Brown Advisory U.S. Value Fund

What it bought and sold

• ExitedNexstar Media Group, Inc.Mar 2026

  we took advantage of that opportunity to exit our position.

• TrimmedCRH public limited companyMar 2026

  We trimmed our large position in CRH earlier in the year but still view it as a core position within the sector.

• ExitedHologic, Inc.Mar 2026

  We exited Hologic, Inc. (HOLX) following the announced transaction to be taken private by Blackstone and TPG.

• New positionMondelez International, Inc. Class AMar 2026

  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

• ExitedEquitable Holdings, Inc.Mar 2026

  We eliminated our position in Equitable Holdings (EQH) near the end of the quarter due to a capital allocation decision that violated our thesis.

• ExitedVersant Media Group, Inc. Class AMar 2026

  We exited the position shortly after receiving it.

• New positionHoneywell International Inc.Mar 2026

  Early in the quarter we initiated a position in Honeywell International (HON), which is nearing the end of a multi-year simplification process.

• AddedICON PlcMar 2026

  we used the weakness to add to our position.

Also held

• SLB Limited
• Expedia Group, Inc.
• Dell Technologies, Inc. Class C
• Applied Materials, Inc.
• TD SYNNEX Corporation
• CBRE Group, Inc.
• Willis Towers Watson Public Limited Company
• Fidelity National Information Services, Inc.
• T-Mobile US, Inc.
• KKR & Co.
• Weatherford International plc
• Constellation Energy Corporation
• Wyndham Hotels & Resorts, Inc.

Its investment theses

• Becton, Dickinson and CompanyMar 2026Becton, Dickinson and Company has a non-discretionary consumables franchise, leading market share, and attractive valuation after a divestiture.
• Honeywell International Inc.Mar 2026Honeywell International Inc. offers a simplification story, sustainability exposure, and a compelling valuation after years of underperformance.
• Mondelez International, Inc. Class AMar 2026Mondelez International, Inc. has leading snacking market share, resilient cash flow, and potential earnings acceleration as cocoa prices ease.

Every letter