| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 3.32% | -13.73% | -13.73% |
Brown Capital Management's International All Company Fund declined 13.73% in Q1 2026, significantly underperforming the MSCI World ex-US Growth Index's -4.60% return. The primary driver was an AI derating that compressed valuations of technology companies perceived as threatened by artificial intelligence. Five of the fund's top 10 detractors experienced this AI-related selloff, with affected holdings now trading at a 67% discount to their 10-year average free cash flow yields. Despite market sentiment, the manager maintains conviction in these quality businesses, believing many are actually positioned to benefit from AI proliferation rather than suffer from it. The fund added Safran and Nu Holdings while eliminating Monday.com due to AI substitution risk and Novo Nordisk due to competitive pressures. Camtek was a top contributor, benefiting from AI-driven demand for semiconductor inspection equipment. Looking ahead, the manager remains optimistic about the fund's prospects, confident that when market attention returns to fundamentals, their EGCs with quality revenue and profitable growth will regain their edge.
Brown Capital Management focuses on investing in Exceptional Growth Companies (EGCs) that provide mission-critical products or services, combining attractive growth potential with durable competitive advantages that position them to compound value over several years and decades through benchmark-independent, bottom-up fundamental research.
Despite severe underperformance, the manager remains optimistic about the International All Company Fund's prospects. Many EGCs in the fund are growing revenue double digits with resilient margins, and they maintain confidence in the quality and long-term prospects of their holdings. While uncertain about the duration of the AI derating, they are confident in the fundamentals of AI-derated holdings now trading at significant discounts. They are seeking greater diversification by adding new EGCs across various industries, enabled by AI-based tools that allowed them to review a record number of new ideas.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | CAMTEK.TA, COH.AX, CYBR, MNDY, NU, NVO, SAF.PA, SAP | AI, growth, international, semiconductors, software, technology, valuation |
SAP CAMT COH.AX SAF.PA NU |
Brown Capital's International Fund fell 13.73% in Q1 2026 due to AI derating pressuring tech holdings. Despite underperformance, the manager maintains conviction in quality businesses now trading at 67% discounts to historical averages. They believe these companies are positioned to benefit from AI adoption rather than be disrupted by it, expecting fundamentals to eventually drive performance. |
| Jan 14 2026 | 2025 Q4 | ASML, FLTR.L, HUB.AX, REA.AX, SHOP.TO, XRO.AX | AI, EGCs, growth, international, long-term, Quality, technology, underperformance |
REA AU FLTR LN SHOP XRO AU HUB AU TEMN SW AUTO NO TECN SW |
Brown Capital's International Fund suffered unprecedented underperformance in 2025, declining 6.48% in Q4 while flat for the year versus benchmark's 21.94% gain. AI disruption fears, style rotation toward cyclicals, and company-specific issues drove underperformance despite solid underlying fundamentals. The firm maintains conviction in Exceptional Growth Companies strategy, upgrading portfolio with new positions while remaining optimistic about long-term value creation prospects. |
| Oct 9 2025 | 2025 Q3 | 3064.T, CYBR, DSY.PA, MNDY, PANW, SHOP.TO | AI, Concentration, cybersecurity, E-Commerce, growth, international, software | - | Brown Capital's concentrated international growth strategy underperformed in Q3 as markets favored cyclicals over their Exceptional Growth Companies. Software weakness drove underperformance despite outperforming software benchmarks. Strong Shopify results and CyberArk's $25B acquisition provided bright spots. Management maintains long-term conviction in mission-critical companies with competitive moats over broad diversification. |
| Jun 30 2025 | 2025 Q2 | AJB.L, AUTO.OL, ICLR, MELI, REA.AX | Automation, E-Commerce, growth, international, marketplaces, technology |
REA.AX MELI AJB.L ICLR AUTO.OL VEND.OL |
Brown Capital's International All Company Fund focuses on marketplace model companies with network effects and high operating leverage. The fund returned 13.49% in Q2 2025, driven by strong performance from MercadoLibre and AJ Bell. The strategy emphasizes Exceptional Growth Companies with defensible market positions, targeting businesses that benefit from digital transformation and automation trends across international markets. |
| Mar 31 2025 | 2025 Q1 | AFX.DE, AJB.L, COH.AX, GIVN.SW, ICLR, MELI, NVO | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology |
GIVN.SW COH.AX NZYM-B.CO AJB.L MELI AFX.DE ICLR NVO |
Brown Capital's International All Company Fund underperformed in Q1 2025 as growth stocks lagged value, but the manager remains confident in their Exceptional Growth Company strategy. Strong performance from MercadoLibre's e-commerce dominance was offset by regulatory uncertainty at ICON and competitive pressures at Novo Nordisk. The team sees potential tailwinds from shifting investor preference toward international equities. |
| Dec 31 2024 | 2024 Q4 | 3064.T, AFX.DE, AUTO.OL, CAMT.TA, GIVN.SW, NVO, RAA.DE, SHOP.TO, TEAM, WISE.L | growth, healthcare, international, software, tariffs |
TEAM SHOP.TO GIVN.SW NVO WISE.L |
