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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 Mid-Cap Growth strategy. This analysis is provided for institutional research purposes only and is not investment advice.
"Brown Advisory's Mid-Cap Growth Strategy outperformed by 300 basis points in Q2 2026, driven by AI infrastructure suppliers including Marvell Technology which returned 166% before being sold on valuation. The manager executed high portfolio turnover, adding eighteen new positions across data center hardware, software, and consumer services while maintaining discipline around price targets."
The Mid-Cap Growth Strategy returned 17.5% net in Q2 2026, outperforming its benchmark by 300 basis points as both stock selection and allocation effects contributed positively, led by Technology sector investments. The quarter saw a continuation of market leadership broadening beyond mega-cap tech, with small-caps and biotech leading returns. AI infrastructure suppliers drove top performance, with Marvell Technology, Flex, and Monolithic Power Systems all benefiting from data center buildout demand. However, AI disruption fears weighed on software holdings like CoStar Group and Guidewire Software. Portfolio activity accelerated significantly with 30% dollar turnover as the manager exited nine positions and established eighteen new ones, including hardware companies serving different parts of the AI infrastructure stack, consumer services businesses like Robinhood Markets and Viking Holdings, and software platforms like Snowflake. The manager demonstrated valuation discipline by selling Marvell after it more than doubled, while opportunistically building positions during pullbacks. The strategy maintains its focus on owning a diversified portfolio of compounders that can grow significantly larger over time.
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