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 |
|---|---|---|---|---|---|---|
As of Apr 15, 2026
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.
Moderate Conviction Bullish
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