Brown Capital's International Fund outperformed benchmarks despite 6.72% Q4 decline, benefiting from service-heavy portfolio positioning amid tariff concerns. Atlassian and Shopify drove performance with strong software/e-commerce growth, while Novo Nordisk disappointed on obesity drug trials. The team maintains focus on Exceptional Growth Companies through bottom-up analysis, remaining optimistic despite geopolitical headwinds. |
| Sep 30 2024 | 2024 Q3 | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology |
REA.AX MNDY NVO MELI MONOTARO.T |
Brown Capital's International All Company Fund underperformed in Q3 2024 despite strong performance from e-commerce holdings MercadoLibre and MonotaRO. Novo Nordisk faced pricing pressures despite obesity market growth, while Mobileye was exited due to Chinese competition. The fund's growth-oriented positioning missed late-quarter cyclical rallies but management maintains confidence in long-term fundamental drivers. |
| Jun 30 2024 | 2024 Q2 | AFX.L, ASML, AUTO.OL, CAMT, DSG.TO, MNDY, NVO, REA.AX, XERO.AX | Automation, growth, healthcare, international, small caps, technology |
NVO AJB.L AFX.DE AUTO.OL CAMT |
Brown Capital's International All Company Fund declined 2.02% in Q2 2024, hurt by Carl Zeiss Meditec's 43% drop on guidance cuts. Novo Nordisk's GLP-1 success and AJ Bell's strong earnings provided positive contributions. The team added Camtek after extensive research while maintaining focus on Exceptional Growth Companies with sustainable competitive advantages across 42 holdings in 18 countries. |
| Mar 31 2024 | 2024 Q1 | ASML, GRF.MC, MBLY, NVO, TEMN.SW | growth, healthcare, international, semiconductors, Team Management, technology |
NVO ASML TEMN.SW GRF |
Brown Capital's International All Company Fund underperformed benchmarks in Q1 2024 despite strong contributions from Novo Nordisk's GLP-1 franchise and ASML's semiconductor equipment monopoly. The team-managed approach emphasizes diverse perspectives in selecting Exceptional Growth Companies with dominant market positions. Portfolio challenges from Temenos and Grifols were offset by continued focus on mission-critical businesses in expanding markets. |
| Dec 31 2023 | 2023 Q4 | CHKP, CYBR, MBLY, MELI, MNDY | E-Commerce, growth, international, Israel, technology |
ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM 2413.T |
Brown Capital's international growth fund delivered 18.66% in Q4, nearly doubling benchmark returns through concentrated holdings in mission-critical technology and e-commerce companies. Despite geopolitical disruption affecting Israeli positions, the manager added selectively on weakness. Strong contributors included CHR Hansen's merger and MercadoLibre's 37% revenue growth, positioning the fund optimistically for 2024's normalized environment. |
| Sep 30 2023 | 2023 Q3 | 3064.T, MBLY, MELI, MNDY, NVO, REA.AX | E-Commerce, growth, healthcare, international, Pharmaceuticals, technology |
ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM 3064.T AVGO|BYD|CRWD|MELI|MSFT|NFLX|NVDA|NVO|ORLY|SPOT MBLY |
Brown Capital's International All Company Fund focuses on exceptional growth companies across three strategic tranches. Despite Q3 underperformance due to cyclical rotation, the portfolio benefits from structural growth in e-commerce penetration in Latin America and Japan, plus exposure to the rapidly expanding GLP-1 obesity market through Novo Nordisk. |
| Jun 30 2023 | 2023 Q2 | ABCM, AFX.DE, AUTO.OL, COH.AX, MBLY, MELI, NVO, REL.L, SIM.CO, TEMN.SW | AI, Exceptional Growth Companies, growth, healthcare, international, technology |
REL.L ABCM MBLY |
Brown Capital's International All Company Fund outperformed benchmarks in Q2 2023 with a 4.76% return, driven by strong performance from Abcam and SimCorp. The fund owns 44 Exceptional Growth Companies across 18 countries providing mission-critical services. Management is actively exploring AI opportunities across the portfolio while maintaining confidence in their durable revenue model despite macro headwinds. |
| Mar 31 2023 | 2023 Q1 | 0268.HK, ABCM, AUTO.OL, FLTR.L, MELI | Automation, Banking, E-Commerce, growth, international, rates, technology |
FLTR.L ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ABCM 0268.HK AUTO.OL |
Brown Capital's International Fund delivered 9.17% returns in Q1 2023 by focusing on growth companies investing for long-term advantage. Flutter's U.S. sports betting dominance and MercadoLibre's Latin American e-commerce strength drove performance. The fund avoids rate-sensitive sectors while central banks navigate between inflation control and financial stability, adding warehouse automation leader AutoStore. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIThe fund experienced significant underperformance due to an AI derating affecting technology companies perceived as threatened by AI. The manager developed a framework to evaluate AI risk across four criteria: data vulnerability, workflow stickiness, AI substitution risk, and organizational adaptability. Despite market concerns, they believe many AI-derated holdings are positioned to benefit from AI proliferation and are trading at attractive valuations. |
Artificial Intelligence Technology Valuation Software Disruption |
SoftwareMultiple software holdings experienced valuation compression due to AI concerns, with companies like SAP, Atlassian, and others trading at significant discounts to historical averages. The manager believes enterprise software companies with strong data moats and workflow integration remain well-positioned despite AI disruption fears. |
Enterprise Software SaaS Valuation AI Impact Workflow | |
SemiconductorsCamtek, a semiconductor inspection equipment maker, was a top contributor due to strong fundamentals driven by AI and Advanced Packaging demand. The company reported solid growth and is well-positioned to capture market share in inspection and metrology for AI-centric applications. |
