Brown & Brown, Inc.

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 795 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

• Q2 2026 10-Q (period 2026-06-30, filed 2026-07-27) is the newest filing on EDGAR as of this research (19 Aug 2026); it postdates the FY2025 10-K (filed 2026-02-12) and is used for shares_outstanding and the holdings-side search.
• shares_outstanding = 334,610,357, from the 10-Q cover page, 'outstanding as of July 24, 2026'. Brown & Brown's share count rose sharply in 2025 to fund the RSC Topco (Accession Risk Management Group) acquisition, which closed 1 Aug 2025; this is the post-raise count.
• Holdings side searched: the Q2 2026 10-Q and the FY2025 10-K, both by full text (terms: equity method, non-marketable, unconsolidated, noncontrolling interest, joint venture, minority interest, equity investment, affiliate) and Exhibit 21 (subsidiary list) of the 10-K. No equity-method, joint-venture or minority-interest language appears in either 10-Q or 10-K body text; the only 'non-marketable' hit is about fiduciary-asset investment policy, unrelated to an equity stake. Exhibit 21 (https://www.sec.gov/Archives/edgar/data/79282/000119312526046984/bro-ex21.htm) is a bare subsidiary name list with no ownership-percentage column (confirmed: zero hits for '%', 'percent' or 'owned' in that exhibit), a genuine negative rather than a place we didn't look. Holdings array is empty and this is a sourced finding, not a gap.
• Brown family overlap (bug-9/Marriott-defect check): J. Hyatt Brown (35,997,546 sh), J. Powell Brown (5,320,524 sh) and P. Barrett Brown (1,436,058 sh) all sit fully inside the single proxy container 'All current directors and executive officers as a group (21 persons)' (44,574,701 sh, 13.13%); unlike the Marriott case there is only ONE container here (no separate outside-the-group family vehicle), so each Brown row rolls_up_into that one container and the container is charted at its residual (44,574,701 minus the three Brown rows = 1,820,573 sh) rather than at full value. The James Hyatt Brown Nongrantor Charitable Lead Annuity Trust (1,827,556 sh, of which Hyatt, Powell and Barrett Brown are each trustees/remainder beneficiaries) is counted exactly once, inside J. Powell Brown's row, per the proxy's own footnote choices (Hyatt Brown's row explicitly excludes it, Barrett Brown's row explicitly excludes it); no separate row was added for the trust to avoid counting it a second time.
• Vanguard case: parent CIK 0000102909 filed Form 13F-NT (no holdings) for Q2 2026 (accession 0000102909-26-002714, filed 2026-08-13), so the successors are the position. Summed all 7 successor entities that filed 13F-HR for period 2026-06-30 into one row (36,640,375 sh), naming each entity and CIK in its method_note. This is within about 0.4% of this project's own Q1 2026 register snapshot for the same 7 entities (36,490,193 sh), which cross-checks the sweep as complete.
• Capital Group case: summed all 5 registrants (Capital World Investors, Capital Research Global Investors, Capital International Investors, Capital International Inc/CA, Capital International Sarl) into one family roll-up row (19,281,251 sh), not marked is_aggregate since nothing rolls into it. This supersedes the proxy's own 5%-holder line for 'Capital World Investors' alone (17,503,659 sh, 5.15%), which the proxy itself sources to a Schedule 13G, i.e. stale relative to the fresh Q2 2026 13F family sum used here.
• Self-gate (computed on the final file, per the project's exact chart arithmetic): 14 rows, 202,811,162 shares, 60.6% of shares_outstanding (334,610,357). This is above the roughly-25%-to-45% band the project's own guidance describes and above its 55% double-count warning threshold for this company specifically. Investigated for a double count and found none: (1) the Brown family is reduced against the officers-and-directors container as described above, not summed on top of it; (2) every institutional row is a single CUSIP (115236101, BROWN & BROWN INC common only, filtered away from the unrelated Brown-Forman Corp CUSIPs that also matched the 'BROWN' name fragment on several filers); (3) the fresh Q2 2026 institutional figures cross-check closely against this project's independent Q1 2026 register snapshot for Vanguard, BlackRock, Capital Group, Principal, State Street and Geode. The elevated reading appears to be a genuine feature of this company: Brown & Brown's share count grew sharply in 2025 from the equity raise that funded the RSC/Accession acquisition, and large blocks of the new shares appear concentrated among a small number of big institutional holders (also visible in the fact that First Eagle's position rose about 33% and Select Equity Group's fell about 39% quarter over quarter, i.e. real turnover among a fairly concentrated top-10). Reporting this as-is rather than trimming rows to fit the band.
• pct_of_company values for the three Brown family rows and the officers-and-executives group are the proxy's own reported percentages, dated to the 2 Mar 2026 record date, and are NOT recomputed against the newer shares_outstanding figure (334,610,357, dated 24 Jul 2026) except for P. Barrett Brown, whose row the proxy discloses only as '*' (less than 1%); that one percentage is our own calculation and is flagged as such in its method_note.