Vanguard reports 5.58% stake in Brown-Forman Corp (BF)

Rhea-AI Filing Summary

Vanguard Capital Management reports 16,213,828 shares of Brown-Forman Corp common stock, representing 5.58% of the class. The filing states Vanguard has sole dispositive power over 16,213,828 shares and sole voting power for 1,541,500 shares. The Schedule 13G notes these holdings include shares held for Vanguard funds and managed accounts. The filing is signed by Ashley Grim on 04/29/2026.

Insights

Institutional Ownership Analyst

Vanguard reports a 5.58% passive stake in Brown-Forman.

The Schedule 13G shows 16,213,828 shares beneficially owned as reported, with dispositive authority concentrated at Vanguard Capital Management LLC and affiliated divisions. The filing attributes holdings across funds and managed accounts rather than a single proprietary position.

Timing and voting authority are explicit: sole dispositive power is reported for 16,213,828 shares and sole voting power for 1,541,500 shares. Subsequent filings may adjust percentages as fund flows change.

Regulatory Compliance Specialist

Schedule 13G used for passive/qualifying institutional reporting.

The submission follows Release No. 34-39538 disclosure conventions, listing affiliated Vanguard entities and clarifying that certain subsidiaries' holdings are disaggregated. The form identifies dividend/proceeds rights held on behalf of investment vehicles.

Investors should note the filing is informational; it does not indicate active control or a change in management intent.

Key Figures

Shares beneficially owned: 16,213,828 shares Percent of class: 5.58% Sole voting power: 1,541,500 shares +2 more

5 metrics

Shares beneficially owned 16,213,828 shares as of 03/31/2026

Percent of class 5.58% Brown-Forman common stock

Sole voting power 1,541,500 shares reported in Item 4(i)

Sole dispositive power 16,213,828 shares reported in Item 4(iii)

Signature date 04/29/2026 Schedule 13G signature by Ashley Grim

Key Terms

Schedule 13G, dispositive power, Release No. 34-39538, beneficially owned

4 terms

Schedule 13G regulatory

"Schedule 13G reporting beneficial ownership details"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

dispositive power regulatory

"sole dispositive power over 16,213,828 shares"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Release No. 34-39538 regulatory

"In accordance with SEC Release No. 34-39538 (January 12, 1998)"

beneficially owned regulatory

"securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Brown-Forman Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

115637209

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 115637209

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,541,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 16,213,828.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

16,213,828.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.58 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Brown-Forman Corp
(b)	Address of issuer's principal executive offices: 850 Dixie Highway, Louisville, KY, 40210
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 115637209
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 16213828
(b)	Percent of class: 5.58 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1541500
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 16213828
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

What stake does Vanguard Capital Management report in Brown-Forman (BF)?

Vanguard reports beneficial ownership of 16,213,828 shares, equal to 5.58% of Brown-Forman common stock. The filing is on a Schedule 13G reflecting institutional holdings as disclosed in the document.

How much voting authority does Vanguard report for BF shares?

Vanguard reports sole voting power over 1,541,500 shares of Brown-Forman common stock. The Schedule 13G lists the voting and dispositive power figures in Item 4 of the filing.

Does the filing say Vanguard controls dividends or sale proceeds for BF shares?

The filing states Vanguard Capital Management and affiliated divisions have the right to receive or direct dividends and proceeds for the reported holdings, including shares held for investment companies and managed accounts.

When was the Schedule 13G for BF signed and filed?

The filing is signed by Ashley Grim, Head of Global Fund Administration, with a signature date of 04/29/2026, and the reported ownership amounts reference holdings as of 03/31/2026.

Why does Vanguard list multiple affiliated entities in the filing?

Per SEC Release No. 34-39538, Vanguard lists affiliated business divisions (e.g., Vanguard Asset Management Limited, Vanguard Global Advisers) to show which units exercise dispositive or voting power over shares held in funds and managed accounts.