Semiconductor Equipment AI Chips Inspection Advanced Packaging Growth | |
| 2025 Q4 |
AIAI continued as a major theme with over 300 S&P 500 companies mentioning artificial intelligence on earnings calls. However, scrutiny increased around AI-related revenue circularity, massive capital spending scale, and durability of longer-term returns on investment. Oracle faced concerns about OpenAI backlog concentration risk and significant debt required for datacenter commitments. |
Artificial Intelligence Data Centers Capital Spending Revenue Circularity Infrastructure |
Trade PolicyTrade relations between the U.S. and China remained a key market focus with tensions flaring over tariff escalations and export controls. China dramatically expanded export controls on rare earth minerals while the U.S. threatened 100% tariffs in retaliation. A one-year trade truce was ultimately reached between Presidents Trump and Xi Jinping. |
Tariffs China Export Controls Rare Earth Minerals Trade Relations | |
CryptoThe fund added Coinbase Global as a new position, viewing it as the dominant player in the U.S. cryptocurrency market with over 65% trading volume share. The company benefits from regulatory clarity through the GENIUS Act and anticipated CLARITY Act, boosting institutional adoption and trading volumes. |
Cryptocurrency Trading Volume Regulatory Clarity Institutional Adoption | |
| 2025 Q3 |
AISoftware companies face questions about AI impact on standalone providers, but mission-critical firms with vertical focus and high switching costs can integrate AI to enhance products and operations. Companies like Dassault Systèmes use domain-specific AI for simulations and design optimization rather than generic AI tools. |
Artificial Intelligence Software Integration Automation Innovation |
SoftwareSoftware holdings underperformed but outperformed benchmark software peers by 710 basis points. Focus on mission-critical, deeply embedded solutions with recurring revenue and high switching costs in vertical domains where generic AI has limited applicability. |
SaaS Enterprise Software Recurring Revenue Switching Costs Mission Critical | |
E-commerceShopify delivered strong performance with 31% revenue growth and accelerating sales across all regions including North America, Europe and APAC. European GMV growth led at 42% year-over-year, benefiting from continued digitization of commerce. |
Digital Commerce GMV Platform Merchants Growth | |
CybersecurityCyberArk was acquired by Palo Alto Networks for $25 billion, reflecting market leadership in Privileged Access Management and vendor consolidation theme. PAM addresses 80% of security breaches involving privileged credentials. |
PAM Identity Management Security Breaches Consolidation Acquisition | |
| 2025 Q2 |
MarketplacesThe fund focuses on marketplace model companies that provide digital or physical spaces for buyers and sellers to transact. These companies exhibit network effects, defensible market positions, and high profitability with operating margins averaging 25%. The fund owns three marketplace models: REA Group (Australia real estate), MercadoLibre (Latin America e-commerce), and Vend Marketplaces (Nordic classifieds). |
Network Effects E-commerce Real Estate Classifieds Digital Platforms |
E-commerceMercadoLibre operates the leading e-commerce platform in Latin America with 650 million population and low e-commerce penetration compared to developed markets. The company ships about half of its orders with same-day or next-day delivery to over 67 million unique active buyers, creating significant barriers to entry for competitors. |
Latin America Digital Payments Logistics Fintech Market Penetration | |
AutomationAutoStore is a pioneer of cubic storage automation allowing customers higher throughput using one quarter of original space versus open-air warehouses. The market is rapidly adopting automated storage and retrieval systems but current penetration is just 15% globally, with customer payback periods of one to three years. |
Robotics Warehousing Storage Systems Industrial Efficiency Software | |
| 2025 Q1 |
E-commerceMercadoLibre operates the leading e-commerce platform in Latin America with significant barriers to entry through rapid-shipping solutions. The company ships about half of its orders with same-day or next-day arrival to more than 100 million unique buyers. Latin America remains a large market with low e-commerce penetration compared to developed markets. |
E-commerce Latin America Marketplaces Logistics Fintech |
GLP1Novo Nordisk is one of two leaders in obesity treatment with blockbuster GLP-1 drugs Ozempic and Wegovy. The company has captured significant share of the $15 billion global obesity market growing more than 25% annually. Competitive concerns exist regarding Eli Lilly's Zepbound, but barriers to entry remain with potential new competitors at least three years away. |
GLP1 Obesity Diabetes Pharmaceuticals Biotechnology | |
CRO & CDMOICON is one of the largest providers of clinical-trial and related services to support development of new medicines and devices. The company is positioned as one of the top three contract research organizations competing directly with IQVIA and Thermo Fisher's PPD. Near-term uncertainty exists from regulatory changes and industry funding fluctuations. |
CRO Clinical Trials Pharmaceuticals Biotechnology Healthcare | |
