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Brown & Brown
BRO

894 hedge funds and large institutions have $24.6B invested in Brown & Brown in 2025 Q3 according to their latest regulatory filings, with 101 funds opening new positions, 398 increasing their positions, 292 reducing their positions, and 121 closing their positions.

New
Increased
Maintained
Reduced
Closed

154% more call options, than puts

Call options by funds: $16.2M | Put options by funds: $6.37M

36% more repeat investments, than reductions

Existing positions increased: 398 | Existing positions reduced: 292

4% less funds holding

Funds holding: 928 → 894 (-34)

13.5% less ownership

Funds ownership: 92.96% → 79.45% (-14%)

17% less first-time investments, than exits

New positions opened: 101 | Existing positions closed: 121

17% less capital invested

Capital invested by funds: $29.5B → $24.6B (-$4.97B)

36% less funds holding in top 10

Funds holding in top 10: 28 → 18 (-10)

Holders
894
Holders Change
-34
Holders Change %
-3.66%
% of All Funds
11.73%
Holding in Top 10
18
Holding in Top 10 Change
-10
Holding in Top 10 Change %
-35.71%
% of All Funds
0.24%
New
101
Increased
398
Reduced
292
Closed
121
Calls
$16.2M
Puts
$6.37M
Net Calls
+$9.8M
Net Calls Change
+$4.77M

Top Buyers

1
Capital World Investors
Capital World Investors
California
+$763M
2
Fidelity Investments
Fidelity Investments
Massachusetts
+$342M
3
VLKIM
Van Lanschot Kempen Investment Management
Netherlands
+$190M
4
Principal Financial Group
Principal Financial Group
Iowa
+$177M
5
Vanguard Group
Vanguard Group
Pennsylvania
+$166M

Top Sellers

1
Citadel Advisors
Citadel Advisors
Florida
-$507M
2
Balyasny Asset Management
Balyasny Asset Management
Illinois
-$433M
3
GCM
Ghisallo Capital Management
Massachusetts
-$180M
4
Invesco
Invesco
Georgia
-$172M
5
CIBC Private Wealth Group
CIBC Private Wealth Group
Georgia
-$132M
Name Holding Trade Value Shares
Change 		Change in
Stake
Vanguard Group
1
Vanguard Group
Pennsylvania
$3.5B +$166M +1,705,570 +5%
BlackRock
2
BlackRock
New York
$1.97B +$44.6M +457,424 +2%
Capital World Investors
3
Capital World Investors
California
$1.64B +$763M +7,827,992 +81%
Principal Financial Group
4
Principal Financial Group
Iowa
$1.45B +$177M +1,821,229 +13%
State Street
5
State Street
Massachusetts
$1.23B +$64.3M +660,005 +5%
Fidelity Investments
6
Fidelity Investments
Massachusetts
$1.12B +$342M +3,513,727 +42%
Geode Capital Management
7
Geode Capital Management
Massachusetts
$732M +$45.3M +465,156 +6%
Parnassus Investments
8
Parnassus Investments
California
$641M -$17.8M -182,265 -3%
Select Equity Group
9
Select Equity Group
New York
$570M +$32.2M +330,694 +6%
Royal Bank of Canada
10
Royal Bank of Canada
Ontario, Canada
$458M +$165M +1,692,152 +53%
Morgan Stanley
11
Morgan Stanley
New York
$440M -$100M -1,026,909 -18%
Wells Fargo
12
Wells Fargo
California
$301M +$5.93M +60,882 +2%
Allspring Global Investments
13
Allspring Global Investments
North Carolina
$255M -$64.9M -666,174 -20%
Northern Trust
14
Northern Trust
Illinois
$244M +$8.15M +83,603 +3%
Bank of America
15
Bank of America
North Carolina
$242M -$12.3M -126,602 -5%
Deutsche Bank
16
Deutsche Bank
Germany
$241M +$90.9M +932,563 +57%
Barclays
17
Barclays
United Kingdom
$236M -$45.5M -466,777 -16%
Invesco
18
Invesco
Georgia
$225M -$172M -1,764,361 -42%
Caisse de Depot et Placement du Quebec (CDPQ)
19
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
$219M -$9.63M -98,849 -4%
Manulife (Manufacturers Life Insurance)
20
Manulife (Manufacturers Life Insurance)
Ontario, Canada
$216M -$3.6M -36,978 -2%
FAM
21
Fenimore Asset Management
New York
$202M +$1.58M +16,263 +0.8%
Goldman Sachs
22
Goldman Sachs
New York
$200M -$294K -3,013 -0.1%
MAM
23
Madison Asset Management
Wisconsin
$188M -$3.27M -33,526 -2%
VLKIM
24
Van Lanschot Kempen Investment Management
Netherlands
$183M +$190M +1,949,536 New
JP Morgan Chase
25
JP Morgan Chase
New York
$181M +$119M +1,217,171 +170%
1
2 3 4 5

BRO Hedge Fund Activity: Q3 2025 in Review

894 of the 7,619 institutional investors tracked by Wall St. Rank reported a position in Brown & Brown (BRO) for Q3 2025, worth a combined $24.6B — down 17% from $29.5B a quarter earlier.

Sellers outnumbered buyers: 121 funds closed out of BRO and 101 opened new positions — a net loss of 20 holders — while 292 trimmed existing stakes and 398 added.

The largest buyer was Capital World Investors, adding an estimated $763M. The largest seller was Citadel Advisors, cutting an estimated $507M.

  • 894 institutional investors held Brown & Brown (BRO) as of Q3 2025, down from 928 in Q2 2025.
  • Funds reported $24.6B of Brown & Brown stock for Q3 2025, down 17% quarter-over-quarter.
  • 101 funds opened new Brown & Brown positions in Q3 2025 and 121 closed out, a net change of -20 holders.
  • The largest Brown & Brown buyer in Q3 2025 was Capital World Investors, an estimated $763M added.
  • The largest Brown & Brown seller in Q3 2025 was Citadel Advisors, an estimated $507M sold.

Based on aggregated 13F filings for Q3 2025.