHS GROUP INC | Added | +985.9k |
| Quantinno Capital Management LP | Added | +881.2k |
| Gotham Asset Management, LLC | Added | +731.9k |
| HRT FINANCIAL LP | Added | +563.2k |
| CIBC WORLD MARKET INC. | Added | +534.9k |
| TUDOR INVESTMENT CORP ET AL | New | +516.3k |
Biggest sellers
| Black Creek Investment Management Inc. | Reduced | -2.8m |
| CITADEL ADVISORS LLC | Reduced | -2.4m |
| Caisse de depot et placement du Quebec | Sold out | -1.8m |
| BANK OF AMERICA CORP /DE/ | Reduced | -1.4m |
| ARGA Investment Management, LP | Sold out | -1.4m |
| UBS Group AG | Reduced | -930.4k |
| JPMORGAN CHASE & CO | Reduced | -877.5k |
| Ruffer LLP | Reduced | -799.9k |
| Point72 Asset Management, L.P. | Reduced | -758.4k |
| DEUTSCHE BANK AG\ | Reduced | -624.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $11.9m448.2k shares |
| JANE STREET GROUP, LLC | Reduced | $5.3m199.6k shares |
| CITADEL ADVISORS LLC | Added | $2.7m103.1k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.4m51.7k shares |
| Crawford Fund Management, LLC | Added | $932.8k35.0k shares |
| Twin Tree Management, LP | Reduced | $868.8k32.6k shares |
| Walleye Capital LLC | New | $626.3k23.5k shares |
| IMC-Chicago, LLC | New | $330.5k12.4k shares |
| OSAIC HOLDINGS, INC. | Unchanged | $266.5k10.0k shares |
| TUDOR INVESTMENT CORP ET AL | New | $242.5k9.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.3m163.2k shares |
| JANE STREET GROUP, LLC | Reduced | $2.3m87.1k shares |
| CITADEL ADVISORS LLC | Reduced | $2.2m84.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $453.7k17.0k shares |
| Walleye Trading LLC | Reduced | $373.1k14.0k shares |
| TUDOR INVESTMENT CORP ET AL | Reduced | $205.2k7.7k shares |
| GROUP ONE TRADING LLC | Added | $53.3k2.0k shares |
| Walleye Capital LLC | New | $32.0k1.2k 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 since 1 Apr 2026
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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 1 | $732.9k | $732.9k |
| Q4 2025 | 0 | — | 1 | $662.4k | $662.4k |
| Q1 2026 | 0 | — | 1 | $803.6k | $803.6k |
| Q2 2026 | 0 | — | 0 | — | — |
| Q3 2026 | 0 | — | 0 | — | — |
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 14.6m $389.0m | Reduced -74.4k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 13.4m $357.0m | Added +71.2k |
| FMR LLC 0.01% of their portfolio | 12.6m $335.2m | Reduced -201.8k |
| BlackRock, Inc. 0.00% of their portfolio | 12.2m $324.1m | Added +93.0k |
| VAN ECK ASSOCIATES CORP 0.20% of their portfolio | 12.1m $322.3m | Reduced -263.2k |
| STATE STREET CORP 0.01% of their portfolio | 9.7m $262.1m | Reduced -246.7k |
| Invesco Ltd. 0.02% of their portfolio | 8.6m $228.1m | Reduced -411.6k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 7.4m $197.1m | Added +985.9k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 7.0m $187.9m | Added +2.3m |
| ProShare Advisors LLC 0.22% of their portfolio | 5.7m $150.8m | Reduced -326.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 5.5m $146.4m | Added +46.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.03% of their portfolio | 3.5m $94.1m | Added +37.6k |
| MORGAN STANLEY 0.00% of their portfolio | 3.5m $92.5m | Reduced -502.7k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.8m $75.4m | Reduced -100.9k |
| EQUITY INVESTMENT CORP 1.32% of their portfolio | 2.6m $69.0m | Added +166.9k |
| Black Creek Investment Management Inc. 3.68% of their portfolio | 2.5m $65.5m | Reduced -2.8m |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 2.3m $62.1m | Reduced -1.4m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 2.1m $56.4m | Added +8.5k |
| UBS Group AG 0.01% of their portfolio | 2.1m $56.1m | Reduced -930.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 2.0m $54.5m | Reduced -292.4k |
| Ruffer LLP 1.82% of their portfolio | 1.9m $51.4m | Reduced -799.9k |
| Vest Financial, LLC 0.47% of their portfolio | 1.7m $45.0m | Reduced -159.8k |
| Grantham, Mayo, Van Otterloo & Co. LLC 0.10% of their portfolio | 1.7m $44.4m | Added +227.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.6m $42.3m | Reduced -108.8k |
| J. Safra Sarasin Holding AG 0.53% of their portfolio | 1.6m $36.8m | Reduced -18.0k |
| Pureheart Capital Pte Ltd. 17.34% of their portfolio | 1.4m $38.4m | New |
| FIL Ltd 0.03% of their portfolio | 1.4m $37.0m | Added +252.2k |
| Lindsell Train Ltd 1.40% of their portfolio | 1.4m $36.8m | Reduced -196.7k |
| NOMURA ASSET MANAGEMENT CO LTD 0.07% of their portfolio | 1.3m $34.6m | Reduced -66.5k |
| NORGES BANK 0.00% of their portfolio | 1.3m $34.5m | Not comparable |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.2m $32.4m | New |
| Quantinno Capital Management LP 0.04% of their portfolio | 1.2m $31.4m | Added +881.2k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 1.2m $31.0m | Reduced -624.4k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 0.48% of their portfolio | 1.2m $30.7m | Reduced -85.6k |
| HRT FINANCIAL LP 0.07% of their portfolio | 1.1m $30.3m | Added +563.2k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 1.1m $29.4m | Added +1.1m |
| OLD REPUBLIC INTERNATIONAL CORP 1.11% of their portfolio | 1.1m $29.5m | Unchanged |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.1m $29.3m | Reduced -109.9k |