Medical DevicesCarl Zeiss Meditec is a market leader in various ophthalmic segments focused on ophthalmology and microsurgery. Cochlear dominates the cochlear implant market with 60% market share serving an underpenetrated addressable global market where less than 5% of severe hearing loss patients have devices. |
Medical Devices Ophthalmology Hearing Healthcare Technology | |
| 2024 Q4 |
Trade PolicyTrump's re-election brings potential tariffs of 25% on Canada/Mexico, 10-60% on China, and 10% on all US imports. The fund estimates 70% of holdings are service providers versus 50-60% for benchmarks, providing some protection. Less than 10% of portfolio companies are in heavily targeted countries. |
Tariffs China Canada Mexico Services |
E-commerceShopify delivered outstanding results with 26% revenue growth and accelerating GMV growth of 24% year-over-year. The company benefits from secular e-commerce growth and demonstrates disciplined approach to balancing growth investment with operational efficiency. |
Shopify GMV Platform Growth Margins | |
Enterprise SoftwareAtlassian showed potential turnaround with 21% revenue growth and cloud segment surging 31%. The company serves 300,000+ customers and targets expanding from 23 million software developers to 1 billion knowledge workers globally. |
Atlassian Cloud SaaS Collaboration Migration | |
GLP1Novo Nordisk dominates diabetes care and obesity treatment with Ozempic and Wegovy, holding 55% global market share in weight-loss. CagriSema trial results disappointed but the obesity drug market remains effectively a duopoly with Eli Lilly. |
Novo Nordisk Obesity Diabetes Weight Loss Competition | |
| 2024 Q3 |
E-commerceMercadoLibre operates the leading e-commerce platform in Latin America with low penetration compared to developed markets. MonotaRO is a Japan-based e-commerce platform for MRO products with 80% of orders still processed offline. Both companies demonstrate significant growth opportunities in their respective markets. |
Marketplaces Digital Commerce Platform Penetration Growth |
GLP1Novo Nordisk is the global market leader in GLP-1 segment with 55% market share and blockbuster obesity drug Wegovy. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Despite supply challenges and pricing pressures, the company maintains strong growth potential. |
Obesity Diabetes Pharmaceuticals Market Leader Growth | |
FintechMercadoLibre provides payment and credit services with 52 million unique users benefiting from payment processing, credit cards, loans and savings accounts. The company's first-party data from its marketplace informs underwriting decisions, creating competitive advantages in cross-selling financial services. |
Payments Credit Data Cross-selling Ecosystem | |
| 2024 Q2 |
GLP1Novo Nordisk leads the GLP-1 market with 55% share through Wegovy and Ozempic, which now represent 57% of company revenue. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028. Studies show significant health benefits including 14.9% weight loss and 20% reduction in cardiovascular events. |
Obesity Diabetes Pharmaceuticals Weight Loss Cardiovascular |
SemiconductorsCamtek provides metrology and inspection equipment for chip manufacturing, particularly for AI applications and GPUs. The company specializes in 3-D inspection equipment using white light technology. The potential market is estimated at $1.3 billion growing in high single digits annually. |
AI GPUs Inspection Manufacturing Technology | |
Warehouse AutomationAutoStore pioneers cubic storage automation allowing 75% space reduction versus traditional warehouses. The company has 1,450 installations across 54 countries with customer payback periods of 1-3 years. Current AS-RS penetration is only 15% globally, indicating significant growth potential. |
Robotics E-commerce Logistics Efficiency Storage | |
| 2024 Q1 |
GLP1Novo Nordisk leads the global GLP-1 market with 55% share through blockbuster drug Wegovy. The obesity market was $24 billion in 2023, seven times larger than three years ago, and forecasted to double to $50 billion by 2028. GLP-1 drugs show promise beyond weight loss, with studies demonstrating cardiovascular and kidney disease benefits. |
Obesity Diabetes Wegovy Pharmaceuticals Healthcare |
SemiconductorsASML maintains monopoly position in extreme ultra-violet lithography, critical for advanced chip manufacturing. The company's EUV equipment costs over $150 million and requires two Boeing 747s to transport. ASML is mission-critical for semiconductor advancement including new markets like high-bandwidth memory used in AI training GPUs. |
Lithography EUV AI Memory Manufacturing | |
FintechBanking software represents a $64 billion annual market with less than 30% currently going to third-party providers like Temenos. Cloud-based solutions offer marked improvements over legacy proprietary software that can be 20-30 years old. Industry margin pressures and innovation needs drive further adoption. |
Banking Software Cloud Legacy Innovation | |
| 2023 Q4 |
CybersecurityThe fund holds two Israeli cybersecurity companies (CyberArk Software and Check Point Software Technologies) representing part of their 7% Israel allocation. Israeli technology and innovation in cybersecurity are described as unmatched globally, with these companies having global operations and virtually all revenue generated outside of Israel. |
Israel Software Technology Innovation Global |
E-commerceMercadoLibre operates the leading e-commerce platform in Latin America with significant barriers to entry through marketplace investments and rapid shipping solutions. The company ships 50% of orders within 24 hours and 80% within 48 hours to over 50 million buyers, with strong growth potential given low e-commerce penetration in Latin America compared to developed markets. |
