Brown Advisory
Brown Advisory Global Value Select Strategy
Global Mid-cap Value
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD
- Inception · total+12.8%index +15.9%
Index: MSCI World Index Net Return
| Since inceptiontotal | |
|---|---|
| Brown Advisory Global Value Select Strategy | +12.8% |
| MSCI World Index Net Return | +15.9% |
Since inception: Inception-To-Date (03/31/2026)
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
- AddedLyondellBasell Industries N.V.Sep 2026
the team added to defensive, cash-generative businesses and selectively increased cyclical exposure through Westlake and LyondellBasell
- New positionLennar CorporationSep 2026
New investments included Lennar, where homebuilding margins are close to 10-year lows and the team sees scope for normalized earnings recovery
- ExitedExpedia Group, Inc.Sep 2026
We exited Expedia in July.
- New positionAmdocs LimitedSep 2026
Universal Health Services and U.S. -listed, Israeli software company Amdocs were also added, both of which are steady but unexciting businesses, where our excitement comes from the extremely low multiples we have paid.
- ExitedBank of Ireland Group PlcSep 2026
We exited Bank of Ireland in July as part of a broader reduction in banking exposure following strong share-price performance.
- AddedWestlake CorporationSep 2026
the team added to defensive, cash-generative businesses and selectively increased cyclical exposure through Westlake and LyondellBasell
- New positionUniversal Health Services, Inc. Class BSep 2026
Universal Health Services and U.S. -listed, Israeli software company Amdocs were also added, both of which are steady but unexciting businesses, where our excitement comes from the extremely low multiples we have paid.
- ExitedDassault Systèmes SESep 2026
We exited Dassault Systèmes in July.
- TrimmedCSL LimitedSep 2026
the team trimmed positions that had performed strongly, including selected banks and CSL, where the stocks approached our estimate of fair value.
- New positionNexi S.p.A.Sep 2026
New investments included Lennar, where homebuilding margins are close to 10-year lows and the team sees scope for normalized earnings recovery, and Nexi, a European payments business where market concerns around disruption appear excessive relative to the company’s entrenched infrastructure position.
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.
- ExitedSwatch Group Ltd.Jun 2026
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.
Also held
- WPP Plc
- Elevance Health, Inc.
- Molina Healthcare, Inc.
- DCC Energy Plc
- British Land Company PLC
- Edenred SA
- Randstad NV
- Fidelity National Financial, Inc.
- Alexandria Real Estate Equities, Inc.
- Magnum Ice Cream Co. N.V.
- FactSet Research Systems Inc.
- UnitedHealth Group Incorporated
- Edenred SE
- Adecco Group AG
- DCC plc
- NICE Ltd.
- Westlake Corporation
- Icon Plc
- LyondellBasell Industries NV
- Transocean Ltd.
Its investment theses
- Universal Health Services, Inc. Class BSep 2026Universal Health Services is viewed as a resilient hospital operator with behavioral health scale, margin normalization potential, and undemanding valuation.
- Lennar Corporation Class ASep 2026Lennar is an entry-level homebuilder with margins near cycle lows, a supportive production model, and attractive valuation.
- Nexi S.p.A.Sep 2026Nexi is a leading European payments infrastructure business with scale, resilience to disruption, and attractive valuation.
- CSL LimitedJun 2026CSL Limited is a high-quality biopharma business with attractive economics now available at a low multiple.