AON PLC AON
SHS CL A · Common Stock · CUSIP G0403H108
British multinational corporation
* 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 ($212.7m this quarter). Holder counts are more reliable. Shares outstanding: 200.2m as of 2023-10-26, 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 ≈ $290.96. Options: 31 managers hold calls ($180.7m notional), 27 hold puts ($242.0m).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 939 |
| Q4 2022 | 1,023 |
| Q1 2023 | 1,002 |
| Q2 2023 | 1,014 |
| Q3 2023 | 1,037 |
| Q4 2023 | 1,053 |
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 | 438 | 416 |
| Q1 2023 | 402 | 479 |
| Q2 2023 | 398 | 475 |
| Q3 2023 | 442 | 445 |
| Q4 2023 | 412 | 487 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $288.1m | $201.0m | 0.70 |
| Q2 2023 | $165.3m | $262.8m | 1.59 |
| Q3 2023 | $178.4m | $244.8m | 1.37 |
| Q4 2023 | $180.7m | $242.0m | 1.34 |
Biggest buyers
| MORGAN STANLEY | Added | +6.6m |
| JPMORGAN CHASE & CO | Added | +1.4m |
| Nuveen Asset Management, LLC | New | +630.2k |
| Qube Research & Technologies Ltd | Added | +567.2k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +441.3k |
| NORGES BANK | Added | +415.6k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | New | +308.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | Added | +290.9k |
| BlackRock Inc. | Added | +290.4k |
| FIL Ltd | Added | +273.1k |
Biggest sellers
| FMR LLC | Reduced | -1.2m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -1.1m |
| LAZARD ASSET MANAGEMENT LLC | Reduced | -660.3k |
| Boston Partners | Reduced | -571.3k |
| BANK OF AMERICA CORP /DE/ | Reduced | -534.2k |
| Artisan Partners Limited Partnership | Reduced | -500.1k |
| WCM INVESTMENT MANAGEMENT, LLC | Reduced | -475.9k |
| GQG Partners LLC | Reduced | -432.9k |
| Bank of New York Mellon Corp | Reduced | -428.2k |
| AMERIPRISE FINANCIAL INC | Reduced | -413.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $35.6m122.4k shares |
| UBS Group AG | Added | $29.5m101.5k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $25.1m86.4k shares |
| CITADEL ADVISORS LLC | Reduced | $16.2m55.6k shares |
| JPMORGAN CHASE & CO | Added | $15.2m52.2k shares |
| SIMPLEX TRADING, LLC | Added | $9.0m30.9k shares |
| WOLVERINE TRADING, LLC | Added | $7.0m24.1k shares |
| JANE STREET GROUP, LLC | Reduced | $6.4m22.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $5.9m20.3k shares |
| Oribel Capital Management, LP | New | $5.0m17.2k shares |
Biggest puts
| MILLENNIUM MANAGEMENT LLC | Reduced | $41.4m142.4k shares |
| JPMORGAN CHASE & CO | Added | $41.4m142.2k shares |
| UBS Group AG | Added | $34.6m118.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $29.3m100.6k shares |
| CITADEL ADVISORS LLC | Reduced | $26.0m89.3k shares |
| Baader Bank Aktiengesellschaft | Reduced | $8.6m29.7k shares |
| HSBC HOLDINGS PLC | Added | $8.4m29.1k shares |
| Walleye Capital LLC | Reduced | $7.2m24.9k shares |
| GTS SECURITIES LLC | Reduced | $6.5m22.3k shares |
| JANE STREET GROUP, LLC | Added | $6.2m21.4k 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 | 7.3% |
| JPMORGAN CHASE & CO 13G · institution +1.1 pts · filed 2026-10-16 | 6.7% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2023
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 |
|---|---|---|---|---|---|
| Q1 2022 | 0 | — | 4 | $12.3m | — |
| Q2 2022 | 1 | $4.0m | 0 | — | — |
| Q3 2022 | 1 | $116.7k | 2 | $288.2k | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 2 | $22.7m | — |
| Q2 2023 | 0 | — | 1 | $2.5m | — |
| Q3 2023 | 1 | $259.7k | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.11% of their portfolio | 17.6m $5.1bn | Added +38.8k |
| BlackRock Inc. 0.10% of their portfolio | 13.4m $3.9bn | Added +290.4k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 1.17% of their portfolio | 12.5m $3.6bn | Reduced -1.1m |
| MORGAN STANLEY 0.16% of their portfolio | 12.4m $3.6bn | Added +6.6m |
| Capital World Investors 0.50% of their portfolio | 9.7m $2.8bn | Reduced -34.4k |
| STATE STREET CORP 0.12% of their portfolio | 8.2m $2.4bn | Added +167.1k |
