In this episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, are joined by Ryan Myerberg, Partner and Portfolio Manager on the firm’s Global Fixed Income team. Ryan brings deep experience across public and private credit markets, having previously served as CIO of Absolute Return Fixed Income at Amundi and led the global fixed income platform at Janus Henderson.
The conversation centers on the evolving fixed income landscape, with Ryan offering a candid assessment of the past three years—marked by rapid market flashpoints, geopolitical shocks and heightened rate volatility. He shares how his team navigates this environment by leveraging interest rates as an alpha-generating lever and maintaining a flexible, unconstrained approach to portfolio construction.
Macro themes such as AI-driven growth, labor market fragility and the Fed’s rate-cutting cycle are explored in depth. Ryan discusses the bifurcation in the U.S. economy, where AI investment is powering top-line growth while traditional sectors show signs of weakness. He also highlights the risks of overbuilding in AI infrastructure and the circular financing dynamics emerging across tech and credit markets.
On the global front, Ryan outlines opportunities in non-U.S. markets, noting that central banks outside the U.S. are ahead in their cutting cycles. He shares views on currency exposure, emerging market debt and the structural repricing of the U.S. dollar, driven by hedging flows and investor reallocation.
The episode closes with a discussion on credit spreads, securitized assets and private credit. Ryan emphasizes selectivity, cautioning against chasing yield in a frothy market and advocating for high-quality, idiosyncratic opportunities. Sid and Erika reflect on Ryan’s thoughtful approach to risk, his global perspective and the importance of active management in today’s complex fixed income environment.
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The views and opinions expressed in this video are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this video is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. S&P®, S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.
The Bloomberg U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, taxable bond market. The index includes U.S. Treasury securities, government-related and corporate bonds, mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).
The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-income markets. It includes government, government-related, corporate, and securitized fixed-rate bonds from developed and emerging market issuers across multiple local currencies.
Bloomberg® and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”), and have been licensed for use. Bloomberg is not affiliated with, and does not approve, endorse, review, or recommend the products or services of, [Your Firm Name]. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the index.
Terms & Definitions
Capital Expenditures (CapEx) represent the funds a company uses to acquire, upgrade, or maintain physical assets such as property, buildings, technology, or equipment.
Consumer Price Index (CPI) is a measure of inflation that tracks the changes in the prices of a basket of goods and services, excluding food and energy prices.
Duration measures of the sensitivity of a bond’s price to changes in interest rates.
Earnings Growth refers to the annual rate at which a company’s net income (or “earnings”) increases over time. It measures the percentage change in earnings per share (EPS) or total net income from one period to another, typically on a quarterly or annual basis.
Spread is the difference in yield between two different debt instruments, often used to assess credit risk.
In this episode of CIO Perspectives, Sid Ahl, Co-CIO for Private Clients, Endowments and Foundations at Brown Advisory, and Co-CIO Erika Pagel interview Jon Lewinsohn, founder and managing partner at Diameter Capital Partners, a leading credit investment firm with expertise across public, private and structured credit markets. Jon shares his investment philosophy, shaped by years of experience in credit research and trading, and built on the idea of creating alpha through multiple ways to win—across stressed, performing and distressed credit. He emphasizes the importance of being “safely fast,” combining speed with discipline, and highlights the role of deep industry expertise and macro awareness in navigating today’s complex environment.
The conversation explores how Diameter organizes its research teams to respond quickly to emerging opportunities, with analysts developing both macro and micro views across sectors. Jon discusses the firm’s expansion from a single-strategy hedge fund into a diversified platform, including Collateralized Loan Obligations, direct lending and dislocation funds, while maintaining nimbleness and avoiding size constraints that could dilute performance. Macro topics such as inflation, Fed policy and tariffs are addressed, with Jon cautioning against overreliance on external economic forecasts and stressing the importance of forming independent views. He shares insights into the current credit environment, noting tight spreads and the need for selectivity, particularly in identifying opportunities within microcycles—industry-specific dislocations driven by technological change or policy shifts. He also discusses the impact of AI, both as a transformative technology and as a driver of capital flows, and Sid and Erika conclude the episode by reflecting on Jon’s high-energy approach, the depth of Diameter’s team and the firm’s ability to combine macro insight with bottom-up credit work. They underscore the importance of disciplined risk management, thoughtful portfolio construction and identifying industry transitions to generate alpha in today’s evolving credit landscape.
