Brown Advisory
Brown Advisory U.S. Value Fund
US Large-cap Value
Mar 2026 → Sep 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 43 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in a year · follow all of Brown Advisory for every strategy.
What it bought and sold
We used the strength during the second quarter to pare back our position but still think the company is executing at a high level and there is compelling value here ahead of the split of the company in early 2027.
- AddedHoneywell Aerospace IncSep 2026
we took the opportunity to add to our position.
Similar to Applied Materials, Inc. Masco Corporation had been a holding in the Strategy since inception but as the stock reached our target price early in the third quarter we exited our position.
we exited our position entirely in early July.
We used some of the proceeds from these sales to establish a new position in Microsoft Corporation (MSFT) in early July.
The Strategy benefitted from an absolute sense with our additions of Amazon in the second quarter and our early third quarter initiation of a position in Microsoft Corporation, but given our weights vs the benchmark, they still ended up being a drag to relative performance.
we initiated a new position in Charles Schwab Corp (SCHW) in the middle of the quarter.
we received shares in Honeywell Aerospace Inc (HONA) following the planned spin-off at the end of the second quarter.
We used the weakness to add to our position in T-Mobile given its consistent execution and robust capital return.
we used this weakness to add to our position.
we also eliminated our position in LKQ Corporation (LKQ) as our initial thesis was not playing out.
we were pleased to establish a position in Amazon (AMZN) during the second quarter.
we decided to sell our remaining position in Medtronic (MDT) to help fund our new investment in Tenet Healthcare (THC)
we made the decision to swap it for our new position in Tenet Healthcare Corp (THC).
we took advantage of that opportunity to exit our position.
We trimmed our large position in CRH earlier in the year but still view it as a core position within the sector.
We exited Hologic, Inc. (HOLX) following the announced transaction to be taken private by Blackstone and TPG.
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
We eliminated our position in Equitable Holdings (EQH) near the end of the quarter due to a capital allocation decision that violated our thesis.
We exited the position shortly after receiving it.
Early in the quarter we initiated a position in Honeywell International (HON), which is nearing the end of a multi-year simplification process.
we used the weakness to add to our position.
Also held
- Willis Towers Watson Public Limited Company
- Pentair plc
- Dell Technologies, Inc. Class C
- Becton, Dickinson and Company
- CRH public limited company
- Tenet Healthcare Corporation
- Constellation Energy Corporation
- Smurfit Westrock PLC
- Cardinal Health, Inc.
- Dell Technologies, Inc.
- ICON Plc
- TD SYNNEX Corporation
- Flex Ltd
- Applied Materials, Inc.
- SLB Limited
- Expedia Group, Inc.
- CBRE Group, Inc.
- Fidelity National Information Services, Inc.
- T-Mobile US, Inc.
- KKR & Co.
- Weatherford International plc
- Wyndham Hotels & Resorts, Inc.
Its investment theses
- Tenet Healthcare CorporationSep 2026Tenet Healthcare Corporation provides healthcare services, and the fund cites strong results, raised guidance, low valuation, and shareholder returns as the thesis.
- Willis Towers Watson Public Limited CompanySep 2026Willis Towers Watson provides insurance, advisory and broking solutions, and the fund sees the setback as transitory with improving organic growth and better margin targets.
- Tenet Healthcare CorpJun 2026Tenet Healthcare is a large hospital and ambulatory surgical center operator with improving margins, lower leverage, durable free cash flow, and long-term demographic tailwinds.
- Charles Schwab CorporationJun 2026Charles Schwab is a scaled retail brokerage and asset platform with a low-cost advantage, strong client retention, and an unusually attractive valuation.
- Honeywell Aerospace IncJun 2026Honeywell Aerospace is a leader in aircraft control systems, electronics and business jet engines that may re-rate and accelerate growth as a standalone company.
- Honeywell International Inc.Mar 2026Honeywell International Inc. offers a simplification story, sustainability exposure, and a compelling valuation after years of underperformance.