| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.8% | -9% | -9% |
Brown Advisory's Mid-Cap Growth Strategy underperformed the Russell Midcap Growth Index in Q1 2026 due to thematic headwinds from what some dubbed the SaaS-pocalypse. AI dominance drove market dynamics, causing collapsing share prices of software and business services companies facing perceived AI threats. The manager proactively scrutinized AI risk across the portfolio, eliminating positions in Workday, Gartner, and Verisk Analytics while reducing weights in HubSpot, Dynatrace, and CoStar Group. However, they found opportunities in the software sell-off, adding Toast and Guidewire Software. Energy sector strength from Middle East conflicts and data center construction demand provided some offset. The quarter saw broad market dispersion with value and small-cap benchmarks leading while growth and large-caps lagged. Despite near-term headwinds, the strategy maintains its focus on identifying durable growth companies with high returns on invested capital that can compound over time. The manager remains committed to their disciplined process of owning compounders across the mid- and small-cap universe.
Brown Advisory's Mid-Cap Growth Strategy seeks to generate attractive risk-adjusted returns by investing in a concentrated portfolio of mid- and small-cap companies with durable growth characteristics and high return on invested capital, applying a disciplined process focused on identifying compounders that can grow 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. They continue to focus on compounders and apply their disciplined process to the mid- and small-cap universe.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | AAON, ANDG, ARES, CCC, CSGP, DDOG, DKNG, DT, EFX, FICO, FIX, FTAI, GH, GWRE, HUBS, IT, LITE, LNG, LSCC, MDLN, MPWR, ODFL, OII, OS, PODD, PWR, RDDT, TOST, TTD, VOYG, VRSK, VRT, VST, WCN, WDAY, YSS | AI, energy, growth, industrials, mid cap, software, technology |
GWRE TOST RDDT ANDG FTAI GH |
Brown Advisory's Mid-Cap Growth Strategy faced headwinds from AI-driven software sell-off in Q1 2026, prompting portfolio repositioning away from threatened SaaS names toward opportunities like Toast and Guidewire. Energy strength and data center demand provided some offset. The manager maintains focus on identifying durable growth compounders despite near-term thematic challenges from AI disruption. |
| Jan 26 2026 | 2025 Q4 | AS, AXON, CPNG, CSGP, CVNA, EFX, EXPE, FICO, HWM, INSM, IOT, MDLN, NTRA, PLTR, PSN, PSTG, RKLB, ULTA, VEEV, ZS | AI, energy, growth, healthcare, industrials, mid cap, semiconductors, technology | - | Brown Advisory's Mid-Cap Growth strategy lagged in Q4 2025 primarily due to not owning Palantir, which dominated benchmark returns at extreme valuations. The strategy added quality compounders like Axon and Zscaler during market volatility, benefiting from AI infrastructure demand and broadening market leadership. Expected small-cap earnings acceleration in 2026 should support the mid-cap opportunity set going forward. |
| Oct 16 2025 | 2025 Q3 | CAH, COR, CPNG, CVNA, DKNG, FIG, FIX, HLT, LNG, MCK, MDB, MPWR, NET, NTSK, PSN, PSTG, VRT, VST, WST, ZS | AI, Biotech, gaming, growth, healthcare, Mid-cap, semiconductors, technology |
PSN NTSK CVNA |
Brown Advisory's Mid-Cap Growth strategy underperformed modestly in Q3, returning 2.2% net versus 3% for the benchmark. Strong AI-exposed holdings drove gains, but elevated valuations prompted profit-taking. New positions in Cardinal Health, DraftKings, and Parsons reflect focus on secular growth themes. Portfolio expanded to 61 names while maintaining disciplined approach to compounding growth companies. |
| Aug 27 2025 | 2025 Q2 | AJG, CSGP, EFX, ENTG, FICO, FIX, GWRE, HLT, LNG, MRVL, NET, OII, PINS, RBLX, TECH, VOYG, VRT, VST, WCN, WST | AI, Data centers, defense, energy, growth, mid cap, semiconductors, technology |
NET FIX VOYG |
Brown Advisory's Mid-Cap Growth strategy was impacted by Palantir's benchmark dominance but outperformed excluding this effect. AI infrastructure recovery drove strong performance from Vertiv and Marvell, while new defense technology holding Voyager delivered exceptional gains. The strategy continues finding attractive compounding opportunities despite tariff volatility, maintaining disciplined portfolio construction with 59 concentrated holdings. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI dominance drove market dynamics during the quarter, with the death of anything in its crosshairs. The manager scrutinized AI risk of every position and eliminated several software positions facing AI threats. However, they also see AI opportunities, particularly in Reddit's data licensing for large language models. |
Artificial Intelligence Software Data Disruption LLM |
