Brown Advisory
Brown Advisory Large Cap Growth
US Large-cap Growth
Sep 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 9 investment theses and positions in 40 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 2 years · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Institutional Composite
- YTD+12.4%index +6.3%
- 1Y+7.4%index +7.5%
- 3Y · /yr+15.2%index +24.3%
- 5Y · /yr+4.5%index +13.7%
- 10Y · /yr+13.2%index +18.2%
- Inception · /yr+9.7%index +10.7%
Index: Russell 1000 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brown Advisory Large Cap Growth | +12.4% | +7.4% | +15.2% | +4.5% | +13.2% | +9.7% |
| Russell 1000 Growth Index | +6.3% | +7.5% | +24.3% | +13.7% | +18.2% | +10.7% |
Calendar years
- 2025+1.8%index +18.6%
- 2024+16.9%index +33.4%
- 2023+33.6%index +42.7%
- 2022−33.9%index −29.1%
- 2021+19.5%index +27.6%
- 2020+32.9%index +38.5%
- 2019+40.9%index +36.4%
- 2018+5.2%index −1.5%
- 2017+30.8%index +30.2%
- 2016−3.0%index +7.1%
Since inception: ITD (05/31/1996)
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
We initiated the position during the second quarter following a period of share price weakness, and the stock has already begun to contribute positively to results.
During the quarter, we initiated positions in Arista Networks Inc (ANET), Palantir Technologies Inc (PLTR), and Viking Holdings (VIK), while exiting Autodesk Inc (ADSK) and DraftKings Inc (DKNG).
During the quarter, we initiated positions in Arista Networks Inc (ANET), Palantir Technologies Inc (PLTR), and Viking Holdings (VIK), while exiting Autodesk Inc (ADSK) and DraftKings Inc (DKNG).
We initiated Palo Alto Networks Inc during the first quarter, attracted by its leadership in cybersecurity and its ability to consolidate multiple security capabilities within a unified platform.
We exited Autodesk Inc (ADSK) to fund our investment in Palantir Technologies.
During the quarter, we initiated positions in Arista Networks Inc (ANET), Palantir Technologies Inc (PLTR), and Viking Holdings (VIK), while exiting Autodesk Inc (ADSK) and DraftKings Inc (DKNG).
We exited DraftKings Inc (DKNG) as the emergence of prediction markets has introduced greater uncertainty around the competitive and regulatory landscape for online wagering.
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).
We exited Veralto (VLTO) as we saw more limited near-term growth and visibility relative to other areas of the portfolio.
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).
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).
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).
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.
Given this backdrop, we chose to exit the position and invest the proceeds into Alnylam Pharmaceuticals.
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.
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.
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).
We exited TransDigm Group (TDG) as we identified a more attractive opportunity within the aerospace aftermarket through our investment in HEICO.
Progressive Corporation (PGR) was exited following a period of strong performance, as we identified a more compelling opportunity within insurance brokerage.
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).
We exited the position during the period and redeployed capital into higher-conviction opportunities.
Also held
- Cintas Corp
- Meta Platforms Inc
- Marvell Technology, Inc.
- Palantir Technologies Inc
- Axon Enterprise Inc
- Palo Alto Networks Inc
- Spotify Technology SA
- Alphabet Inc.
- Hilton Worldwide Holdings Inc.
- Microsoft Corporation
- Netflix Inc
- Samsara Inc
- NVIDIA Corp
- Cadence Design Systems, Inc.
- NVIDIA Corporation
- Alphabet Inc
- Marvell Technology Inc
- Intuitive Surgical Inc
- HEICO Corp Class A
- Costco Wholesale Corp
- Trane Technologies PLC
- Broadcom Inc
- Amazon.com Inc
- Uber Technologies Inc
- Datadog Inc
- Trane Technologies plc
- Generac Holdings Inc.
- Autodesk, Inc.
- Intuitive Surgical, Inc.
- Costco Wholesale Corporation
- DraftKings, Inc. Class A
- Netflix, Inc.
- Samsara, Inc.
Its investment theses
- Palantir Technologies Inc. Class AJun 2026Palantir Technologies offers mission-critical data and AI software with strong commercial momentum and durable growth potential.
- Viking Holdings LtdJun 2026Viking Holdings is differentiated in luxury cruises, with strong demand visibility, attractive unit economics, and a long growth runway.
- 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.