Aon (AON)
Market Price (8/10/2026): $358.52 | Market Cap: $76.4 BilSector: Financials | Industry: Insurance Brokers
Aon (AON)
Market Price (8/10/2026): $358.52Market Cap: $76.4 BilSector: FinancialsIndustry: Insurance Brokers
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 3.5 Bil, FCF LTM is 3.2 Bil Stock buyback supportStock Buyback 3Y Total is 4.7 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Cybersecurity, Digital Health & Telemedicine, Aging Population & Chronic Disease, AI in Financial Services, Show more. | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -58% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x Key risksAON key risks include [1] cyberattacks and data breaches that could compromise its brand as a trusted manager of sensitive client information and [2] a failure to attract and retain the top talent that is the foundation of its professional services model. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 3.5 Bil, FCF LTM is 3.2 Bil |
| Stock buyback supportStock Buyback 3Y Total is 4.7 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Cybersecurity, Digital Health & Telemedicine, Aging Population & Chronic Disease, AI in Financial Services, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -58% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x |
| Key risksAON key risks include [1] cyberattacks and data breaches that could compromise its brand as a trusted manager of sensitive client information and [2] a failure to attract and retain the top talent that is the foundation of its professional services model. |
Qualitative Assessment
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Updated on 8/1/2026
Aon (AON) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance, including Fiscal Q1 and Q2 2026 Results and Reaffirmed Guidance.
Aon delivered robust financial results at the beginning of and throughout the specified period. The company reported strong fiscal Q1 2026 earnings on May 1, 2026, with earnings per share (EPS) of $6.48, exceeding analyst expectations. This positive momentum carried into fiscal Q2 2026, which ended June 30, 2026, where adjusted EPS grew 9% to $3.81, surpassing the consensus estimate. Organic revenue for fiscal Q2 2026 also increased 5% year-over-year. Furthermore, Aon reaffirmed its full-year 2026 guidance, projecting mid-single-digit or greater organic revenue growth and strong adjusted EPS growth, signaling continued confidence in its outlook.
2. Strategic Execution and Innovation Driving Growth.
Aon's strategic initiatives and focus on innovation played a significant role in its stock appreciation. The company's ongoing execution of its "Aon United" strategy, accelerated by the "3x3 Plan," which is on track to deliver approximately $350 million in annualized savings by the end of 2026, contributed to a 70 basis point expansion in adjusted operating margin in fiscal Q2 2026. Aon also launched an AI Risk Diagnostic tool in July 2026 to help organizations manage complex AI-related risks. In June 2026, Aon was recognized on Fast Company's 2026 World Changing Ideas List for developing an innovative catastrophe bond with the World Bank, highlighting its expertise in predictive climate analytics and risk transfer solutions. The Commercial Risk Solutions segment specifically saw a 5% organic revenue increase, driven by new business and strong retention, including double-digit growth in the construction sector within North America.
Show more
Aon (AON) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance, including Fiscal Q1 and Q2 2026 Results and Reaffirmed Guidance.
Aon delivered robust financial results at the beginning of and throughout the specified period. The company reported strong fiscal Q1 2026 earnings on May 1, 2026, with earnings per share (EPS) of $6.48, exceeding analyst expectations. This positive momentum carried into fiscal Q2 2026, which ended June 30, 2026, where adjusted EPS grew 9% to $3.81, surpassing the consensus estimate. Organic revenue for fiscal Q2 2026 also increased 5% year-over-year. Furthermore, Aon reaffirmed its full-year 2026 guidance, projecting mid-single-digit or greater organic revenue growth and strong adjusted EPS growth, signaling continued confidence in its outlook.
2. Strategic Execution and Innovation Driving Growth.
Aon's strategic initiatives and focus on innovation played a significant role in its stock appreciation. The company's ongoing execution of its "Aon United" strategy, accelerated by the "3x3 Plan," which is on track to deliver approximately $350 million in annualized savings by the end of 2026, contributed to a 70 basis point expansion in adjusted operating margin in fiscal Q2 2026. Aon also launched an AI Risk Diagnostic tool in July 2026 to help organizations manage complex AI-related risks. In June 2026, Aon was recognized on Fast Company's 2026 World Changing Ideas List for developing an innovative catastrophe bond with the World Bank, highlighting its expertise in predictive climate analytics and risk transfer solutions. The Commercial Risk Solutions segment specifically saw a 5% organic revenue increase, driven by new business and strong retention, including double-digit growth in the construction sector within North America.
Show more
Updated on 8/1/2026
Aon (AON) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance, including Fiscal Q1 and Q2 2026 Results and Reaffirmed Guidance.
Aon delivered robust financial results at the beginning of and throughout the specified period. The company reported strong fiscal Q1 2026 earnings on May 1, 2026, with earnings per share (EPS) of $6.48, exceeding analyst expectations. This positive momentum carried into fiscal Q2 2026, which ended June 30, 2026, where adjusted EPS grew 9% to $3.81, surpassing the consensus estimate. Organic revenue for fiscal Q2 2026 also increased 5% year-over-year. Furthermore, Aon reaffirmed its full-year 2026 guidance, projecting mid-single-digit or greater organic revenue growth and strong adjusted EPS growth, signaling continued confidence in its outlook.
