MARSH & MCLENNAN COS INC MRSH
COM · Common Stock · CUSIP 571748102 · ISIN US5717481023
Global professional services firm
* 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 ($441.5m this quarter). Holder counts are more reliable. Shares outstanding: 491.8m as of 2024-07-15, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $210.65. Options: 30 managers hold calls ($371.2m notional), 29 hold puts ($165.3m).
Trends to Q2 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,158 |
| Q4 2022 | 1,221 |
| Q1 2023 | 1,227 |
| Q2 2023 | 1,258 |
| Q3 2023 | 1,295 |
| Q4 2023 | 1,376 |
| Q1 2024 | 1,445 |
| Q2 2024 | 1,476 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 544 | 508 |
| Q1 2023 | 537 | 527 |
| Q2 2023 | 540 | 541 |
| Q3 2023 | 558 | 560 |
| Q4 2023 | 582 | 577 |
| Q1 2024 | 691 | 593 |
| Q2 2024 | 698 | 588 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $112.8m | $108.0m | 0.96 |
| Q4 2023 | $163.3m | $73.7m | 0.45 |
| Q1 2024 | $339.5m | $171.7m | 0.51 |
| Q2 2024 | $371.2m | $165.3m | 0.45 |
Biggest buyers
| FMR LLC | Added | +1.7m |
| Amundi | Added | +1.2m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +1.0m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +784.1k |
| Assenagon Asset Management S.A. | Added | +679.5k |
| DEUTSCHE BANK AG\ | Added | +629.2k |
| Woodline Partners LP | New | +585.2k |
| Alphinity Investment Management Pty Ltd | Added | +508.5k |
| CREDIT AGRICOLE S A | Added | +470.6k |
| ROYAL BANK OF CANADA | Added | +469.0k |
Biggest sellers
| MORGAN STANLEY | Reduced | -11.9m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -2.8m |
| JPMORGAN CHASE & CO | Reduced | -1.7m |
| Capital International Investors | Reduced | -1.6m |
| Diamond Hill Capital Management, LLC (Investment Advisor) | Sold out | -832.3k |
| California Public Employees Retirement System | Reduced | -754.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Reduced | -583.6k |
| Qube Research & Technologies Ltd | Reduced | -382.0k |
| SG Americas Securities, LLC | Reduced | -374.0k |
| Longview Partners (Guernsey) LTD | Reduced | -355.1k |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $102.5m486.4k shares |
| Twin Tree Management, LP | New | $74.9m355.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $47.8m226.9k shares |
| CITADEL ADVISORS LLC | Reduced | $33.7m160.0k shares |
| Parallax Volatility Advisers, L.P. | Added | $29.5m140.0k shares |
| SIMPLEX TRADING, LLC | Added | $10.9m51.8k shares |
| BNP PARIBAS FINANCIAL MARKETS | Added | $9.5m450 shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $8.7m41.5k shares |
| Walleye Capital LLC | Added | $6.1m29.0k shares |
| GOLDMAN SACHS GROUP INC | New | $5.3m25.0k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $33.9m160.8k shares |
| Twin Tree Management, LP | New | $24.2m115.0k shares |
| Walleye Capital LLC | Added | $20.3m96.5k shares |
| Eisler Capital (UK) Ltd. | Reduced | $12.1m57.3k shares |
| CITADEL ADVISORS LLC | Added | $11.8m56.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $6.8m32.2k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $6.6m31.3k shares |
| Walleye Trading LLC | Reduced | $5.9m28.1k shares |
| SpiderRock Advisors, LLC | Unchanged | $5.2m24.7k shares |
