Brown Advisory CIO Perspectives Brown Advisory

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. 
---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

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.
---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 li

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.
---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

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.
--
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 ri

The last weeks of the year have been packed with plenty of high-profile headlines. Digging beyond them may offer clues into the market environment materializing and how to navigate the new year.

--

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