Brown Advisory
Brown Advisory Global Value Select Strategy
Global Mid-cap Value
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 1 investment thesis and positions in 24 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.
We added eight new positions over the quarter. This included Renault and BMW, both automotive original equipment manufacturers (OEMs) that have reached exceptionally low valuations that we believe more than compensate us for the well-publicized challenges faced by the industry.
Haier Smart Home was surfaced through our qualitative alerts highlighting the pain felt by large companies in the white goods industry, with key competitor Whirlpool’s CEO describing end markets as similar to the experience during the financial crisis.
This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.
Likewise, we were able to buy Prosus on what we believe is a compelling valuation.
This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.
We added eight new positions over the quarter. This included Renault and BMW, both automotive original equipment manufacturers (OEMs) that have reached exceptionally low valuations that we believe more than compensate us for the well-publicized challenges faced by the industry.
This resulted in the sale of five companies: Mohawk Industries, BuildersFirstSource, Ternium, Swatch, and Henkel.
Pandora was added as we saw evidence that the speculative fervor driving the silver price was beginning to unwind, providing relief from the input cost inflation that was expected to compress margins over the coming years and substantially lowering the risk.