SoftwareThe quarter saw what some dubbed the SaaS-pocalypse, with collapsing share prices of quality software growers facing AI threats. The manager eliminated positions in Workday, Gartner, and Verisk while reducing weights in HubSpot and Dynatrace, but found opportunities in Toast and Guidewire Software. |
SaaS Cloud Enterprise Software Disruption Valuation | |
EnergyEnergy prices soared 77% due to military campaign in Iran and closure of the Strait of Hormuz. Energy sector drove benchmark results with companies like Cheniere Energy benefiting from LNG supply disruption concerns and higher oil prices improving offshore activity economics. |
Oil LNG Geopolitical Supply Offshore | |
Data CentersAI infrastructure companies and data center buildout beneficiaries were among the benchmark's top contributors. The strategy has exposure to AI/data center buildout approximately in line with the Russell Midcap Growth Index, with companies like Comfort Systems benefiting from data center construction demand. |
Infrastructure Construction AI Capacity Demand | |
| 2025 Q4 |
AIManager views AI as a classic capital cycle bubble comparable to past infrastructure booms. Sees massive capital spending with improbable returns, creative financing, and circular dynamics among hyperscalers. Expects this to end badly for early investors despite potential societal benefits. |
Data Centers Capital Cycle Hyperscalers Infrastructure Bubble |
ValuePortfolio trades at 12.2x earnings with 8.2% earnings yield versus S&P 500's 26x multiple and 3.9% yield. Active value management through trimming expensive positions and adding to undervalued ones drove 41.4% net returns despite maintaining undervaluation. |
Earnings Yield Active Management Undervalued Price to Earnings | |
GoldGold reached $5,000 per ounce driving mining profitability through the roof. Portfolio's gold miners Kinross and Newmont saw margins surge to 33% and 32% respectively. Manager constructive on long-term gold price for myriad unfortunate reasons. |
Gold Miners Kinross Newmont Margins | |
Berkshire HathawayWarren Buffett stepped down as CEO at year-end 2025 after 61 years, with Greg Abel taking over. Manager provides detailed tribute to Buffett's legacy and compound interest achievements while analyzing succession and business segments. |
Warren Buffett Greg Abel Succession Compound Interest | |
Dollar StoresCombined investment in Dollar General, Dollar Tree, and Five Below totaled 25.9% of holdings by year-end, up from 17.1% at start of year. These retailers contributed meaningfully to 41.9% net returns despite having lower profit margins than portfolio average. |
Dollar General Dollar Tree Five Below Retailers | |
| 2025 Q3 |
AIApproximately 14% of the portfolio consists of companies with meaningful exposure to AI or data center capex. Seven of the top fifteen midcap index contributors sport businesses that hinge on Artificial Intelligence and data center CapEx. Strong fundamental performance coupled with burgeoning valuations in AI-exposed stocks pushed several portfolio positions towards three-year price targets. |
Data Centers Semiconductors Cloud Enterprise Software |
HealthcareThe strategy is overweight Health Care with broad exposure to services, devices and biotechnology. Cardinal Health was added as a meaningful position in the dominant U.S. wholesale drug distributor oligopoly. The company benefits from rising demand for complex specialty and biologic therapies and serves adjacent markets like nuclear medicine. |
Medical Distribution Biotechnology Medical Devices Specialty Pharma | |
GamingInitiated position in DraftKings to gain exposure to the burgeoning online sports betting and iGaming markets where DraftKings and FanDuel have established a duopoly. The thesis hinges on persistent out-growth in lucrative wagers like complex parlays and live, in-game prop bets pushing hold rates and EBITDA higher. |
Sports Betting Online Gaming Entertainment | |
CybersecurityParticipated in NetSkope's IPO, a technology leader in cloud network security. NetSkope's novel architecture enables stronger protection and faster performance as cyber threats escalate. The company is positioned well for legacy replacement opportunities and enterprise adoption of generative AI technologies. |
Cloud Security Data Privacy Enterprise Software | |
E-commerceInitiated small position in Carvana, one of the fastest-growing online used car retailers. The company continues to outpace peers with revenue growth above 40% and targets 20-40% annual growth over the next five years. With expanded reconditioning capacity, improving profitability and widening competitive advantage expected as the business scales. |
Used Autos Auto Retail Digital Commerce | |
| 2025 Q2 |
