Brown Advisory
Brown Advisory International Value Select Strategy
International Large-cap Value
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 3 investment theses and positions in 35 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 Jun 30, 2026 · net of fees · USD
- Inception · total+0.8%index −0.6%
Index: MSCI EAFE Index
| Since inceptiontotal | |
|---|---|
| Brown Advisory International Value Select Strategy | +0.8% |
| MSCI EAFE Index | −0.6% |
Since inception: Inception-To-Date (02/27/2026)
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 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 also added to defensive, cash-generative businesses including Imperial Brands and FDJ, and initiated Nexi, a leading European payments company.
Given the level of cyclicality and the more attractive opportunities elsewhere in the portfolio, we chose to exit the position during the month.
We also added to defensive, cash-generative businesses including Imperial Brands and FDJ, and initiated Nexi, a leading European payments company.
We exited Dassault Systèmes in July.
We initiated a position in Amdocs, a U.S.-listed Israeli software company, in July.
We exited Bank of Ireland in July as part of a broader reduction in banking exposure following strong share-price performance.
We exited Repsol in August.
We also added to defensive, cash-generative businesses including Imperial Brands and FDJ, and initiated Nexi, a leading European payments company.
- TrimmedAdecco Group AGJun 2026
Adecco is a predominantly European staffing company.
Likewise, we were able to buy Prosus on what we believe is a compelling valuation.
Pernod Ricard is a French global spirits and champagne group, with a #2 global market share.
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.
- ExitedHenkel AG & Co. KGaAJun 2026
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
- ExitedSwatch Group Ltd.Jun 2026
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
- ExitedTernium S.A.Jun 2026
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
- ExitedAumovio SEJun 2026
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
- New positionBMW AGJun 2026
This included BMW, an auto OEM that has reached an exceptionally low valuation that we believe more than compensates us for the well-publicized challenges faced by the industry.
Pandora was added as we saw evidence that the speculative fervour 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.
This resulted in the sale of seven companies: Ageas, Aumovio, BT, Henkel, Swatch, Ternium and Vodafone.
Also held
- Stellantis N.V.
- WPP Plc
- British American Tobacco PLC
- Gecina SA
- Randstad NV
- CSL Limited
- Adecco Group AG
- Yamaha Motor Co., Ltd.
- DCC Energy Plc
- Barclays PLC
- AIB Group plc
- DCC plc
- Magnum Ice Cream Co. N.V.
- ABN AMRO Bank N.V.
- Edenred SA
- NICE Ltd.
- ICON Plc
- Raiffeisen Bank International AG
- Fresenius Medical Care AG
- Sanofi SA
Its investment theses
- Amdocs LimitedSep 2026Amdocs is viewed as a critical telecom software utility with attractive valuation and AI-enabled upside.
- Nexi S.p.A.Sep 2026Nexi is a European payments infrastructure company with scale, resilience and attractive valuation.
- Wolters Kluwer N.V.Jun 2026Wolters Kluwer is an incumbent software leader with trusted data and strong niche positions, and the market may be overestimating the AI threat.