Brown Advisory
Brown Advisory Global Leaders
Global Large-cap
Jul 2025 → Jun 2026
Our archive holds 3 letters from this strategy, behind 17 investment theses and positions in 28 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 2 years — follow all of Brown Advisory for every strategy.
What it bought and sold
We exited Autodesk and Workday during the quarter.
We exited Autodesk and Workday during the quarter.
We initiated a position in Progressive Corporation in June.
The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June.
This includes our new investment in Siemens Energy during the second quarter.
We initiated a position in Compass Group in April.
As such, we see our investment thesis in Zoetis as broken and have fully exited the position.
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
- Taiwan Semiconductor Manufacturing Co., Ltd.Jun 2026Taiwan Semiconductor Manufacturing Co., Ltd. benefits from advanced-node leadership and rising capex driven by AI and high-performance computing demand.
- ASML Holding NVJun 2026ASML Holding NV benefits from AI infrastructure build-out and dominant EUV lithography leadership.
- Deutsche Boerse AGJun 2026Deutsche Boerse AG is part of the portfolio’s financial-market infrastructure exposure, alongside other businesses viewed as more differentiated than rate-sensitive banks.
- London Stock Exchange GroupJun 2026London Stock Exchange Group is held as a financial-market infrastructure business rather than a commodity-like rate-sensitive bank.
- Compass Group PLCJun 2026Compass Group PLC is the largest global food services operator, supported by scale, fragmented markets, outsourcing tailwinds, and attractive long-term IRR.
- Siemens Energy AGJun 2026Siemens Energy AG benefits from electrification demand, AI data-centre power needs, high barriers to entry, and strong FCF growth potential.
- Zoetis, Inc. Class AJun 2026Zoetis, Inc. Class A was originally attractive for scale and switching costs in animal health, but intensifying competition and weaker product launches broke the thesis.
- Nvidia CorporationJun 2026Nvidia Corporation has become the leader in the AI technical stack with platform-like economics and robust underestimated demand.
- Progressive CorporationJun 2026Progressive Corporation is a leading US auto insurer with scale, data-driven market-share gains, and attractive long-term return potential.
- Equifax Inc.Mar 2026Equifax Inc. is described as owning proprietary credit data moats backed by regulatory barriers that limit AI-driven competition.