AIAI-exposed stocks that were hit disproportionately following the DeepSeek news in the first three months of the year bounced the hardest in the second quarter. Three of the top-five contributors during the quarter benefited from that recovery. Cloudflare stands to benefit meaningfully from the rise of modern application development in fast-growing sectors like AI. |
Data Centers Semiconductors Cloud Infrastructure Software |
Data CentersOngoing data center capex supports Comfort Systems' ability to continue outgrowing the market while maintaining attractive margins. Companies exposed to the AI data center capex cycle, including Vertiv and Marvell, contributed positively to performance in the quarter. |
Infrastructure AI Cloud Power Equipment Construction | |
DefenseVoyager is a unique player in the early-stage space and defense technology sector, with capabilities spanning missile propulsion, signal intelligence, communications, and guidance systems. Voyager recently secured a key contract for its solid-rocket propulsion technology in a next-generation missile defense system, further validating its innovation and unlocking a new source of near-term profitability. |
Space Defense Electronics Government IT Aerospace Defense Components | |
OnshoringOnshoring-driven construction demand supports Comfort Systems' ability to continue outgrowing the market while maintaining attractive margins over the investment horizon. |
Construction Industrial Services Manufacturing Infrastructure Trade Policy | |
EnergyThe strategy is now modestly over-weight Energy with positions in Cheniere Energy, a leading U.S. producer of Liquefied Natural Gas, and remote-operated-vehicle operator Oceaneering International. Vistra delivered strong first-quarter results, reinforcing its enviable position as a leading power producer in Texas. |
LNG Natural Gas Independent Power Producers Oil Services Utilities |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | GWRE | Guidewire Software, Inc. | Software - Application | Application Software | Bull | NASDAQ | Application Software, Cloud transformation, growth, Insurance-software, SaaS, turnaround | Login |
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | TOST | Toast, Inc. | Software - Infrastructure | Financial Technology | Bull | New York Stock Exchange | growth, Payments, restaurant software, SaaS, SMB, vertical software | Login |
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | RDDT | Reddit, Inc. | Internet Content & Information | Interactive Media & Services | Bull | New York Stock Exchange | advertising, AI Training Data, Data licensing, growth, social media, user engagement | Login |
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | ANDG | Andersen Group, Inc. | Personal Services | Professional Services | Bull | NASDAQ | Big Four Alternative, growth, IPO, M&A, professional services, Tax Services | Login |
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | FTAI | FTAI Aviation Ltd. | Rental & Leasing Services | Aerospace & Defense | Bull | NASDAQ | aftermarket, Aircraft engines, asset-light, Aviation, CFM56, MRE Services | Login |
| Apr 15, 2026 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | GH | Guardant Health, Inc. | Diagnostics & Research | Biotechnology | Bull | NASDAQ | biotechnology, Cancer Screening, CMS Coverage, diagnostics, liquid biopsy, Precision Oncology | Login |
| Oct 16, 2025 | Fund Letters | GEORGE SAKELLARIS | PSN | Parsons Corp. | Information Technology | Aerospace & Defense | Bull | NYSE | Contracts, cybersecurity, Defense, Government, growth, infrastructure | Login |
| Oct 16, 2025 | Fund Letters | GEORGE SAKELLARIS | NTSK | NetSkope Inc. | Information Technology | Cybersecurity | Bull | - | AI, cloud, cybersecurity, growth, IPO, Software, technology | Login |
| Oct 16, 2025 | Fund Letters | GEORGE SAKELLARIS | CVNA | Carvana Co. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Autos, Digital, e-commerce, growth, Margins, retail, Scalability | Login |
| Jun 30, 2025 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | FIX | Comfort Systems USA, Inc. | Industrials | Construction & Engineering | Bull | NYSE | construction, data center, Industrials, margin expansion, MEP Contracting, Non-Union, Onshoring, Skilled Labor Shortage | Login |
| Jun 30, 2025 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | VOYG | Voyager Technologies, Inc. | Industrials | Aerospace & Defense | Bull | NASDAQ | defense technology, Early stage, government contracts, Missile-Defense, NASA, Propulsion, Signal Intelligence, Space | Login |
| Jun 30, 2025 | Fund Letters | Brown Advisors Mid-Cap Growth strategy | NET | Cloudflare, Inc. | Information Technology | Internet Services & Infrastructure | Bull | NASDAQ | AI infrastructure, CDN, cloud platform, cybersecurity, Edge computing, growth, SaaS, Serverless | Login |
| TICKER | COMMENTARY |
|---|---|
| VRT | Not owning Vertiv (VRT), which we sold as it breached our three-year price target late last year, accounted for nearly half of the Strategy's relative performance shortfall in the quarter, as its shares continued their ascent despite the company's already-lofty valuation. |