Latin America Marketplace Shipping Growth Penetration | |
| 2023 Q3 |
E-commerceThe fund holds significant positions in e-commerce platforms including MercadoLibre, the leading Latin American platform with low penetration rates providing growth runway, and MonotaRO, a Japanese MRO e-commerce platform targeting the largely offline Japanese market estimated at $70 billion. |
Marketplaces Latin America Japan MRO Digital transformation |
GLP1Novo Nordisk represents the fund's exposure to the rapidly growing obesity care market through GLP-1 therapies like Wegovy. The obesity market reached $24 billion in 2023 and is forecasted to reach $131 billion by 2028, with Novo holding 55% market share in the GLP-1 segment. |
Obesity Diabetes Pharmaceuticals Market leadership Growth | |
| 2023 Q2 |
AIThe fund is actively reviewing portfolio companies to gauge the impact of generative AI on their businesses. RELX has developed Lexis+ AI, a generative AI platform for legal work built on proprietary legal content. All portfolio companies could see productivity improvements from adopting generative AI models. |
Generative AI LLM ChatGPT Productivity Legal Tech |
BiotechnologyNovo Nordisk is highlighted as a global leading provider of diabetes care medicines and now a rapidly growing drug (Wegovy) in weight loss. Abcam serves as a life-science research material supplier helping accelerate drug discovery and diagnostics. |
Diabetes Weight Loss Drug Discovery Life Sciences Research | |
E-commerceMercadoLibre operates a leading e-commerce platform in Latin America with services similar to Amazon, PayPal and eBay. The penetration of e-commerce in Latin America is relatively low compared to developed markets, presenting growth opportunities. |
Latin America Payments Platform Digital Commerce Fintech | |
| 2023 Q1 |
E-commerceMercadoLibre dominates online marketplace and payments in Latin America, with gross merchandise value growing 35% year over year despite economic headwinds. Total payments volume from MercadoPago grew 80%, with off-marketplace payments increasing 121%. The company's years of investments in delivery and payment capabilities are paying off. |
Marketplaces Payments Latin America Digital Commerce |
Sports BettingFlutter is the number-one sportsbook in the U.S. with 50% market share through FanDuel. The company has invested heavily as the U.S. market opens state by state, weighing on profit margins. FanDuel would have been EBITDA positive excluding new investments in Maryland and Ohio, marking progress toward profitability. |
Gaming FanDuel Market Share Profitability | |
AutomationAutoStore is a pioneer in cubic storage automation, allowing customers to reduce warehouse space by three-quarters while achieving higher throughput. The market is rapidly adopting automated storage and retrieval systems but current penetration is just 15% globally. AutoStore has over 1,000 installations with a customer payback period of 1-3 years. |
Warehouse Automation Robotics Logistics Storage | |
BiotechnologyAbcam provides high-quality antibodies, assays, and proteins to accelerate drug discovery and diagnostics across 130 countries. The company experienced material disruptions from implementing a new ERP system, causing revenue and profit misses. Repeatability in life-science research makes reliable partners like Abcam essential for breakthrough discoveries. |
Life Science Tools Drug Discovery Research Antibodies |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2023 | Fund Letters | Brown Capital Management International All Company Fund | REL.L | RELX PLC | Communication Services | Professional Services | Bull | London Stock Exchange | Artificial Intelligence, Data Analytics, generative AI, information services, Legal Technology, professional services, SaaS, subscription model, UK | Login |
| Jun 30, 2023 | Fund Letters | Brown Capital Management International All Company Fund | ABCM | Abcam plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | activist investor, Antibodies, biotechnology, Drug Discovery, healthcare, life sciences, M&A Target, Research Tools, UK | Login |
| Jun 30, 2023 | Fund Letters | Brown Capital Management International All Company Fund | MBLY | Mobileye Global Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Adas, Artificial Intelligence, automotive technology, autonomous vehicles, Computer Vision, Electric Vehicles, growth, Israel, semiconductors | Login |
| Mar 31, 2023 | Fund Letters | Brown Capital Management International All Company Fund | FLTR.L | Flutter Entertainment plc | Consumer Discretionary | Casinos & Gaming | Bull | London Stock Exchange | EBITDA Positive, FanDuel, Gaming, market leader, Scale Advantages, Sports betting, US Expansion | Login |
| Mar 31, 2023 | Fund Letters | Brown Capital Management International All Company Fund | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | MercadoLibre Inc | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | e-commerce, Fintech, Gmv Growth, infrastructure investment, Latin America, MercadoPago, Payments | Login |
| Mar 31, 2023 | Fund Letters | Brown Capital Management International All Company Fund | ABCM | Abcam PLC | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Antibodies, Drug Discovery, ERP implementation, Global distribution, life sciences, Mission-Critical, Research Tools | Login |
| Mar 31, 2023 | Fund Letters | Brown Capital Management International All Company Fund | 0268.HK | Kingdee International Software Group Company | Information Technology | Application Software | Bull | Hong Kong Stock Exchange | China, Cloud computing, Enterprise software, ERP software, Huawei Competition, market share expansion, SME to Large Enterprise | Login |
