Amendment: SEC Form SC 13G/A filed by Brown Forman Corporation

11/14/24 12:46:39 PM ET

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SC 13G/A 1 fundsmith_brown2024.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Amendment No.:2 Name of Issuer: BROWN FORMAN CORP Title of Class of Securities: Class B Common Stock CUSIP Number: 115637209 (Date of Event Which Requires Filing of this Statement) September 30, 2024 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: /X/ Rule 13d-l(b) / / Rule 13d-l(c) / / Rule 13d-l(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP Number: 115637209 1. Name of Reporting Person Fundsmith LLP 2. Check the Appropriate Box if a Member of a Group a. /X/ b. / / 3. SEC Use Only 4. Citizenship or Place of Organization United Kingdom Number of Shares Beneficially Owned by Each Reporting Person With: 5. Sole Voting Power: 12,909,622 6. Shared Voting Power: NONE 7. Sole Dispositive Power: 12,909,622 8. Shared Dispositive Power: NONE 9. Aggregate Amount Beneficially Owned by Each Reporting Person 12,909,622 10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares / / 11. Percent of Class Represented by Amount in Row (9) 4.40% 12. Type of Reporting Person IA -2- Item 1(a) Name of Issuer: BROWN FORMAN CORP (b) Address of Issuer's Principal Executive Offices: 850 Dixie Highway, Louisville, KY 40210, United States Item 2(a) - (c). Name, Principal Business Address, and Citizenship of Persons Filing: Fundsmith LLP 33 Cavendish Square, London, UK, W1G 0PW (d) Title of Class of Securities: Class B Common Stock (e) CUSIP Number: 115637209 Item 3. This statement is filed pursuant to Rule 13d-1(b)(1). /x/ Group, in accordance with Rule 13d-1(b)(1) (ii)(K) Item 4. Ownership. (a) Amount Beneficially Owned: 12,909,622 (b) Percent of Class: 4.40% (c) (i) shares with sole power to vote or direct the vote: 12,909,622 (ii) shared power to vote or direct the vote: NONE (iii) shares with sole power to dispose or to direct the disposition of: 12,909,622 (iv) shares with shared power to dispose or direct the disposition of: NONE Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following /X/. Item 6. Ownership of More than Five Percent on Behalf of Another Person. N/A -3- Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported by the Parent Holding Company. N/A Item 8. Identification and Classification of Members of the Group. See Exhibit 1 Item 9. Notice of Dissolution of the Group. N/A Item 10. Certification By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Adviser is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. 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. By: /s/ Tom Armstrong November 5, 2024 _________________________ _________________ Title: Director Date

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Date	Price Target	Rating	Analyst
6/6/2025	$28.00	Outperform → Neutral	BNP Paribas Exane
4/9/2025	$38.00	Neutral → Buy	ROTH MKM
4/2/2025	$37.50	Hold	Berenberg
3/6/2025	$47.00 → $32.00	Equal-Weight → Underweight	Morgan Stanley
12/17/2024	$45.00 → $43.00	Neutral → Underweight	Analyst
12/16/2024	$50.00 → $45.00	Buy → Hold	Truist
12/6/2024		Hold	Needham
11/25/2024	$48.00	Outperform	Exane BNP Paribas

Amendment: SEC Form SC 13G/A filed by Brown Forman Corporation

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