Brown-Forman Corporation (NYSE: BF.B) is one of the world’s leading spirits companies, best known for brands like Jack Daniel’s and Woodford Reserve. Shares recently traded around $28.50, giving Brown-Forman a market value of roughly $13.2B.
The stock is down about 31% over the past year, reflecting slower near-term growth expectations and a broader reset in consumer staples valuations. Reviewing who owns Brown-Forman and how insiders have been trading helps clarify how large investors appear to be positioning around the company today.
Who Are Brown-Forman’s Top Shareholders?
Brown-Forman’s shareholder base is led by large institutional investors, many of which tend to hold through market cycles. This type of ownership can help keep the shareholder base relatively stable even when sentiment weakens.
- The Vanguard Group: 30,614,449 shares (10.39%), ~$872.5M value. Cut 581,507 shares (-1.86%).
- Fidelity Management & Research Company: 17,934,657 shares (6.09%), ~$511.1M value. Added 10,898,705 shares (+154.90%).
- State Street Investment Management: 11,560,603 shares (3.92%), ~$329.5M value. Cut 418,066 shares (-3.49%).
- BlackRock Institutional Trust Company: 9,470,405 shares (3.21%), ~$269.9M value. Added 32,190 shares (+0.34%).
- VanEck Associates Corporation: 6,104,566 shares (2.07%), ~$174.0M value. Added 5,049,071 shares (+478.36%).
- Invesco Capital Management: 5,948,372 shares (2.02%), ~$169.5M value. Added 31,719 shares (+0.54%).
- Geode Capital Management: 5,490,549 shares (1.86%), ~$156.5M value. Added 19,177 shares (+0.35%).
- ProShare Advisors: 5,409,112 shares (1.84%), ~$154.2M value. Added 799,222 shares (+17.34%).
- BofA Global Research: 5,339,266 shares (1.81%), ~$152.2M value. Cut 113,101 shares (-2.07%).
Overall, ownership remains anchored by long-term institutions, though the mix of trims and sizable additions suggests investors are actively reassessing exposure after the stock’s decline, for investors weighing stability against valuation risk.
Hedge Fund Highlights
One notable move came from D. E. Shaw & Co., founded by David E. Shaw, which increased its Brown-Forman position by roughly 364%, bringing total holdings to about $71M. The sharp increase suggests the firm may be seeing improved risk-reward following the stock’s pullback.
Gotham Asset Management, led by Joel Greenblatt, also made a significant adjustment, boosting its stake by approximately 357% to around $10M. The move appears consistent with Gotham’s tendency to add exposure when valuation metrics screen more attractively.
Grantham, Mayo, Van Otterloo & Co., founded by Jeremy Grantham, raised its position by about 45%, lifting total exposure to roughly $37M. While less aggressive than some peers, the increase may reflect confidence in Brown-Forman’s long-term brand durability.
Meanwhile, Schonfeld Strategic Advisors, founded by Steven Schonfeld, modestly increased its stake by nearly 6%, bringing holdings to around $4M, suggesting a more measured approach amid mixed near-term fundamentals, for investors tracking hedge fund conviction levels.
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Brown-Forman’s Recent Insider Trades
Insider transactions can provide context on how executives and directors are managing personal exposure, though these trades are typically small relative to total ownership.
- Whiting Lawson E (Officer and Director): Sold 4,785 shares at ~$31 on 12/3/25, totaling about $148k.
- Farrer, Marshall B. (Director): Disposed of 2,720 shares on 10/7/25, with filings showing prices ranging from $0 to the low $30s, which it appears may relate to award or administrative activity.
- Cunningham, Masick, Nall, Shepherd, Pafilis, Carr, Nguyen, Graven (Directors): Recorded share receipts on 7/23/25, with implied values ranging from roughly $230k to $2.3M based on prevailing prices.
These transactions do not materially change overall ownership, but they help frame how leadership appears to be managing exposure at current price levels, for investors interpreting insider sentiment.
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What the Ownership & Insider Trade Data Tell Us
Brown-Forman’s ownership profile continues to be dominated by long-term institutional investors, even after a challenging year for the stock. Large additions by some funds contrast with modest trims by others, highlighting differing views on valuation rather than a clear shift in confidence.
Insider activity appears measured, with limited selling and several share receipts that may relate to compensation timing. Taken together, the data suggests cautious positioning rather than strong conviction in either direction, for investors evaluating long-term confidence versus near-term uncertainty.
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