| WDAY | Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK). |
| IT | Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK). We reduced exposure to software and services businesses that we believe offer limited potential for revenue acceleration over the next several quarters, including Gartner Inc (IT), Verisk Analytics (VRSK), and Workday (WDAY). |
| VRSK | Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK). We reduced exposure to software and services businesses that we believe offer limited potential for revenue acceleration over the next several quarters, including Gartner Inc (IT), Verisk Analytics (VRSK), and Workday (WDAY). |
| HUBS | We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP). HubSpot (HUBS) lagged in the quarter even as fundamentals remained solid and, in some areas, improved. Healthy net new annual recurring revenue (ARR), net revenue retention, and upmarket adoption were not enough to overcome the lack of a clear near-term catalyst and broader skepticism toward SaaS businesses in an AI-driven market. |
| DT | We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP). |
| CSGP | We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP). CoStar Group (CSGP) declined in the quarter as the company's residential business ramp continued to take longer and require more investment than expected. |
| VST | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. |
| DDOG | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. |
| MPWR | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. |
| ODFL | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. Potentially improving shipment trends and continued pricing strength supported shares of Old Dominion Freight Line (ODFL) in the quarter. Stronger ISM readings early in the year, along with firmer truckload spot rates, also helped shift investor sentiment toward a potential recovery in the trucking cycle. |
| AAON | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. |
| MDLN | With that capital, we found several opportunities to lean back into existing holdings, including Vistra Corp. (VST), Datadog, Inc (DDOG), Monolithic Power Systems Inc (MPWR), Old Dominion Freight Line, Inc (ODFL), AAON, Inc (AAON) and Medline, Inc (MDLN), among others. |
| TOST | We also built six new positions, including in two companies we believe are being disproportionately penalized in the software rout—Toast, Inc (TOST) and Guidewire Software, Inc (GWRE). We expect Toast, a leader in restaurant software, to continue growing locations more than 15% for several years through continued penetration of the core small- to mid-sized restaurants and its recent entrance into new verticals like food & beverage, enterprise, and international. Its sole focus on restaurant software could widen its competitive advantage versus both legacy on-prem restaurant vendors and more generic payments providers. This along with scale and new products should continue pushing modest growth in payment take rates. |
| GWRE | We also built six new positions, including in two companies we believe are being disproportionately penalized in the software rout—Toast, Inc (TOST) and Guidewire Software, Inc (GWRE). After its stock price more than doubled and it breached our three-year price objective, we sold insurance-software provider Guidewire Software last year in the mid-$250 range. The stock retrenched meaningfully in the software sell-off. However, the company continues to deliver better-than-consensus-expected—even accelerating—growth. We think investors underappreciate Guidewire Software's strong competitive positioning and the durability of its growth, driven by insurers being earlier in their cloud transformation journeys relative to most industries. |
| RDDT | Reddit, Inc.'s (RDDT) stock price recently halved due to macro concerns, not because of the AI panic that hit the two software companies captioned above. In fact, Reddit might be considered an AI play, and its shares now trade at a reasonable price from which we believe investors could earn a healthy double-digit internal rate of return (IRR). The company's trust-driven, highly contextual threads offer an engaged audience, and Reddit is only in the middle innings of monetizing that content, driving high double-digit percentage growth in advertising revenue in recent quarters. Meanwhile, Reddit is riding the secular wave in generative AI by acting as a foundational natural language training layer for large language models (LLMs) through highly lucrative data licensing agreements. Our due diligence suggests Reddit is a top source of LLM input, behind only YouTube in terms of relevance. We believe Reddit has the potential for strong revenue growth and margin improvement over the medium term. |