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The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory or Diameter Capital Partners. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the speakers on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and Accredited Investors only.
Hedge Funds involve complex tax and legal structures. Investment in any particular Fund or hedge funds, generally, is only suitable for sophisticated investors for whom such an investment does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such investment.
Terms and Definitions
Alpha refers to the excess return of an investment relative to the return of a benchmark index or market.
CapEx refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property, buildings, or equipment. These are long-term investments aimed at expanding or improving operations.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) refers to a financial metric used to evaluate a company’s operating performance. It strips out the effects of financing and accounting decisions by adding back interest, taxes, depreciation, and amortization to net income.
Forward Earnings Per Share (EPS) is an estimate of a company’s earnings per share for a future period.
Microcycles refers to Industry-specific downturns or disruptions that are cyclical in nature, distinct from broader economic recessions.
Private Credit investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the Offering Materials pertaining to any investment and carefully consider whether such an investment is suitable to the investor’s financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of these types of investments. There can be no assurance that any investment objectives will be achieved, or that investors will receive a return of their capital. Accordingly, investors should only invest in private credit investments if such investors are able to withstand a total loss of their investment.
In this episode of CIO Perspectives, Sid Ahl, Co-CIO for Private Clients, Endowments and Foundations at Brown Advisory, and his Co-CIO Erika Pagel, interview Dirk Enderlein, senior managing director and portfolio manager at Wellington Management in London. They discuss Dirk's investment philosophy, his experience building European equity strategies at Wellington Management—a private, employee-owned asset manager—and the factors behind the strong performance of European equities. Dirk emphasizes his investment approach, which is built on three core pillars: understanding a company's structural growth profile, analyzing the competitive landscape and applying a long-term valuation framework. His philosophy was shaped by lessons from the tech bubble, focusing on organic growth, defensive competitive positions and disciplined valuation, particularly avoiding overpaying for future growth.
The conversation covers how Dirk's strategy benefits from flexibility across all market caps, with a particular focus on small and mid-cap companies for attractive growth and valuation opportunities. He explains his structural preference for high-quality industrials and an overweight position in markets with strong shareholder rights, like the UK and Sweden. Dirk highlights shifts in sector allocations—such as increased investments in defense and cement companies—driven by macro trends like rising infrastructure and Defense Spending, regulatory changes and competitive dynamics. He also discusses selective opportunities in Consumer Staples (e.g., Unilever, British American Tobacco), Regional Banks (favoring boring, well-regulated regional banks) and the cautious approach to Health Care and Technology given valuation and competitive risks. Macro topics like tariffs, inflation and interest rates are addressed, with Dirk stressing the importance of flexibility, valuation discipline and readiness for transitions in market structure. Both Sid and Erika underscore Dirk’s disciplined and opportunistic approach, his focus on identifying industry transitions, and how these have led to outperformance, especially in periods of market rotation and global rebalancing. The episode concludes with a positive outlook on the European equity opportunity set, cautioning that valuation and macro risks remain, but highlighting the value of disciplined, bottom-up stock selection in navigating uncertain environments.
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The views and opinions expressed in this video are those of the speakers and do not necessarily reflect those of Brown Advisory or Wellington Management. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this video is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Brown Advisory is a client of Wellington Management, which is not receiving compensation for this podcast and commentary. There are no material conflicts in connection with this testimonial.
Sectors are based on the Global Industry Classification Standard (GICS®) classification system. Please see the end of this presentation for a GIPS Report, important disclosures and a complete list of terms and definitions.