2. Strategic Execution and Innovation Driving Growth.
Aon's strategic initiatives and focus on innovation played a significant role in its stock appreciation. The company's ongoing execution of its "Aon United" strategy, accelerated by the "3x3 Plan," which is on track to deliver approximately $350 million in annualized savings by the end of 2026, contributed to a 70 basis point expansion in adjusted operating margin in fiscal Q2 2026. Aon also launched an AI Risk Diagnostic tool in July 2026 to help organizations manage complex AI-related risks. In June 2026, Aon was recognized on Fast Company's 2026 World Changing Ideas List for developing an innovative catastrophe bond with the World Bank, highlighting its expertise in predictive climate analytics and risk transfer solutions. The Commercial Risk Solutions segment specifically saw a 5% organic revenue increase, driven by new business and strong retention, including double-digit growth in the construction sector within North America.
3. Enhanced Shareholder Returns through Significant Share Repurchases.
Aon demonstrated a strong commitment to returning capital to shareholders, which likely bolstered investor confidence. In fiscal Q2 2026 alone, the company returned $775 million to shareholders, including $600 million through share repurchases. This capital allocation significantly exceeded Aon's full-year objective of at least $1 billion in buybacks by the first half of 2026.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Wall Street analysts maintained a predominantly positive outlook on Aon throughout the period. The company garnered a consensus "Moderate Buy" or "Buy" rating from multiple analysts. Following strong performance and strategic advancements, several firms raised their price targets for AON in July 2026. The average analyst price target ranged from $409.06 to $409.31, suggesting a notable upside from the stock's prevailing price and reflecting continued confidence in the company's future prospects.
Show less
Aon (AON) stock has gained about 15% since 4/30/2026 because of the following key factors:
1. Strong Financial Performance, including Fiscal Q1 and Q2 2026 Results and Reaffirmed Guidance.
Aon delivered robust financial results at the beginning of and throughout the specified period. The company reported strong fiscal Q1 2026 earnings on May 1, 2026, with earnings per share (EPS) of $6.48, exceeding analyst expectations. This positive momentum carried into fiscal Q2 2026, which ended June 30, 2026, where adjusted EPS grew 9% to $3.81, surpassing the consensus estimate. Organic revenue for fiscal Q2 2026 also increased 5% year-over-year. Furthermore, Aon reaffirmed its full-year 2026 guidance, projecting mid-single-digit or greater organic revenue growth and strong adjusted EPS growth, signaling continued confidence in its outlook.
2. Strategic Execution and Innovation Driving Growth.
Aon's strategic initiatives and focus on innovation played a significant role in its stock appreciation. The company's ongoing execution of its "Aon United" strategy, accelerated by the "3x3 Plan," which is on track to deliver approximately $350 million in annualized savings by the end of 2026, contributed to a 70 basis point expansion in adjusted operating margin in fiscal Q2 2026. Aon also launched an AI Risk Diagnostic tool in July 2026 to help organizations manage complex AI-related risks. In June 2026, Aon was recognized on Fast Company's 2026 World Changing Ideas List for developing an innovative catastrophe bond with the World Bank, highlighting its expertise in predictive climate analytics and risk transfer solutions. The Commercial Risk Solutions segment specifically saw a 5% organic revenue increase, driven by new business and strong retention, including double-digit growth in the construction sector within North America.
3. Enhanced Shareholder Returns through Significant Share Repurchases.
Aon demonstrated a strong commitment to returning capital to shareholders, which likely bolstered investor confidence. In fiscal Q2 2026 alone, the company returned $775 million to shareholders, including $600 million through share repurchases. This capital allocation significantly exceeded Aon's full-year objective of at least $1 billion in buybacks by the first half of 2026.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Wall Street analysts maintained a predominantly positive outlook on Aon throughout the period. The company garnered a consensus "Moderate Buy" or "Buy" rating from multiple analysts. Following strong performance and strategic advancements, several firms raised their price targets for AON in July 2026. The average analyst price target ranged from $409.06 to $409.31, suggesting a notable upside from the stock's prevailing price and reflecting continued confidence in the company's future prospects.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 15.5% change in AON stock from 4/30/2026 to 8/9/2026 was primarily driven by a 8.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 310.12 | 358.30 | 15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,181 | 17,577 | 2.3% |
| Net Income Margin (%) | 21.5% | 22.3% | 3.5% |
| P/E Multiple | 18.1 | 19.5 | 8.0% |
| Shares Outstanding (Mil) | 215 | 213 | 1.0% |
| Cumulative Contribution | 15.5% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AON | 15.5% | |
| Market (SPY) | 7.6% | -38.5% |
| Sector (XLF) | 10.5% | 42.9% |
Fundamental Drivers
The 3.2% change in AON stock from 1/31/2026 to 8/9/2026 was primarily driven by a 39.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 347.19 | 358.30 | 3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,028 | 17,577 | 3.2% |
| Net Income Margin (%) | 16.0% | 22.3% | 39.5% |
| P/E Multiple | 27.6 | 19.5 | -29.2% |
| Shares Outstanding (Mil) | 216 | 213 | 1.2% |
| Cumulative Contribution | 3.2% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AON | 3.2% | |
| Market (SPY) | 12.1% | -17.1% |
| Sector (XLF) | 8.3% | 41.4% |