| Mar 31, 2023 | Fund Letters | Brown Capital Management International All Company Fund | AUTO.OL | AutoStore Holdings Ltd | Information Technology | Technology Hardware, Storage & Peripherals | Bull | Oslo Stock Exchange | AS-RS, Cubic Storage, Labor shortage, market leader, robotics, Space Efficiency, warehouse automation | Login |
| Apr 15, 2026 | Fund Letters | Brown Capital Management International All Company Fund | SAP | SAP SE | Software - Application | Systems Software | Bull | - | AI integration, cloud migration, Enterprise software, Germany, Structural Moat, System of Record, Technology Transition, workflow management | Login |
| Apr 15, 2026 | Fund Letters | Brown Capital Management International All Company Fund | CAMT | Camtek Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | Advanced Packaging, AI applications, GPU Testing, HBM, Inspection Technology, Israel, Metrology, semiconductor equipment | Login |
| Apr 15, 2026 | Fund Letters | Brown Capital Management International All Company Fund | COH.AX | Cochlear Limited | Medical Devices | Health Care Equipment | Bull | Australian Securities Exchange | Australia, Cochlear Implants, Hearing Loss, market leader, Medical devices, Mission-Critical, R&D investment, underpenetrated market | Login |
| Apr 15, 2026 | Fund Letters | Brown Capital Management International All Company Fund | SAF.PA | Safran SA | Aerospace & Defense | Aerospace & Defense | Bull | Euronext Stock Exchange | Aerospace, aftermarket services, Aircraft engines, barriers to entry, Defense, Flight Hours, france, LEAP Engines | Login |
| Apr 15, 2026 | Fund Letters | Brown Capital Management International All Company Fund | NU | Nu Holdings Ltd. | Banks - Regional | Diversified Banks | Bull | New York Stock Exchange | AI underwriting, Brazil, digital banking, Financial Inclusion, Fintech, founder-led, Latin America, Mobile-First | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | REA AU | REA Group Ltd. | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | AI, Data, marketplace, Networkeffects, Property | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | FLTR LN | Flutter Entertainment plc | Consumer Discretionary | Gambling | Bull | New York Stock Exchange | Gambling, innovation, Regulation, scale, Sportsbooks | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | SHOP | Shopify Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | ecommerce, Margins, Merchants, Payments, Software | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | XRO AU | Xero Limited | Information Technology | Application Software | Bull | New York Stock Exchange | Accounting, AI, Payments, SaaS, Subscriptions | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | HUB AU | Hub24 Ltd. | Financials | Asset Management & Custody | Bull | New York Stock Exchange | consolidation, Inflows, Margins, Platforms, Wealthmanagement | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | TEMN SW | Temenos Group AG | Information Technology | Application Software | Bull | Swiss Exchange | Corebanking, Margins, Modernization, SaaS, Subscriptions | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | AUTO NO | AutoStore Holdings Ltd. | Industrials | Industrial Machinery | Bear | Oslo Børs | Automation, backlog, Competition, durability, Warehouses | Login |
| Jan 14, 2026 | Fund Letters | Kayode O. Aje | TECN SW | Tecan Group AG | Health Care | Life Sciences Tools & Services | Bear | Swiss Exchange | Automation, Cyclicality, durability, instruments, lifesciences | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | REA.AX | REA Group Limited | Communication Services | Interactive Media & Services | Bull | ASX | Australia, Digital Marketplace, market leader, network effects, Real Estate Portal, technology platform | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | MNDY | Monday.com Ltd. | Information Technology | Application Software | Bull | NASDAQ | Cloud software, Free Cash Flow, GAAP profitability, IPO, Israel, SaaS, workflow management | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Denmark, Diabetes, GLP-1, market leader, Metabolic Health, obesity treatment, pharmaceuticals, Wegovy | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | MELI | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | cross-selling, digital payments, e-commerce, Fintech, Latin America, marketplace, network effects, Uruguay | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | MONOTARO.T | MonotaRO Co., Ltd. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | TSE | B2b, Digital transformation, e-commerce, Industrial Supplies, Japan, Logistics, market leader, MRO | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | TEAM | Atlassian Corporation | Software & Services | Application Software | Bull | NASDAQ | Australia, cloud migration, Collaboration Tools, Enterprise software, growth, SaaS, workflow management | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | SHOP.TO | Shopify Inc. | Software & Services | Internet Software & Services | Bull | Toronto Stock Exchange | Canada, digital payments, e-commerce, Gmv Growth, Merchant Services, platform, SaaS | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | GIVN.SW | Givaudan SA | Materials | Specialty Chemicals | Neutral | SIX Swiss Exchange | consumer goods, Essential Ingredients, Flavors, Fragrances, Restocking Cycle, specialty chemicals, Switzerland | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | NVO | Novo Nordisk A/S | Pharmaceuticals, Biotechnology & Life Sciences | Pharmaceuticals | Bull | NYSE | Denmark, Diabetes, duopoly, GLP-1, manufacturing capacity, obesity treatment, pharmaceuticals | Login |