In this CIO Perspectives discussion, Sid Ahl, Erika Pagel and Sargent McGowan (CIO of Endowments & Foundations) analyze recent market resilience amidst significant uncertainty, including trade policy shifts, US deficits, and geopolitical tensions. Despite these challenges, equity markets have rallied, with notable sector rotation and international outperformance—Europe and China up over 20% year-to-date, and a broadening beyond US large caps. Tariff uncertainty, tech sector strength, and AI-driven earnings have underpinned the rally, while inflation and the Fed’s cautious stance add complexity.
The panel highlights the importance of diversification, active management, and global exposure, particularly given elevated US valuations and regulatory uncertainty. They discuss the ongoing attractiveness of small caps due to valuation discounts and alpha opportunities despite structural headwinds and note a strategic increase in Japanese equities due to favorable valuations and corporate reforms.
For endowment and foundation clients, liquidity and scenario planning are emphasized, along with maintaining long-term return targets through diversification—including hedge funds, private equity, and secondary market opportunities. Fixed income portfolios have shifted toward higher quality and shorter duration, with an eye on yield curve movements and government debt concerns.
The team is also selectively increasing private credit and distressed allocations as supply-demand dynamics in private markets improve. Throughout, the CIOs stress disciplined asset allocation, tactical rebalancing, and the need to balance risk exposures, particularly in a market marked by rapid change and persistent uncertainty.
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The views and opinions expressed in this video are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this video is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and Accredited Investors only. Private equity investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the Offering Memorandum pertaining to any investment, and carefully consider whether such an investment is suitable to the investor’s financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of the investments described in the Offering Memorandum pertaining to an investment opportunity. No assurance can be given that any such opportunity’s investment objectives will be achieved or that investors will receive a return of any of their capital. Investors should pay particular attention to the risk factors described in the Offering Memorandum pertaining to an investment opportunity. Prior to any investment, investors should take the opportunity to ask questions of and receive answers and additional information concerning the terms and conditions of the offering of interests and other relevant matters. Investors should inform themselves as to the legal requirements applicable to them in respect of the acquisition, holding and disposition of the interests and as to the income and other tax consequences to them of such acquisition, holding and disposition. Prior to acquiring an interest, a prospective investor should consult with its own legal, investment, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment.
Sectors based on GICS and GICS trademark language.
Index Definitions and Trademark Language:
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. The S&P SmallCap 600® Index seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. S&P®, S&P 500® and S&P 600® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 1000® Growth Index tracks the performance of large-cap companies within the Russell 1000 Index that exhibit growth characteristics, such as higher price-to-book ratios and higher forecasted growth values. The Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The MSCI ACWI Index captures large and mid-cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The Index covers approximately 85% of the global investable equity opportunity set. The MSCI ACWI captures large and mid-cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI Indexes and products are trademarks and service marks of MSCI or its subsidiaries.
The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed, and mortgage-backed securities between one and 10 years.
The ISM Manufacturing Index, also known as the Purchasing Managers' Index (PMI), is a monthly indicator of U.S. economic activit...
In this latest episode of CIO Perspectives, Sid Ahl, Co-CIO of Private Client, Endowments and Foundations at Brown Advisory, conversed with Paul Chew, Firm Chief Investment Officer and Kif Hancock, CIO International. They analyze the 2025 Asset Allocation Outlook, noting market volatility and the significant shifts since the US elections. The conversation highlights initial investor enthusiasm about deregulation and tax cuts under the new administration, which quickly shifts to concerns over tariffs and cost-cutting. Paul emphasizes the market's current uncertainty, noting rapid changes in investor sentiment and significant declines in major tech stocks. Kif provides insights into European market dynamics, noting increased investment due to structural reforms and cheaper valuations compared to the US. Sid and Paul also discuss the implications of AI advancements, particularly the impact of the Chinese company DeepSeek on tech stocks. The dialogue concludes with reflections on fixed income markets, US fiscal concerns and opportunities in private markets. Overall, this discussion underscores the need for diversification and adaptive strategies in the current economic landscape.
Disclosures:
The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available to Qualified Purchasers and/or Accredited Investors only.
