Brown Advisory
Brown Advisory U.S. Value Fund
US Large-cap Value
Mar 2026 → Jun 2026
Our archive holds 2 letters from this strategy, behind 7 investment theses and positions in 42 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.
What it bought and sold
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
- Smurfit Westrock PLC
- Cardinal Health, Inc.
- Dell Technologies, Inc.
- ICON Plc
- TD SYNNEX Corporation
- Flex Ltd
- Applied Materials, Inc.
- Willis Towers Watson Public Limited Company
- SLB Limited
- Expedia Group, Inc.
- Dell Technologies, Inc. Class C
- CBRE Group, Inc.
- Fidelity National Information Services, Inc.
- T-Mobile US, Inc.
- KKR & Co.
- Weatherford International plc
- Constellation Energy Corporation
- Wyndham Hotels & Resorts, Inc.
Its investment theses
- 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.
- Amazon.com, Inc.Jun 2026Amazon.com is a dominant e-commerce and cloud company with scale, cost दक्षiciency, margin expansion, and an attractive valuation versus peers.
- 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.
- 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.