| ANDG | Andersen Group, Inc (ANDG) is a share-gaining tax services firm that continues to win new clients by offering services the Big Four often cannot because of audit-related conflicts. We participated in the company's IPO in our Small-Cap Growth Strategy and built a position on mild weakness in Mid-Cap Growth during the first quarter. We believe Andersen Group can sustain mid-teens revenue growth while expanding margins. We see additional upside through acquisitions across its global network of Andersen-branded companies. |
| FTAI | FTAI Aviation (FTAI) buys, repairs, and leases jet engines and engine parts, primarily for Airbus and Boeing narrowbody aircraft. We like the company's shift away from capital-intensive aircraft leasing and toward a higher-margin MRE (Maintain, Repair, Exchange) business, which should improve earnings quality and durability over time. Favorable CFM56 (the engine on 737s and A320s) aftermarket dynamics, including growing shop visits and tight industry repair capacity, support the volume opportunity, and initiatives around new supply deals and use of parts manufacturing approval (PMA) parts should drive higher profitability in the MRE segment. We also see additional upside if the company executes on its power-generation initiative, a new market for FTAI. |
| GH | After following the company for many years, we built a small position in Guardant Health, Inc (GH) after recent due diligence highlighted a stable competitive environment and underscored several positive upcoming catalysts for the company. In its core growth engine, the Shield colorectal (CRC) screening test, we anticipate 2026 to bring inclusion in the American Cancer Society guidelines, early progress on its commercial expansion with Quest, and a product expansion into Multi-Cancer Detection (MCD). In its minimal residual disease (MRD) segment, we could see Centers for Medicare & Medicaid Services (CMS) grant Guardant Health's Reveal product coverage in new indications such as breast cancer. CMS may also grant it Advanced Diagnostic Lab Test (ADLT) status, which would provide higher reimbursement rates. |
| LNG | Shares of Cheniere Energy, Inc (LNG) rose alongside energy prices following the conflict in the Middle East. Concerns around potential LNG supply disruption in Qatar reinforced the value of Cheniere's U.S.-based export capacity. |
| FIX | Comfort Systems (FIX) rose after reporting a material earnings beat in February, supported by strong backlog growth and continued margin expansion. The company continues to benefit from data center construction demand and a shortage of skilled electricians, with its scale and strong position in Texas reinforcing that advantage. |
| OII | Oceaneering (OII) benefited from the sharp rise in oil prices following the conflict in the Middle East. As higher oil prices improve the economics of offshore activity, investors grew more constructive on demand for Oceaneering's subsea services and equipment. |
| LSCC | Lattice Semiconductor (LSCC) rose alongside other semiconductor companies viewed as beneficiaries of the AI investment cycle. |
| FICO | Shares of Fair Isaac (FICO) fell approximately 35% in the quarter, with most of the weakness occurring in March as mortgage rates moved back above 6%. The credit bureaus' announcement of 99-cent pricing for the competing VantageScore added further pressure to sentiment. |
| ARES | Broader skepticism toward private credit weighed on Ares Management (ARES) in the quarter. The market increasingly questioned the durability of private credit returns in a potentially shifting environment, and redemption headlines by competitors fed this narrative. |
| PODD | Shares of Insulet (PODD) fell approximately 25% in the quarter despite continued acceleration in revenue growth and profitability. Investor concern shifted toward emerging competition and the potential for pricing pressure. |
| DKNG | We exited DraftKings (DKNG) as prediction-market concerns continued to weigh on sentiment. Even though our work suggests the competitive threat remains limited, the market continued to treat any growth hiccup as evidence of share loss. |
| OS | We exited OneStream, Inc. (OS) after Hg Capital agreed to acquire the company at an approximately 30% premium to its undisturbed share price. |
| TTD | Persistent negative headlines continued to weigh on The Trade Desk's (TTD) stock. While often misleading, we believe the headlines ultimately created real concern at the ad agency level and prompted reviews by some of the largest advertising agencies in the world. |
| YSS | We participated in the IPO of satellite manufacturer York Space Systems (YSS) and exited our small position in the quarter to fund other opportunities. |
| VOYG | We also exited our small position in a 2025 IPO, Voyager Technologies (VOYG). |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