| Squarepoint Ops LLC | Reduced | $5.0m23.7k 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 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2024
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 |
|---|---|---|---|---|---|
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 4 | $13.2m | — |
| Q1 2023 | 0 | — | 4 | $4.1m | — |
| Q2 2023 | 0 | — | 2 | $15.0m | $13.0m |
| Q3 2023 | 0 | — | 2 | $3.1m | — |
| Q4 2023 | 0 | — | 2 | $1.9m | — |
| Q1 2024 | 0 | — | 8 | $11.6m | $3.9m |
| Q2 2024 | 0 | — | 2 | $1.7m | $455.8k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-06-13 | FANJUL OSCAR Director | Sold | $1.3m6.0k shares |
| 2024-05-17 | Beswick Paul SVP, Chief Information Officer | Sold plan | $455.8k2.2k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.18% of their portfolio | 44.0m $9.3bn | Added +121.2k |
| BlackRock Inc. 0.20% of their portfolio | 42.3m $8.9bn | Added +378.8k |
| FMR LLC 0.28% of their portfolio | 20.9m $4.4bn | Added +1.7m |
| STATE STREET CORP 0.19% of their portfolio | 20.9m $4.4bn | Reduced -65.2k |
| Capital International Investors 0.79% of their portfolio | 18.3m $3.9bn | Reduced -1.6m |
| Capital World Investors 0.61% of their portfolio | 17.7m $3.7bn | Added +451.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.22% of their portfolio | 11.7m $2.5bn | Added +1.0m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.72% of their portfolio | 11.1m $2.3bn | Reduced -195.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.27% of their portfolio | 10.6m $2.2bn | Reduced -41.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.34% of their portfolio | 9.1m $1.9bn | Reduced -2.8m |
| AMERIPRISE FINANCIAL INC 0.45% of their portfolio | 7.9m $1.7bn | Reduced -12.4k |
| JPMORGAN CHASE & CO 0.07% of their portfolio | 7.6m $1.6bn | Reduced -1.7m |
| BANK OF AMERICA CORP /DE/ 0.15% of their portfolio | 7.6m $1.6bn | Reduced -178.1k |
| Mawer Investment Management Ltd. 6.95% of their portfolio | 7.0m $1.5bn | Reduced -143.3k |
| MORGAN STANLEY 0.10% of their portfolio | 6.3m $1.3bn | Reduced -11.9m |
| NORGES BANK 0.19% of their portfolio | 6.1m $1.3bn | Reduced -3.6k |
| NORTHERN TRUST CORP 0.19% of their portfolio | 5.5m $1.1bn | Reduced -9.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.28% of their portfolio | 4.7m $987.2m | Added +784.1k |
| Nuveen Asset Management, LLC 0.28% of their portfolio | 4.6m $973.1m | Reduced -75.0k |
| PARNASSUS INVESTMENTS, LLC 1.92% of their portfolio | 4.2m $882.7m | Reduced -29.0k |
| T. Rowe Price Investment Management, Inc. 0.54% of their portfolio | 4.1m $855.8m | Added +13.8k |
| UBS Group AG 0.25% of their portfolio | 3.9m $828.5m | Added +355.1k |
| GOLDMAN SACHS GROUP INC 0.16% of their portfolio | 3.8m $797.8m | Added +336.5k |
| Legal & General Group Plc 0.22% of their portfolio | 3.6m $761.4m | Added +42.0k |
| DEUTSCHE BANK AG\ 0.33% of their portfolio | 3.5m $728.7m | Added +629.2k |
| Artisan Partners Limited Partnership 1.11% of their portfolio | 3.5m $727.0m | Added +1.9k |
| Clearbridge Investments, LLC 0.58% of their portfolio | 3.4m $718.4m | Added +58.5k |
| Bank of New York Mellon Corp 0.13% of their portfolio | 3.3m $697.2m | Reduced -112.3k |