Fundamental Drivers
The 1.9% change in AON stock from 7/31/2025 to 8/9/2026 was primarily driven by a 43.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 351.70 | 358.30 | 1.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,752 | 17,577 | 4.9% |
| Net Income Margin (%) | 15.5% | 22.3% | 43.3% |
| P/E Multiple | 29.2 | 19.5 | -33.2% |
| Shares Outstanding (Mil) | 216 | 213 | 1.4% |
| Cumulative Contribution | 1.9% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AON | 1.9% | |
| Market (SPY) | 23.4% | -12.3% |
| Sector (XLF) | 11.3% | 38.7% |
Fundamental Drivers
The 15.4% change in AON stock from 7/31/2023 to 8/9/2026 was primarily driven by a 36.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 310.45 | 358.30 | 15.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,874 | 17,577 | 36.5% |
| Net Income Margin (%) | 20.8% | 22.3% | 7.2% |
| P/E Multiple | 23.8 | 19.5 | -17.8% |
| Shares Outstanding (Mil) | 205 | 213 | -4.0% |
| Cumulative Contribution | 15.4% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| AON | 15.4% | |
| Market (SPY) | 74.9% | 16.5% |
| Sector (XLF) | 70.4% | 42.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AON Return | 43% | 1% | -2% | 24% | -1% | 3% | 79% |
| Peers Return | 26% | 7% | 17% | 36% | -14% | -6% | 72% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| AON Win Rate | 67% | 42% | 50% | 75% | 42% | 50% | |
| Peers Win Rate | 65% | 48% | 48% | 67% | 48% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AON Max Drawdown | -12% | -25% | -16% | -17% | -20% | -12% | |
| Peers Max Drawdown | -20% | -23% | -18% | -15% | -31% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTW, AJG, BRO, RYAN, ERIE. See AON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | AON | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.4% | -9.5% |
| % Gain to Breakeven | 11.6% | 10.5% |
| Time to Breakeven | 305 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.1% | -6.7% |
| % Gain to Breakeven | 12.4% | 7.1% |
| Time to Breakeven | 21 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.9% | -24.5% |
| % Gain to Breakeven | 17.6% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
In The Past
Aon's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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In The Past
Aon's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aon (AON)
Aon plc is a global professional services firm that helps organizations manage and mitigate risks, optimize retirement programs, and navigate health benefits. Operating worldwide, the company provides expert advice and solutions across three core areas: commercial risk, health, and wealth (retirement). Its comprehensive approach aims to empower clients to make better decisions and achieve their strategic objectives in an increasingly complex global environment.
Aon's services are diverse and specialized. Within commercial risk, it offers retail brokerage, cyber risk solutions, global risk consulting, and captive insurance management, alongside digital platforms like CoverWallet. For health, Aon provides health and benefits brokerage services and manages healthcare exchanges. In the reinsurance sector, the company advises on treaty and facultative reinsurance, insurance-linked securities, capital raising, strategic M&A, and corporate finance. Its wealth solutions include strategic consulting for retirement programs, actuarial services, risk management, and investment advice for a range of plan types.
The company primarily serves a broad spectrum of clients globally, including public and private corporations, as well as institutional entities. These clients rely on Aon's expertise to protect their assets, employees, and financial future. Aon's solutions are tailored for organizations seeking specialized guidance to address their most critical challenges in risk, human capital, and investments, ultimately fostering resilience and sustainable growth.
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- Aon is like a Deloitte or PwC, but dedicated to advising companies on their risk management, employee health plans, and retirement programs.
- Aon is like a major corporate law firm (such as Skadden Arps or Latham & Watkins), but focused on providing specialized solutions for companies' risk, health, and retirement challenges.
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- Commercial Risk Solutions: Provides retail brokerage, cyber, and global risk consulting services, alongside captives management to help clients manage commercial risks.
- Health Solutions: Offers health and benefits brokerage services and operates healthcare exchanges for client employees.
- Reinsurance Solutions: Delivers treaty and facultative reinsurance, insurance-linked securities, and advisory services for capital raising, restructuring, and M&A within the insurance sector.
- Wealth Solutions (Retirement & Investment): Offers strategic design, actuarial, and risk management consulting for retirement programs, plus advice on investment programs for various plan types.
- CoverWallet: A digital platform providing insurance solutions primarily to small and medium-sized businesses.
- Affinity Programs: Develops and manages specialized insurance programs for groups and organizations.
- Aon Inpoint: Provides advisory and consulting services specifically to insurance companies and reinsurers.
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Greg Case, President and Chief Executive Officer
Greg Case joined Aon in 2005. Before his tenure at Aon, he spent 17 years at McKinsey & Company, where he led the Global Insurance and Financial Services Practice and served on the Governing Shareholder Council. Prior to McKinsey, he worked for the investment banking firm Piper, Jaffray and Hopwood, as well as the Federal Reserve Bank. Case holds an MBA from Harvard Business School and has been recognized by the Harvard Business Review as one of the top 100 best-performing CEOs in the world multiple times.
