Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 30th September 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
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| - | - | - |
This document is a webinar announcement from Brown Capital Management dated January 19, 2026, promoting replays of their Q4 2025 quarterly webinars held on January 15, 2026. The announcement covers three fund strategies: International All Company Strategy, Small Company Strategy, and International Small Company Strategy. The webinars featured portfolio management teams discussing firm updates, fund updates, quarterly commentary, and Q&A sessions. Specific topics mentioned include unpacking shifts in AI, sentiment and style for the International All Company Fund, and the divergence of fundamental and benchmark performance for the International Small Company Fund. The document provides viewing times ranging from 30 to 45 minutes and includes standard regulatory disclaimers about investment risks, prospectus requirements, and firm registration details. This is purely promotional material announcing webinar availability rather than substantive investment commentary or analysis.
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| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 19 2026 | 2025 Q3 | - | - | - | Brown Capital Management announces Q4 2025 webinar replays covering their International All Company, Small Company, and International Small Company strategies. Topics include AI shifts, sentiment analysis, and performance divergence discussions. This is promotional material for webinar access rather than investment commentary. |
| Sep 5 2024 | 2024 Q2 | ALGN, CRL, FIVN, GWRE, NTRA, OMCL, PAYC, PODD, TDOC, VEEV | Biotechnology, growth, healthcare, Medical Devices, mid cap, software, technology |
GWRE PODD CRL FIVN NTRA |
Brown Capital's Mid Company Fund fell 7.85% in Q2 2024 as portfolio companies faced shadow recession conditions from higher rates. Biotech funding dried up, hurting Charles River Labs, while software names like Guidewire showed recovery. The manager added genomics play Natera and maintains long-term conviction despite macro headwinds affecting growth company fundamentals. |
| Jan 16 2024 | 2023 Q4 | DXCM, MANH, OMCL, SHOP.TO, VEEV | E-Commerce, growth, healthcare, Medical Devices, mid cap, software, Supply Chain, technology |
DXCM SHOP MANH OMCL VEEV |
Brown Capital's patient approach vindicated as Dexcom recovered from GLP-1 fears while Shopify and Manhattan Associates delivered strong growth. The fund's low-turnover strategy focuses on Exceptional Growth Companies that can compound returns over years. Despite economic headwinds affecting some holdings like Omnicell and Veeva, management maintains conviction in portfolio quality entering 2024's normalized environment. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2024 Q2 |
BiotechnologyCharles River Laboratories, a pre-clinical contract research organization involved in 80% of FDA-approved drugs, is experiencing significant headwinds from higher interest rates curtailing capital market funding for biotech customers. Small and medium-sized biotech companies represent 40% of Charles River's client base and are most affected by the weaker funding environment, leading to consecutive quarterly revenue declines for the first time since 2008-2009. The manager believes this represents the worst capital-raising environment for biotech in at least five years. |
CRO Drug Discovery Capital Markets Funding Pre-clinical |
Healthcare SoftwareVeeva Systems was cited as one of the companies experiencing macro weakness affecting disappointing results. The company operates in the life sciences software space, providing solutions for pharmaceutical companies. Despite current headwinds, the manager maintains that these companies' products and services remain relevant to their clients, with sales growth expected to stabilize in coming quarters. |
Life Sciences Pharmaceutical Software SaaS Healthcare IT | |
Medical DevicesInsulet produces the Omnipod Insulin Management System, the first commercial tubeless insulin-patch pump for diabetics. The company delivered strong quarterly results with 23% revenue growth in constant currency and 740 basis points of operating margin improvement. While GLP-1 weight-loss drugs pose a long-term risk to insulin pump demand, the manager believes this is manageable given the large global pump market of 11 million patients growing 9-12% annually, with Insulet serving less than 500,000 patients. |
Insulin Pumps Diabetes Medical Technology CGM Patient Care | |
Enterprise SoftwareGuidewire Software provides software for Property & Casualty insurance companies, replacing legacy mainframe systems to lower costs and improve decision making. After facing obstacles during its seven-year cloud transition, the company reached an inflection point with 16% overall revenue growth and 28% growth in subscription and support segments. The manager expects ongoing cloud adoption to drive sales and margins higher as insurance companies modernize their systems. |
