Cliff Asness's BRO Position Overview
Cliff Asness (via Aqr Capital Management LLC) currently holds 1.2 M 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 1.14 M shares. Largest reduction occurred in Q3 2018, reducing 244,208 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
| Report Date | 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.
Cliff Asness's largest addition to Brown & Brown, Inc. (BRO) was in Q3 2025, adding 1,204,318 shares worth $112.95 M.
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.
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.
Cliff Asness's peak holding in Brown & Brown, Inc. (BRO) was 1,204,318 shares, as reported at the end of Q3 2025.