| - | Fund Letters | Brown Capital Management International All Company Fund | WISE.L | Wise PLC | Financial Services | Financial Exchanges & Data | Bull | London Stock Exchange | Cross Border Payments, Digital Disruption, Fintech, Global Payments, money transfer, Real-time Exchange, UK | Login |
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| TICKER | COMMENTARY |
|---|---|
| CAMTEK.TA | Camtek is an Israel-headquartered maker of metrology and inspection equipment used in the production of integrated circuits. The company's products are used to measure, inspect and confirm that chips are functioning as they should before they are sold to electronics manufacturers, for whom solid connections are essential for reliable performance. One of Camtek's specialties is its high-performance, three-dimensional inspection equipment, which uses white light to more accurately measure "bump heights," or the height of the contacts on the stacked chip packages. Camtek's customers use its technology to test a variety of chips, including graphical processing units (GPUs) and high-bandwidth memory (HBM) for AI applications. During the quarter, the company reported fiscal year 2025 revenue and operating income growth of 16% and 15% year over year, respectively, and forecasted 2026 revenue to grow double digits. This growth trajectory is underpinned by the structural tailwinds of AI and Advanced Packaging (the complex stacking and interconnecting of multiple chips), which now constitute approximately 70% of the company's total business. We believe Camtek is well-positioned to capture further market share in inspection and metrology as it leverages sustained, high-intensity demand across both logic and memory for AI-centric applications. |
| COH.AX | Cochlear researches, develops and sells cochlear implants for severely hearing-impaired individuals around the world. Founded in 1981 and based in Sydney, Australia, the company has cumulatively provided more than a million implants to patients. These mission-critical devices improve the quality of life and serve an underpenetrated addressable global market. Worldwide, there are 1.5 billion people with hearing loss, but more than 60 million have severe (31 million), profound (17 million) or complete (13 million) hearing loss. Patients in this segment can benefit from an implantable solution like Cochlear, but the segment remains less than 5% penetrated. Cochlear is the market leader with a 60% market share and enjoys significant barriers to entry from competitors and limited risk of technological substitution. The company holds 2,300 patents and spends more than 12% of sales on R&D, or $189 million in fiscal year 2025 (ended June). Product development focuses on sound processing, connectivity, smaller and lighter form factors, and longer battery life. Implants are about 61% of revenue, and associated services are more than 25% of revenue. During the quarter, the company reported flat year-over-year revenue growth vs. expectations of about 5%. The primary reason for the shortfall was a longer contract process for the new Nexa Implant System, marketed as the world's first cochlear implant system which allows for technology upgrades over the patient's lifetime. The delay affected product availability and reimbursement in the short term. Now that the Nexa system is broadly available, we expect stronger results in the second half. Cochlear's value proposition remains intact, and we continue to like the company's long-term growth prospects. |
| SAP | SAP is a global leading enterprise software company headquartered in Germany. We estimate that it has 300,000+ customers of all sizes with a presence in over 120 countries. The company has been in our investment program since 2012. In the last nine months, the market has slashed the company's valuation on a free cash flow basis by roughly 50% compared to its 10-year average, largely because of AI. SAP is its customers' enterprise backbone, being the system of record or primary repository for critical business data that other systems must link back to. SAP's customers have complex and deeply integrated workflows in areas like finance, supply chain and manufacturing that connect back to SAP's system of record. This creates a significant structural moat, making it difficult for customers to easily replicate or replace SAP with AI or other competitors. We estimate net revenue retention is above 100%, driven by a cloud migration tailwind. A customer example recently used by SAP's CEO is illustrative. A company that uses SAP used a large language model (LLM) to build a cash flow agent. The LLM could read emails and support tickets to find out why some of the company's customers were not paying their bills on time. However, the company found the cash flow agent was of little value because it needed training on proper structure and business context that only SAP's system could provide, such as business data, inventory reports, bank statements and additional customer data. Instead of being replaced by LLMs, SAP is critical for their development. In fact, about two-thirds of SAP's cloud deals in the fourth quarter of 2025 included integrating AI functionality. Going forward, AI integration is likely to be a standard part of all SAP solutions. Over SAP's 54-year history, it has witnessed five major technological eras: (1) the mainframe era that the company was born into and lasted two decades; (2) the client/server shift which also lasted a similar time frame; (3) the in-memory revolution bringing traditional data processing from disk-based databases to high-speed memory; (4) the pivot to the cloud; and now (5) AI and the agentic era. The company's history shows that management adaptability is a part of the company's DNA. So, our framework tells us that SAP is actually positioned to benefit—not suffer—from the further proliferation of AI. With the company's share price down 43.10% since June 30 largely from the AI derating, we are excited by this holding and others like it. |
