Brown Advisory
Brown Advisory Global Leaders Sustainable Fund
Global Mega-cap Quality
Jun 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 13 investment theses and positions in 30 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · C USD
- YTD−3.8%index +13.0%
- 1Y−1.4%index +16.8%
- 3Y · /yr+12.9%index +21.7%
- 5Y · /yr+6.2%index +11.6%
- Inception · /yr+9.5%index +13.2%
Index: MSCI ACWI Net
| YTD | 1Y | 3Yper year | 5Yper year | Since inceptionper year | |
|---|---|---|---|---|---|
| Brown Advisory Global Leaders Sustainable Fund | −3.8% | −1.4% | +12.9% | +6.2% | +9.5% |
| MSCI ACWI Net | +13.0% | +16.8% | +21.7% | +11.6% | +13.2% |
Calendar years
- 2025+14.5%index +22.3%
- 2024+13.9%index +17.5%
- 2023+25.2%index +22.2%
- 2022−20.2%index −18.4%
- 2021+18.6%index +18.5%
- 2020+20.7%index +16.3%
Since inception: ITD (11/01/2019) Net
Disclaimer
These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We added to Mastercard during weakness earlier in the year and have since seen strong underlying performance.
During the quarter, we initiated two new investments, HCA Healthcare and MTU Aero Engines, adding differentiated exposure to healthcare and aerospace with non-deferrable demand characteristics.
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.
We added to Workday following its Drawdown Review in the first quarter, but a subsequent change in management, together with increasing substitution risk, changed our assessment of the investment case and ultimately led us to exit.
During the quarter, we initiated two new investments, HCA Healthcare and MTU Aero Engines, adding differentiated exposure to healthcare and aerospace with non-deferrable demand characteristics.
We initiated a position in Progressive Corporation in June.
We exited Autodesk and Workday during the quarter.
We exited Autodesk and Workday during the quarter.
We exited our investment in Unilever in May.
We exited Zoetis in May.
This includes our new investment in Siemens Energy during the second quarter.
We would categorise our exit from Marvell Technology in this category too.
We initiated a position in Compass Group in April.
The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June.
we exited Intuit during the quarter
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
- ExitedMagnum Ice Cream Co. N.V.Mar 2026
The position was analyzed as a potential stand-alone investment and has now been exited for liquidity and business model fit reasons.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.
Also held
- Siemens Energy AG
- GE Aerospace
- Rentokil Initial plc
- Nvidia Corporation
- Experian PLC
- Equifax Inc.
- Deutsche Boerse AG
- ASML Holding NV
- B3 SA - Brasil, Bolsa, Balcao
- Alphabet Inc.
- Visa Inc.
- Microsoft Corporation
- B3 S.A. - Brasil, Bolsa, Balcao
- TSMC
- Mastercard Incorporated
- London Stock Exchange Group plc
- Taiwan Semiconductor Manufacturing Co., Ltd.
- HDFC Bank Limited
Its investment theses
- Deutsche Boerse AGSep 2026Deutsche Boerse AG benefits from structural growth in European capital markets, recurring revenue streams, and operating leverage that should support long-term free cash flow growth.
- B3 SA - Brasil, Bolsa, BalcaoSep 2026B3 SA - Brasil, Bolsa, Balcao benefits from a dominant market infrastructure position, recurring revenue growth, and long-term opportunities in fixed income, data and new initiatives.
- ASML Holding NVSep 2026ASML Holding NV benefits from AI infrastructure build-out and its critical role in leading-edge semiconductor manufacturing, with China competition seen as unlikely to hurt long-term free cash flow.
- GE AerospaceSep 2026GE Aerospace benefits from high engine utilization, a large shop-visit backlog and a long-duration aftermarket opportunity driven by robust commercial engine demand.
- Siemens Energy AGSep 2026Siemens Energy AG is positioned as a key enabler of electrification and AI power infrastructure, with backlog growth and aftermarket recurring revenue supporting free cash flow growth.
- HCA Healthcare IncSep 2026HCA Healthcare Inc is the leading U.S. hospital operator, with scale, disciplined capital allocation, and non-deferrable demand supporting durable growth and attractive returns.
- MTU Aero Engines AGSep 2026MTU Aero Engines AG is a high-quality aero engine services and technologies business with improving cash flow and a double-digit IRR opportunity.
- ASML Holding NVJun 2026ASML benefits from a monopoly position in EUV lithography and long-term AI-driven capacity expansion.
- GE AerospaceJun 2026GE Aerospace is supported by strong aftermarket demand, higher deliveries and favorable structural supply-demand dynamics.
- Experian PLCMar 2026Experian PLC has proprietary credit data, regulatory barriers, and a strong moat that make it hard for AI rivals to disintermediate.