BRO

BRO

BRO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2024 Q3	Sep 30, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	9.2%	-	AME, APH, BN, BRO, MCHP	-			View
2025 Q2	Jun 30, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	5.8%	-	APH, BN, BRO, MKC	fundamentals, long-term, Quality, Valuation discipline, value	The commentary emphasizes valuation discipline combined with business quality as markets reward low-quality speculation. Management argues that durable franchises with strong management teams remain best positioned for long-term wealth creation. Short-term underperformance is viewed as cyclical.		View
2023 Q2	Jun 30, 2023	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	4.4%	-	APH, BRO, CDW	-			View
2025 Q1	Jun 16, 2025	Qualivian Investment Partners	1.2%	1.2%	AJC, AJG, AZO, BRK/B, BRO, CPRT, GOOG, MUSA, ORLY, URI	-			View
2025 Q1	Apr 8, 2025	Headwaters Capital Management, LLC	-9.2%	-9.2%	BRO, CBZ, TRNS	-			View
2025 Q1	Apr 6, 2025	Seeking Winners	-0.5%	-0.5%	APPF, BRO, CMG, CPRT, HEI, IT	-			View
2025 Q1	Mar 31, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.1%	-1.1%	BRK/B, BRO, KEYS	-			View
2024 Q1	Mar 31, 2024	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	10.9%	10.9%	BRO, DG, KEYS, MCHP, PGR, PNFP, TROW	-			View
2024 Q4	Mar 30, 2025	Qualivian Investment Partners	3.3%	26.6%	AMZN, BRO, DHR, GOOG, MSFT, URI, V	-			View
2025 Q4	Dec 31, 2025	Royal London Global Equity Diversified Fund	4.8%	12.5%	7741.T, AAPL, AMZN, AVGO, BHP.AX, BRO, CPRT, GOOGL, HEIA.L, ITW, JPM, LLOY.L, LLY, LW, META, MSFT, MU, NVDA, RACE, V	AI, defense, Global Equity, healthcare, Quality, semiconductors, technology, Valuations	The fund benefited from strong positioning in AI-related companies, particularly Alphabet which saw positive results following the release of the Gemini 3 model that was widely accepted as market leading. The generative AI supercycle has driven extreme market concentration in the magnificent few companies, leaving huge parts of the equity universe ignored. Eli Lilly was a key contributor due to its dominant position in the fast-growing GLP-1 drug market. Third-quarter results were exceptional due to explosive demand for its metabolic franchise with Mounjaro for diabetes and Zepbound for obesity generating more than $10 billion in quarterly sales. Micron Technology continued to provide positive contribution as a semiconductor manufacturer benefiting from the AI boom. DRAM pricing has continued to rise sharply, creating a favorable environment for Micron and enabling improved profitability from rising AI workloads and tight semiconductor supply. The fund initiated a position in Hensoldt, a European defense electronics company, classified as an Accelerator. The investment case is underpinned by strong positioning in sensor solutions and electronic warfare, seeing heightened demand amid increased European defense spending with robust order book and technological edge in radar and optronics. The fund benefited from investors beginning to appreciate companies with more defensive qualities such as relatively reliable revenues. Many fundamentally sound, profitable, and dependable businesses are currently trading on the lowest relative valuations seen for years when compared to the broader index.	HAG GR ITW RACE LW MU LLY GOOG	View
2025 Q3	Dec 15, 2025	Qualivian Investment Partners	6.4%	-	APH, BN, BRO, CPRT, GOOG, MCO, ORLY, TJX	Behavioral Finance, Capital Allocation, Compounding, moats, Quality	The commentary reinforces quality compounders as the most reliable path to long-term outperformance, drawing parallels between stock markets and probability-weighted betting outcomes. High-probability businesses with strong moats, pricing power, and capital allocation discipline are favored over speculative long shots. Behavioral biases are cited as a persistent reason why quality stocks can remain mispriced.		View
2023 Q2	Dec 7, 2023	Madison Mid Cap Fund	7.2%	12.4%	ACGL, BRO, GBCI, PGR, WAT	-			View
2025 Q3	Oct 9, 2025	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	1.4%	-	A, APH, BRO, CDW, LSTR, ROST, WAT	AI, industrials, Logistics, retail, value	The fund highlights positions in Ross Stores and Amphenol, benefiting from AI data center buildouts and improving retail margins. New buys like Agilent and Landstar reflect a focus on resilient industrial and analytical businesses poised for cyclical normalization. Management stresses patience and capital-light models amid market rotation.	LSTR US A US ROST US APH US	View
