The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Mid-Cap Growth Strategy returned 17.5% net in Q2 2026, outperforming its benchmark by 300 basis points as both stock selection and allocation effects contributed positively, led by Technology sector investments. The quarter saw a continuation of market leadership broadening beyond mega-cap tech, with small-caps and biotech leading returns. AI infrastructure suppliers drove top performance, with Marvell Technology, Flex, and Monolithic Power Systems all benefiting from data center buildout demand. However, AI disruption fears weighed on software holdings like CoStar Group and Guidewire Software. Portfolio activity accelerated significantly with 30% dollar turnover as the manager exited nine positions and established eighteen new ones, including hardware companies serving different parts of the AI infrastructure stack, consumer services businesses like Robinhood Markets and Viking Holdings, and software platforms like Snowflake. The manager demonstrated valuation discipline by selling Marvell after it more than doubled, while opportunistically building positions during pullbacks. The strategy maintains its focus on owning a diversified portfolio of compounders that can grow significantly larger over time.
The Mid-Cap Growth Strategy seeks capital appreciation by managing a concentrated portfolio of mid- and small-cap companies that offer long-term growth potential and can compound significantly larger over time.
The manager remains committed to achieving attractive, risk-adjusted returns over a full market cycle by owning a diversified portfolio of companies that can grow significantly larger over time. The strategy continues to apply its small-cap investment philosophy and disciplined process to a broader, high-quality universe of mid- and small-cap companies. Performance has been consistent with this hypothesis since inception.
As of Jul 22, 2026
Brown Capital Management was founded in 1983 by Eddie C. Brown, making it one of the premier and oldest African-American-founded asset management firms in the world. The firm is 100% employee-owned and operates with a boutique culture emphasizing a family-like atmosphere and proprietary investment philosophy. Current leadership includes Eddie C. Brown as Founder and Executive Chairman, Keith Lee as CEO, Rob Young as President, and Damien Davis as CIO. The International All Company Fund is managed by an experienced team including Kayode O. Aje, CFA as Managing Director and Senior Portfolio Manager, Maurice L. Haywood, CFA as Senior Portfolio Manager with 15+ years tenure since 2006, and other portfolio managers including Duncan J. Evered, Kwame C. Webb, and Zoey Zuo. The firm manages approximately $4.5 billion in assets as of December 31, 2025, though has experienced recent outflows. The company has invested significantly in data science and AI capabilities to enhance research and investment processes.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The portfolio holds 70 positions with top 10 representing 26.8% of assets, indicating moderate concentration. The manager provides detailed thesis summaries for new positions with specific catalysts and growth drivers. However, the high turnover (37% trailing twelve months) and willingness to exit positions quickly when fundamentals disappoint or better opportunities emerge suggests moderate rather than extreme conviction. The letter describes finding better alternatives and upgrading risk/reward profiles rather than holding through volatility. Named positions are discussed with clear rationales but hedged language appears throughout regarding competitive dynamics and market uncertainties.
Growth Outlook
Market outlook remains above average conviction: Brown Advisory's Mid-Cap Growth strategy underperformed in 2025 due to a single-stock index distortion (not owning Palantir), but the managers used the quarter's volatility to recy...
Risk Appetite
Risk appetite posture is above average conviction: Brown Advisory's Mid-Cap Growth strategy underperformed in 2025 due to a single-stock index distortion (not owning Palantir), but the managers used the quarter's volatility to recy...
Capital Deployment
Cash level was 3.7% at quarter-end with no prior period comparison provided. The manager exited nine positions and established eighteen new ones, but this represents capital rotation rather than net deployment since proceeds from sales funded new purchases. The letter explicitly states the manager sold positions to fund new investments and found better alternatives, indicating reallocation rather than adding net exposure. Without evidence of declining cash levels or net new capital being put to work, this scores as rotation near zero.
Forward Guidance
Forward guidance signal: Brown Advisory's Mid-Cap Growth strategy underperformed in 2025 due to a single-stock index distortion (not owning Palantir), but the managers used the quarter's volatility to recy...
Language Signal
The letter uses balanced directional language with both bullish and cautious elements. Bullish language includes attractive valuations, compelling results, strong demand, long runway for growth, and credible opportunities. Risk language includes AI disruption fears, competitive worries, sluggish categories, and intensifying competition. The net balance tilts mildly positive given the emphasis on finding attractive entry points and better opportunities, but the letter is more analytical than directional.
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Brown Advisory's Mid-Cap Growth strategy underperformed in 2025 due to a single-stock index distortion (not owning Palantir), but the managers used the quarter's volatility to recy...
Opportunity Density
The manager established eighteen new positions during the quarter and describes finding better alternatives among names on their research bench. Multiple sectors are cited as offering attractive entry points including hardware companies benefiting from data center investment, consumer services businesses, and software platforms. The letter emphasizes using pullbacks and volatility to build positions at attractive valuations. The high turnover and breadth of new investments across multiple sectors suggests the manager sees a relatively rich opportunity set, though selectivity is emphasized.
Time Horizon
The strategy explicitly focuses on companies that can grow significantly larger over time and describes owning compounders with long-term growth potential. The manager discusses multi-year plans for holdings like US Foods (through 2027) and Viking Holdings (taking bookings for 2027 and 2028). However, the high portfolio turnover (37% trailing twelve months) and willingness to exit positions when near-term catalysts are unclear suggests a medium-term rather than permanent capital approach. The time horizon appears to be 2-4 years based on the three-year price targets mentioned and the balance between long-term thesis language and active portfolio management.
Top Conviction Themes
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