What smart money is saying about Aon
4 funds in our archive have pitched Aon, most recently Diamond Hill Select Fund in March 2026.
Aon plc is a global professional services firm that delivers expert advice and innovative solutions across the key areas of risk, retirement, and health. Its comprehensive commercial risk offerings include retail brokerage, cybersecurity consulting, global risk management strategies, and the administration of captive insurance programs. For health-related needs, Aon provides brokerage services for benefits and operates health care exchanges. The company is also active in the capital markets, specializing in treaty and facultative reinsurance, insurance-linked securities, and corporate finance advisory services such as capital raising, strategic guidance, restructuring, and mergers and acquisitions support. Additionally, Aon consults on the design and management of retirement programs, furnishes actuarial services, and advises on investment strategies for a wide array of plan types, including defined benefit and defined contribution plans, endowments, and foundations, for both public and private sector clients. The firm further extends its services through specific brands like CoverWallet, Affinity, Aon Inpoint, and ReView. Established in 1919, Aon plc's corporate headquarters are located in Dublin, Ireland.
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Fund signal · last 12 months
13 lettersMore funds are selling than buying
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 13 fund letters reported a position in Aon, with 1 buy (opened or added) and 6 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 9 | 1 | 3 | 0 |
| Q2 2026 | 4 | 0 | 3 | 0 |
| Q1 2026 | 0 | 0 | 0 | 1 |
| Q4 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 13 positions · 7 moves
- September 2026
“In financials, Aon was a notable detractor after announcing a large, fairly expensive deal to expand its middle markets business.”
Aon - September 2026
“• Insurance broker Aon underperformed during the quarter amid concerns that the company overpaid for its acquisition of middle-market broker USI.”
Aon - September 2026
“modest repositioning in financials, where we reduced exposure to insurance and added to banks, and in energy, where we reduced exposure to natural gas to gain more oil exposure. Unlike recent quarters when the information technology sector was the largest detractor from the portfolio’s relative performance, it was the largest contributor to performance in 3Q26. Our software holdings, including Salesforce and Microsoft, rose significantly as fundamentals remain strong and as investor sentiment seems to be modestly improving. Valuations remain attractive, in our view. A new position in Meta Platforms was a contributor after releasing its AI agent, Muse, which has gained rapid adoption. Counting nearly half the world’s population as users of its platforms, Meta is in an enviable position to roll out such products to its vast user base. With the sharp rise in interest rates in 3Q26, our holdings with rate-sensitive housing exposure were weak, including Carrier Global, Builders FirstSource, NVR, Martin Marietta Materials and Ferguson. In financials, Aon was a notable detractor after announcing a large, fairly expensive deal to expand its middle markets business.”
Aon - TrimmedPolen Capital Global GrowthSeptember 2026
“Portfolio Activity In Q3 2026, we initiated new positions in Seagate Technology , Advanced Micro Devices , Quanta Services , and SK Hynix , while selling Oracle . We also added to our existing positions in Meta Platforms and Keyence , while trimming NVIDIA , Broadcom , Shopify , ServiceNow , Tencent , Aon , Adyen and Tokyo Electron .”
Aon - September 2026
“Elsewhere in the portfolio, we made additional purchases of Aon, Netflix and Vulcan Materials, partially offset by trims of Euronet, Global Payments and Mastercard.”
Aon - September 2026
“Aon shares were pressured as investors have been initially skeptical of the announced acquisition of USI Insurance Services.”
Aon - September 2026
“Insurance broker Aon’s stock declined as commercial market pricing softened and investors balked at the USI Insurance Services acquisition, while credit bureau Equifax’s stock fell as higher mortgage rates hindered growth and regulatory noise accelerated.”
Aon - September 2026
“Insurance broker Aon’s stock declined as commercial market pricing softened and investors balked at the USI Insurance Services acquisition, while credit bureau Equifax’s stock fell as higher mortgage rates hindered growth and regulatory noise accelerated.”
Aon - TrimmedPhiloSmith Capital Insurance and FinancialSeptember 2026
“Aon largely underperformed insurance brokers in Q3 down 16.4%.”
Aon - ExitedMD SASS Concentrated ValueJune 2026
“During the quarter, we also exited our positions in Aon (AON), CBRE Group (CBRE), Danaher (DHR), Gildan Activewear (GIL), Quanta Services (PWR), and Synopsys (SNPS).”
Aon - June 2026
“We liquidated our position in Aon during the quarter. Aon continues to execute well operationally and has outperformed peers during a period of softer insurance pricing. The backdrop has become less favorable as the insurance industry entered a softer phase following several years of strong property insurance pricing driven by inflation and elevated catastrophe losses. As pricing has moderated, revenue growth across the brokerage industry has come under pressure, creating a headwind for firms whose revenues are tied to insurance premiums. Although Aon has navigated this environment better than competitors and we continue to view the underlying business as high-quality and resilient, we exited the position and reallocated the funds to a more attractive long-term growth opportunity in Arista Networks.”
Aon - TrimmedPolen Capital Global GrowthJune 2026
“Portfolio Activity In Q2 2026, we initiated new positions in GE Aerospace, GE Vernova, Howmet Aerospace, Hermès International, Keyence, and Rheinmetall while selling our holdings in Boston Scientific, Siemens Healthineers, and Zoetis. During the period we also added to our positions in ASML and Idexx Labs and trimmed our positions in Starbucks, Oracle, Shopify, Aon and Broadcom.”
Aon - April 2026
“Other detractors included the likes of Abott Laboratories (Health Care), Accenture (Information Technology) & Aon (Financials).”
Aon
Also mentioned · 3
These funds discuss Aon as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedPolen Capital International GrowthSeptember 2026
“By contrast, the largest relative detractors in the quarter were Disco Corp., Tokyo Electron, and Aon.”
Aon - Mentioned1 Main Capital PartnersSeptember 2026
“the company recently announced the sale of USI to Aon for $17 billion in an all-cash transaction expected to close in Q4. This exit represents a ~6x multiple on its original 2017 investment.”
Aon - March 2026
“Ryan Specialty Holdings (RYAN) is in the third category of perceived indirect AI risks. Ryan was founded by Pat Ryan, who also founded AON and turned it into the second largest insurance broker in the world.”
Aon
Fund coverage · 4 theses
- Diamond Hill Select FundMarch 2026
Aon is a leading insurance broker with high barriers to entry, switching costs, and an attractive growth profile.
Read the full thesis - Ironvine Capital PartnersDecember 2025
Aon is a capital-light, market-leading insurance broker with recurring fees, structural tailwinds, and rising free cash flow supported by restructuring and buybacks.
Read the full thesis - Polen Focus GrowthMarch 2025
Aon is a leading global insurance brokerage house with strong competitive advantages, stable revenue streams from non-discretionary business insurance, and expected mid-to-high single-digit revenue growth.
Read the full thesis - Diamond Hill Large Cap Concentrated FundDecember 2024
Aon is a leading global insurance broker with steady growth
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