2025 Q3	Oct 15, 2025	Parnassus Core Equity Fund	2.6%	-	AAPL, AZO, BRO, BSX, DE, FI, GOOG, GWW, ICE, INTU, KLA GR, ORCL, TMO	Artificial Intelligence, quality growth, semiconductors, software, U.S. Equities	The fund remains bullish on U.S. equities, supported by resilient earnings and transformative AI infrastructure investment. It balances defensive holdings with strategic exposure to semiconductors and software leaders benefiting from rising AI monetization. The managers emphasize disciplined allocation toward high-quality, durable franchises capable of compounding through market cycles.	GWW US BSX US	View
2025 Q3	Oct 14, 2025	Parnassus Growth Equity Fund	5.8%	-	AAPL, APPF, ASML, BRO, CMG, CRM, DE, GOOG, INSM, INTU, MELI, PODD, SARP, TSM	Artificial Intelligence, growth, healthcare, inflation, semiconductors	The fund underperformed the Russell 1000 Growth Index due to underweight positions in Apple and Tesla but gained from holdings in Alphabet, ASML, and TSMC. It highlights AI infrastructure buildout, healthcare innovation, and defensive growth through high-quality companies like Insulet and StandardAero. Management remains bullish on U.S. equities while monitoring inflation and monetization risks from AI.	PODD US SARO US	View
2025 Q3	Oct 14, 2025	Madison Mid Cap Fund	1.9%	2.8%	BRO, GCI, IT	Artificial Intelligence, Mid Caps, momentum, Quality, tariffs	The fund notes that AI and utilities dominated mid-cap performance as momentum trading surged. Managers remain skeptical of AI speculation, favoring durable, shareholder-friendly firms like Medpace and Ross Stores. They highlight tariff uncertainty and maintain focus on high-quality, undervalued companies for long-term compounding.	ANET APH MEDP	View
2025 Q3	Oct 12, 2025	TimesSquare Capital Management U.S. Mid Cap Growth Strategy	5.3%	-	APP, ARGX, AXON, BJ, BRO, CTAS, DASH, HOOD, HUBS, IBKR, IDXX, INSM, INSP, IT, LSCC, MPWR, NCLH, ORLY, ROST	AI, Automation, Fintech, healthcare, industrials	TimesSquare notes AI investment remains dominant but overextended, signaling a potential capital-cycle risk. The team emphasizes industrial automation, healthcare innovation, and financial technology as more durable mid-cap growth drivers.		View
2025 Q4	Jan 5, 2026	The Compounding Tortoise	0.0%	-2.9%	BRO, HEI, TJX, TVK.TO	earnings, growth, long-term, Quality, Roiic, value	The manager focuses on companies with high returns on incremental invested capital, good growth, and embedded optionality. Portfolio-weighted NOPAT per share growth has been 12.5% per annum over the past two years. The challenge is finding companies that tick all quality growth boxes, especially when attractively priced. Portfolio-weighted earnings growth (NOPAT per share) has been 12.5% per annum over two years. For 2026, the manager estimates portfolio-weighted earnings growth will be about 16%, supported by low-30s percent ROIIC. Focus is on investments that pay off quickly with meaningful management ownership.		View
2025 Q4	Jan 30, 2026	BBH Select Series – Mid Cap Fund	-3.9%	-5.6%	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	AI-related demand is driving the fastest growth in Keysight's wireline business and represented approximately 10% of Keysight total revenue in 2025. The enthusiasm for artificial intelligence driving enormous capital expenditures in associated infrastructure has been a key catalyst for the low-quality rally. Keysight is extremely well positioned to benefit from ongoing technology innovation across the wireless, networking, and semiconductor markets. The fund focuses on high-quality, profitable companies and avoids speculative ventures. Portfolio companies have grown revenues and EBITDA by 10% and 11% over the last twelve months, respectively, compared to 5% and 4% for the Index. The portfolio enjoys superior operating margins and return on equity of 20% and 17%, compared to 12% and 15% for the Index. The fund was trading at 82% of underlying intrinsic value estimates on a weighted-average basis as of December 31, 2025. The manager seeks to invest at a discount to intrinsic value to establish a margin of safety and mitigate the potential for permanent capital loss. While willing to pay a reasonable valuation multiple premium for quality, the focus remains on attractive valuations.	GWRE FOUR KEYS DAR	View
