Brown Advisory
Brown Advisory Small-Cap Growth Strategy
Small-cap Growth
Mar 2025 → Sep 2026
Our archive holds 5 letters from this strategy, behind 11 investment theses and positions in 43 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+11.7%index +10.7%
- 1Y+13.5%index +12.1%
- 3Y · /yr+9.4%index +17.6%
- 5Y · /yr+1.6%index +4.7%
- 10Y · /yr+8.6%index +9.9%
- Inception · /yr+8.4%index +8.2%
Index: Russell 2000 Growth Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brown Advisory Small-Cap Growth Strategy | +11.7% | +13.5% | +9.4% | +1.6% | +8.6% | +8.4% |
| Russell 2000 Growth Index | +10.7% | +12.1% | +17.6% | +4.7% | +9.9% | +8.2% |
Calendar years
- 2025+2.3%index +13.0%
- 2024+4.7%index +15.2%
- 2023+12.5%index +18.7%
- 2022−20.4%index −26.4%
- 2021+7.7%index +2.8%
- 2020+32.2%index +34.6%
- 2019+34.3%index +28.5%
- 2018−4.3%index −9.3%
- 2017+17.7%index +22.2%
- 2016+10.3%index +11.3%
Since inception: ITD (02/26/1993)
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 believe Balchem Corp (BCPC) is well positioned with dominant positions in some health and medical end market niches that lend themselves to consistent growth and cash conversion.
We initiated a position in CAVA Group, Inc. (CAVA) following a ~30% decline in the stock price as the entire restaurant sector sold off on macro and geopolitical concerns.
We initiated a position in Ambarella (AMBA), believing that the stock was attractively priced in an environment where their tech is becoming structurally more important over the next few years.
Bioventus, Inc. Class A (BVS) is a niche medical technology company focused on musculoskeletal pain relief and active healing, with products that help improve recovery, restore mobility, and provide non-opioid alternatives to pain management.
The sale of DigitalBridge (DBRG) to SoftBank was completed.
We took meaningful profits in names like Si-Time Corporation (SITM), Curtiss-Wright Corporation (CW), Lattice Semiconductor Corporation (LSCC), BWX Technologies, Inc. (BWXT), and others earlier in the year
We took meaningful profits in names like Si-Time Corporation (SITM), Curtiss-Wright Corporation (CW), Lattice Semiconductor Corporation (LSCC), BWX Technologies, Inc. (BWXT), and others earlier in the year
We sold our shares in Woodward, Inc. (WWD) based on valuation, with an increasingly rosy picture of both commercial aerospace demand and AI-led gas turbine demand being baked into expectations.
Bright Horizons Family Solutions, Inc. (BFAM) continues to struggle getting back to pre-COVID-19 utilization rates and we exited the position to fund higher conviction ideas.
We took meaningful profits in names like Si-Time Corporation (SITM), Curtiss-Wright Corporation (CW), Lattice Semiconductor Corporation (LSCC), BWX Technologies, Inc. (BWXT), and others earlier in the year
EnerSys (ENS) designs, manufactures, and services industrial batteries, energy storage systems, power electronics, charging equipment, and related software that help customers maintain reliable power in demanding operating environments.
We exited our position in QXO, Inc. (QXO) following the acquisition of TopBuild.
We exited Mister Car Wash, Inc. (MCW) following the news that it would be acquired.
We initiated a position in Plexus Corp. (PLXS) as we view it as a differentiated, engineering-led EMS compounder shifting toward a higher- margin, stickier business mix, with accelerating demand across semi-cap, aerospace & defense, and space.
We bought shares of Arxis Inc (ARXS) in the company's initial public offering.
We exited Mirion Technologies Inc (MIR) with diminishing conviction in the management team's ability to execute on the nuclear opportunity set ahead of them and the recent pressure in their medical segment.
We had already sold much of our position in Mueller Water Products Inc (MWA) in 2025 and finished exiting this quarter.
We purchased ACV Auctions, Inc. Class A (ACVA) shares after a 40% YTD decline as unit growth decelerated on the 4Q25 print early in the year.
We initiated a position in Quantinuum Inc (QNT) on the IPO with a view that they are best positioned to successfully scale their quantum computing systems over the next few years to solve novel problems for both government and commercial use cases.
We participated in the Lincoln International (LCLN) IPO.
- ExitedOneStream, Inc. Class AMar 2026
Hg Capital agreed to acquire OneStream, Inc. (OS) for a ~30% premium to where it was trading prior to the news.
- ExitedLittelfuse, Inc.Mar 2026
We exited our position in Littelfuse, Inc. (LFUS) following significant price appreciation to fund other ideas in the portfolio.
- ExitedRentokil Initial plc Sponsored ADRMar 2026
After strong price appreciation, we exited Rentokil Initial plc (RTO) on market cap considerations and to fund other ideas.
- ExitedOnestream, Inc.Mar 2026
We had two additional take-outs in the first quarter, Onestream, Inc. (OS) and Mister Car Wash, Inc. (MCW), both by private equity, which is an acknowledgment that many companies are trading below their intrinsic value today.
Also held
- ACV Auctions, Inc. Class A
- Establishment Labs Holdings, Inc.
- Casella Waste Systems, Inc. Class A
- AAON, Inc.
- Andersen Group, Inc. Class A
- Dynatrace, Inc.
- Enpro Inc.
- CCC Intelligent Solutions Holdings Inc
- StandardAero, Inc.
- SiteOne Landscape Supply, Inc.
- Lattice Semiconductor Corporation
- Bruker Corporation
- SiTime Corporation
- Bright Horizons Family Solutions, Inc.
- FTI Consulting Inc
- Guidewire Software, Inc.
- Vertex, Inc. Class A
- Entegris, Inc.
- Casey's General Stores, Inc.
- Brown Advisory Small-Cap Growth Strategy
- Oceaneering International, Inc.
Its investment theses
- Alkermes Public Limited CompanySep 2026Alkermes Public Limited Company develops innovative CNS medicines and can self-fund R&D from commercial cash flows.
- Balchem CorpSep 2026Balchem Corp has dominant niche positions and a multi-year growth runway in human health supplements.
- EnerSysSep 2026EnerSys is positioned for high-single-digit growth through 2030 from defense, data center, and industrial mobility exposure.
- ACV Auctions, Inc. Class AJun 2026ACV Auctions, Inc. Class A has a long runway as more auction volume shifts online and new products support renewed growth.
- Quantinuum IncJun 2026Quantinuum Inc is positioned to scale quantum computing systems early and build a defensible long-term moat.
- Knife River CorporationMar 2026Knife River Corporation is a vertically integrated construction materials business seeing stronger demand and potential pricing and margin growth.
- Enerpac Tool Group CorpSep 2025Enerpac Tool Group Corp (EPAC) is a hidden gem in the industrial sector with improving margins, a strong balance sheet, and a commitment to operational enhancements under CEO Paul Sternlieb.
- Netskope,Sep 2025Netskope, Inc. is a technology leader in Cloud Network Cyber Security, offering innovative solutions for stronger security and performance in Enterprise networks, with significant growth potential in the coming years.
- Parsons CorporationSep 2025Parsons Corporation is a leading solutions provider for the Federal Government and Critical Infrastructure projects, well-positioned for continued growth with expected mid-teens EBITDA growth driven by organic revenue gains, M&A, and margin expansion.
- AAON Inc.Mar 2025AAON Inc. is a promising investment with strong growth potential in both the commercial rooftop HVAC market and its rapidly expanding data center cooling business.