Edmund Reese, Executive Vice President and Chief Financial Officer
Edmund Reese was appointed Executive Vice President and Chief Financial Officer of Aon, effective July 29, 2024. He brings over 25 years of financial leadership experience from large public companies in the financial services, payments, and technology sectors. Before joining Aon, Reese served as CFO of Broadridge Financial Solutions since 2020. His previous experience includes roles at American Express, where he was Senior Vice President and CFO of its Global Consumer Services Group, and other financial leadership positions. He also held CFO roles at Merrill Lynch's U.S. Advisory Group and Citigroup Smith Barney's Corporate Client Group and Stock Plan Services. Reese earned an MBA from The Wharton School.
Lori Goltermann, Vice Chair
Lori Goltermann was elevated to serve as Vice Chair of Aon, effective March 31, 2026. She has been with Aon for over three decades, during which she has transformed the insurance and professional services industry. Prior to her current role, Goltermann served as Aon's CEO of Regions and North America and as CEO of the U.S. Commercial Risk and Health Solutions businesses. Her experience also includes leading the U.S. Health Solutions practice and the Private Equity Mergers & Acquisitions Practice within Aon.
Anne Corona, CEO of North America
Anne Corona was appointed CEO of North America, effective March 10, 2026. She has more than 25 years of experience at Aon, previously serving as CEO of Enterprise Clients and Global Chief Commercial Officer. Her earlier roles include CEO of Asia Pacific and president of Aon's Financial Services Group.
Farheen Dam, CEO of Enterprise Clients and Chief Client Officer
Farheen Dam was appointed CEO of Enterprise Clients and Chief Client Officer, effective March 10, 2026. She joined Aon in 2022 and possesses extensive leadership experience in healthcare and human capital. Before her current appointment, Dam served as the North America Health Solutions Leader for Aon, responsible for the growth, strategy, and execution of the Health and Benefits business.
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The key risks to Aon's business are:
- Cyber Attack or Data Breach: As a professional services firm heavily reliant on technology and data, Aon faces a significant and consistently top-ranked threat from cyber attacks and data breaches. This risk is not only a concern for Aon's own operations but also a primary challenge for its clients, directly impacting Aon's core business of providing risk management solutions.
- Geopolitical Volatility: Geopolitical instability has emerged as a major and increasingly interconnected risk, impacting global trade, supply chains, and regulatory environments, with tangible consequences for both Aon's clients and its own international operations. This dynamic environment requires Aon to adapt its services and strategies to navigate shifting alliances and potential disruptions.
- Intense Competition and Talent Retention: Aon operates in a highly competitive global market alongside major professional services firms such as Marsh & McLennan Companies and Willis Towers Watson. Maintaining market share requires continuous innovation and differentiation. Furthermore, attracting and retaining top talent is a critical and ongoing challenge for Aon, as human capital and specialized expertise are fundamental to delivering its professional services in risk, retirement, and health solutions, especially with evolving workforce dynamics and the integration of AI.
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Aon plc (AON) operates in several large addressable markets globally, providing advice and solutions focused on risk, retirement, and health.
Commercial Risk Solutions
- Commercial Insurance: The global commercial insurance market was valued at approximately USD 1,030.91 billion in 2025 and is projected to grow to USD 2,166.15 billion by 2034. North America holds a significant share of this market.
- Cyber Insurance: The global cyber insurance market size was estimated at USD 26.25 billion in 2025 and is projected to reach USD 223.47 billion by 2034. North America is the dominant region, accounting for 36.4% of the global market in 2025. Other estimates place the global market at USD 16 billion to USD 20 billion in 2025, with a forecast of USD 30 billion to USD 50 billion by 2030.
- Global Risk Consulting: The global market for risk management consulting services was estimated at USD 139.78 billion in 2025 and is expected to reach USD 231.82 billion by 2032. Another report valued the global risk consulting market at approximately USD 125.4 billion by the end of 2025, with a projection to reach USD 224.315 billion by 2033. North America accounted for nearly 38% of global consulting engagements in 2024.
Health Solutions
- Health & Benefits Brokerages (Employee Benefits Consulting): The global employee benefits strategy and consulting market is valued at USD 4.6 billion in 2025 and is projected to more than double to USD 10.5 billion by 2035. Another source estimates the global benefits consulting service market to be approximately USD 3.86 billion in 2025, growing to about USD 6.98 billion by 2034. North America dominates this market, contributing 50% of the total adoption.
- Healthcare Exchanges (Health Insurance Exchange): The global health insurance exchange market was valued at approximately USD 2.7 trillion in 2023 and is projected to reach USD 5.3 trillion by 2033. The market in North America holds the largest revenue share.
Reinsurance Solutions
- Reinsurance: The global reinsurance market size was valued at USD 621.39 billion in 2025 and is projected to grow to USD 1403.7 billion by 2034. Another estimate valued the global reinsurance market at USD 711.75 billion in 2024, expected to reach USD 2,000.08 billion by 2034. North America contributed over 44% of the revenue share in 2024.
