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 Brown Advisory Large-Cap Growth Strategy generated strong performance during the second quarter of 2026, returning 21.6% net of fees and outperforming its Russell 1000 Growth benchmark. Performance was largely driven by a substantial recovery in technology and software holdings following a period of indiscriminate market selloffs earlier in the year. The investment team capitalised on this market volatility as an opportunity to upgrade the portfolio, reallocating capital to businesses with robust competitive moats, clearer paths to growth, and strong customer relevance. Sector-level outperformance was led by Information Technology, specifically custom silicon, cloud networking, and security providers. The portfolio remains positioned in high-quality compounders with durable competitive advantages. Market breadth showed encouraging signs of improvement, reducing dependence on a narrow group of mega-cap stocks. Key risks include shifting regulatory environments in consumer-facing digital segments and near-term volatility driven by evolving narratives around artificial intelligence. Overall, the strategy continues to focus on long-term fundamental execution.
Owning a diversified portfolio of premium growth companies with durable competitive advantages and resilient business models that can deliver sustained growth independent of single market narratives.
The investment manager expects markets to remain constructive as leadership becomes less uniform and less dependent on a single group of mega-cap stocks. The focus remains on maintaining a diversified portfolio of premium growth companies with durable competitive advantages and attractive long-term opportunities capable of navigating diverse macroeconomic environments.
As of Jun 30, 2026
Kenneth M. Stuzin, CFA, has served as Portfolio Manager of the Large-Cap Growth Strategy since its inception on June 30, 1996. Brown Advisory is an independent, employee-owned investment management firm founded in 1993 that became fully independent in 1998 following a management buyout. The firm has over 1,000 equity partners with no single owner holding more than 5% equity, employs over 900 professionals worldwide, and operates 18 offices globally including Baltimore, Boston, New York, San Francisco, London, Frankfurt, Singapore, and Tokyo. The firm manages $121.9 billion in total assets as of December 31, 2024, serving 4,063 clients with a focus on institutional investors, private clients, and intermediary platforms. Brown Advisory maintains a Morningstar Parent Rating of Above Average and claims compliance with Global Investment Performance Standards.
Brown Advisory's Large-Cap Growth Equity philosophy is based on the belief that concentrated portfolios of fundamentally strong businesses should generate returns in excess of the portfolio's index and the broad market, with an acceptable level of risk. The strategy seeks to invest in a concentrated portfolio of proven business models where we have high conviction that the companies can produce a 14% or better earnings per-share growth rate over a full market cycle. The investment process is built upon fundamental analysis, driven by rigorous and disciplined bottom-up fundamental research, as well as a sensitivity to valuation. The manager maintains a concentrated portfolio and a strict 'one-in, one-out' discipline to ensure that existing holdings are constantly competing against new ideas to hold their place in the portfolio.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
The strategy holds a concentrated list of 31 positions with high Active Share (70.8%). The manager provides clear fundamental theses for core positions but uses moderately diversified allocations.
Growth Outlook
The manager is constructive on the market, noting that healthier market breadth and less concentration among the 'Magnificent Seven' create a more supportive backdrop for active growth managers.
Risk Appetite
The portfolio maintains full exposure to high-growth areas, specifically in technology, cybersecurity, and cloud networking, with low cash levels and an active tilt towards premium compounders.
Capital Deployment
During the quarter, the manager actively upgraded the portfolio, establishing three new positions (ANET, PLTR, VIK) and completely exiting two (ADSK, DKNG) to optimize capital allocation.
Forward Guidance
The manager remains committed to its core investment philosophy of holding premium growth companies but does not suggest immediate, significant changes in positioning or cash allocation going forward.
Language Signal
The letter is highly constructive, highlighting 'strong execution', 'durable customer relevance', and 'clearer long-term opportunity', with risks framed as transient valuation opportunities.
Perceived Risk
The manager notes some sector-specific uncertainties such as online wagering regulation and AI-driven design software narratives, but views general market-wide risk as manageable.
Opportunity Density
The manager identified significant opportunities to add to high-conviction ideas following broad and indiscriminate selloffs in the software and technology space earlier in the year.
Time Horizon
The investment thesis relies on durable multi-year compounding and company execution, rather than near-term catalyst trading, focusing on long-term value creation over several years.
Top Conviction Themes
Key Catalysts
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