Arthur J. Gallagher & Co.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,222 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Holdings side, distinguishing acquisitions from stakes. Gallagher's business model is to acquire insurance brokerage and risk-management firms outright; those are wholly owned operating subsidiaries and correctly excluded per the brief, and none appear here. The question is whether Gallagher separately holds a genuine minority equity interest in another operating company. The FY2025 10-K's accounting-policy note states: 'Substantially all of our investments in partially owned entities in which our ownership is less than 50% are accounted for using the equity method... in situations where a less than 50%-owned investment has been determined to be a variable interest entity and we are deemed to be the primary beneficiary... we will consolidate the investment.' This is the Nucor/Moody's ICRA pattern in principle (a VIE Gallagher might consolidate while a third party holds a real minority), but the filing never names a single investee under either the equity-method or VIE-consolidation language, in the 10-K or in the Q2 2026 10-Q. Searched terms: 'equity method' (4 hits in the 10-K, 1 in the 10-Q, all policy language or a $2m/$8m equity-method earnings line with no investee named), 'unconsolidated' (4 hits, policy language only), 'joint venture' (0 hits in either filing), 'variable interest entity' / 'VIE' (policy language only, no named consolidated VIE with a minority partner), 'noncontrolling interest' (20 hits in the 10-Q; the $30 million noncontrolling-interest balance on the balance sheet is not attributed to any named entity in either filing). No named operating company was found on either side of this line, so holdings is empty.
• Clean energy and tax-credit investments are treated as financing structures, not equity stakes, per the brief's guidance, and reasoned through explicitly here rather than assumed. Gallagher's 10-K states it generated $1,706 million in IRC Section 45 tax credits from 2009 to 2021 (refined-coal production credits; none generated since 2021), of which $604 million remained unused as of 31 Dec 2025. The 'clean energy investments' line in the corporate segment is described as 'the operating results related to our investments in clean energy projects, primarily fusion and carbon sequestration projects,' generating a net after-tax loss in both 2024 and 2025 and expected to keep losing money in 2026. No specific operating company is named as the investee: the language describes a portfolio of refined-coal, fusion and carbon-sequestration project interests entered into specifically to generate Section 45 tax credits, structurally the same kind of tax-advantaged financing vehicle the brief warns is usually a financing structure rather than an equity stake in an operating business. Nothing here names a genuine ownership interest in a specific business, so none of it is recorded as a holding.
• A combined balance covers this bucket and is not split by investee, so per the brief's rule against assigning a combined figure to any one name, nothing was sized. The 10-K's 'Off-Balance Sheet Debt' note states the unconsolidated investment portfolio (1% to 50% ownership interests, equity method) 'had any outstanding debt at December 31, 2025 and 2024 that was recourse to us' of zero, but gives no aggregate carrying value and names no investee. The equity-method and clean-energy carrying values are folded into the consolidated balance sheet's 'Other noncurrent assets' line ($1,602 million at 31 Dec 2025, $1,355 million at 31 Dec 2024), which also includes unrelated items (right-of-use adjustments, deferred costs, other miscellaneous noncurrent assets) per the balance sheet presentation, so even that combined figure cannot be cleanly attributed to equity-method or clean-energy investments alone, let alone to any single investee. See unknowns.
• Fiduciary and client funds are explicitly excluded, the same treatment this project applies to PNC, Ameriprise and T. Rowe Price. Gallagher, as an insurance broker, holds substantial fiduciary and client funds (premiums collected for insurers, claims funds held on behalf of clients); the 10-Q and 10-K both discuss fiduciary funds and premium-financing operations at length. None of this is client-owned money passing through Gallagher's balance sheet, not a Gallagher equity stake in anything, and none of it appears in holdings.
• Register side: no family vehicle sits outside the officers-and-executives group, unlike the Walmart/Marriott pattern the brief warns about. Chairman/CEO J. Patrick (Pat) Gallagher, Jr., his brother President Thomas J. Gallagher, and a third Gallagher-family executive officer (proxy-identified only as 'Patrick Gallagher,' whose footnote references his mother 'Anne Gallagher,' matching Pat Gallagher's wife elsewhere in the proxy, indicating he is Pat Gallagher's son) all have their full beneficial ownership, including family trusts and the LLC (Elm Court LLC) used for Pat Gallagher's estate planning, folded into their individual proxy rows, and all three individual rows sit inside 'All directors and executive officers as a group (21 people).' No separate family trust, foundation or holding vehicle was found reporting AJG shares independently of these three rows (no Schedule 13D/13G was found on EDGAR from any Gallagher-family vehicle; the founder-descended Gallagher family's stake is modest, well under 5% collectively, and is disclosed entirely through the proxy's individual and group rows, not through any separate 13D/G filing).
• JPMorgan Chase & Co. reconciliation. The 2026 proxy names JPMorgan Chase & Co. as a 5%+ stockholder at 20,155,017 shares (7.8%), sourced from a Schedule 13G/A filed 31 Oct 2025 reporting ownership as of 30 Sep 2025. The register instead uses JPMorgan's Q2 2026 Form 13F-HR (as of 30 Jun 2026), 14,356,764 shares, which is both more current and read directly from the filing rather than relayed through the proxy. The two figures likely differ because the 13G captures JPMorgan's full beneficial-ownership scope (private banking, wealth management, trust accounts) while the 13F captures only its institutional investment-manager discretionary accounts; both are recorded here rather than the smaller one silently overwriting the larger one.
• Percentages for the eleven institutional/13F rows use 256,300,000 shares outstanding (approximate, per the Q2 2026 10-Q cover page, 'The number of outstanding shares of the registrant's common stock, $1.00 par value, as of June 30, 2026 was approximately 256.3 million'). Percentages for the four proxy-sourced insider rows use the proxy's own denominator, 256,888,062 shares as of 16 Mar 2026 (the DEF 14A states its percentage calculations are based on that figure), which differs slightly from the 10-Q figure because the two dates are about three and a half months apart; both denominators are stated explicitly in each row's pct_denominator.
• Self-gate, computed exactly as the chart computes it: 15 register rows. Raw share total after reducing the aggregate row to its residual (3,548,969 minus the 2,288,055 shares already counted at full value across the three named Gallagher rows, i.e. a residual of 1,260,914) is 132,538,047 shares against 256,300,000 shares outstanding, or 51.71%. This sits above the 25 to 45 percent expected range but inside the 15 to 55 percent acceptable band. Cause: the top 11 institutional 13F holders alone sum to roughly 129 million shares (about 50.3% of the company), driven by Vanguard, BlackRock, Fidelity and Capital Group each individually exceeding 6.5%, which is a higher concentration than Ameriprise or PNC showed but is internally consistent (every row priced to the same ~$229.57/share cluster for the 30 Jun 2026 CUSIP, no split or thousands-trap error found outstanding after the T. Rowe Price correction). No stock split was found for AJG in the filings checked.
• Market capitalisation ($64.62 billion) and the $252.13 share price are stockanalysis.com's intraday figures as of 18 Aug 2026, 11:37 AM EDT (market open). Cross-check: 256,300,000 shares x $252.13 implies approximately $64.62 billion, matching stockanalysis.com's reported $64.63 billion market cap closely.