Brown Advisory
Brown Advisory Mid Cap Growth
US Mid-cap Growth
Sep 2025 → Mar 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 26 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in 2 years — follow all of Brown Advisory for every strategy.
What it bought and sold
We like the company’s shift away from capital- intensive aircraft leasing and toward a higher-margin MRE (Maintain, Repair, Exchange) business, which should improve earnings quality and durability over time.
We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP).
We participated in the company’s IPO in our Small-Cap Growth Strategy and built a position on mild weakness in Mid-Cap Growth during the first quarter.
During the first quarter, we scrutinized AI risk of every position in the portfolio once again. Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK).
After following the company for many years, we built a small position in Guardant Health after recent due diligence highlighted a stable competitive environment and underscored several positive upcoming catalysts for the company.
During the first quarter, we scrutinized AI risk of every position in the portfolio once again. Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK).
We also built six new positions, including in two companies we believe are being disproportionately penalized in the software rout—Toast, Inc (TOST) and Guidewire Software, Inc (GWRE).
We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP).
We exited OneStream, Inc. (OS) after Hg Capital agreed to acquire the company at an approximately 30% premium to its undisturbed share price.
We also built six new positions, including in two companies we believe are being disproportionately penalized in the software rout—Toast, Inc (TOST) and Guidewire Software, Inc (GWRE).
We participated in the IPO of satellite manufacturer York Space Systems (YSS) and exited our small position in the quarter to fund other opportunities.
We also reduced the weights of Hubspot, Inc (HUBS), Dynatrace, Inc (DT) and CoStar Group, Inc (CSGP).
We also exited our small position in a 2025 IPO, Voyager Technologies (VOYG).
We exited DraftKings (DKNG) as prediction-market concerns continued to weigh on sentiment.
During the first quarter, we scrutinized AI risk of every position in the portfolio once again. Based on that analysis, we eliminated positions in Workday, Inc (WDAY), Gartner, Inc (IT), and Verisk Analytics, Inc (VRSK).
Also held
Its investment theses
- Guidewire Software, Inc.Mar 2026Guidewire Software is an insurance-software provider with durable, accelerating growth and a strong competitive position as insurers remain early in cloud transformation.
- Toast, Inc.Mar 2026Toast is a restaurant software leader with long runway for location growth, expanding verticals, and a widening competitive advantage.
- Reddit, Inc.Mar 2026Reddit combines an engaged audience, early-stage monetization, and AI data-licensing upside with room for revenue growth and margin expansion.
- Andersen Group, Inc.Mar 2026Andersen Group is a tax services firm taking share from the Big Four, with mid-teens growth, margin expansion, and acquisition upside.
- FTAI Aviation Ltd.Mar 2026FTAI Aviation is shifting toward higher-margin engine repair and exchange services, supported by strong aftermarket dynamics and additional power-generation upside.
- Guardant Health, Inc.Mar 2026Guardant Health has a stable competitive backdrop and multiple upcoming catalysts across screening, commercial expansion, and reimbursement.
- Cardinal HealthSep 2025Cardinal Health is benefiting from rising demand for specialty therapies and expanding its services while improving margins in its medical distribution business.