Brown Advisory Large Cap Growth

What it bought and sold

• New positionArthur J. Gallagher & CoMar 2026

  We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).

• ExitedVeralto CorporationMar 2026

  We exited Veralto (VLTO) as we saw more limited near-term growth and visibility relative to other areas of the portfolio.

• New positionSpotify Technology SAMar 2026

  We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).

• New positionAxon Enterprise IncMar 2026

  We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).

• AddedPalo Alto Networks, Inc.Mar 2026

  This is reflected across our software exposure, including long-standing holdings such as Autodesk, Inc (ADSK), as well as more recent additions such as Cadence Design Systems, Inc (CDNS), Samsara, Inc (IOT), and Palo Alto Networks, Inc (PANW) (added this quarter).

• ExitedServiceNow, Inc.Mar 2026

  We exited ServiceNow (NOW) as part of a broader effort to refine our positioning within software, where evolving competitive dynamics and the pace of AI innovation have increased uncertainty across the sector.

• ExitedVeeva Systems Inc Class AMar 2026

  Given this backdrop, we chose to exit the position and invest the proceeds into Alnylam Pharmaceuticals.

• ExitedIntuit Inc.Mar 2026

  Within the portfolio, Intuit Inc (INTU) was the largest relative detractor in the sector, and we exited the position during the quarter as part of our broader effort to reposition exposure within software.

• ExitedThe Trade Desk, Inc. Class AMar 2026

  We chose to exit The Trade Desk (TTD) following a period of increased uncertainty driven by ongoing negative headlines and evolving competitive dynamics and swap into Spotify.

• New positionAlnylam Pharmaceuticals, Inc.Mar 2026

  We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).

• ExitedTransDigm Group IncorporatedMar 2026

  We exited TransDigm Group (TDG) as we identified a more attractive opportunity within the aerospace aftermarket through our investment in HEICO.

• ExitedProgressive CorporationMar 2026

  Progressive Corporation (PGR) was exited following a period of strong performance, as we identified a more compelling opportunity within insurance brokerage.

• ExitedCoStar Group, Inc.Mar 2026

  CoStar Group (CSGP) was eliminated from the portfolio during the quarter as our conviction in the near-term outlook declined.

• New positionHEICO Corporation Class AMar 2026

  We initiated positions in Axon Enterprise Inc (AXON), Palo Alto Networks, Spotify Technology (SPOT), Alnylam Pharmaceuticals, Inc (ALNY), Arthur J. Gallagher & Co (AJG), and most recently HEICO Corporation Class A (HEI.A).

• ExitedFair Isaac CorporationMar 2026

  We exited the position during the period and redeployed capital into higher-conviction opportunities.

Also held

• Trane Technologies plc
• Marvell Technology, Inc.
• Cadence Design Systems, Inc.
• Generac Holdings Inc.
• Autodesk, Inc.
• Intuitive Surgical, Inc.
• Costco Wholesale Corporation
• DraftKings, Inc. Class A
• Netflix, Inc.
• Samsara, Inc.
• Hilton Worldwide Holdings Inc.
• Microsoft Corporation

Its investment theses

• Alnylam Pharmaceuticals, Inc.Mar 2026Alnylam offers RNAi therapeutics with a differentiated platform, durable revenues, and a growing pipeline.
• Arthur J. Gallagher & Co.Mar 2026Arthur J. Gallagher is a fee-based insurance broker with scale advantages, favorable industry tailwinds, and low AI disruption risk.
• Axon Enterprise Inc.Mar 2026Axon provides mission-critical public safety technology with an integrated ecosystem and growing AI-enabled products.
• HEICO CorporationMar 2026HEICO has niche aerospace and defense exposure, strong competitive advantages, and favorable long-term growth trends.
• Palo Alto Networks, Inc.Mar 2026Palo Alto Networks is a cybersecurity leader with a broad platform, strong cash flow, and durable growth potential.
• Spotify Technology SAMar 2026Spotify is the leading audio streaming platform with strong engagement, margin expansion, and improving free cash flow.
• Samsara Inc.Sep 2025Samsara Inc. is well-positioned for sustained growth in the connected operations market, leveraging its innovative platform to modernize industries historically lacking digital infrastructure.

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