Cliff Asness's BRO Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 1.2M shares of Brown & Brown, Inc. (BRO) worth $112.95 M, representing 0.07% of the portfolio. First purchased in 2012-Q4, this long-term strategic position has been held for 52 quarters.
Based on 13F filings since 2013, Cliff Asness has maintained a long-term strategic position in BRO, representing a significant commitment to this investment thesis. Largest addition occurred in Q3 2025, adding 1.1M shares. Largest reduction occurred in Q3 2018, reducing 244.2K shares.
Analysis based on 13F filings available since 2013 Q2
Cliff Asness's Brown & Brown (BRO) Holding Value Over Time
Track share changes against reported price movement
Quarterly Brown & Brown (BRO) Trades by Cliff Asness
| Period | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2012 | +358,198 | Add 0.00% | 358,196 | $12.73 |
| Q2 2013 | +380,802 | Add 0.00% | 380,800 | $16.12 |
| Q3 2013 | -80,800 | Reduce 21.22% | 300,000 | $16.05 |
| Q4 2013 | +152,600 | Add 50.87% | 452,600 | $15.70 |
| Q1 2014 | -107,200 | Reduce 23.69% | 345,400 | $15.38 |
| Q2 2014 | -54,400 | Reduce 15.75% | 291,000 | $15.35 |
| Q3 2014 | +78,000 | Add 26.80% | 369,000 | $16.08 |
| Q4 2014 | -25,600 | Reduce 6.94% | 343,400 | $16.46 |
| Q1 2015 | -139,736 | Reduce 40.69% | 203,664 | $16.56 |
| Q2 2015 | -57,788 | Reduce 28.37% | 145,876 | $16.43 |
| Q3 2015 | -34,682 | Reduce 23.77% | 111,194 | $15.49 |
| Q4 2015 | -54,766 | Reduce 49.25% | 56,428 | $16.06 |
| Q1 2016 | -42,052 | Reduce 74.52% | 14,376 | $17.88 |
| Q2 2016 | -326 | Reduce 2.27% | 14,050 | $18.72 |
| Q3 2016 | +17,844 | Add 127.00% | 31,894 | $18.84 |
| Q4 2016 | -10,560 | Reduce 33.11% | 21,334 | $22.45 |
| Q1 2017 | +4,210 | Add 19.73% | 25,544 | $20.87 |
| Q2 2017 | +135,992 | Add 532.38% | 161,536 | $21.54 |
| Q3 2017 | +7,082 | Add 4.38% | 168,618 | $24.10 |
| Q4 2017 | -122,594 | Reduce 72.71% | 46,024 | $25.73 |
| Q1 2018 | +181,590 | Add 394.56% | 227,614 | $25.44 |
| Q2 2018 | +195,985 | Add 86.10% | 423,599 | $27.73 |
| Q3 2018 | -244,208 | Reduce 57.65% | 179,391 | $29.57 |
| Q4 2018 | -154,553 | Reduce 86.15% | 24,838 | $27.58 |
| Q1 2019 | -15,393 | Reduce 61.97% | 9,445 | $29.43 |
| Q2 2019 | +71,163 | Add 753.45% | 80,608 | $33.23 |
| Q3 2019 | +1,990 | Add 2.47% | 82,598 | $35.95 |
| Q4 2019 | +3,259 | Add 3.95% | 85,857 | $39.48 |
| Q1 2020 | +4,322 | Add 5.03% | 90,179 | $36.22 |
| Q2 2020 | -5,746 | Reduce 6.37% | 84,433 | $40.30 |
| Q3 2020 | +347 | Add 0.41% | 84,780 | $45.10 |
| Q4 2020 | +9,765 | Add 11.52% | 94,545 | $46.52 |
| Q1 2021 | -17,615 | Reduce 18.63% | 76,930 | $45.66 |
| Q2 2021 | +876 | Add 1.14% | 77,806 | $53.15 |
| Q3 2021 | +11,761 | Add 15.12% | 89,567 | $55.44 |
| Q4 2021 | -4,826 | Reduce 5.39% | 84,741 | $69.59 |
| Q1 2022 | +4,792 | Add 5.65% | 89,533 | $72.26 |
| Q2 2022 | +65,876 | Add 73.58% | 155,409 | $57.78 |
| Q3 2022 | -3,305 | Reduce 2.13% | 152,104 | $60.48 |
| Q4 2022 | -47,807 | Reduce 31.43% | 104,297 | $56.97 |
| Q1 2023 | +67,645 | Add 64.86% | 171,942 | $57.21 |
| Q2 2023 | -110,480 | Reduce 64.25% | 61,462 | $68.37 |
| Q3 2023 | -38,286 | Reduce 62.29% | 23,176 | $69.84 |
| Q4 2023 | -10,542 | Reduce 45.49% | 12,634 | $70.93 |
| Q1 2024 | +12,496 | Add 98.91% | 25,130 | $87.54 |
| Q2 2024 | -12,711 | Reduce 50.58% | 12,419 | $89.41 |
| Q3 2024 | +10,160 | Add 81.81% | 22,579 | $102.64 |
| Q4 2024 | +1,601 | Add 7.09% | 24,180 | $102.02 |
| Q1 2025 | +9,264 | Add 38.31% | 33,444 | $123.55 |
| Q2 2025 | +34,251 | Add 102.41% | 67,695 | $110.12 |
| Q3 2025 | +1.14 M | Add 1679.04% | 1.2 M | $93.79 |
Cliff Asness's Brown & Brown Investment FAQs
Cliff Asness first purchased Brown & Brown, Inc. (BRO) in Q4 2012, acquiring 358,196 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness has held Brown & Brown, Inc. (BRO) for 52 quarters since Q4 2012. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's largest addition to Brown & Brown, Inc. (BRO) was in Q3 2025, adding 1,204,318 shares worth $112.95 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
According to the latest 13F filing for Q3 2025, Cliff Asness's firm, Aqr Capital Management LLC, owns 1,204,318 shares of Brown & Brown, Inc. (BRO), valued at approximately $112.95 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
As of the Q3 2025 filing, Brown & Brown, Inc. (BRO) represents approximately 0.07% of Cliff Asness's publicly disclosed stock portfolio, making it one of their key holdings. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Cliff Asness's peak holding in Brown & Brown, Inc. (BRO) was 1,204,318 shares, as reported at the end of Q3 2025. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.