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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Credit bureaus, and software holdings comprising one-third of portfolio. Manager added to all affected positions during drawdown reviews, maintaining conviction in business moats."
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.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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