| WELLS FARGO & COMPANY/MN 0.18% of their portfolio | 3.3m $696.9m | Added +2.0k |
| JENSEN INVESTMENT MANAGEMENT INC 5.56% of their portfolio | 3.2m $679.8m | Added +40.2k |
| LAZARD ASSET MANAGEMENT LLC 0.82% of their portfolio | 3.1m $656.3m | Reduced -122.3k |
| PRIMECAP MANAGEMENT CO/CA/ 0.44% of their portfolio | 2.9m $605.1m | Reduced -9.9k |
| Amundi 0.23% of their portfolio | 2.8m $598.0m | Added +1.2m |
| Capital Research Global Investors 0.12% of their portfolio | 2.7m $563.6m | Added +412.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.11% of their portfolio | 2.7m $563.4m | Added +51.0k |
| Longview Partners (Guernsey) LTD 4.15% of their portfolio | 2.7m $559.4m | Reduced -355.1k |
| NIPPON LIFE INSURANCE CO 24.29% of their portfolio | 2.6m $552.7m | Unchanged |
| Alphinity Investment Management Pty Ltd 3.84% of their portfolio | 2.5m $521.6m | Added +508.5k |
| Invesco Ltd. 0.11% of their portfolio | 2.4m $515.5m | Added +56.6k |
| California Public Employees Retirement System 0.37% of their portfolio | 2.4m $499.6m | Reduced -754.6k |
| BARCLAYS PLC 0.22% of their portfolio | 2.2m $473.7m | Reduced -128.4k |
| JANUS HENDERSON GROUP PLC 0.25% of their portfolio | 2.2m $461.4m | Added +47.3k |
| ROYAL BANK OF CANADA 0.10% of their portfolio | 2.0m $426.3m | Added +469.0k |
| DIMENSIONAL FUND ADVISORS LP 0.11% of their portfolio | 2.0m $417.0m | Added +190.4k |
| Bahl & Gaynor LLC 2.17% of their portfolio | 1.8m $388.2m | Reduced -21.3k |
| Impax Asset Management Group plc 1.47% of their portfolio | 1.7m $360.8m | Added +212.9k |
| Robeco Institutional Asset Management B.V. 0.74% of their portfolio | 1.6m $343.7m | Reduced -232.5k |
| MONTRUSCO BOLTON INVESTMENTS INC. 3.50% of their portfolio | 1.6m $333.9m | Reduced -90.5k |
| AKO CAPITAL LLP 4.31% of their portfolio | 1.5m $313.3m | Added +211.9k |
| Navera Investment Management Ltd. 5.78% of their portfolio | 1.5m $307.8m | Added +55.9k |
| Swiss National Bank 0.21% of their portfolio | 1.5m $306.7m | Reduced -20.9k |
| ALLIANCEBERNSTEIN L.P. 0.10% of their portfolio | 1.4m $288.1m | Reduced -17.1k |
| HSBC HOLDINGS PLC 0.18% of their portfolio | 1.3m $278.2m | Added +165.7k |
| AMERICAN CENTURY COMPANIES INC 0.16% of their portfolio | 1.3m $269.4m | Reduced -99.6k |
| BANK OF MONTREAL /CAN/ 0.08% of their portfolio | 1.2m $260.2m | Added +35.1k |
| DekaBank Deutsche Girozentrale 0.46% of their portfolio | 1.2m $254.5m | Added +21.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.09% of their portfolio | 1.2m $247.7m | Added +175.4k |
| STOREBRAND ASSET MANAGEMENT AS 0.82% of their portfolio | 1.2m $245.8m | Added +19.4k |
| FIL Ltd 0.24% of their portfolio | 1.2m $245.4m | Added +112.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.18% of their portfolio | 1.2m $244.9m | Reduced -83.7k |
| ACADIAN ASSET MANAGEMENT LLC 0.75% of their portfolio | 1.2m $244.3m | Reduced -105.3k |
| Findlay Park Partners LLP 2.29% of their portfolio | 1.2m $243.4m | Reduced -8.9k |
| Caisse de depot et placement du Quebec 0.58% of their portfolio | 1.1m $239.7m | Reduced -254.1k |
| FIRST TRUST ADVISORS LP 0.24% of their portfolio | 1.1m $237.2m | Reduced -74.1k |
| W1M Investment Management Ltd 4.19% of their portfolio | 1.1m $222.2m | Added +96.6k |