2025 Q4	Jan 21, 2026	Renaissance Investment Management – Large Cap Growth	0.0%	0.0%	AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM	AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation	AI remains a key driver with mega-cap technology stocks leading market performance. Alphabet released Gemini 3 with performance exceeding expectations, making it the top-performing AI model, and unveiled new Tensor Processing Units for lower-cost AI computations. Applied Materials benefits from strong demand for AI semiconductor chipsets. Semiconductor equipment companies like Lam Research and Applied Materials are benefiting from secular tailwinds including transition to larger chip sizes and increased complexity in chip manufacturing to accommodate AI applications. The CHIPS Act provides federal stimulus supporting the sector. Market valuations have risen significantly with the cap-weighted S&P 500 P/E rising almost 60% over three years versus 30% for equal-weighted. The extreme valuation difference between mega-cap and equal-weighted stocks suggests better relative performance going forward from equal-weighted strategies.	NFLX AMAT GOOG	View
2025 Q4	Jan 20, 2026	Madison Mid Cap Fund	-1.2%	1.8%	ACGL, ANET, AOS, APH, BRO, CDW, EXPD, FND, LBRDA, MCHP, MKSI, MSA, PCAR, ROST, TDY, TECH, TREX, TTAN, WAT, WRB	AI, financials, industrials, mid cap, Quality, technology, value	The fund focuses on high-quality, highly profitable, durable businesses with shareholder-oriented management teams selling below intrinsic value assessments. This quality-focused approach has historically provided strong long-term performance despite being temporarily out of favor in speculative market environments. Several portfolio companies are benefiting from AI-related applications and data center spending. MKS's Electronics and Packaging business shows accelerating growth partly due to AI applications, while Amphenol's IT/Datacom business produces spectacular organic growth driven by AI-related data center spending.	MCHP MSA AOS TTAN BIO ROST	View
2025 Q4	Jan 18, 2026	Parnassus Core Equity Fund	1.6%	11.6%	AAPL, AMAT, AMD, AZO, BALL, BRO, CRM, DHR, EFX, FISV, GOOGL, HD, KLAC, LIN, LLY, MSFT, ORCL, TMO, VRTX, WDAY	AI, growth, healthcare, large cap, Quality, semiconductors, technology, value	The fund views AI as a generational demand driver creating durable need for faster, more powerful and energy-efficient computing. They are likely in the early stages of a decade-long AI investment cycle, seeking upside capture while managing risks of rapid technological change, rising competition and growing financial leverage. The gap will widen between AI winners versus AI losers, favoring active portfolio management. The fund maintains exposure to semiconductor companies benefiting from AI-driven demand. Applied Materials and KLA gained from sustained AI-driven semiconductor demand with improving customer outlooks. The portfolio includes semiconductor manufacturing equipment suppliers and chip designers positioned for the AI infrastructure build-out. The fund invests in hyperscalers and cloud infrastructure companies. Alphabet showed improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy. The portfolio includes companies providing cloud services and infrastructure supporting the AI transformation. The fund holds pharmaceutical companies like Eli Lilly, which rebounded sharply as concerns around pricing, penetration and competitive dynamics for GLP-1 weight-loss drugs eased following stronger-than-expected demand data. The portfolio favors companies that continue to innovate to improve patient outcomes. The fund invests in life science tools companies such as Danaher and ThermoFisher that provide valuable equipment and services for clinical research. These companies benefited from improving sentiment around life sciences end markets as pharmaceutical customers signaled higher-than-expected spending on research and development.		View
