Brown-Forman Corporation

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 599 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

• DUAL CLASS STRUCTURE, one basis chosen: shares_outstanding (458,864,265) is the TOTAL of Class A (168,480,849, NYSE: BFA, full voting power) and Class B (290,383,416, NYSE: BFB, 'may not vote except as provided by the laws of Delaware', modeled here as 0 votes/share since no ordinary voting rights attach), both counts from the 10-K cover page (filed 12 Jun 2026, period ended 30 Apr 2026) and independently repeated in the DEF 14A (filed 18 Jun 2026), both dated 'as of the close of business on June 9, 2026'. company.ticker is set to BF-B (the listed Class B, hyphen not dot) per the assignment; the CUSIP for Class B is 115637209 and for Class A is 115637100, both confirmed directly from the register file's cusips list and from every 13F information table read here. Every register row's shares and pct_of_company are stated on this combined, total-company basis.
• UNLIKE a company where institutions hold only one class, here every 13F filer checked holds BOTH Brown-Forman classes (Class A is separately NYSE-listed as BFA and is not entirely closely held: 29.7% of Class A (47.8m of 168.5m shares) sits outside the two 5%-owner family entities). So every institutional register row here sums BOTH CUSIPs (115637209 Class B + 115637100 Class A) rather than using one class only; each row's method_note gives the per-class breakdown so a reader can see how much of each.
• Brown family control: the DEF 14A's 'Beneficial Owners of More Than 5% of Brown-Forman's Voting Stock' table (Class A only, 'our only class of voting stock') lists exactly two entities, both described as 'controlled by Brown family members': Wolf Pen Branch, LP (101,601,480 Class A shares, 60.3% of Class A) and Avish Agincourt, LLC (18,208,304 Class A shares, 10.8% of Class A), together 119,809,784 shares = 71.1% of the 168,480,849 Class A shares outstanding, matching the proxy's own stated aggregate. Restated onto this file's combined-class basis, that same 119,809,784 shares = 26.11% ECONOMIC ownership of the whole company (119,809,784 / 458,864,265). Because Class B carries essentially no vote, the family's VOTING power is close to its 71.1% share of Class A itself (the DEF 14A states Brown-Forman is a 'controlled company' under NYSE rules 'because more than 50% of our Class A voting stock is held by members of the Brown family or entities they control'), a large divergence from the 26.11% economic figure: exactly the founder/family-control divergence the brief anticipates, driven here by a nonvoting share class rather than a supervoting one. Neither Wolf Pen Branch nor Avish Agincourt discloses any Class B holding anywhere in the DEF 14A (the 5%-owner table covers Class A only); whether either entity also holds Class B is recorded as an unknown below rather than assumed as zero.
• Checked whether any Brown family stake sits inside two containers at once (the Marriott/JWM Family Enterprises trap the brief warns about): it does not, in this file. Summing the 16 named individuals in the DEF 14A's 'Stock Owned by Directors and Executive Officers' table gives Class A total 9,996,623 (close to but 7,111 shares short of the group's own stated 10,003,734, the gap being other unnamed officers among the 22), which leaves no room for Wolf Pen Branch's 101.6m or Avish Agincourt's 18.2m Class A shares to also be counted inside the 'All Directors and Executive Officers as a Group' row. The two 5%-owner entities and the D&O group are recorded as three independent rows with no rolls_up_into relationship between them.
• Holdings side: searched the newest 10-K (period ended 30 Apr 2026, filed 12 Jun 2026) for 'equity method', 'joint venture', 'unconsolidated', 'investment in', 'equity investment', 'non-marketable'/'nonmarketable', and read Exhibit 21 (subsidiaries list). Found one historical equity-method investment, now FULLY EXITED: on 30 Apr 2024, as partial consideration for the sale of the Sonoma-Cutrer wine business, Brown-Forman received a 21.4% equity interest in The Duckhorn Portfolio, Inc. (then NYSE-listed). Duckhorn was acquired by private equity funds managed by Butterfly Equity in a deal that closed 24 Dec 2024; Brown-Forman received $350m cash for its 21.4% stake and recognized a $78m gain in fiscal 2025 (year ended 30 Apr 2025). The FY2026 10-K states 'our other equity method investments...are immaterial' with no other investee named and no combined balance broken out by holding. Per the brief's rule, a completed exit is a note with no row, so no Duckhorn row is recorded. Exhibit 21 (bfb-ex21_2026430xevergreen.htm) lists roughly 26 subsidiaries, all wholly owned, all Brown-Forman branded entities across multiple jurisdictions, with NO ownership-percentage column and no joint-venture or third-party-named entity (a bare name list, the Labcorp/Darden pattern, treated as a genuine negative rather than an under-search). Conclusion: holdings is legitimately empty.