| AVIVA PLC 0.61% of their portfolio | 1.1m $221.8m | Added +103.5k |
| LORD, ABBETT & CO. LLC 0.37% of their portfolio | 1.1m $221.8m | Added +140.5k |
| RHUMBLINE ADVISERS 0.20% of their portfolio | 1.0m $214.9m | Reduced -13.9k |
| Polar Capital Holdings Plc 1.25% of their portfolio | 1.0m $211.6m | Reduced -204 |
| RAYMOND JAMES & ASSOCIATES 0.13% of their portfolio | 925.4k $195.0m | Added +23.1k |
| JENNISON ASSOCIATES LLC 0.12% of their portfolio | 924.5k $194.8m | Reduced -8.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.71% of their portfolio | 904.7k $190.6m | Reduced -92.9k |
| Ninety One UK Ltd 0.52% of their portfolio | 900.7k $189.8m | Reduced -18.2k |
| NORDEA INVESTMENT MANAGEMENT AB 0.22% of their portfolio | 890.9k $188.5m | Reduced -16.1k |
| National Pension Service 0.21% of their portfolio | 846.9k $178.4m | Added +11.1k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.22% of their portfolio | 838.1k $176.6m | Added +13.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.10% of their portfolio | 815.1k $171.8m | Reduced -8.1k |
| Capital Group Private Client Services, Inc. 1.70% of their portfolio | 804.9k $169.6m | Added +45.4k |
| TD Asset Management Inc 0.15% of their portfolio | 780.1k $164.4m | Reduced -31.9k |
| TRUIST FINANCIAL CORP 0.24% of their portfolio | 762.0k $160.6m | Added +369.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.18% of their portfolio | 759.1k $160.0m | Added +87.7k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.21% of their portfolio | 757.3k $159.6m | Reduced -7.8k |
| Qube Research & Technologies Ltd 0.28% of their portfolio | 729.3k $153.7m | Reduced -382.0k |
| NATIXIS ADVISORS, LLC 0.33% of their portfolio | 714.4k $150.5m | Added +69.7k |
| Markel Group Inc. 1.46% of their portfolio | 706.5k $148.9m | Added +12.5k |
| Assenagon Asset Management S.A. 0.36% of their portfolio | 693.1k $146.0m | Added +679.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.17% of their portfolio | 677.9k $142.8m | Added +73.2k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.15% of their portfolio | 656.0k $138.2m | Added +51.2k |
| Aberdeen Group plc 0.26% of their portfolio | 645.0k $135.9m | Reduced -9.9k |
| ASSETMARK, INC 0.42% of their portfolio | 638.5k $134.5m | Reduced -15.5k |
| TrinityBridge Ltd 4.50% of their portfolio | 628.2k $132.4m | Added +1.2k |
| Woodline Partners LP 1.18% of their portfolio | 585.2k $123.3m | New |
| Epoch Investment Partners, Inc. 0.56% of their portfolio | 584.4k $123.2m | Added +41.6k |
| CANADA LIFE ASSURANCE Co 0.23% of their portfolio | 574.5k $121.1m | Added +21.0k |
| PRUDENTIAL FINANCIAL INC 0.18% of their portfolio | 570.9k $120.3m | Reduced -80.4k |
| PNC Financial Services Group, Inc. 0.08% of their portfolio | 566.3k $119.3m | Added +14.2k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.30% of their portfolio | 554.9k $116.9m | Added +85.7k |
| Allianz Asset Management GmbH 0.19% of their portfolio | 551.5k $116.2m | Reduced -221.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.12% of their portfolio | 544.8k $114.8m | Added +33.9k |
| M&G PLC 0.67% of their portfolio | 538.5k $113.6m | Reduced -36.0k |