Brown-Forman Corporation

BF.B and BF.A • NYSE

Brown-Forman Corporation is a beverages company on NYSE, led by Lawson E. Whiting, with a market cap of $14.0B. As of Q3 2025, 51% of shares are held by 626 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.2%.

Chief Executive OfficerLawson E. Whiting

Market Cap$14.0B

BEVERAGES

Employees5.7K

Websitebrown-forman.com

Country

United States of America

Overview

Overview of institutional ownership in BF.B and BF.A as of Q3 2025 with a market cap of $12.8B

All Institutions

Institutions: 626
Value Held: $6.5B
Shares Held: 232.0M
Avg Position: $8.2M
Median Position: $445.2K

Hedge Funds

Hedge Funds: 48
Value Held: $235.2M
Shares Held: 8.7M
Avg Position: $4.1M
Median Position: $769.2K

Ownership Breakdown

Institutional (non-HF)

48.92%

$6.3B

Hedge Funds

1.84%

$235.2M

Retail & Other

49.25%

$6.3B

Based on market cap of $12.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BF.B and BF.A as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$921.6M 0.01% of portfolio	7.20% 34.1M shares	Q4 2019 Held for 5y 11m	$6.69T
FMR LLC Institution	-	$616.5M 0.03% of portfolio	4.82% 22.8M shares	Q4 2019 Held for 5y 11m	$1.92T
B BlackRock, Inc. Institution	-	$424.3M 0.01% of portfolio	3.32% 15.7M shares	Q4 2019 Held for 5y 11m	$5.67T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$318.6M 0.01% of portfolio	2.47% 11.7M shares	Q4 2019 Held for 5y 11m	$2.88T
R Rakuten Investment Management, Inc. Institution	-	$236.2M 0.84% of portfolio	0.15% 720.4K shares	Q3 2025 Held for 2 months	$28.1B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$191.7M 0.03% of portfolio	1.50% 7.1M shares	Q4 2019 Held for 5y 11m	$633.08B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$175.5M 0.01% of portfolio	1.37% 6.5M shares	Q4 2019 Held for 5y 11m	$1.65T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$174.5M 0.01% of portfolio	1.36% 6.4M shares	Q4 2019 Held for 5y 11m	$1.33T
VAN ECK ASSOCIATES CORP ETF Provider	Jan Frederick Vaneck CEO	$165.3M 0.17% of portfolio	1.29% 6.1M shares	Q4 2019 Held for 5y 11m	$96.6B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$164.5M 0.01% of portfolio	1.29% 6.1M shares	Q4 2019 Held for 5y 11m	$1.57T

Net Capital Flow

Institutional buying and selling activity for BF.B and BF.A in Q3 2025

Net Flow: +$411.6M
Buyers: 228
Sellers: 326
Total Bought: +$851.4M
Total Sold: −$439.8M
Avg Position: $9.4M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$338.8M +12.5M shares	$616.5M 22.8M shares
VAN ECK ASSOCIATES CORP ETF Provider	+$136.7M +5.0M shares	$165.3M 6.1M shares
D D. E. Shaw & Co., Inc. Institution	+$56.0M +2.1M shares	$71.4M 2.6M shares
UBS Group AG Institution	+$49.2M +1.8M shares	$96.8M 3.6M shares
Black Creek Investment Management Inc. Long Only Manager	+$23.6M +871.8K shares	$123.9M 4.6M shares
P ProShare Advisors LLC Institution	+$21.6M +799.2K shares	$146.5M 5.4M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$20.0M +740.0K shares	$132.6M 4.9M shares
Baird Financial Group, Inc. Private Equity	+$16.9M +625.8K shares	$35.4M 1.3M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$15.5M +572.2K shares	$50.3M 1.9M shares
GOLDMAN SACHS GROUP INC Institution	+$14.0M +516.5K shares	$77.5M 2.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$47.3M −1.7M shares	$49.0M 1.8M shares
FIRST TRUST ADVISORS LP ETF Provider	−$32.7M −1.2M shares	$22.6M 833.4K shares
F FIL Ltd Institution	−$24.0M −887.4K shares	$121.4K 4.5K shares
ExodusPoint Capital Management, LP Hedge Fund•Multi-Strategy	−$22.3M −823.6K shares	$451.8K 16.7K shares
C Cubist Systematic Strategies, LLC Institution	−$17.2M −637.8K shares	$741.5K 27.6K shares
VANGUARD GROUP INC Institution	−$13.6M −500.4K shares	$921.6M 34.1M shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	−$12.8M −474.7K shares	Sold Off 0 shares
STATE STREET CORP Institution	−$12.3M −450.1K shares	$318.6M 11.7M shares
P PineBridge Investments Ltd Institution	−$11.5M −426.6K shares	$670.8K 24.9K shares
Wealthfront Advisers LLC RIA/Wealth	−$10.7M −392.7K shares	$489.8K 18.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BF.B and BF.A in Q3 2025