Wealth Solutions
- Retirement Programs & Actuarial Services: The global actuarial services market was valued at USD 24.75 billion in 2025 and is expected to reach USD 38.69 billion by 2035. The US actuarial services market leads globally, holding over 35% of the market share. The global retirement planning market was approximately USD 127.8 billion in 2025 and is expected to reach USD 198.6 billion by 2032. In the U.S., total retirement plan assets under management among Registered Investment Advisors (RIAs) rose to USD 7.96 trillion in 2025.
- Investment Programs (Investment Consulting / Financial Consulting): The global investment consulting service market has a current valuation of USD 91.52 billion, projected to reach USD 158.52 billion by 2032. The broader global financial consulting market was valued at USD 200 billion in 2025 and is projected to reach USD 400 billion by 2033.
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Aon plc (symbol: AON) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market opportunities:
- Execution of the "Aon United" Strategy and Client-Centric Approach: Aon's overarching "Aon United" strategy is central to its growth. This approach focuses on addressing complex client needs at the intersection of Risk Capital and Human Capital, putting clients at the center of its service delivery and leveraging the firm's global capabilities to provide integrated solutions. This strategy is anticipated to drive sustainable, profitable growth.
- Sustainable Organic Revenue Growth driven by New Business and Client Retention: Aon consistently guides for mid-single-digit or greater organic revenue growth. This growth is largely fueled by winning new business, maintaining high client retention rates, and benefiting from positive market impacts across its core segments, including Commercial Risk, Reinsurance, Health, and Wealth Solutions.
- Strategic Investments and Expansion in High-Growth Solutions and Markets: The company is making strategic investments in areas identified for high growth. This includes leveraging opportunities in the data center market, which is seen as a "generational" and "robust and dynamic growth opportunity." Additionally, Aon is expanding its presence in specific geographic markets such as North America, EMEA, and Latin America, and focusing on the middle market, partly through contributions from acquisitions like NFP. Growth in specialized areas like insurance-linked securities and facultative placements within its Reinsurance Solutions segment also contributes to this expansion.
- Operational Leverage from Aon Business Services (ABS): While primarily aimed at driving efficiency and margin expansion, the Aon Business Services (ABS) platform is crucial for creating the capacity to fund growth investments. By standardizing operations and integrating platforms, ABS provides scale benefits and operating leverage, indirectly supporting future revenue growth by enabling further strategic initiatives and innovation.
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Share Repurchases
- In February 2022, Aon authorized an additional $7.5 billion in share repurchases, increasing the total authorization to approximately $9.2 billion, including $1.7 billion remaining from an existing program as of December 31, 2021.
- Aon repurchased $3.5 billion worth of shares in 2021.
- The company returned $1.6 billion in capital to shareholders in 2025, with $1 billion allocated to share repurchases, and plans to repurchase at least $1 billion in shares in 2026.
Share Issuance
- In June 2025, shareholders approved an amendment to the Aon plc 2011 Incentive Plan, which increased the maximum number of Class A Ordinary Shares available for issuance under the plan by 3,800,000 shares.
Outbound Investments
- Aon agreed to acquire NFP, a middle-market provider of risk, benefits, wealth, and retirement plan advisory services, for $13.4 billion in December 2023, with the acquisition completed in April 2024.
- In November 2024, Aon acquired UK-based insurance broker Griffiths & Armour for $418 million (or $455 million), with the deal completing in January 2025, aimed at expanding its regional presence in the UK and Ireland.
- Aon divested a majority of NFP's wealth business for an estimated $2.7 billion (expected $2.2 billion after-tax cash proceeds) one year after acquiring NFP.
Capital Expenditures
- Aon reported capital expenditures of $137 million in 2021, $196 million in 2022, $252 million in 2023, $218 million in 2024, and $263 million in 2025.
- For 2026, capital expenditures are estimated to be $271.3 million.
