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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Brown Advisory's Global Leaders Strategy delivered an absolute correction of 8.3% in Q1 2026, primarily driven by the market's AI loser narrative affecting one-third of the portfolio including payments companies Visa and Mastercard, credit bureaus Experian and Equifax, and software companies Microsoft, Autodesk, and Workday. The manager conducted drawdown reviews and added to all affected positions while exiting Intuit due to AI substitution concerns. Despite near-term headwinds, the team maintains high conviction that these companies' business moats and competitive advantages are underestimated and provide protection against disintermediation. Financial market infrastructure companies Deutsche Boerse and B3 benefited from market volatility, while semiconductor leaders TSMC and ASML continued benefiting from AI infrastructure build-out. The strategy initiated a new position in Latin American e-commerce leader MercadoLibre. Looking forward, the manager sees the broadest opportunity set since Covid with expected 12-13% annualized base-case IRRs, believing indiscriminate selling creates opportunities for patient, long-term investors focused on quality companies with sustainable competitive advantages.
Invest in a concentrated portfolio of high-quality companies that can uniquely solve problems for customers and generate attractive economics for shareholders, taking advantage of market inefficiencies created by temporary fear and uncertainty.
The manager expects the average annualized base-case IRR within Global Leaders to be around 12-13% on a five-year view, the highest level seen since Covid. They believe the opportunity set has broadened compared to 12-18 months ago and that indiscriminate selling provides opportunities for long-term investors.
As of Apr 15, 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.
The International All Company Fund seeks to invest in securities of small, mid-sized, and large Exceptional Growth Companies (EGCs) based outside the U.S. The fund invests substantially all of its assets in equity securities of non-U.S. based companies. The Advisor believes exceptional companies have the wherewithal to provide unique solutions with durable growth and profitability for earnings per share growth. The Advisor believes that a sustained commitment to a portfolio of exceptional companies will, over time, generate attractive long-term returns. The fund focuses on exceptional companies selected primarily based on their revenue rather than market capitalization. The portfolio typically holds between 40 to 70 securities which the Advisor believes have potential for growth. The fund is managed in a benchmark agnostic manner, with sector exposure varying based on bottom-up security selection rather than benchmark-driven allocations.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
High-conviction positioning: Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Growth Outlook
Market outlook remains low conviction: Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Risk Appetite
Risk appetite posture is moderate conviction: Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Forward Guidance
Forward guidance signal: Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Language Signal
Tone analysis indicates very low conviction language: Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Global Leaders Strategy fell 8.3% in Q1 2026 as AI loser narrative hit payments, credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affec...
Top Conviction Themes
Key Catalysts
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