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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"Brown Advisory's concentrated Global Leaders Strategy underperformed in Q2 2026 due to semiconductor underweights during the AI infrastructure surge but has repositioned by initiating Nvidia and eliminating software exposure outside Microsoft. The manager sees exceptional opportunity with ready-to-buy lists at multi-year highs and 12-13% average portfolio IRRs."
Brown Advisory's Global Leaders Strategy delivered positive absolute returns in Q2 2026 but underperformed its MSCI ACWI benchmark, primarily due to underweight positions in semiconductors and technology hardware amid the AI infrastructure boom. The strategy's main error was underestimating the magnitude and duration of AI infrastructure build-out, though it has now repositioned with a June initiation of Nvidia after observing robust demand signals across the supply chain. The manager eliminated software exposure aside from Microsoft due to rising AI substitution risk, exiting Autodesk and Workday. Market concentration reached extreme levels with only 27% of benchmark companies outperforming in Q2, creating a difficult environment for active managers. Despite near-term headwinds, the manager sees a rare opportunity with the ready-to-buy list at Covid-era highs and average portfolio IRRs of 12-13%. New positions include Siemens Energy for electrification infrastructure, Progressive for insurance exposure, and Compass Group replacing Unilever. The strategy maintains conviction in quality investing focused on durable cash flows and valuation discipline, with 15.9% AI infrastructure exposure plus large hyperscaler holdings.
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