Brown Advisory
Brown Advisory US Small Cap Blend Fund
US Small-cap
Jun 2025 → Sep 2025
Our archive holds 2 letters from this strategy, behind 1 investment thesis and positions in 31 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
Vertex Inc. (VERX) is a SaaS business focused on streamlining tax compliance and reporting for corporations.
A new position was started in BrightSpring Health (BTSG) as the company offers exposure to a variety of attractive healthcare end- markets, including specialty and institutional pharmacy, as well as home & community-based provider services.
ChampionX (CHX) was acquired by Schlumberger Ltd (SLB).
Kadant Inc. (KAI) and Star Group (SGU) were sold due to valuation.
We participated in Netskope, Inc.’s (NTSK) IPO.
We sold our remaining position in Star Group LP (SGU) as the company's capital allocation began to shift more towards mergers and acquisitions (M&A) and away from the consistent share repurchases we have seen in the past.
West Pharmaceutical (WST) was eliminated as we felt our holdings in other life sciences names represented a large enough portfolio weight given the industry’s uncertain backdrop.
Ecovyst (ECVT) is a provider of specialty catalysts, chemicals, and services to the petrochemical, transportation, and industrial end markets.
We sold Getty Realty (GTY) and Monro Inc. (MNRO) over concerns about their business prospects.
Blueprint Medicines Corp. (BPMC) was acquired by Sanofi.
PROS Holdings, Inc. (PRO) continued to report in line numbers, but the company seemingly could not hit escape velocity given the variability in its travel end market.
We sold our investment in Pacific Premier (PPBI) as their transaction with Columbia Banking (COLB) neared its close.
We believe James Hardie Industries (JHX) is a leading composite siding manufacturer which recently acquired Azek, creating the top building product manufacturer in the space.
Enerpac Tool Group Corp (EPAC) is a high-mix, low-volume manufacturer of heavy-duty, mission-critical tools and has become a high-quality small cap industrial company.
Following the close, we received shares of Columbia Banking which were immediately sold.
We received shares of Schlumberger Limited (SLB) following its acquisition of ChampionX.
Parsons Corporation (PSN) is a leading solutions provider, delivering both technology and manpower to the Federal Government (about 55% of its business) and to Critical Infrastructure projects (the balance).
We sold our investment in Getty Realty Corp. (GTY) due to our concerns about the company's increased concentration in the car wash sector.
Insmed (INSM) released positive pipeline data, and the stock reached our price target.
Kadant Inc. (KAI) and Star Group (SGU) were sold due to valuation.
We sold our small investment in SITE Centers (SITC) in order to fund other real estate investments.
SailPoint (SAIL) is one of the market leaders in Enterprise Identity Security.
We sold Getty Realty (GTY) and Monro Inc. (MNRO) over concerns about their business prospects.
Cushman & Wakefield (CWK) shares appreciated as investors began to see the impact of management's actions to grow its services business and to use the business significant free cash flow to deleverage the balance sheet.