“Magnificent Seven” (Apple, Microsoft, Alphabet, Amazon, Meta Platforms, NVIDIA and Tesla)
NASDAQ, INC. (“NASDAQ”) NASDAQ name and other marks are registered trademarks of The NASDAQ OMX Group, Inc. All proprietary rights, including intellectual property rights, remain property of NASDAQ.
Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens and other consequences of such investment. Definitions of indices used are below. An investor cannot invest directly into an index.
Index Information:
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. These trademarks have been licensed to S&P Dow Jones Indices LLC. S&P, Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
The MSCI ACWI Index captures large and mid-cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The Index covers approximately 85% of the global investable equity opportunity set. MSCI Indexes and products are trademarks and service marks of MSCI or its subsidiaries. The MSCI ACWI captures large and mid-cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI and other MSCI brands are trademarks, service marks or registered trademarks of MSCI Group.
Terms and Definitions:
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of the fund and compares its risk-adjusted performance to a benchmark index.
Portable Alpha is an investment strategy that combines market exposure with a separate investment strategy to generate returns.
Alpha Extension strategies are a form of high conviction investing, boosting active exposure and potentially offering more flexibility in portfolio construction.
Volatility refers to the degree of price fluctuation of an asset or market over a specific period, essentially measuring how much and how quickly prices move up or down.
Diversification in investing is a strategy to reduce risk by spreading investments across different asset classes.
Alternative Investments are financial assets that do not fit into the conventional equity/income/cash categories. Private equity or venture capital, hedge funds, real property, commodities, and tangible assets are all examples of alternative investments.
Environmental Protection Agency (EPA) is a US federal agency responsible for protecting human health and the environment.
Defensive Stocks are stocks that provide consistent dividends and stable earnings regardless of the state of the overall stock market, typically including utilities, healthcare, and consumer staples.
In the latest episode of CIO Perspectives, Sid Ahl and Erika Pagel from Brown Advisory discuss the impact of the recent U.S. elections on markets and policy. Joined by colleagues Eric Gordon and Alice Paik, they delve into the implications of a "red sweep" with Trump winning the presidency and Republicans gaining control of both the House and Senate. This political shift is expected to lead to pro-growth, pro-business policies, including potential corporate tax cuts and deregulation, which have already sparked significant market reactions.
Sid and Erika highlight the market's immediate positive response to the election results, noting the S&P 500's rise and the broadening of returns in various sectors. They also discuss broader economic implications, such as potential changes to corporate tax, tariffs, immigration, and energy policies, and concerns about the rising deficit and inflation. Eric Gordon adds that the positive market response is driven by relief over a definitive election outcome and the potential for pro-business policies. He warns, however, that the long-term sustainability of this rally depends on the actual implementation of these policies and how they affect inflation and interest rates. Alice Paik provides insights on the tax policy changes expected under the new administration, emphasizing the need for taxpayers to remain prepared for potential legislative shifts. Overall, the discussion underscores the market's cautious optimism while highlighting the uncertainties that lie ahead.
Disclosures:
The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
The views expressed are solely for informational purposes and do not represent an endorsement of any political party or candidate.
“Magnificent Seven” (Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Nvidia and Tesla)
Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment.
The CBOE Volatility Index, or VIX, is an index created by CBOE Global Markets, which shows the market's expectation of 30-day volatility. The Cboe Companies, their third-party service or data providers, or any party from whom they have licensed trademarks or indices (collectively, the “Cboe Parties”) do not guarantee the accuracy, completeness, or timeliness of the Content, trademarks, strategies or values, or the methodologies or input data used to calculate index values.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. The index was developed with a base value of 140.00 as of December 31, 1986.The Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. S&P® and S&P500® are registered trademarks of Standard & Poor’s Financial Services LLC.
All data is sourced from FactSet unless otherwise stated. FactSet Research Systems Inc. (“FactSet”) FactSet is a registered trademark of FactSet Research Systems Inc.. All proprietary rights, including intellectual property rights, in the FactSet Data will remain property of FactSet
Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s.
Terms and Definitions:
Earnings per Share (EPS) is a measure of a company's profitability that indicates how much profit each outstanding share of common stock has earned.