- A significant focus of capital expenditures includes investments in risk solutions, particularly for data centers, which represent a generational growth opportunity.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Aon Earnings Notes | 12/25/2025 | |
| How Low Can Aon Stock Really Go? | 10/17/2025 | |
| Better Bet Than AON Stock: Pay Less Than Aon To Get More From MU, VST | 08/12/2025 | |
| Better Bet Than AON Stock: Pay Less Than Aon To Get More From SNEX | 08/12/2025 | |
| Aon Total Shareholder Return (TSR): 25.2% in 2024 and 7.6% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Aon (AON) Operating Cash Flow Comparison | 02/17/2025 | |
| Aon (AON) Net Income Comparison | 02/15/2025 | |
| Aon (AON) Operating Income Comparison | 02/14/2025 | |
| Aon (AON) Revenue Comparison | 02/13/2025 | |
| ARTICLES | ||
| S&P 500 Movers | Winners: MRSH, APA, AON | Losers: SMCI, VST, CEG | 03/21/2026 | |
| How Will Aon Stock React To Its Upcoming Earnings? | 10/30/2025 | |
| Stocks Trading At 52-Week Low | 10/30/2025 | |
| S&P 500 Stocks Trading At 52-Week Low | 10/29/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 250.35 |
| Mkt Cap | 28.0 |
| Rev LTM | 8,383 |
| Op Inc LTM | 2,530 |
| FCF LTM | 1,689 |
| FCF 3Y Avg | 1,322 |
| CFO LTM | 1,923 |
| CFO 3Y Avg | 1,559 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.6% |
| Rev Chg 3Y Avg | 15.2% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 10.9% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 24.3% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 17.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Risk Capital | 11,290 | 10,517 | 9,524 | 8,905 | |
| Human Capital | 5,907 | 5,209 | 3,864 | 3,591 | |
| Corporate/Eliminations | -16 | -28 | -12 | -17 | -19 |
| Commercial Risk Solutions | 6,635 | ||||
| Health Solutions | 2,154 | ||||
| Reinsurance Solutions | 1,997 | ||||
| Wealth Solutions | 1,426 | ||||
| Total | 17,181 | 15,698 | 13,376 | 12,479 | 12,193 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2016 |
|---|---|---|---|---|---|
| Risk Capital | 3,436 | 3,292 | 2,946 | 2,895 | 1,587 |
| Human Capital | 1,410 | 1,143 | 1,097 | 961 | 557 |
| Corporate/Eliminations | -502 | -600 | -258 | -187 | |
| Unallocated expenses | -238 | ||||
| Total | 4,344 | 3,835 | 3,785 | 3,669 | 1,906 |
| $ Mil | 2009 | 2008 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Risk and Insurance Brokerage Services | 14,570 | 14,285 | 12,869 | 12,566 | 13,235 |
| Unallocated | 8,020 | ||||
| Consulting | 368 | 379 | 348 | 319 | 333 |
| Insurance Underwriting | 3,327 | 7,233 | 7,122 | ||
| Corporate | 7,700 | ||||
| Total | 22,958 | 14,664 | 16,544 | 27,818 | 20,690 |
Price Behavior
Price Behavior
| Market Price | $358.30 | |
| Market Cap ($ Bil) | 76.4 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -5.8% | |
| 50 Days | 200 Days | |
| DMA Price | $343.61 | $335.16 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 4.3% | 6.9% |
| 3M | 1YR | |
| Volatility | 27.8% | 25.3% |
| Downside Capture | -137.69 | -38.55 |
| Upside Capture | -49.17 | -30.88 |
| Correlation (SPY) | -35.0% | -13.6% |
AON Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.94 | -0.75 | -0.78 | -0.36 | -0.23 | 0.25 |
| Up Beta | -2.73 | -1.13 | -1.14 | -0.33 | -0.27 | 0.29 |
| Down Beta | 0.85 | -0.01 | 0.10 | 0.01 | 0.00 | 0.33 |
| Up Capture | -33% | -44% | -45% | -27% | -15% | 5% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 30 | 64 | 124 | 394 |
| Down Capture | -179% | -153% | -180% | -82% | -57% | 34% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 33 | 62 | 127 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | -0.6% | 25.2% | -0.06 | - |
| Sector ETF (XLF) | 12.3% | 14.6% | 0.57 | 38.6% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | -13.7% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -24.0% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -11.0% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 24.4% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 1.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | 7.5% | 23.1% | 0.27 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | 51.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 39.8% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | -4.7% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 0.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 43.1% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 15.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AON | |
