BROWN ADVISORY

Thesis

Brown Advisory is an independent, global investment management and strategic advisory firm founded in 1993 and headquartered in Baltimore, Maryland. It is a majority employee-owned company with over 1,000 colleagues worldwide, fostering a client-first culture. The firm's investment thesis centers on delivering active investment solutions and personalized advice with a long-term horizon, seeking to compound wealth through concentrated portfolios of high-quality, fundamentally sound businesses. They emphasize rigorous fundamental analysis and primary research, investing in companies with durable business models, strong governance, and scalable go-to-market strategies. Key focus areas include Growth Strategies (Large-Cap Growth, Mid-Cap Growth, Sustainable Small-Cap Core), Sustainable Investing, Venture Capital (notably acquiring NextGen Venture Partners), and Shariah-Compliant Investing. Brown Advisory generally prefers concentrated portfolios and avoids overly leveraged or "black-box" strategies. Their geographic scope is global, serving clients in approximately 50 states and over 39 countries. As of December 31, 2025, their AUM was reported at $173.5 billion, with other reports indicating figures around $120.6 billion to $174.5 billion. The firm traces its roots to Alex. Brown & Sons, the first investment bank in the United States.