2025 Q4	Jan 13, 2026	FAM Value Fund (No separate Fenimore Value Strategy hedge fund exists)	-1.2%	4.9%	ADI, AJG, APH, AZO, BAM, BR, BRK-B, BRO, FAST, HEI, IEX, KEYS, MKL, MLM, PGR, ROST, SYK, TT, VMC, ZBRA	AI, fundamentals, mid cap, Quality, Speculation, value	Fenimore maintains focus on high-quality companies with strong balance sheets, consistent profitability, and prudent capital allocation despite continued underperformance versus speculative names. The firm believes solid business fundamentals should reassert themselves as the primary driver of stock prices in the long run, similar to the tech bubble period. AI-related infrastructure investments continue driving market enthusiasm, with companies like Amphenol benefiting from data center buildouts. However, the firm views AI excitement as creating speculation that draws capital away from other areas, leading to extended valuations for AI-related stocks.	FAST AZO BRO APH MKL	View
2025 Q4	Jan 12, 2026	REQ Global Compounders	0.0%	0.0%	ADDTECH-B.ST, APH, BERG-B.ST, BRO, CSU.TO, DPLM.L, GREEN.ST, HEI, HLMA.L, IMCD.AS, INDU-A.ST, JDG.L, LAGR-B.ST, LIFCO-B.ST, LMN.TO, MOMENT.ST, NCAB.ST, NIBE-B.ST, ROKO.ST, ROP, TOI.TO	Acquisitions, AI, Capital Allocation, compounders, Decentralized, long-term, Quality, software	AI narrative has negatively impacted vertical-market software companies, representing 20% of Global fund exposure. Management believes AI poses opportunities rather than uniform threats to VMS, particularly for mission-critical systems with high switching costs. They view trusted incumbents as better positioned to deploy AI effectively than new entrants. Portfolio companies completed 145 acquisitions in 2025, with 70% outside Nordic countries. Companies maintain disciplined approach to M&A with average acquired sales of EUR 12m. Acquisition-driven compounders demonstrate resilience through dual growth engines of organic growth and acquisitions. AI infrastructure build-out has been a clear tailwind for companies exposed to data center expansion. Halma and Diploma benefited from demand for compute, power, cooling, and electrical systems. Amphenol saw robust demand as data-center architectures evolve to support higher power densities. Tariff and trade-related uncertainty under Trump administration affected portfolio companies including IMCD and Judges Scientific. IMCD experienced macroeconomic pressure from tariffs, while policy uncertainty created headwinds for university funding affecting Judges Scientific.	CSU CN BRO JDG LN	View
2024 Q3	Sep 30, 2024	Madison Mid Cap Fund	7.2%	12.4%	BRO, DLTR, FND, GGG, LAD, LBRDA, MC, MCHP, PCAR	-			View
2025 Q1	Apr 14, 2025	Parnassus Core Equity Fund	-2.4%	-2.4%	AMD, AMZN, AVGO, AZO, BRO, CI, CRM, DE, DHI, ICE, MAR, SNPS, VZ, WM	-			View
2025 Q1	Apr 14, 2025	Parnassus Growth Equity Fund	-8.6%	-8.6%	ADBE, ADYEY, APP, ASML, BRO, BSX, CRM, CSGP, DDOG, DE, EFX, EXAS, GEV, MSCI, PCOR, SN, SNPS, V, VRTX	-			View
2025 Q1	Mar 31, 2025	Madison Mid Cap Fund	-4.2%	-4.2%	ACGL, AWI, BRO, KNSL, MKSI, ROST, TREX	-			View
2023 Q4	Mar 18, 2024	Giverny Capital Asset Management	7.0%	20.2%	BRO, CMG, NVO	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Jan 28, 2026	Seeking Alpha	Seeking Alpha	Brown & Brown, Inc.	Insurance	Insurance Brokerage	Bull	New York Stock Exchange	balance sheet, discounted cash flow, insurance brokerage, intrinsic value, long-term growth, M&A strategy, market share, organic revenue, profitability, strategic acquisitions	View Pitch
Jan 27, 2026	Fund Letters	Oddbjørn Dybvad	Brown & Brown, Inc.	Financials	Insurance Brokers	Bull	New York Stock Exchange	Acquisitions, Brokerage, cashflow, dividends, Insurance	View Pitch
Jan 15, 2026	Fund Letters	John Fox	Brown & Brown, Inc.	Financials	Insurance Brokers	Bull	New York Stock Exchange	Acquisitions, cashflow, compounding, Insurancebrokerage, Pricing	View Pitch
Jan 13, 2026	Seeking Alpha	Seeking Alpha	Brown & Brown Inc.	Insurance	Insurance Brokerage	Bull	New York Stock Exchange	Acquisitions, Dividend Growth, earnings growth, growth strategy, insurance brokerage, Payout ratio, Property and casualty, risk management, shareholder returns, valuation	View Pitch
Oct 23, 2025	Value Investors Club	humkae848	Brown & Brown, Inc.	Financials	Insurance Brokers	Bull	NYSE	compounder, insurance brokerage, M&A, Non-cyclical growth	View Pitch
Oct 21, 2025	Value Investors Club	humkae848	Brown & Brown, Inc.	Financials	Insurance Brokers	Bull	NYSE	compounder, insurance brokerage, M&A, Non-cyclical growth	View Pitch
Oct 6, 2025	Value Investors Club	humkae848	Brown & Brown Inc.	Financials	Insurance Brokers	—	NYSE	insurance brokerage, M&A integration, recurring revenue, FCF conversion, defensive compounder	View Pitch

BSD Shareholders of BRO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: