Brown Advisory
Brown Advisory U.S. Flexible Equity Fund
Jun 2026 → Sep 2026
Our archive holds 2 letters from this strategy, behind 4 investment theses and positions in 34 companies. Every quote below is copied verbatim from the letter it came from.
2 letters in a year · follow all of Brown Advisory for every strategy.
Performance
as of Sep 30, 2026 · net of fees · USD · B USD
- YTD+8.5%
- 1Y+10.0%
- 3Y · /yr+12.1%
- 5Y · /yr+12.5%
- 10Y · /yr+22.4%
- Inception · /yr+14.8%
Index: S&P 500 Net Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Brown Advisory U.S. Flexible Equity Fund | +8.5% | +10.0% | +12.1% | +12.5% | +22.4% | +14.8% |
| S&P 500 Net Index | — | — | — | — | — | — |
Calendar years
- 2025+8.9%index +17.4%
- 2024+22.6%index +24.5%
- 2023+33.5%index +25.7%
- 2022−21.3%index −18.5%
- 2021+24.8%index +28.2%
- 2020+19.5%index +17.8%
- 2019+35.6%index +30.7%
- 2018−4.8%index −4.4%
- 2017+23.5%index +21.8%
- 2016+8.4%index +12.0%
Since inception: ITD (03/07/2014)
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
In addition to Tyler Technologies, we initiated new positions in Boston Scientific and S&P Global, both of which we believe became available at attractive valuations because of shorter-term investor concerns.
We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.
Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).
Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).
We exited American International Group (AIG) and trimmed Bank of America (BAC) and Berkshire Hathaway (BRK.B).
We took advantage of the sell-off in software to initiate a new position in Tyler Technologies, a leading provider of integrated software and technology solutions purpose-built for the public sector.
We initiated a position in S&P Global (SPGI) and added to Capital One Financial (COF).
We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.
Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).
We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.
Industrials decreased during the quarter. We exited Carrier Global (CARR), which was partially offset by additions to Watsco (WSO).
We exited American International Group (AIG) and trimmed Bank of America (BAC) and Berkshire Hathaway (BRK.B).
We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.
We exited Intuit, Carrier Global, Lowe’s, American International Group, and Illumina, where either our conviction had moderated or much of the investment thesis had been realized.
We also initiated a position in Boston Scientific (BSX) and added to Danaher (DHR), partially offsetting the decrease.
Given the strength of this investment cycle, we have selectively added to our semiconductor holdings, including Taiwan Semiconductor Manufacturing (TSM), NVIDIA (NVDA), KLA (KLAC), and Marvell Technology (MRVL).
In addition to Tyler Technologies, we initiated new positions in Boston Scientific and S&P Global, both of which we believe became available at attractive valuations because of shorter-term investor concerns.
Strong price appreciation from Taiwan Semiconductor Manufacturing Co (TSM), KLA Corp (KLAC), and Marvell Technology Inc (MRVL) increased the weighting.
we added to Danaher Inc (DHR).
We added to SAP SE (SAP) during the period and trimmed Marvell Technology, KLA Corp, and Analog Devices Inc (ADI).
We also exited First Citizens BancShares (FCNCA) following a period of strong execution and meaningful value creation.
We exited Canadian National Railway (CNI) to redeploy capital into Watsco, where we see a more favorable risk-reward opportunity.
Given our limited allocation and the stock’s strong post-offering performance, we chose to exit the position.
We initiated positions in Capital One Financial Corp (COF) and Spotify Technology SA (SPOT)
Also held
Its investment theses
- Tyler Technologies, Inc.Sep 2026Tyler Technologies provides mission-critical software for public-sector workflows and is viewed as a resilient compounder with durable growth, high retention, pricing power, and AI-driven upside.
- Boston Scientific CorporationSep 2026Boston Scientific is a diversified medtech leader with differentiated platforms and attractive long-term procedure-driven growth at a compelling entry point.
- S&P Global, Inc.Sep 2026S&P Global is a durable financial data and ratings franchise whose valuation has compressed despite strong long-term growth prospects.
- Capital One Financial CorpJun 2026Capital One Financial Corp is a founder-led, technology-forward consumer bank with a scaled digital franchise and long-term growth potential.