Brown Advisory CIO Perspectives

Brown Advisory
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Welcome to our Investment Podcast where our CIOs explore issues of the day with leading investors from inside and outside Brown Advisory.

  1. 5D AGO

    Navigating Tariffs, Rate Cuts, AI, and Market Concentration: Themes for 2025 and Roadmap for 2026

    In this year-end episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, are joined by two senior investment leaders at the firm: Sarge McGowan, CIO of U.S. Endowments and Foundations, and Christopher “Kif” Hancock, Brown Advisory’s CIO International. Together they reflect on the key surprises of 2025 and share how they are thinking about the opportunities and risks that could shape 2026. The conversation begins with what markets have absorbed this year—from tariffs and shifting trade policy narratives to persistent inflation dynamics—yet still delivered strong returns. The group discusses the Federal Reserve’s pivot toward a slower pace of rate cuts, the uneven “K‑shaped” feel of the economy, and what elevated valuations and index concentration imply for future returns and diversification. Artificial intelligence is a central theme throughout. Sid outlines how AI has moved from experimentation to implementation, with real-world productivity gains and continued investment in computing infrastructure. Kif adds a Europe-based perspective on the AI debate—emphasizing the need for humility in fast-moving narratives—while also highlighting how AI adoption could become a source of incremental productivity for regions facing structural growth challenges. From there, the discussion turns to portfolio construction and implementation: global diversification (including Europe and Japan), the role of currency exposure, and why manager and strategy selection remain crucial in both public and private markets. The episode closes with a “round‑the‑horn” look at 2026 surprises—from a potential reopening of private equity exits to continued market concentration, the broadening of AI benefits beyond tech, and emerging themes like robotics. ---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 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 speakers on an objective basis to illustrate views expressed in the podcast 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 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. 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 Aggregate Bond Index is an unmanaged, market value-weighted index comprising 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 indices are trademarks of Bloomberg or its licensors.   The NASDAQ (commonly stylized as “Nasdaq”) most often refers to the Nasdaq Stock Market—an electronic securities marketplace/stock exchange where publicly traded companies’ shares are listed and traded. The Nasdaq Stock Market and related Nasdaq market names are trademarks of Nasdaq, Inc. Nasdaq marks and logos are owned by Nasdaq, Inc. Nasdaq stock symbols are proprietary to Nasdaq, Inc. Terms and Definitions: AI (Artificial Intelligence) refers to computer systems that can perform tasks typically requiring human intelligence, such as pattern recognition, language understanding and decision support. Alpha measures the excess return of an investment relative to a benchmark index. Beta measures a stock’s volatility compared to the overall market; a beta above 1 indicates higher volatility. Capex (Capital Expenditure) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology. CPI (Consumer Price Index) is a measure of inflation that tracks changes in the prices paid by consumers for a basket of goods and services. Downside capture (or downside capture ratio) is a performance measure that shows how much a fund/portfolio tends to decline relative to a benchmark during periods when the benchmark is down. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a financial metric used to evaluate a company’s operating performance by measuring profitability from core business activities EPS (Earnings Per Share) is a company’s net income divided by its weighted-average shares outstanding, often used as a proxy for profitability. Free Cash Flow (FCF) is the cash a company generates after accounting for cash outflows to support operations and maintain capital assets. Net Debt to EBITDA is a leverage metric calculated as net debt divided by EBITDA, often used to assess balance sheet risk. ROIC (Return on Invested Capital) measures how efficiently a company generates returns from the capital invested in its business. Passive Investing is an approach that seeks to match (rather than outperform) an index’s return, typically through index funds or ETFs. Alpha Extension Strategy is a portfolio approach that seeks market (index) exposure while using long/short or leverage techniques to pursue incremental alpha. Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns. K‑shaped Economy describes an uneven recovery or growth pattern in which different segments of the economy experience materially different outcomes. Hyperscalers are large cloud service providers offering scalable computing resourc...

    47 min

  2. NOV 24

    AI, Active Management, and the Evolution of Investment Edge with Jordan Wruble

    In this episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, sit down with Jordan Wruble, partner and head of Investment Solutions at the firm. Jordan brings three decades of experience across investment banking, private equity, hedge funds and manager research, offering a unique perspective on how the art and science of investing has evolved—and what it takes to identify exceptional managers in today’s competitive landscape. The conversation explores timeless principles of fundamental investing, the rise of data-driven strategies and the five sources of “edge” that top managers leverage to outperform. Jordan shares how Brown Advisory evaluates managers beyond performance—focusing on process, discipline and alignment—and why passion and curiosity remain the ultimate differentiators. Macro themes also take center stage: the Fed’s “hawkish cuts,” AI-driven capital expenditure, market concentration and the bifurcation of the U.S. economy. Jordan discusses how these dynamics are shaping opportunities across global markets and why patience and selectivity are critical in an environment dominated by mega-cap tech and narrative-driven trades. The episode closes with insights on portfolio construction, risk management and the role of AI as a research accelerator—not a replacement for judgment. Sid and Erika reflect on Jordan’s thoughtful approach and the importance of staying grounded in fundamentals amid rapid change. --- 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 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. 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. Private 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. 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. Terms and Definitions: Alpha measures the excess return of an investment relative to a benchmark index. Beta measures a stock’s volatility compared to the overall market; a beta above 1 indicates higher volatility. Capex (Capital Expenditure) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology. Market Capitalization represents the total market value of a company’s outstanding shares, calculated as share price multiplied by shares outstanding. Magnificent Seven refers to seven mega-cap technology companies—Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla—that have driven significant market returns. Internal Rate of Return (IRR) is the discount rate that makes the net present value of all cash flows from an investment equal to zero, used to estimate profitability. Return on Equity (ROE) measures a company’s profitability by dividing net income by shareholders’ equity. Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns. Idiosyncratic Risk refers to risk unique to a specific company or asset, rather than market-wide risk. Hyperscalers are large cloud service providers offering scalable computing resources, such as AWS, Microsoft Azure and Google Cloud. Tokyo Stock Exchange (TSE) is Japan’s largest stock exchange and a major global market for equities.

    48 min

  3. OCT 23

    AI, Rate Cuts and Market Resilience with Ryan Myerberg

    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. --- 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.

    49 min

  4. SEP 30

    AI, Tariffs & Microcycles: Credit Investing in a World of Disruption with Jon Lewinsohn of Diameter Capital Partners

    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. ---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.

    55 min

  5. AUG 1

    Quality Investing with Valuation Discipline in Europe: A Conversation with Dirk Enderlein of Wellington Management

    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. ---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.

    1 hr

  6. JUL 1

    AI Acceleration, Tariff Turnaround and the End of American Exceptionalism?

    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. ---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...

    42 min

  7. MAR 14

    Positioning for Uncertainty: 2025 Asset Allocation Perspectives/Outlook

    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.

    54 min

  8. 11/15/2024

    Election Reflections: Economic, Market and Policy Implications, A CIO Podcast Special

    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).

    49 min
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