| Point72 Asset Management, L.P. 0.04% of their portfolio | 1.1m $29.0m | Reduced -758.4k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 1.0m $27.3m | Reduced -17.3k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 1.0m $27.0m | Added +460.1k |
| THOMPSON SIEGEL & WALMSLEY LLC 0.48% of their portfolio | 1.0m $26.9m | Reduced -50.9k |
| EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 3.07% of their portfolio | 970.9k $25.9m | Reduced -6.4k |
| CITIGROUP INC 0.01% of their portfolio | 949.8k $25.3m | Added +308.7k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 909.6k $24.2m | Reduced -600.7k |
| Gotham Asset Management, LLC 0.05% of their portfolio | 876.5k $23.4m | Added +731.9k |
| Baird Financial Group, Inc. 0.03% of their portfolio | 742.4k $19.8m | Reduced -93.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.04% of their portfolio | 685.8k $18.3m | Added +244.7k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 649.7k $18.4m | Reduced -877.5k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 648.3k $17.3m | Added +28.1k |
| Cerity Partners LLC 0.02% of their portfolio | 647.2k $17.2m | Reduced -12.1k |
| GARDNER RUSSO & QUINN LLC 0.19% of their portfolio | 639.3k $17.0m | Reduced -20.4k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 635.4k $16.9m | Added +62.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 628.0k $16.7m | Reduced -77.9k |
| CIBC WORLD MARKET INC. 0.03% of their portfolio | 595.0k $15.9m | Added +534.9k |
| Nuveen, LLC 0.00% of their portfolio | 575.6k $15.3m | Added +118.3k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 562.4k $15.0m | Added +88.9k |
| CIBC Bancorp USA Inc. 0.02% of their portfolio | 560.4k $14.9m | Added +453.2k |
| TUDOR INVESTMENT CORP ET AL 0.06% of their portfolio | 516.3k $13.8m | New |
| PNC Financial Services Group, Inc. 0.01% of their portfolio | 514.7k $13.7m | Reduced -7.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 510.0k $13.6m | Reduced -181.7k |
| Markel Group Inc. 0.10% of their portfolio | 474.2k $12.6m | Unchanged |
| Glenview Trust Co 0.17% of their portfolio | 470.4k $12.5m | Reduced -5.9k |
| Bronte Capital Management Pty Ltd. 1.39% of their portfolio | 464.3k $12.4m | New |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 459.8k $12.3m | Added +15.3k |
| Legal & General Group Plc 0.00% of their portfolio | 456.2k $12.2m | Added +1.9k |
| GRACE & WHITE INC /NY 1.86% of their portfolio | 442.1k $11.8m | Unchanged |
| RBO & CO LLC 1.73% of their portfolio | 407.5k $10.9m | Reduced -16.8k |
| ExodusPoint Capital Management, LP 0.10% of their portfolio | 405.4k $10.8m | Added +331.7k |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 396.9k $10.6m | Reduced -4.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 392.7k $10.5m | Reduced -3.7k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 380.3k $10.1m | Added +86.3k |
| FIDEURAM - INTESA SANPAOLO PRIVATE BANKING S.P.A. 0.30% of their portfolio | 379.8k $10.1m | New |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 366.8k $9.9m | Added +140.0k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 349.6k $9.3m | Reduced -11.1k |
| Janney Montgomery Scott LLC 0.02% of their portfolio | 345.9k $9.2m | New |
| Swiss National Bank 0.00% of their portfolio | 334.9k $8.9m | Reduced -14.9k |
| ICICI Prudential Asset Management Co Ltd 0.95% of their portfolio | 324.5k $8.6m | Reduced -38.1k |
| BARCLAYS PLC 0.00% of their portfolio | 323.9k $8.6m | Reduced -185.5k |
| SG Americas Securities, LLC 0.00% of their portfolio | 314.2k $8.4m | Added +174.8k |
| Corient Private Wealth LP 0.01% of their portfolio | 296.8k $7.9m | Added +273.9k |
| Moran Wealth Management, LLC 0.21% of their portfolio | 286.0k $7.6m | Added +18.2k |
| Creative Planning 0.00% of their portfolio | 285.8k $7.6m | Added +78.4k |
| Mariner, LLC 0.01% of their portfolio | 273.9k $7.3m | Reduced -42.0k |
| Morningstar Investment Management LLC 0.43% of their portfolio | 266.6k $7.0m | Unchanged |
| GATEWAY INVESTMENT ADVISERS LLC 0.07% of their portfolio | 262.9k $7.0m | Added +59.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 259.7k $6.9m | Reduced -47.5k |
| Philip James Wealth Mangement, LLC 0.78% of their portfolio | 259.2k $6.9m | Added +82.7k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 251.6k $6.7m | Reduced -3.7k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 250.1k $6.7m | Added +92.9k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 249.4k $6.6m | Reduced -43.4k |
| Jump Financial, LLC 0.06% of their portfolio | 247.8k $6.6m | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 238.8k $6.4m | Added +57.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 225.7k $6.0m | Reduced -21.1k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 223.1k $5.9m | Added +45.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 208.8k $5.6m | Reduced -5.0k |
| APG Asset Management N.V. 0.01% of their portfolio | 208.3k $4.9m | Added +57.6k |
| YOUSIF CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 207.8k $5.5m | Reduced -6.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 205.5k $5.5m | Added +149.1k |
| BANYAN CAPITAL MANAGEMENT, INC. 2.16% of their portfolio | 186.6k $5.0m | Reduced -9.7k |