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Brown Advisory

Dec 2024 → Jun 2026 · Publishes quarterly · 25 funds

Our archive holds 37 letters from Brown Advisory, behind 76 investment theses and positions in 196 companies. Every quote below is copied verbatim from the letter it came from.

Brown Advisory’s own letters page
37
Letters
196
Companies
143
Moves
76
Theses

What they bought and sold · 143 moves

  • New positionProsus N.V.
    June 2026
    “Likewise, we were able to buy Prosus on what we believe is a compelling valuation.”
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  • New positionPernod Ricard SA
    June 2026
    “Pernod Ricard is a French global spirits and champagne group, with a #2 global market share.”
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  • ExitedMohawk Industries, Inc.
    June 2026
    “This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.”
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  • New positionBMW AG
    June 2026
    “We added eight new positions over the quarter. This included Renault and BMW, both automotive original equipment manufacturers (OEMs) that have reached exceptionally low valuations that we believe more than compensate us for the well-publicized challenges faced by the industry.”
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  • New positionHaier Smart Home Co., Ltd.
    June 2026
    “Haier Smart Home was surfaced through our qualitative alerts highlighting the pain felt by large companies in the white goods industry, with key competitor Whirlpool’s CEO describing end markets as similar to the experience during the financial crisis.”
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  • TrimmedAdecco Group AG
    June 2026
    “Adecco is a predominantly European staffing company.”
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  • ExitedSwatch Group Ltd.
    June 2026
    “This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.”
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  • ExitedBT Group PLC
    June 2026
    “This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.”
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  • ExitedAgeas SA/NV
    June 2026
    “This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.”
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  • ExitedVodafone Group Plc
    June 2026
    “This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.”
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  • New positionBMW AG
    June 2026
    “This included BMW, an auto OEM that has reached an exceptionally low valuation that we believe more than compensates us for the well-publicized challenges faced by the industry.”
    Read the letter
  • ExitedBuildersFirstSource, Inc.
    June 2026
    “This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.”
    Read the letter
  • ExitedHenkel AG & Co. KGaA
    June 2026
    “This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.”
    Read the letter
  • New positionPandora A/S
    June 2026
    “Pandora was added as we saw evidence that the speculative fervor driving the silver price was beginning to unwind, providing relief from the input cost inflation that was expected to compress margins over the coming years and substantially lowering the risk.”
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  • New positionRenault SA
    June 2026
    “We added eight new positions over the quarter. This included Renault and BMW, both automotive original equipment manufacturers (OEMs) that have reached exceptionally low valuations that we believe more than compensate us for the well-publicized challenges faced by the industry.”
    Read the letter
  • ExitedModine Manufacturing Company
    March 2026
    “We sold First Interstate BancSystems and Modine due to valuation.”
    Read the letter
  • New positionGuardant Health, Inc.
    March 2026
    “we purchased shares of Guardant Health, Inc. (GH), as recent due diligence highlighted a stable competitive environment and underscored a number of positive catalysts for the company over the next several years.”
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  • New positionSpotify Technology SA
    March 2026
    “We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).”
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  • ExitedSLB Limited
    March 2026
    “We exited SLB Limited (SLB) after the company completed its acquisition of our holding ChampionX.”
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  • New positionMarsh & McLennan
    March 2026
    “We added several new positions during the quarter: Union Pacific, Sysco, Wells Fargo, Beckton Dickinson and Marsh & McLennan.”
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  • ExitedEquitable Holdings, Inc.
    March 2026
    “We eliminated our position in Equitable Holdings (EQH) near the end of the quarter due to a capital allocation decision that violated our thesis.”
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  • ExitedClearwater Analytics Holdings, Inc.
    March 2026
    “We sold Clearwater Analytics Holdings, Inc. (CWAN) due to the announced acquisition by Permira and Warburg Pincus.”
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  • New positionMondelez International, Inc. Class A
    March 2026
    “we established a new position in Mondelez International (MDLZ), one of the global snacking leaders, after the company witnessed over a 700 basis points (bps) decline in its gross margin”
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  • ExitedFirst Interstate BancSystem
    March 2026
    “We sold First Interstate BancSystems and Modine due to valuation.”
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  • New positionUnion Pacific
    March 2026
    “We added several new positions during the quarter: Union Pacific, Sysco, Wells Fargo, Beckton Dickinson and Marsh & McLennan.”
    Read the letter
  • TrimmedApplied Materials
    March 2026
    “We also trimmed our positions in Kimberly-Clark, Applied Materials, Omnicom, Merck, Ameriprise Financial, Gen Digital, American Express, Carlyle Group, Chubb.”
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  • AddedMerck & Co.
    March 2026
    “We also trimmed our positions in Kimberly-Clark, Applied Materials, Omnicom, Merck, Ameriprise Financial, Gen Digital, American Express, Carlyle Group, Chubb.”
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  • ExitedHarley-Davidson
    March 2026
    “We completed full sales of Harley-Davidson and Campbells.”
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  • ExitedCampbell’s
    March 2026
    “We completed full sales of Harley-Davidson and Campbells.”
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  • TrimmedChubb
    March 2026
    “We also trimmed our positions in Kimberly-Clark, Applied Materials, Omnicom, Merck, Ameriprise Financial, Gen Digital, American Express, Carlyle Group, Chubb.”
    Read the letter

Showing the 30 most recent of 143 recorded moves.

Companies held · 196

Every company Brown Advisory has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 76

Showing the 48 most recent of 76 theses. Browse them by company to see the rest.

Letter archive · 37

2026

2025

2024

Funds · 25

  • Brown Advisory Global Leaders Sustainable Fund3
  • Brown Advisory Large Cap sustainable Value3
  • Brown Advisory Small-Cap Growth Strategy3
  • Brown Advisory Global Leaders2
  • Brown Advisory Large Cap Growth2
  • Brown Advisory Mid Cap Growth2
  • Brown Advisory US Flexible Equity Fund2
  • Brown Advisory US Small Cap Blend Fund2
  • Brown Advisory US Sustainable Growth Fund2
  • BA Beutel Goodman U.S. Value Fund1
  • BA Beutel Goodman World Value Fund1
  • Brown Advisory1
  • Brown Advisory Beutel Goodman US Value Fund1
  • Brown Advisory Global Sustainable Total Return Bond Fund1
  • Brown Advisory Global Sustainable Total Return Bond Fund (GBP)1
  • Brown Advisory Global Value Select Strategy1
  • Brown Advisory International Value Select Strategy1
  • Brown Advisory Large‑Cap Sustainable Growth1
  • Brown Advisory Small Cap Fundamental Value1
  • Brown Advisory U.S. Small-Cap Blend UCITS Fund1
  • Brown Advisory U.S. Value Fund1
  • Brown Advisory US Large Cap Growth Fund1
  • Brown Advisory US Mid Cap Growth Fund1
  • Brown Advisory US Smaller Companies Fund1
  • Flexible Equity Fund1

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