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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Brown Advisors Global Leaders Strategy. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund underperformed its benchmark in Q3 2025 due to a narrow AI-led rally and cyclical headwinds in financial infrastructure holdings, but remains up double-digits YTD."
During Q3 2025, the Global Leaders Strategy underperformed its benchmark, primarily due to selection in developed Financial Market Infrastructure holdings (LSEG, Deutsche Boerse) and not owning highly valued AI leaders (Nvidia, Oracle, Broadcom). On an absolute basis, YTD performance remains strong and double-digit positive. The manager actively adjusted the portfolio, initiating new positions in Workday and Bank Central Asia, while completely exiting long-standing investments in Wolters Kluwer and Marvell Technology following systematic drawdown reviews due to emerging competitive/AI risks.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
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