HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Brown Capital

Jun 2025 → Sep 2025 · 3 funds

Our archive holds 6 letters from Brown Capital, behind 12 investment theses and positions in 27 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

6
Letters
27
Companies
9
Moves
12
Theses

3 strategies

Brown Capital publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

What they bought and sold · 9 moves

  • New positionIntapp, Inc.
    September 2025
    “We added four new companies—Axogen (AXGN), Corcept Therapeutics (CORT), Intapp (INTA) and Mama’s Creations (MAMA)—to the portfolio this quarter.”
    Read the letter
  • ExitedOlo, Inc.
    September 2025
    “We deleted two companies from the portfolio in the third quarter of 2025—Ansys (ANSS) and Olo (OLO).”
    Read the letter
  • New positionCorcept Therapeutics Incorporated
    September 2025
    “We added four new companies—Axogen (AXGN), Corcept Therapeutics (CORT), Intapp (INTA) and Mama’s Creations (MAMA)—to the portfolio this quarter.”
    Read the letter
  • New positionAxogen, Inc.
    September 2025
    “We added four new companies—Axogen (AXGN), Corcept Therapeutics (CORT), Intapp (INTA) and Mama’s Creations (MAMA)—to the portfolio this quarter.”
    Read the letter
  • New positionJTC plc
    September 2025
    “In the third quarter of 2025, we added one company to the International Small Company Fund, JTC plc.”
    Read the letter
  • ExitedFortnox
    September 2025
    “We exited the position during the quarter after it completed its previously announced sale to private equity at a 40% premium to its pre-announcement share price.”
    Read the letter
  • ExitedANSYS, Inc.
    September 2025
    “We deleted two companies from the portfolio in the third quarter of 2025—Ansys (ANSS) and Olo (OLO).”
    Read the letter
  • TrimmedCyberArk
    September 2025
    “We have begun gradually reducing our position in CyberArk following this announcement.”
    Read the letter
  • New positionMama's Creations, Inc.
    September 2025
    “We added four new companies—Axogen (AXGN), Corcept Therapeutics (CORT), Intapp (INTA) and Mama’s Creations (MAMA)—to the portfolio this quarter.”
    Read the letter

Companies held · 27

Every company Brown Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 12

  • Axogen
    September 2025

    Axogen offers the only approved human nerve graft with strong clinical evidence, high growth, and upcoming BLA exclusivity driving profitability.

    Read the full thesis
  • Corcept Therapeutics
    September 2025

    Corcept Therapeutics delivers high-margin cortisol-modulating therapies with robust revenue and income growth, strong cash flow, and a large R&D pipeline.

    Read the full thesis
  • CRISIL Limited
    September 2025

    CRISIL Limited is India's leading credit rating and analytics provider with a capital-light business model, dominant market share and structural tailwinds.

    Read the full thesis
  • Dassault Systèmes
    September 2025

    Dassault Systèmes builds mission-critical software with deep workflow integration, high switching costs, and domain-specific AI capabilities that drive durable competitive advantages.

    Read the full thesis
  • Glaukos
    September 2025

    Glaukos offers innovative glaucoma devices with strong revenue growth, FDA-approved implants, and a promising product pipeline.

    Read the full thesis
  • Intapp
    September 2025

    Intapp provides specialized industry software with high retention, competitive moat, AI integration, and a clear path to profitability.

    Read the full thesis
  • JTC plc
    September 2025

    JTC plc is a global fund administration and private trust services leader with high recurring revenues, strong organic growth and margin resilience.

    Read the full thesis
  • Mama’s Creations
    September 2025

    Mama’s Creations offers fresh deli and prepared foods with strong organic growth, low market penetration, and experienced management driving expansion.

    Read the full thesis
  • MonotaRO
    September 2025

    MonotaRO is Japan's leading MRO e-commerce platform with a wide product catalog, strong wallet-share growth, and mid-teens revenue growth potential.

    Read the full thesis
  • Shopify
    September 2025

    Shopify is a leading digital commerce platform with high switching costs and robust growth driven by continued digitization of commerce.

    Read the full thesis
  • Vericel
    September 2025

    Vericel develops high-growth cell therapies for sports medicine and burns, with strong MACI adoption, seasonal demand, and product expansion.

    Read the full thesis
  • Vend Marketplaces
    June 2025

    Vend Marketplaces is a leading online classifieds platform in the Nordic region, dominating major verticals like mobility, real estate, jobs, and re-commerce, with significant growth potential and strong operating leverage.

    Read the full thesis

Letter archive · 6

2025

Get Brown Capital’s next letter the day it lands

We track Brown Capital alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund