What smart money is saying about Marsh McLennan
8 funds in our archive have pitched Marsh McLennan, most recently Capital Management Focus Newsletter in August 2026.
Marsh & McLennan Companies (MMC) operates as a leading global professional services organization, delivering expert guidance and innovative solutions to clients worldwide across the critical domains of risk, strategic planning, and human capital. Its operations are bifurcated into two primary divisions: Risk and Insurance Services, and Consulting. The Risk and Insurance Services arm provides an extensive range of risk management capabilities, encompassing strategic risk advice, risk transfer mechanisms, and solutions for risk control and mitigation. This segment is also proficient in insurance and reinsurance brokerage, offers sophisticated catastrophe and financial modeling, delivers associated advisory services, and manages insurance programs. Its diverse clientele includes businesses, governmental bodies, insurance companies, associations, specialized professional service organizations, and private individuals. Conversely, the Consulting division specializes in advisory services and products related to health, wealth, and career development. It also extends its expertise to specialized management, economic analysis, and brand strategy consulting. Founded in 1871, Marsh & McLennan Companies, Inc. maintains its corporate headquarters in New York, New York.
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Fund signal · last 12 months
15 lettersMore funds are buying than selling
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 Q1 2025 and Q3 2026, 16 fund letters reported a position in Marsh McLennan, with 6 buys (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 1 | 1 | 1 |
| Q2 2026 | 5 | 3 | 0 | 3 |
| Q1 2026 | 3 | 1 | 0 | 3 |
| Q4 2025 | 2 | 1 | 1 | 1 |
| Q1 2025 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 16 positions · 9 moves
- September 2026
“To fund the additions, we exited Roche, Marsh & McLennan and Fair Isaac, positions where our conviction had diminished.”
Marsh McLennan - New positionClearBridge Investments Value StrategySeptember 2026
“Elsewhere, we initiated a position in Marsh & McLennan after a sharp derating in insurance brokers left valuations implying overly punitive long-term growth, and in social platform Reddit, where we believe the market is overly discounting the risk of AI disruption given the company’s growth and free cash flow.”
Marsh McLennan - September 2026
“Charles Schwab Corp United States 3.1 Capital Markets Marsh & McLennan Cos. Inc. United States 3.2 Insurance”
Marsh McLennan - September 2026
“Marsh & McLennan Cos. Inc. United States 2.6 Insurance”
Marsh McLennan - September 2026
Listed in Jensen Quality Growth Equity Composite’s reported holdings.
Marsh McLennan - New positionClearBridge Investments Dividend StrategyJune 2026
“With investors myopically focused on AI, we are finding terrific opportunities in other areas of the market. Indeed, our outlook for the portfolio is the most constructive it has been in years. We recently built significant positions in ADP, Blackstone, Marsh & McLennan and Otis and added materially to positions in Apollo, Haleon and Unilever.”
Marsh McLennan - New positionHarris Associates U.S. Concentrated StrategyJune 2026
“• Marsh & McLennan is the world’s largest insur- ance broker and risk management firm.”
Marsh McLennan - June 2026
“We added meaningfully to Marsh during the quarter.”
Marsh McLennan - June 2026
“We added meaningfully to Marsh during the quarter.”
Marsh McLennan - June 2026
Listed in EdgePoint Global Portfolio’s reported holdings.
Marsh McLennan - New positionBA Beutel Goodman U.S. Value FundMarch 2026
“We added several new positions during the quarter: Union Pacific, Sysco, Wells Fargo, Beckton Dickinson and Marsh & McLennan.”
Marsh McLennan - March 2026
“Charles Schwab Corp United States 3.2 Capital Markets Marsh & McLennan Cos. Inc. United States 2.0 Insurance”
Marsh McLennan - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services Comcast Corp. United States 0.9 Diversified Telecommunication Services Versant Media Group, Inc. United States 0.1 Media Consumer Discret ionary 2.7 SharkNinja, Inc. United States 2.7 Household Durables Consumer St aples 0.8 Estee Lauder Companies Inc. United States 0.8 Personal Care Products Energy 1.9 Cameco Corporation Canada 1.9 Oil, Gas & Consumable Fuels Financials 9.7 Charles Schwab Corp United States 3.0 Capital Markets Marsh & McLennan Cos. Inc. United States 3.0 Insurance”
Marsh McLennan - December 2025
“The Strategy also closed positions in Netflix and T-Mobile US in communication services, Lenovo in IT, Starbucks and Airbnb in consumer discretionary, Tokio Marine, Marsh & McLennan and Sony Financial Group in financials as well as Argenx, Zai Lab and MoonLake Immunotherapeutics in health care.”
Marsh McLennan - New positionDavenportDecember 2025
“We added global insurance broker Marsh & McLennan Companies Inc. (MMC), as well as specialty chemicals manufacturer Eastman Chemicals Co (EMN).”
Marsh McLennan - March 2025
“On an individual stock basis, the leading absolute contributors to performance were Visa, Uber, Marsh & McLennan, Netflix and Monster Beverage.”
Marsh McLennan
Fund coverage · 8 theses
- Capital Management Focus NewsletterAugust 2026
Marsh McLennan is a capital-light global insurance broker with recurring revenue, regular dividend growth, and ongoing share buybacks.
Read the full thesis Marsh & McLennan is the largest insurance broker and risk management firm, supported by oligopolistic positioning, organic growth, margin expansion, and efficiency initiatives.
Read the full thesisMarsh is held and added to because the managers see the stock as cheap, with a durable commercial insurance brokerage model and valuable proprietary data that AI is unlikely to displace.
Read the full thesisMarsh & McLennan Companies, Inc. is seen as undervalued, with durable commercial insurance brokerage economics and limited AI disruption risk.
Read the full thesisMarsh & McLennan benefits from dominant positioning, margin expansion, and efficiency initiatives that support its long-term case.
Read the full thesis- BA Beutel Goodman U.S. Value FundMarch 2026
Marsh & McLennan is a capital-light market leader with recurring revenues, strong retention, and attractive valuation after derating.
Read the full thesis - Oakmark Select FundMarch 2026
Marsh & McLennan is the largest insurance broker with sustained margin expansion, efficiency initiatives, limited AI disruption risk, and an attractive mid-teens earnings multiple.
Read the full thesis - DavenportDecember 2025
Marsh & McLennan Companies, Inc. is a capital-light insurance broker at a reasonable valuation with steady dividends, potential buybacks, and upside if growth normalizes.
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