| Capital International Investors 0.36% of their portfolio | 5.5m $1.6bn | Added +22.3k |
| WCM INVESTMENT MANAGEMENT, LLC 3.55% of their portfolio | 4.4m $1.3bn | Reduced -475.9k |
| Mawer Investment Management Ltd. 6.59% of their portfolio | 4.4m $1.3bn | Reduced -77.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.13% of their portfolio | 4.2m $1.2bn | Added +441.3k |
| Berkshire Hathaway Inc 0.34% of their portfolio | 4.1m $1.2bn | Unchanged |
| LAZARD ASSET MANAGEMENT LLC 1.41% of their portfolio | 3.8m $1.1bn | Reduced -660.3k |
| Sustainable Growth Advisers, LP 3.55% of their portfolio | 2.7m $779.4m | Added +212.1k |
| MACKENZIE FINANCIAL CORP 1.02% of their portfolio | 2.3m $678.4m | Added +179.2k |
| NORTHERN TRUST CORP 0.11% of their portfolio | 2.1m $623.6m | Reduced -102.2k |
| EAGLE CAPITAL MANAGEMENT LLC 2.45% of their portfolio | 2.0m $576.7m | Added +241.3k |
| Independent Franchise Partners LLP 4.78% of their portfolio | 1.9m $562.6m | Reduced -93.0k |
| JPMORGAN CHASE & CO 0.03% of their portfolio | 1.9m $560.5m | Added +1.4m |
| GQG Partners LLC 1.08% of their portfolio | 1.8m $511.8m | Reduced -432.9k |
| NEUBERGER BERMAN GROUP LLC 0.44% of their portfolio | 1.7m $507.9m | Reduced -383.2k |
| Longview Partners (Guernsey) LTD 3.32% of their portfolio | 1.7m $497.2m | Reduced -122.4k |
| BANK OF AMERICA CORP /DE/ 0.05% of their portfolio | 1.6m $467.8m | Reduced -534.2k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.75% of their portfolio | 1.5m $428.3m | Added +182.7k |
| NORGES BANK 0.07% of their portfolio | 1.5m $423.0m | Added +415.6k |
| Legal & General Group Plc 0.13% of their portfolio | 1.4m $420.8m | Added +51.5k |
| Bank of New York Mellon Corp 0.08% of their portfolio | 1.4m $419.1m | Reduced -428.2k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.15% of their portfolio | 1.3m $387.2m | Added +22.0k |
| Cantillon Capital Management LLC 2.37% of their portfolio | 1.2m $355.1m | Reduced -29.8k |
| Invesco Ltd. 0.08% of their portfolio | 1.2m $353.1m | Reduced -89.6k |
| California Public Employees Retirement System 0.24% of their portfolio | 1.1m $313.6m | Reduced -9.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.08% of their portfolio | 1.1m $308.0m | Added +5.7k |
| FIL Ltd 0.31% of their portfolio | 1.0m $299.8m | Added +273.1k |
| GOLDMAN SACHS GROUP INC 0.06% of their portfolio | 984.9k $286.6m | Added +44.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.17% of their portfolio | 950.2k $276.5m | Added +290.9k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio | 880.7k $256.3m | Reduced -238.6k |
| PRINCIPAL FINANCIAL GROUP INC 0.16% of their portfolio | 877.9k $255.5m | Reduced -3.6k |
| C WorldWide Group Holding A/S 3.24% of their portfolio | 828.8k $241.2m | Added +54.2k |
| POLEN CAPITAL MANAGEMENT LLC 0.58% of their portfolio | 819.6k $238.6m | Added +4.3k |
| Artisan Partners Limited Partnership 0.37% of their portfolio | 811.4k $236.1m | Reduced -500.1k |
| Qube Research & Technologies Ltd 0.52% of their portfolio | 782.2k $227.6m | Added +567.2k |
| BARCLAYS PLC 0.12% of their portfolio | 780.5k $227.1m | Reduced -45.9k |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 765.5k $222.8m | Added +5.8k |
| BLAIR WILLIAM & CO/IL 0.73% of their portfolio | 741.0k $215.7m | Added +15.7k |
| First Pacific Advisors, LP 3.11% of their portfolio | 713.0k $207.5m | Reduced -7.5k |
| Fiera Capital Corp 0.61% of their portfolio | 678.2k $197.4m | Added +23.8k |
| Boston Partners 0.25% of their portfolio | 640.8k $186.8m | Reduced -571.3k |
| Swiss National Bank 0.14% of their portfolio | 634.4k $184.6m | Reduced -22.6k |
| Nuveen Asset Management, LLC 0.06% of their portfolio | 630.2k $183.4m | New |
| OMERS ADMINISTRATION Corp 2.18% of their portfolio | 594.3k $172.9m | Reduced -8.4k |
| BESSEMER GROUP INC 0.33% of their portfolio | 574.8k $167.3m | Reduced -10.5k |
| USS Investment Management Ltd 1.38% of their portfolio | 528.4k $153.7m | Added +155.2k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 515.4k $150.0m | Added +92.2k |
| Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio | 505.6k $147.1m | Reduced -10.8k |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. 1.40% of their portfolio | 480.6k $139.8m | Reduced -15.7k |
| NATIXIS ADVISORS, LLC 0.35% of their portfolio | 462.0k $134.5m | Reduced -46.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.14% of their portfolio | 453.5k $132.0m | Reduced -369.5k |
| Amundi 0.06% of their portfolio | 450.1k $132.3m | Reduced -50.7k |
| JANUS HENDERSON GROUP PLC 0.07% of their portfolio | 409.0k $119.0m | Reduced -182.7k |
| DEUTSCHE BANK AG\ 0.06% of their portfolio | 388.3k $113.0m | Reduced -45.5k |
| RHUMBLINE ADVISERS 0.11% of their portfolio | 371.2k $108.0m | Reduced -6.3k |
| Capital Group Private Client Services, Inc. 1.09% of their portfolio | 363.2k $105.7m | Reduced -8.5k |
| Douglass Winthrop Advisors, LLC 2.30% of their portfolio | 354.4k $103.1m | Added +1.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio | 354.2k $103.1m | Reduced -38.2k |
| MILLENNIUM MANAGEMENT LLC 0.10% of their portfolio | 349.8k $101.8m | Added +223.1k |
| Haverford Trust Co 1.12% of their portfolio | 345.7k $100.6m | Reduced -2.4k |
| Russell Investments Group, Ltd. 0.17% of their portfolio | 337.2k $98.1m | Added +16.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.14% of their portfolio | 336.3k $97.9m | Reduced -27.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.13% of their portfolio | 331.8k $96.5m | Added +4.8k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 324.6k $94.5m | Added +86.5k |
| BloombergSen Inc. 7.30% of their portfolio | 311.1k $90.5m | Reduced -45.7k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.35% of their portfolio | 308.0k $89.6m | New |
| FMR LLC 0.01% of their portfolio | 307.8k $89.6m | Reduced -1.2m |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 304.3k $88.5m | Reduced -413.0k |
| CREDIT SUISSE AG/ 0.08% of their portfolio | 296.1k $86.2m | Added +15.0k |
| HSBC HOLDINGS PLC 0.08% of their portfolio | 295.2k $85.4m | Added +159.9k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.11% of their portfolio | 291.2k $84.7m | Added +17.5k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 290.3k $84.5m | Reduced -30.9k |
| UBS Group AG 0.03% of their portfolio | 289.4k $84.2m | Added +84.6k |
| DAVENPORT & Co LLC 0.55% of their portfolio | 275.0k $79.9m | Added +7.4k |
| SEI INVESTMENTS CO 0.12% of their portfolio | 267.3k $77.8m | Reduced -25.9k |
| SRB CORP 4.25% of their portfolio | 247.5k $72.0m | Added +246.0k |
| AVIVA PLC 0.26% of their portfolio | 246.3k $71.7m | Added +55.1k |
| CITADEL ADVISORS LLC 0.07% of their portfolio | 235.4k $68.5m | Added +126.9k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 231.8k $67.5m | Reduced -4.6k |
| Squarepoint Ops LLC 0.27% of their portfolio | 229.5k $66.8m | Added +168.6k |
| NICHOLAS COMPANY, INC. 1.18% of their portfolio | 228.2k $66.4m | Unchanged |
| Man Group plc 0.19% of their portfolio | 227.6k $66.2m | New |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.09% of their portfolio | 226.9k $66.0m | Added +12.4k |
| Pictet Asset Management Holding SA 0.07% of their portfolio | 225.3k $65.6m | Added +25.8k |
| James Hambro & Partners LLP 3.47% of their portfolio | 223.9k $65.1m | Added +20.2k |
| DekaBank Deutsche Girozentrale 0.13% of their portfolio | 215.3k $61.8m | Added +98.3k |
| COOPER INVESTORS PTY LTD 3.73% of their portfolio | 214.3k $62.4m | Reduced -57.3k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.13% of their portfolio | 210.0k $61.1m | Reduced -200 |
| Polar Capital Holdings Plc 0.37% of their portfolio | 205.0k $59.7m | Unchanged |
| Ensign Peak Advisors, Inc 0.12% of their portfolio | 204.1k $59.4m | Reduced -311.5k |
| ACADIAN ASSET MANAGEMENT LLC 0.23% of their portfolio | 203.6k $59.2m | Added +46.8k |
| STIFEL FINANCIAL CORP 0.07% of their portfolio | 196.5k $57.2m | Added +1.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.12% of their portfolio | 190.5k $55.4m | Reduced -12.7k |
| Broad Run Investment Management, LLC 7.36% of their portfolio | 189.1k $55.0m | Reduced -28.1k |
| HM PAYSON & CO 1.11% of their portfolio | 184.4k $53.7m | Reduced -2.1k |