Brown Advisory
Brown Advisory International Value Select Strategy
International Large-cap Value
Jun 2026 → Jun 2026
Our archive holds 1 letter from this strategy, behind 1 investment thesis and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
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What it bought and sold
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.
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.
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.
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.