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Brown Advisory

Dec 2024 → Sep 2026 · Publishes quarterly · 26 funds

Our archive holds 59 letters from Brown Advisory, behind 131 investment theses and positions in 392 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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59
Letters
392
Companies
369
Moves
131
Theses

25 strategies

Brown Advisory publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Brown Advisory.

What they bought and sold · 369 moves

  • New positionS&P Global
    September 2026
    “In addition to Tyler Technologies, we initiated new positions in Boston Scientific and S&P Global, both of which we believe became available at attractive valuations because of shorter-term investor concerns.”
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  • AddedLyondellBasell Industries N.V.
    September 2026
    “the team added to defensive, cash-generative businesses and selectively increased cyclical exposure through Westlake and LyondellBasell”
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  • New positionRocket Lab Corporation
    September 2026
    “We initiated our position after the shares fell in the quarter, and await Neutron's maiden voyage.”
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  • AddedFDJ United
    September 2026
    “We also added to defensive, cash-generative businesses including Imperial Brands and FDJ, and initiated Nexi, a leading European payments company.”
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  • ExitedCoStar Group, Inc.
    September 2026
    “Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).”
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  • ExitedEquifax Inc.
    September 2026
    “At the end of the quarter, we sold out of Equifax Inc. (EFX), another detractor year-to-date.”
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  • TrimmedPalo Alto Networks, Inc.
    September 2026
    “We trimmed our positions in Datadog Inc and Palo Alto Networks Inc during the quarter supported by our upside/downside valuation analyses.”
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  • New positionBalchem Corp
    September 2026
    “We believe Balchem Corp (BCPC) is well positioned with dominant positions in some health and medical end market niches that lend themselves to consistent growth and cash conversion.”
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  • ExitedLowe's Companies
    September 2026
    “We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.”
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  • New positionMicrosoft Corporation
    September 2026
    “We established a new position in Microsoft Corporation (MSFT) in early July.”
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  • TrimmedFLEX Ltd
    September 2026
    “We used the strength during the second quarter to pare back our position but still think the company is executing at a high level and there is compelling value here ahead of the split of the company in early 2027.”
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  • ExitedTeleflex Incorporated
    September 2026
    “We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.”
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  • AddedKLA
    September 2026
    “Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).”
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  • AddedTaiwan Semiconductor Manufacturing Co., Ltd.
    September 2026
    “During this drawdown, we added to our positions in Marvell Technology, Inc (MRVL), Monolithic Power Systems Inc (MPWR), NVIDIA Corp. (NVDA), and Taiwan Semiconductor Manufacturing Co. (TSM), all of which subsequently delivered strong quarterly results.”
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  • ExitedFair Isaac Corporation
    September 2026
    “We sold Fair Isaac Corporation (FICO).”
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  • ExitedPT Bank Central Asia Tbk
    September 2026
    “At the same time, we exited PT Bank Central Asia (BCA) as the rising political and policy risks in Indonesia reduced the attractiveness of the investment, despite the company continuing to perform well.”
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  • ExitedBASF SE
    September 2026
    “Given the level of cyclicality and the more attractive opportunities elsewhere in the portfolio, we chose to exit the position during the month.”
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  • New positionArista Networks Inc
    September 2026
    “We initiated the position during the second quarter following a period of share price weakness, and the stock has already begun to contribute positively to results.”
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  • ExitedInsulet Corporation
    September 2026
    “Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).”
    Read the letter
  • ExitedFerguson Enterprises Inc.
    September 2026
    “We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.”
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  • AddedImperial Brands PLC
    September 2026
    “We also added to defensive, cash-generative businesses including Imperial Brands and FDJ, and initiated Nexi, a leading European payments company.”
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  • New positionAmdocs Limited
    September 2026
    “We initiated a position in Amdocs, a U.S.-listed Israeli software company, in July.”
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  • AddedAmazon.com, Inc.
    September 2026
    “our additions of Amazon in the second quarter”
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  • ExitedArxis, Inc.
    September 2026
    “We sold Arxis, Inc. (ARXS) on valuation after its shares rose rapidly following its initial public offering (IPO) last quarter.”
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  • TrimmedBerkshire Hathaway
    September 2026
    “We exited American International Group (AIG) and trimmed Bank of America (BAC) and Berkshire Hathaway (BRK.B).”
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  • TrimmedDatadog, Inc.
    September 2026
    “We trimmed our positions in Datadog Inc and Palo Alto Networks Inc during the quarter supported by our upside/downside valuation analyses.”
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  • AddedMastercard Incorporated
    September 2026
    “We added to Mastercard during weakness earlier in the year and have since seen strong underlying performance.”
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  • New positionCAVA Group, Inc.
    September 2026
    “We initiated a position in CAVA Group, Inc. (CAVA) following a ~30% decline in the stock price as the entire restaurant sector sold off on macro and geopolitical concerns.”
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  • New positionValmont Industries, Inc.
    September 2026
    “With that capital, we initiated positions in Valmont Industries, Inc. (VMI), Houlihan Lokey, Inc. (HLI), Prosperity Bancshares, Inc. (PB), and four other investments profiled on the following page.”
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  • ExitedIllumina
    September 2026
    “We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.”
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Showing the 30 most recent of 369 recorded moves.

Companies held · 392

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

Theses · 131

Showing the 48 most recent of 131 theses. Browse them by company to see the rest.

Letter archive · 59

2026

2025

2024

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