Brown Advisory
Brown Advisory Large Cap sustainable Value
US Large-cap Value
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 13 investment theses and positions in 44 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · Composite Net
- YTD+7.7%index +19.3%
- 1Y+11.3%index +23.8%
- 3Y · /yr+17.3%index +20.1%
- Inception · /yr+16.9%index +18.6%
Index: Russell 1000 Value Index
| YTD | 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|---|
| Brown Advisory Large Cap sustainable Value | +7.7% | +11.3% | +17.3% | +16.9% |
| Russell 1000 Value Index | +19.3% | +23.8% | +20.1% | +18.6% |
Calendar years
- 2025+15.6%index +15.9%
- 2024+17.7%index +14.4%
- 2023+15.4%index +11.5%
- 2022+10.6%
Since inception: ITD (09/30/2022)
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 established a new position in Microsoft Corporation (MSFT) in early July.
our additions of Amazon in the second quarter
We exited our long-held positions in both Masco Corporation (MAS) and Applied Materials, Inc. (AMAT) on valuation concerns as both companies had performed well year to date and reached their respective price targets.
We used the strength during the second quarter to pare back our position but still think the company is executing at a high level and there is compelling value here ahead of the split of the company in early 2027.
- AddedHoneywell Aerospace IncSep 2026
we used the weakness during the quarter to build out our position.
we were pleased to establish a position in Amazon (AMZN) during the second quarter.
we used this weakness to add to our position.
- New positionHoneywell Aerospace IncJun 2026
we received shares in Honeywell Aerospace Inc (HONA) following the planned spin-off at the end of the second quarter.
As our smallest position within Health Care, we decided to sell our remaining position in Medtronic (MDT) to help fund our new investment in Tenet Healthcare (THC)
we made the decision to swap it for our new position in Tenet Healthcare Corp (THC).
We used the weakness to add to our position in T-Mobile given its consistent execution and robust capital return.
we took advantage of that opportunity to exit our position.
Early in the quarter we initiated a position in Honeywell International (HON), which is nearing the end of a multi-year simplification process.
We exited the position shortly after receiving it.
Finally, we established a new position in Mondelez International (MDLZ), one of the global snacking leaders, after the company witnessed over a 700 basis points (bps) decline in its gross margin and 300 bps decline in its earnings before interest tax (EBIT) last year from cocoa inflation.
we used the weakness to add to our position.
We trimmed our large position in CRH earlier in the year but still view it as a core position within the sector.
We also established a new position in Becton, Dickinson, & Co (BDX) ahead of the company combining its Biosciences & Diagnostics business with Waters Corporation (WAT) through a Reverse Morris Trust.
We eliminated our position in Equitable Holdings (EQH) near the end of the quarter due to a capital allocation decision that violated our thesis.
We sold our shares in WAT and used the proceeds to add to our existing position in BDX.
We sold our position in Hologic (HOLX) as it approached the closure of its acquisition by Blackstone and TPG Inc.
we used the weakness in the stock to add to our position.
Also held
- Expedia Group, Inc.
- Weatherford International plc
- Unilever PLC
- Tenet Healthcare Corporation
- Pentair plc
- Apple Inc.
- Smurfit Westrock PLC
- SLB Limited
- Willis Towers Watson Public Limited Company
- Becton, Dickinson and Company
- Constellation Energy Corporation
- Citigroup Inc.
- Mondelez International, Inc.
- Dell Technologies, Inc.
- CRH public limited company
- Cardinal Health, Inc.
- Willis Towers Watson PLC
- ICON Plc
- Flex Ltd
- Applied Materials, Inc.
- TD SYNNEX Corporation
- Wyndham Hotels & Resorts, Inc.
- T-Mobile US, Inc.
- Comcast Corporation
- Dell Technologies, Inc. Class C
Its investment theses
- Pentair plcSep 2026Pentair plc is a water treatment and pool equipment company that the managers believe should benefit from a 2027 Pool recovery and is trading at very low valuation levels.
- Constellation Energy CorporationSep 2026Constellation Energy Corporation is a power generation company with strong free cash flow, an investment-grade balance sheet, growing buybacks, and long-term PPA wins with hyperscalers.
- Microsoft CorporationSep 2026Microsoft Corporation is a software leader with M365 and Azure, disciplined GAAP reporting, double-digit growth potential, and attractive valuation.
- CRH public limited companySep 2026CRH public limited company is a building materials supplier with solid results and a long record of margin expansion despite valuation pressure.
- Amazon.com, Inc.Jun 2026Amazon.com, Inc. is a dominant e-commerce and cloud platform, and the fund sees margin expansion, free cash flow inflection, market share gains, and an attractive valuation.
- Tenet Healthcare CorporationJun 2026Tenet Healthcare Corporation operates hospitals and ambulatory surgical centers, and the fund likes its transformation, durable moat, demographic tailwinds, stable free cash flow, and cheap valuation.
- Becton, Dickinson and CompanyMar 2026Becton, Dickinson has a dominant consumables franchise, high market share, and an attractive valuation after the divestiture.
- Mondelez International, Inc. Class AMar 2026Mondelez combines leading snacking market share, resilient cash flow, and a potential earnings acceleration from lower cocoa costs.
- HologicSep 2025Hologic (HOLX) is a leading global diagnostics company specializing in women's health, particularly in breast imaging and molecular diagnostics, with a strong focus on consumables and service contracts that drive robust margins and free cash flow.
- Smurfit WestrockSep 2025Smurfit Westrock is a leading packaging company undergoing a transformation that presents significant value opportunities due to its management's operational discipline, the potential for "self help," and a strong focus on sustainability amidst industry changes.