Price-to-Earnings Ratio (P/E Ratio) measures a company's share price relative to its earnings per share (EPS).
In this episode of CIO Perspectives, Sid Ahl and Erika have a chat with Vineet Mitera, the CIO/Manager at Ward Ferry Management, an independent investment firm based in Hong Kong. The discussion highlights the investment landscape across various Asian markets, emphasizing the importance of healthy balance sheets, regional economic conditions, and sector-specific opportunities. Key themes include the resilience of Indian companies, the cautious yet opportunistic approach in China, the promising reforms and undervalued sectors in Japan and the growth potential in ASEAN markets.
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The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
Definitions
Earnings before interest, taxes, depreciation, and amortization (EBITDA) is an alternate measure of profitability to net income. It's used to assess a company's profitability and financial performance.
Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures and changes to net working capital.
Free cash flow yield is calculated as the inverse of an index’s price-to-free cash flow ratio. In other words, it is calculated as the expected free cash flow of the index divided by the index’s current price.
In this episode of CIO Perspectives, Sid Ahl and Erika Pagel speak with Lauren Taylor Wolfe, co-founder and managing partner of Impactive Capital, a $3 billion active impact investing firm. Lauren explains her journey of active investing in smaller companies, emphasizing value and sustainability. She discusses the challenges and opportunities in the small-cap space, which has been underperforming amid a market dominated by mega-cap tech stocks and AI-driven momentum. She also shares her optimism about the robust pipeline of investment opportunities in sectors like health care, consumer and industrial markets.
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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
ESG considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. ESG analysis may not be performed for every holding in every strategy.
ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that Brown Advisory believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in companies that do not reflect the beliefs and values of any particular investor. These strategies may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.
Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the US equity universe. The Russell 2000® Value Index measures the performance of the small- cap value segment of the U.S. equity universe. The Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. These trademarks have been licensed to S&P Dow Jones Indices LLC. S&P, Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
Definitions:
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a measure of core corporate profitability. EBITDA is calculated by adding interest, tax, depreciation, and amortization expenses to net income.
Free cash flow (FCF) is a company's available cash repaid to creditors and as dividends and interest to investors. Management and investors use free cash flow as a measure of a company's financial health.
Free cash flow yield is a financial solvency ratio that compares the free cash flow per share a company is expected to earn against its market value per share. The ratio is calculated by taking the free cash flow per share divided by the current share price.
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of the fund and compares its risk-adjusted performance to a benchmark index.
Beta represents the slope of the regression of the fund’s monthly returns vs. the benchmark. This is a measure of sensitivity to the market (benchmark). A lower number indicates a lesser reliance on market returns to generate overall fund returns.
In our latest episode, Sid Ahl and Erika Pagel are joined by portfolio manager and equity investor Eric Gordon to discuss some themes that have driven markets for several years now. These include the ongoing global inflation saga now entering its fifth year and the race to develop technology and business models around generative artificial intelligence.
They also look at some of the developments in aerospace/defense that are propelling that sector (from geopolitical turmoil to a surge in travel) and examine some of the obstacles that life sciences investors are currently navigating.
In particular, the team talks about generative AI and about how software is driving hardware—specifically, how the AI race is driving intense demand for new data centers and new sources of electricity to power all of those centers, in a “very unlikely relationship or marriage between technology and energy” forces.
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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
ESG considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. ESG analysis may not be performed for every holding in every strategy.
ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that Brown Advisory believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in companies that do not reflect the beliefs and values of any particular investor. These strategies may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.
Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.
The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.The Frank Russell Company(“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. These trademarks have been licensed to S&P Dow Jones Indices LLC. S&P, Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s.
In our latest episode, Sid and Erika cover some of the major themes in the recently produced 2024 Outlook and share their thoughts on the surprising resilience of the US economy, the mounting impact of higher rates, concerns about the deficit and fiscal situation in the US, and the potential economic and market impacts of AI and the GLP-1 weight loss drugs.
To read or download the accompanying report, please click here.
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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI. “GICS” is a trademark of MSCI and Standard & Poor’s.
