Brown Advisory Global Leaders Sustainable Fund

What it bought and sold

• New positionProgressive CorporationJun 2026

  We initiated a position in Progressive Corporation in June.

• ExitedWorkday, Inc.Jun 2026

  We exited Autodesk and Workday during the quarter.

• ExitedAutodesk, Inc.Jun 2026

  We exited Autodesk and Workday during the quarter.

• ExitedUnilever PLCJun 2026

  We exited our investment in Unilever in May.

• ExitedZoetis Inc.Jun 2026

  We exited Zoetis in May.

• New positionSiemens Energy AGJun 2026

  This includes our new investment in Siemens Energy during the second quarter.

• TrimmedMarvell Technology, Inc.Jun 2026

  We would categorise our exit from Marvell Technology in this category too.

• New positionCompass Group PLCJun 2026

  We initiated a position in Compass Group in April.

• New positionNvidia CorporationJun 2026

  The outcome of this work on fast-evolving semiconductor end markets was the initiation of an investment in Nvidia in Global Leaders in June.

• ExitedIntuit Inc.Mar 2026

  we exited Intuit during the quarter

• AddedVisa Inc.Mar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedMicrosoft CorporationMar 2026

  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.

• AddedLondon Stock Exchange Group plcMar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedMastercard IncorporatedMar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedExperian PLCMar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedWorkday, Inc.Mar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedEquifax Inc.Mar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

• AddedAutodesk, Inc.Mar 2026

  We added to all the aforementioned companies and exited one investment: US tax and back-office software company Intuit.

Also held

• B3 S.A. - Brasil, Bolsa, Balcao
• Visa Inc.
• Microsoft Corporation
• TSMC
• Mastercard Incorporated
• Alphabet Inc.
• London Stock Exchange Group plc
• ASML Holding NV
• Deutsche Boerse AG
• Taiwan Semiconductor Manufacturing Co., Ltd.
• B3 SA - Brasil, Bolsa, Balcao
• Rentokil Initial plc
• HDFC Bank Limited

Its investment theses

• 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.
• London Stock Exchange Group plcMar 2026London Stock Exchange Group plc is viewed as undervalued, supported by a strong proprietary data moat and new product innovation.
• Microsoft CorporationMar 2026Microsoft Corporation is generating real GenAI growth while continuing strong performance across Azure and Windows.
• ExperianJun 2025Experian is the largest credit bureau, focusing on B2B and B2C services, with a strong commitment to long-term product development and significant growth potential.

Every letter