Insurance Software Cloud Migration Legacy Modernization SaaS P&C Insurance | |
GenomicsNatera was added as a new position, representing a diagnostic testing company using advanced technology to detect small amounts of DNA in blood tests. The company offers prenatal tests, cancer-recurrence tests, and transplant-organ-rejection tests, investing 25% of revenue in R&D. While currently unprofitable, the manager sees a path to profitability as the business scales, with cancer-recurrence testing representing a $15-20 billion market opportunity and expected 20% average topline growth over five years. |
Diagnostic Testing DNA Testing Cancer Detection Prenatal Testing Clinical Validation | |
| 2023 Q4 |
GLP1Clinical trial results showed GLP-1 obesity drugs lower diabetes and cardiovascular disease risk, initially causing investor fears about medical device companies. However, additional studies revealed high patient discontinuation rates, alleviating concerns and supporting coexistence with other therapies like continuous glucose monitors. |
Diabetes Medical Devices Obesity Cardiovascular Discontinuation |
E-commerceShopify demonstrated strong performance with 25% revenue growth and margin expansion after abandoning fulfillment ambitions and resolving competitive concerns with Amazon through partnership. The company maintains clear path to double-digit growth with addressable market exceeding $150 billion. |
Software Platform Growth Margins Partnership | |
LogisticsManhattan Associates benefits from post-pandemic supply chain modernization push, with consumers demanding flexible omnichannel options. The company's cloud-first pivot continues paying dividends with 44% cloud subscription revenue growth and strong execution across all metrics. |
Supply Chain Cloud Omnichannel Modernization Execution |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| - | Fund Letters | Brown Capital Management Mid Company Fund | GWRE | Guidewire Software | Software | Application Software | Bull | NYSE | cloud migration, Digital transformation, GAAP profitability, Insurance-software, Legacy System Replacement, P&C insurance, SaaS, subscription model | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | PODD | Insulet | Health Care Equipment & Supplies | Health Care Equipment | Bull | NASDAQ | CGM Integration, Diabetes Management, Insulin Pump, international expansion, Manufacturing efficiency, market leader, Medical devices, Tubeless Technology | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | CRL | Charles River Laboratories | Life Sciences Tools & Services | Life Sciences Tools & Services | Bull | NYSE | biotech funding, contract research, Cyclical Recovery, Drug Discovery, FDA approval, interest rate sensitivity, market leader, Pre-clinical Services | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | FIVN | Five9 | Software | Application Software | Bull | NASDAQ | AI integration, Cloud software, Contact center, E-commerce Growth, Enterprise Deals, Legacy Replacement, Revenue Per Seat, Seat-Based Model | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | NTRA | Natera | Health Care Equipment & Supplies | Life Sciences Tools & Services | Bull | NASDAQ | Cancer Recurrence, Clinical Validation, Diagnostic Testing, DNA Detection, Prenatal Testing, R&D investment, Reimbursement, Transplant Monitoring | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | DXCM | Dexcom | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | Bull, Continuous Glucose Monitoring, Diabetes Management, Exceptional Growth Company, Healthcare Technology, Medical devices, Share Buyback | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | SHOP | Shopify | Software & Services | Internet Software & Services | Bull | NYSE | Amazon Alternative, Cloud software, E-commerce Platform, margin expansion, Partnership Agreement, payment processing, SaaS | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | MANH | Manhattan Associates | Software & Services | Application Software | Bull | NASDAQ | Cloud transformation, inventory management, margin expansion, Omnichannel, Post-Pandemic Modernization, SaaS, Supply chain software | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | OMCL | Omnicell | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | cash flow positive, cost savings, Cyclical Recovery, Healthcare Technology, Hospital Automation, Medication Management, Pharmacy Robotics | Login |
| - | Fund Letters | Brown Capital Management Mid Company Fund | VEEV | Veeva Systems | Software & Services | Application Software | Bull | NYSE | Cloud software, double-digit growth, IQVIA Competitor, Life Sciences Software, Pharmaceutical CRM, regulatory compliance, SaaS | Login |
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