Brown Advisory
Brown Advisory Mid Cap Growth
US Mid-cap Growth
Sep 2025 → Sep 2026
Our archive holds 4 letters from this strategy, behind 16 investment theses and positions in 52 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 · Composite Net
- YTD+4.0%index +1.0%
- 1Y−0.9%index −0.9%
- 3Y · /yr+12.3%index +12.4%
- 5Y · /yr+2.0%index +2.0%
- 10Y · /yr+10.1%index +10.1%
- Inception · /yr+11.4%index +11.9%
Index: Russell Midcap Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brown Advisory Mid Cap Growth | +4.0% | −0.9% | +12.3% | +2.0% | +10.1% | +11.4% |
| Russell Midcap Growth Index | +1.0% | −0.9% | +12.4% | +2.0% | +10.1% | +11.9% |
Calendar years
- 2025+4.2%index +8.7%
- 2024+15.1%index +22.1%
- 2023+23.2%index +25.9%
- 2022−28.0%index −26.7%
- 2021+6.5%index +12.7%
- 2020+33.0%index +35.6%
- 2019+38.3%index +35.5%
- 2018−1.4%index −4.8%
- 2017+23.0%index +25.3%
- 2016+8.5%index +7.3%
Since inception: ITD (02/29/2012)
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 our position after the shares fell in the quarter, and await Neutron's maiden voyage.
Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).
We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.
We sold Fair Isaac Corporation (FICO).
Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).
We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.
We took advantage of a broad pullback in aerospace and defense shares during the quarter to build our position.
We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.
We sold Arxis, Inc. (ARXS) on valuation after its shares rose rapidly following its initial public offering (IPO) last quarter.
Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).
With that capital, we initiated positions in Valmont Industries, Inc. (VMI), Houlihan Lokey, Inc. (HLI), Prosperity Bancshares, Inc. (PB), and four other investments profiled on the following page.
We redeployed capital from Arthur J. Gallagher & Co. (AJG), Carvana Co. (CVNA), Ferguson Enterprises Inc. (FERG), and Teleflex Incorporated (TFX) into opportunities we found more compelling.
With that capital, we initiated positions in Valmont Industries, Inc. (VMI), Houlihan Lokey, Inc. (HLI), Prosperity Bancshares, Inc. (PB), and four other investments profiled on the following page.
We initiated our position after a pullback in AI-hardware shares, and the stock's rise after strong results made Lumentum Holdings one of our largest contributors in its first quarter in the portfolio.
Plexus Corp. is also gaining share, including ultrasound and semiconductor equipment, as larger competitors devote more capacity to data-center compute work that we believe will commoditize over time.
Weakening fundamentals led us to exit CoStar Group, Inc. (CSGP), Insulet Corporation (PODD), and Parsons Corporation (PSN), along with credit-reporting and scoring companies Equifax Inc. (EFX) and Fair Isaac Corporation (FICO), which face mounting regulatory pressure from the Federal Housing Finance Agency (FHFA).
With that capital, we initiated positions in Valmont Industries, Inc. (VMI), Houlihan Lokey, Inc. (HLI), Prosperity Bancshares, Inc. (PB), and four other investments profiled on the following page.
We initiated two small positions in recent IPOs that we continue to hold: Arxis Inc (ARXS), an aerospace and defense component compounder, and Quantinuum Inc (QNT), a leader in the early but promising quantum computing market.
We initiated a position in Snowflake Inc (SNOW), a cloud-native data platform our research team has followed closely for years.
We used the volatility surrounding Middle East tensions and fuel-cost fears to establish our position.
The shares weakened this spring after a modest first-quarter earnings miss amid soft restaurant traffic, and we took advantage to build our position.
The Strategy owns both Datadog—a position we added to during the first quarter's software selloff—and Lattice Semiconductor.
We took advantage of a sharp spring pullback in the shares to initiate our position in the quarter.
We established our position in early April, and the shares more than doubled during the quarter, making Flex one of our largest contributors.
Also held
- Comfort Systems USA, Inc.
- FTAI Aviation Ltd.
- Cloudflare Inc
- Snowflake, Inc.
- Flex Ltd
- Credo Technology Group Holding Ltd.
- Guidewire Software Inc
- CoStar Group Inc
- Lattice Semiconductor Corp
- Reddit, Inc.
- Insulet Corporation
- Ares Management Corporation
- The Trade Desk, Inc.
- Waste Connections, Inc.
- Lattice Semiconductor Corporation
- Fair Isaac Corporation
Its investment theses
- Lumentum Holdings, Inc.Sep 2026Lumentum Holdings, Inc. is positioned to benefit from surging AI data-center optical demand, with constrained supply, long-term customer commitments, and capacity expansion supporting growth.
- ATI IncSep 2026ATI Inc has record backlog, high entry barriers, and capacity-driven earnings growth potential in aerospace and defense specialty metals.
- Rocket Lab CorporationSep 2026Rocket Lab Corporation has growing launch demand, a record backlog, and upside from Neutron and the Iridium acquisition expanding its addressable market and recurring revenue.
- Plexus Corp.Sep 2026Plexus Corp. serves higher-margin niche electronics markets with strong secular growth and is gaining share as competitors focus on commoditizing data-center work.
- Flex LtdJun 2026Flex Ltd is a global electronics manufacturing and supply-chain services company benefiting from AI data-center demand and a planned separation that could highlight faster-growing, higher-margin segments.
- Robinhood Markets IncJun 2026Robinhood Markets Inc is a diversified financial platform with a technology-native, mobile-first model and a credible path to becoming a global brokerage leader.
- Snowflake IncJun 2026Snowflake Inc is a cloud-native data platform exposed to enterprise data and AI adoption, with accelerating product innovation and attractive valuation.
- US Foods Holding CorpJun 2026US Foods Holding Corp is a leading foodservice distributor with self-help initiatives that support double-digit earnings growth.
- Viking HoldingsJun 2026Viking Holdings is a luxury cruise operator with strong repeat demand, superior unit economics, and a long runway for profitable growth.
- 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.