|---|---|---|---|---|
| AON | 9.2% | 24.4% | 0.56 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | 50.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 44.3% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -1.0% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 6.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 45.6% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 16.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -1.1% | -6.2% | |
| 5/1/2026 | 0.2% | 0.9% | 3.1% |
| 1/30/2026 | 2.0% | 0.3% | -1.3% |
| 10/31/2025 | 3.8% | 3.8% | 5.6% |
| 7/25/2025 | 4.6% | -0.3% | 5.4% |
| 4/25/2025 | -8.0% | -3.5% | -2.1% |
| 1/31/2025 | -0.4% | 3.6% | 10.2% |
| 10/25/2024 | 5.2% | 2.8% | 8.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 14 |
| # Negative | 15 | 14 | 10 |
| Median Positive | 4.9% | 3.6% | 7.2% |
| Median Negative | -2.1% | -3.5% | -4.4% |
| Max Positive | 8.0% | 10.2% | 12.9% |
| Max Negative | -9.3% | -9.7% | -11.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/29/2026 | -1.1% | -6.2% | |
| 5/1/2026 | 0.2% | 0.9% | 3.1% |
| 1/30/2026 | 2.0% | 0.3% | -1.3% |
| 10/31/2025 | 3.8% | 3.8% | 5.6% |
| 7/25/2025 | 4.6% | -0.3% | 5.4% |
| 4/25/2025 | -8.0% | -3.5% | -2.1% |
| 1/31/2025 | -0.4% | 3.6% | 10.2% |
| 10/25/2024 | 5.2% | 2.8% | 8.4% |
| 7/26/2024 | 8.0% | 9.9% | 12.9% |
| 4/26/2024 | -6.9% | -8.2% | -8.0% |
| 2/2/2024 | -2.5% | 2.4% | 5.3% |
| 10/27/2023 | -4.0% | 0.7% | 2.7% |
| 7/28/2023 | -5.1% | -5.7% | -1.3% |
| 4/28/2023 | -2.1% | -3.5% | -6.5% |
| 2/3/2023 | -2.9% | -1.7% | -5.5% |
| 10/28/2022 | 2.4% | -1.9% | 8.3% |
| 7/29/2022 | -0.4% | -2.2% | -2.2% |
| 4/29/2022 | -9.3% | -9.7% | -11.3% |
| 2/4/2022 | 5.4% | 3.9% | 4.3% |
| 10/29/2021 | -0.2% | -9.5% | -7.4% |
| 7/30/2021 | -1.2% | -0.3% | 8.3% |
| 4/30/2021 | 5.3% | 7.5% | 6.1% |
| 2/5/2021 | 7.3% | 10.2% | 10.5% |
| 10/30/2020 | -1.3% | -0.5% | 10.0% |
| 7/31/2020 | -0.9% | -5.5% | -3.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 14 |
| # Negative | 15 | 14 | 10 |
| Median Positive | 4.9% | 3.6% | 7.2% |
| Median Negative | -2.1% | -3.5% | -4.4% |
| Max Positive | 8.0% | 10.2% | 12.9% |
| Max Negative | -9.3% | -9.7% | -11.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/13/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Recent Forward Guidance
Updated 7/30/2026Latest: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted EPS Impact | 0 | ||||||
| 2026 Organic Revenue Growth | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |||
| 2026 Adjusted Operating Margin Expansion | 0.7% | 0.75% | 0.0% | Affirmed | Guidance: 0.75% for 2026 | ||
| 2026 Adjusted EPS Impact | 0.42 | -4.5% | Lowered | Guidance: 0.44 for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | |||
| 2026 Adjusted Operating Margin Expansion | 0.7% | 0.75% | 0.0% | Affirmed | Guidance: 0.75% for 2026 | ||
| Q2 2026 Adjusted EPS Impact (Foreign Currency) | 0 | ||||||
| 2026 Adjusted EPS Impact (Foreign Currency) | 0.44 | 12.8% | Raised | Guidance: 0.39 for 2026 | |||
Q4 2025 Earnings Reported 1/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic Revenue Growth | 5.0% | ||||||
| 2026 Adjusted Operating Margin Expansion | 0.7% | 0.75% | 0.8% | ||||
| Q1 2026 Foreign Currency Impact on EPS | 0.36 | ||||||
| 2026 Foreign Currency Impact on EPS | 0.39 | ||||||
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted EPS Impact | 0 | Raised | Guidance: -0.05 for 2025 | ||||
Insider Activity
Updated 7/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zeidel, Darren | General Counsel | Direct | Sell | 7212026 | 372.05 | 1,950 | 725,500 | 4,987,012 | Form |
| 2 | Zeidel, Darren | General Counsel | Direct | Sell | 7092026 | 360.00 | 600 | 216,000 | 5,527,476 | Form |
| 3 | Zeidel, Darren | General Counsel | Direct | Sell | 3022026 | 329.72 | 4,300 | 1,417,784 | 5,260,339 | Form |
| 4 | Zeidel, Darren | General Counsel | Direct | Sell | 2192026 | 325.79 | 5,040 | 1,641,982 | 6,598,583 | Form |
| 5 | Knight, Lester B | Family Partnership | Buy | 2122026 | 319.24 | 4,000 | 1,276,956 | 45,651,191 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Zeidel, Darren | General Counsel | Direct | Sell | 7212026 | 372.05 | 1,950 | 725,500 | 4,987,012 | Form |
| 2 | Zeidel, Darren | General Counsel | Direct | Sell | 7092026 | 360.00 | 600 | 216,000 | 5,527,476 | Form |
| 3 | Zeidel, Darren | General Counsel | Direct | Sell | 3022026 | 329.72 | 4,300 | 1,417,784 | 5,260,339 | Form |