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. These trademarks have been licensed to S&P Dow Jones Indices LLC. S&P, Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell ® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
NASDAQ Index is a market capitalization-weighted index of more than 3,700 stocks listed on the Nasdaq stock exchange. NASDAQ Index trademarks, service marks and logos (collectively, the "Marks") set forth below are registered and unregistered trademarks and/or service marks owned by NASDAQ in the United States and certain other countries throughout the world. Nothing contained on this website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any of the Marks without the written permission of NASDAQ. Any misuse of the Marks or any Content, except as provided in this Statement, is strictly prohibited and may violate trademark laws. Nasdaq® is a registered trademark of Nasdaq, Inc
The “Magnificent 7” reference the U.S. tech companies: Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla.
An investor cannot invest directly into an index.
In this episode, Erika Pagel and Sid Ahl are joined by Brown Advisory’s David Schuster, portfolio manager of the firm’s Small Cap Fundamental Value strategy, for a discussion about the surprising resilience of capital markets in the face of a challenging economic environment.
For important disclosures and a list of terms and definitions, please visit www.brownadvisory.com/us/insights/cio-perspectives-new-bull-markets
In our latest episode, Sid and Erika are joined by Mick Dillon, who co-manages Brown Advisory’s Global Leaders and Global Focus strategies and has played a critical role in developing the firm’s global equity investment platform since joining Brown Advisory in 2014.
Mick joins the podcast at an especially timely moment. Many investors and pundits continue to focus their attention on the “Magnificent Seven” tech stocks that have dominated the U.S. market for several years, but there are a large number of significant geopolitical and regional matters that are impacting investments all over the globe. In this discussion, he offers his perspective to help Sid and Erika dive deep into what is going on in Europe, Japan, China and elsewhere.
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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
ESG considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. ESG analysis may not be performed for every holding in every strategy.
ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that Brown Advisory believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in companies that do not reflect the beliefs and values of any particular investor. These strategies may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.
Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.
Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI. “GICS” is a trademark of MSCI and Standard & Poor’s.
An investor cannot invest directly into an index.
As the end of the first quarter of 2023 approaches, Sid Ahl and Erika Pagel are joined by Jon Bassett and Joe Pasqualichio to discuss one of the most fascinating technological developments of the new year: the new developments in generative AI. The group also analyzes the macro outlook for the new year including who may benefit from China’s long-awaited reopening, how the venture capital landscape has adapted to the shift in tech company valuations and how startups are reprioritizing their goals, and asset allocation for a year where bonds offer the most attractive returns they have compared to the expected returns for stocks in decades.
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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.
Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.
The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. The information provided has not been independently reviewed or audited by outside certified public accountants. The information provided is not intended to be a forecast of future events or a guarantee of future results. Past performance is not indicative of future performance.
Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to any investment, investors should take the opportunity to ask questions of and receive answers and additional information concerning the terms and conditions of the offering of interests and other relevant matters. Investors should inform themselves as to the legal requirements applicable to them in respect of the acquisition, holding and disposition of the interests and as to the income and other tax consequences to them of such acquisition, holding and disposition. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.
All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.
Private equity investments will be characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the confidential information contained herein and in the Offering Materials pertaining to any investment, and carefully consider whether such an investment is suitable to the investor's financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of the investments described in the Memorandum pertaining to an investment opportunity. No assurance can be given that any such opportunity's investment objectives will be achieved or that investors will receive a return of any of their capital. Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity.
ESG considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. ESG analysis may not be performed for every holding in every strategy. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that Brown Advisory believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, certain strategies may invest in companies that do not reflect the beliefs and values of any particular investor. These strategies may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk.
Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.
The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.
Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI. “GICS” is a trademark of MSCI and Standard & Poor’s.
Multiple on Invested Capital (MOIC) is a performance metric used to estimate the realized and unrealized returns of private investments. “FAANG” is an acronym that refers to the stocks of Meta (formerly known as Facebook), Amazon, Apple, Netflix; and Alphabet (formerly known as Google).
The Bloomberg Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. Bloomberg is a trademark/service mark of Bloomberg Finance L.P., a Delaw...