| SAF.PA | Safran is a France-headquartered, market leading, global aerospace and defense company that designs and manufactures critical systems and equipment for aircraft, including engines, landing gear, nacelles, avionics and cabin interiors. Its business is anchored by aerospace propulsion (roughly half of revenue), complemented by equipment & defense and aircraft interiors. The company plays a central role in the global aviation ecosystem, with its CFM56 and LEAP engine families forming one of the largest installed bases in the industry. Safran enjoys both a durable revenue stream and a defensible market position in that its business model is built around long-lived engine programs, where initial engine sales are followed by decades of high margin aftermarket service revenue tied to flight hours. In addition, the company benefits from accelerating defense spending, sustained growth in narrow-body aircraft demand, a backlog of over 11,000 LEAP engines, and a massive installed base that drives predictable aftermarket revenue and roughly 70% of operating income. This dynamic supports a long runway for 10%-plus annual revenue growth and mid-teens earnings growth, supported by pricing power, margin expansion through operating leverage. Combined with high barriers to entry, recession-resistant demand tied to global air travel, and decades-long product life cycles, Safran possesses the durability, scalability and profitability that define a true EGC. |
| NU | Nu Holdings (aka Nubank) is a leading digital banking platform headquartered in Brazil that is transforming consumer banking across Latin America by delivering a superior, low-cost, mobile-first experience. NuBank was built as a technology company rather than a traditional bank, and it focuses on serving mass-market and underbanked consumers with products such as credit cards, digital accounts, loans and insurance, all integrated into a seamless platform. With more than 131 million customers across Brazil, Mexico and Colombia, the company has achieved significant scale while maintaining strong financial performance, including high returns on equity and industry-leading efficiency. Its mission-driven approach—aimed at reducing complexity and increasing financial inclusion—positions it at the center of a large and underpenetrated market opportunity across the region. For fiscal year 2025, the company generated $11.2 billion in revenue on a $75 billion asset base. The company has a 38% operating margin and a return on equity of 30%. We believe Nu Holdings represents a rare combination of durable growth, strong profitability and a structural competitive advantage. The company's low-cost, technology-driven model enables it to serve customers more efficiently than traditional banks, creating a powerful flywheel where high engagement and an expanding product suite drive increasing revenue per customer over time. Its use of proprietary data and AI-driven underwriting supports resilient credit performance, even with a large unsecured lending base. Importantly, Nu is still early in monetizing its large customer base, particularly outside Brazil, providing a long runway for growth. Combined with aligned founder-led leadership and exposure to a massive total addressable market, Nu stands out as an EGC with the potential to compound value over many years. |
| MNDY | Monday.com is an Israel-based leader in the workflow-management software space. It integrates systems of record (such as ERP or CRM software) with other tools (email/calendar/storage/communication), as well as structures and automates tasks. The company has a customer base of over 252,000 customers, mostly small to medium businesses (SMB). During the quarter, the company announced earnings results showing fourth quarter and full year 2025 revenue growth of 25% and 27%, respectively. However, the company's guidance for the coming quarter and full year showed a deceleration in revenue growth of 20%, and 18% to 19%, respectively. The point solutions that Monday.com provides now have to battle with very capable AI-native competition—meaning, AI substitution risk, one of the four components of our AI evaluation rubric. In prior commentary, we noted the importance of strong execution being essential to reaffirm the long-term investment case for Monday.com. Given the change in fundamentals, we chose to eliminate our position. |
| NVO | Novo Nordisk, a Denmark-headquartered maker of diabetes and obesity care products, including GLP-1 drugs was also eliminated due to a change in fundamentals. The competitive landscape has gotten much more crowded while Novo missed out on growth due to supply shortages, and the CEO, Lars Jorgensen, was replaced in August 2025. We exited the position this quarter. |
| CYBR | CyberArk Software, an Israeli company, is the leader in the quickly growing Privileged Access Management (PAM) market, which seeks to monitor, control and isolate access to superuser computer and network accounts. Palo Alto Networks (PANW), a U.S. based global cybersecurity leader, completed its $25 billion cash and stock offer during the quarter, and we eliminated our position. |
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