| 4 | Zeidel, Darren | General Counsel | Direct | Sell | 2192026 | 325.79 | 5,040 | 1,641,982 | 6,598,583 | Form |
| 5 | Knight, Lester B | Family Partnership | Buy | 2122026 | 319.24 | 4,000 | 1,276,956 | 45,651,191 | Form | |
| 6 | Zeidel, Darren | General Counsel | Direct | Sell | 11072025 | 344.52 | 8,800 | 3,031,818 | 6,977,717 | Form |
Investor Activity (13F)
Updated Aug 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| LFL Advisers, LLC | $40.9 Mil | 12.3% | 9 | ADD +36.7% | 13F |
| BloombergSen Inc. | $82.0 Mil | 9.2% | 27 | Hold | 13F |
| Meritage Group LP | $219.5 Mil | 8.3% | 13 | New | 13F |
| GFI Investment Counsel Ltd. | $50.8 Mil | 6.9% | 24 | New | 13F |
| Cryder Capital Partners LLP | $103.8 Mil | 6.8% | 10 | ADD +9.0% | 13F |
| Independent Franchise Partners LLP | $835.4 Mil | 5.8% | 26 | ADD +22.3% | 13F |
| Broad Run Investment Management, LLC | $32.7 Mil | 5.7% | 24 | TRIM -5.1% | 13F |
| Petrus Trust Company, LTA | $49.5 Mil | 5.4% | 27 | ADD +6.5% | 13F |
| Bowie Capital Management, LLC | $104.0 Mil | 4.9% | 29 | TRIM -6.4% | 13F |
| Weitz Investment Management, Inc. | $69.0 Mil | 4.8% | 49 | Hold | 13F |
| Longview Partners (Guernsey) LTD | $315.1 Mil | 4.5% | 25 | TRIM -11.7% | 13F |
| Ycg, LLC | $47.5 Mil | 4.3% | 42 | Hold | 13F |
| Night Owl Capital Management, LLC | $35.3 Mil | 4.1% | 30 | Hold | 13F |
| M.D. Sass, LLC | $46.0 Mil | 3.5% | 36 | ADD +31.2% | 13F |
| Southpoint Capital Advisors LP | $161.4 Mil | 3.3% | 41 | TRIM -23.1% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.0 Mil | 2.9% | 42 | New | 13F |
| Central Securities Corp | $25.8 Mil | 2.1% | 30 | TRIM -20.0% | 13F |
| Haverford Financial Services, Inc. | $5.8 Mil | 1.7% | 46 | TRIM -18.9% | 13F |
| Eminence Capital, LP | $57.8 Mil | 1.3% | 33 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Meritage Group LP | $219.5 Mil | 8.3% | 13 | New | 13F |
| Eminence Capital, LP | $57.8 Mil | 1.3% | 33 | New | 13F |
| GFI Investment Counsel Ltd. | $50.8 Mil | 6.9% | 24 | New | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.0 Mil | 2.9% | 42 | New | 13F |
| LFL Advisers, LLC | $40.9 Mil | 12.3% | 9 | ADD +36.7% | 13F |
| M.D. Sass, LLC | $46.0 Mil | 3.5% | 36 | ADD +31.2% | 13F |
| Independent Franchise Partners LLP | $835.4 Mil | 5.8% | 26 | ADD +22.3% | 13F |
| Cryder Capital Partners LLP | $103.8 Mil | 6.8% | 10 | ADD +9.0% | 13F |
| Petrus Trust Company, LTA | $49.5 Mil | 5.4% | 27 | ADD +6.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Southpoint Capital Advisors LP | $161.4 Mil | 3.3% | 41 | TRIM -23.1% | 13F |
| Central Securities Corp | $25.8 Mil | 2.1% | 30 | TRIM -20.0% | 13F |
| Haverford Financial Services, Inc. | $5.8 Mil | 1.7% | 46 | TRIM -18.9% | 13F |
| Longview Partners (Guernsey) LTD | $315.1 Mil | 4.5% | 25 | TRIM -11.7% | 13F |
| Bowie Capital Management, LLC | $104.0 Mil | 4.9% | 29 | TRIM -6.4% | 13F |
| Broad Run Investment Management, LLC | $32.7 Mil | 5.7% | 24 | TRIM -5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Independent Franchise Partners LLP | $835.4 Mil | 5.8% | 26 | ADD +22.3% | 13F |
| Longview Partners (Guernsey) LTD | $315.1 Mil | 4.5% | 25 | TRIM -11.7% | 13F |
| Meritage Group LP | $219.5 Mil | 8.3% | 13 | New | 13F |
| Southpoint Capital Advisors LP | $161.4 Mil | 3.3% | 41 | TRIM -23.1% | 13F |
| Bowie Capital Management, LLC | $104.0 Mil | 4.9% | 29 | TRIM -6.4% | 13F |
| Cryder Capital Partners LLP | $103.8 Mil | 6.8% | 10 | ADD +9.0% | 13F |
| BloombergSen Inc. | $82.0 Mil | 9.2% | 27 | Hold | 13F |
| Weitz Investment Management, Inc. | $69.0 Mil | 4.8% | 49 | Hold | 13F |
| Eminence Capital, LP | $57.8 Mil | 1.3% | 33 | New | 13F |
| GFI Investment Counsel Ltd. | $50.8 Mil | 6.9% | 24 | New | 13F |
| Petrus Trust Company, LTA | $49.5 Mil | 5.4% | 27 | ADD +6.5% | 13F |
| Ycg, LLC | $47.5 Mil | 4.3% | 42 | Hold | 13F |
| M.D. Sass, LLC | $46.0 Mil | 3.5% | 36 | ADD +31.2% | 13F |
| LFL Advisers, LLC | $40.9 Mil | 12.3% | 9 | ADD +36.7% | 13F |
| Night Owl Capital Management, LLC | $35.3 Mil | 4.1% | 30 | Hold | 13F |
| Broad Run Investment Management, LLC | $32.7 Mil | 5.7% | 24 | TRIM -5.1% | 13F |
| Central Securities Corp | $25.8 Mil | 2.1% | 30 | TRIM -20.0% | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $9.0 Mil | 2.9% | 42 | New | 13F |
| Haverford Financial Services, Inc. | $5.8 Mil | 1.7% | 46 | TRIM -18.9% | 13F |
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