• Capital Group checked and found to hold NOTHING in Brown-Forman as of Q2 2026: 7 registrants swept (enumerated from EDGAR company search rather than a fixed list, matching the brief's guidance that the family runs to more than the commonly-cited three), each read directly from its own Q2 2026 13F-HR information table filed 12 Aug 2026: Capital World Investors CIK 0001422849 (637 rows), Capital Research Global Investors CIK 0001422848 (426 rows), Capital International Investors CIK 0001562230 (446 rows), Capital International, Inc./CA/ CIK 0000895213 (302 rows), Capital International Sarl CIK 0001065349 (287 rows), Capital International Ltd /CA/ CIK 0001065350 (150 rows), Capital Group Private Client Services, Inc. CIK 0001857666 (260 rows). No row in any of the seven matches either CUSIP or the fragment 'BROWN FORMAN'/'BROWN' (the only 'BROWN' hits across all seven are the unrelated issuer Brown & Brown Inc, CUSIP 115236101). No row recorded; this is a genuine negative rather than an omission.
• T. Rowe Price Investment Management, Inc. (CIK 0001897612) checked and found to hold NOTHING in Brown-Forman as of Q2 2026 (own 13F-HR filed 14 Aug 2026, 738 rows, no match for 'BROWN' or either CUSIP). Only T. Rowe Price Associates, Inc. (CIK 0000080255) holds a position; see its register row. Both T. Rowe registrants file 13F values in THOUSANDS; the thousands conversion is applied and cross-validated by implied price in the Associates row.
• Self-gate computed from this final file, using the chart's own arithmetic (a member rolls up into its container at full value and the container is reduced by exactly that; an aggregate with NO members, as here, counts at full value; everything else counts at full value): 12 register rows. No row has rolls_up_into set (no individual director/officer rows were recorded separately from the 'All Directors and Executive Officers' aggregate, so it has no members and is used at its raw filed total). Total = 101,601,480 (Wolf Pen Branch) + 18,208,304 (Avish Agincourt) + 18,999,869 (D&O group, full value) + 33,039,442 (Vanguard family) + 13,784,485 (BlackRock) + 12,597,933 (Fidelity) + 12,095,293 (Van Eck) + 9,955,353 (State Street) + 8,586,045 (Invesco) + 7,498,148 (Goldman Sachs) + 6,408,417 (Geode) + 295,708 (T. Rowe Price Associates) = 243,070,477 shares. Divided by shares_outstanding 458,864,265 = 52.97% of the company, on the combined Class A + Class B basis.
• This 52.97% is above the brief's normal 25-45% band and was checked for the three usual causes before shipping: (1) mixed instrument: every institutional row sums the same two CUSIPs (115637209 Class B, 115637100 Class A) read directly from each holder's own Q2 2026 13F-HR, cross-validated by a tight implied-price band of ~$26.6-26.9/share across all 9 institutional filers including the thousands-corrected T. Rowe Associates row; (2) mixed basis: the two 5%-owner family entities and the D&O group are all stated on the same combined-class basis as every institutional row, with voting power kept out of the shares/pct_of_company fields entirely and stated only in prose above; (3) double counting: checked and ruled out between the two 5%-owner entities and the D&O group (see the dedicated check above); Vanguard is one summed family row (parent filed 13F-NT, successors are the position, no double-add); Capital Group and T. Rowe Investment Management were checked across 8 registrants total and found to hold zero, contributing no phantom shares. The elevated total is a real, sourced feature of this company: two family control vehicles alone hold 26.1% of the combined-class economic denominator (concentrated in the smaller, voting Class A pool, where they hold 71.1%), on top of substantial institutional ownership spread across both classes (institutions here hold Class A as well as Class B, unlike some single-class-institutional precedents), pushing the total above the normal band without any row being double counted.
• data/registers/BF-B.json (this project's own 31 Mar 2026 13F snapshot, ticker there recorded as 'BF.B') lists 599 filers totaling 220,652,240 shares across both CUSIPs; used only as an upper bound per the brief's instruction, never as corroboration of a level. It is comfortably consistent as a bound: it covers all 599 13F filers versus the 9 institutional rows recorded here (Vanguard family through T. Rowe Price Associates), whose Q2 2026 combined total is 103,965,116 shares, well under the register's all-filer floor. The register's holders array (top 40) does not include Capital Group or T. Rowe Price under any name, consistent with the negative finding recorded above, though it was not used to reach that finding (each family was checked directly against its own Q2 2026 13F-HR filings, not against this snapshot's truncated list, per the brief's instruction to use the register only for enumerating entity names when needed, never for share figures).
• Market cap methodology: 458,864,265 total shares (9 Jun 2026 cover-page count, both classes) multiplied by the BF-B closing price of $28.43 on 19 Aug 2026 (stockanalysis.com) = $13,045,511,054. This assumes Class A carries the same per-share value as Class B for aggregation purposes; Class A last traded near $27.40 in mid-June 2026 per a separate check, in the same range as Class B, so the assumption is not material to the total. This is a computed figure, not one read directly off a single page that states combined-class market cap, and the price date (19 Aug) and share-count date (9 Jun) do not exactly match because no single filing carries both.