New Positions: 29
New Value: $92.5M
Exited Positions: 83
Exited Value: $84.0M

New Positions

Institution	Position Value
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$66.1M 2.4M shares
OLD REPUBLIC INTERNATIONAL CORP Institution	$21.0M 776.3K shares
Pacific Capital Partners Ltd RIA/Wealth	$1.4M 50.5K shares
MARATHON CAPITAL MANAGEMENT RIA/Wealth	$731.6K 27.0K shares
Eschler Asset Management LLP Hedge Fund•Long/Short	$649.1K 24.0K shares
Alethea Capital Management, LLC Hedge Fund•Multi-Strategy	$510.8K 18.9K shares
Truvestments Capital LLC RIA/Wealth	$503.1K 18.6K shares
Total Clarity Wealth Management, Inc. RIA/Wealth	$230.7K 8.5K shares
P Peoples Bank/KS Institution	$226.9K 8.4K shares
Probity Advisors, Inc. RIA/Wealth	$221.9K 8.2K shares

Exited Positions

Institution	Previous Position
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$12.8M 474.7K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$10.5M 391.2K shares
Sone Capital Management, LLC Hedge Fund•Multi-Strategy	$9.3M 345.8K shares
F Freestone Grove Partners LP Hedge Fund•Multi-Strategy	$9.2M 340.1K shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$6.1M 225.0K shares
B Bell Asset Management Ltd Long Only Manager	$3.9M 145.6K shares
Edgestream Partners, L.P. Hedge Fund•Quant Macro	$3.6M 133.5K shares
B BLI - Banque de Luxembourg Investments Institution	$3.4M 126.9K shares
AIGEN INVESTMENT MANAGEMENT, LP Hedge Fund•Long/Short	$2.0M 76.0K shares
E Erste Asset Management GmbH Institution	$1.7M 63.1K shares

Options Activity

Institutions with the largest Call and Put options positions in BF.B and BF.A as of Q3 2025

Call Positions: 13
Call Value: $26.4M
Put Positions: 15
Put Value: $21.2M

Call Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$11.1M 4.1K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$5.2M 1.9K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.0M 1.1K contracts
Walleye Trading LLC RIA/Wealth	$1.8M 665.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.4M 508.0 contracts
Private Capital Management, LLC RIA/Wealth	$1.2M 430.0 contracts
BARCLAYS PLC Institution	$937.0K 346.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$644.5K 238.0 contracts
W WOLVERINE TRADING, LLC Institution	$441.2K 163.0 contracts
C Cubist Systematic Strategies, LLC Institution	$430.6K 159.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.1M 1.9K contracts
J JANE STREET GROUP, LLC Institution	$4.9M 1.8K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.8M 1.8K contracts
W WOLVERINE TRADING, LLC Institution	$1.5M 572.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$1.5M 537.0 contracts
Walleye Trading LLC RIA/Wealth	$1.1M 398.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$758.9K 282.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$506.4K 187.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$325.0K 120.0 contracts
C CSS LLC/IL Institution	$270.8K 100.0 contracts

Most Committed Institutions

Institutions with BF.B and BF.A as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Black Creek Investment Management Inc. Long Only Manager	Richard Lyle Jenkins Chairman	5.84% $123.9M	0.97% 4.6M shares	Q1 2025 Held for 8 months	$2.1B
R RK Asset Management, LLC Institution	-	4.55% $5.0M	0.04% 184.6K shares	Q3 2024 Held for 1y 2m	$110.0M
Black Cypress Capital Management, LLC Long Only Manager	Kelly Ann Wellborn President	4.35% $5.8M	0.05% 214.4K shares	Q2 2024 Held for 1y 5m	$133.3M
GRACE & WHITE INC /NY RIA/Wealth	George Roger Duff Member	3.13% $15.0M	0.12% 556.5K shares	Q2 2020 Held for 5y 5m	$481.2M
EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC RIA/Wealth	Scott Edger Lundy CEO	3.04% $24.4M	0.19% 901.6K shares	Q3 2024 Held for 1y 2m	$803.1M
Hillman Capital Management, Inc. Long Only Manager	Mark Alan Hillman CEO	2.97% $5.1M	0.04% 188.3K shares	Q4 2024 Held for 11 months	$171.8M
Lindsell Train Ltd Long Only Manager	Jocelyn Arthur Saunders COO	2.91% $118.5M	0.93% 4.4M shares	Q4 2019 Held for 5y 11m	$4.1B
A AMIRAL GESTION Institution	-	2.48% $6.8M	0.05% 252.3K shares	Q2 2025 Held for 5 months	$275.2M
BANYAN CAPTIAL MANAGEMENT, INC. RIA/Wealth	Drew Douglas Estes President	2.46% $5.2M	0.04% 191.5K shares	Q2 2025 Held for 5 months	$210.7M
HAHN CAPITAL MANAGEMENT LLC Long Only Manager	John David Schaeffer President	2.09% $4.4M	0.03% 161.3K shares	Q2 2024 Held for 1y 5m	$208.7M

Hedge Fund Spotlight

Discover hedge funds investing in BF.B and BF.A

CHESAPEAKE ASSET MANAGEMENT LLC

Hedge Fund • Long/Short

Portfolio ManagerRyan Adam Berman

Portfolio Value: $113.1M
Positions: 293
Last Reported: Q3 2025

Sector Allocation

Position in Brown-Forman Corporation

BF.B and BF.A

Market Value: $35.1K
Shares Held: 1.3K
Portfolio Weight: 0.03%
Owned Since: 2025-Q2

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