Brown Advisory
Brown Advisory Global Leaders
Global Large-cap
Jul 2025 → Mar 2026
Our archive holds 2 letters from this strategy, behind 9 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years — follow all of Brown Advisory for every strategy.
What it bought and sold
We added to Taiwan Semiconductor Manufacturing Co (TSM) in November 2022.
The position was analyzed as a potential stand-alone investment and has now been exited for liquidity and business model fit reasons.
we exited Intuit (INTU) during the quarter
We initiated a new position in MercadoLibre Inc (MELI) in February.
For purely fundamental reasons and the relative attractiveness of Safran’s IRR we have allocated more to Safran in March, funded from GE.
Also held
Its investment theses
- Visa Inc.Mar 2026Visa Inc. is viewed as a critical enabler of agentic commerce, with the market underestimating its resilience to AI-related substitution risk.
- Equifax Inc.Mar 2026Equifax Inc. is described as owning proprietary credit data moats backed by regulatory barriers that limit AI-driven competition.
- Autodesk Inc.Mar 2026Autodesk Inc. is presented as a vertically integrated software leader with high switching costs and AI-enabled long-term free cash flow growth potential.
- Deutsche Boerse AGMar 2026Deutsche Boerse AG is seen as benefiting from hedging activity, broad-based growth opportunities, and a potentially leading fund distribution and custody combination.
- HDFC Bank LimitedMar 2026HDFC Bank Limited is viewed as having structural deposit growth, a funding advantage, and post-merger cross-selling potential.
- MercadoLibre, Inc.Mar 2026MercadoLibre, Inc. is seen as a dominant Latin American e-commerce and fintech platform with network effects, reinvestment-led growth, and attractive long-term IRR potential.
- Intuit Inc.Mar 2026Intuit Inc. is described as the largest U.S. consumer tax software provider and SMB accounting leader, but the position was exited because AI substitution risk was judged to be rising.
- WorkdaySep 2025Workday is a cloud-based human capital management software company with a high customer retention rate, strong growth potential through international expansion and AI-driven enhancements, making it an attractive investment opportunity.
- PT Bank Central AsiaJul 2025PT Bank Central Asia (BCA) is a leading private bank in Indonesia with exceptional financial metrics, superior customer outcomes, and a strong investment appeal.