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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Brown Advisory's Global Leaders Strategy delivered positive absolute returns in Q2 2026 but underperformed its MSCI ACWI benchmark, primarily due to underweight positions in semiconductors and technology hardware amid the AI infrastructure boom. The strategy's main error was underestimating the magnitude and duration of AI infrastructure build-out, though it has now repositioned with a June initiation of Nvidia after observing robust demand signals across the supply chain. The manager eliminated software exposure aside from Microsoft due to rising AI substitution risk, exiting Autodesk and Workday. Market concentration reached extreme levels with only 27% of benchmark companies outperforming in Q2, creating a difficult environment for active managers. Despite near-term headwinds, the manager sees a rare opportunity with the ready-to-buy list at Covid-era highs and average portfolio IRRs of 12-13%. New positions include Siemens Energy for electrification infrastructure, Progressive for insurance exposure, and Compass Group replacing Unilever. The strategy maintains conviction in quality investing focused on durable cash flows and valuation discipline, with 15.9% AI infrastructure exposure plus large hyperscaler holdings.
The Global Leaders Strategy invests in a concentrated portfolio of companies that uniquely solve problems for customers and generate attractive economics for shareholders, targeting double-digit absolute returns through quality businesses trading at discounts to intrinsic value.
The manager views the current environment as a rare moment of opportunity to underwrite high-probability five-year returns across a diverse set of investments. The ready-to-buy list is at its highest level since Covid, with many quality companies left behind in the AI infrastructure feeding frenzy now trading at attractive valuations. The average five-year absolute base-case IRR within Global Leaders is estimated at 12-13% per annum. The manager sees opportunities across differentiated business models in healthcare, aerospace, ratings agencies, and insurance. The strategy will continue to work diligently through the impact AI is having on business-model quality, striving to calibrate both opportunities and risks while maintaining focus on long-term thinking, intrinsic value, and capital preservation. The manager believes the market is still early in understanding the positions of incumbents in certain industries, and indiscriminate selling can provide opportunities for long-term investors with a differentiated view.
As of Jul 22, 2026
The Brown Capital Management Mid Company Fund was led by Eddie C. Brown, Chairman, CEO, and Founder of Brown Capital Management, who served as lead portfolio manager since September 30, 2002. Brown brought over 40 years of investment experience and held both CFA and CIC designations. The management team included experienced professionals Walton Pearson, Kayode Aje, CFA, Kwame Webb, CFA, and Ed Zane. Following the fund's termination in August 2024, significant team transitions occurred with Walt Pearson retiring on June 30, 2024, while the remaining Mid Company team members joined the International Team as portfolio managers effective July 15, 2024. Brown Capital Management, founded in 1983, is recognized as one of the oldest African-American-founded asset management firms in the United States and operates as 100% employee-owned with 37 employees.
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Moderate Conviction Bullish
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