Brown Advisory INC
Reported US equity positions for Q1 2026 — $60.9B across 2,375 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| MSFT Microsoft Corporation | $3.6B | 5.9% | 9,717,825 |
| V Visa Inc. | $2.3B | 3.8% | 7,595,390 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $2.1B | 3.4% | 6,140,795 |
| GOOG Alphabet Inc. - Class C Capital Stock | $1.9B | 3.2% | 6,764,340 |
| MA Mastercard Incorporated | $1.7B | 2.9% | 3,490,102 |
| NVDA NVIDIA Corporation | $1.7B | 2.8% | 9,740,662 |
| AMZN Amazon.com, Inc. | $1.6B | 2.6% | 7,644,464 |
| BAFE Advisors Inner Circle Fd III | $1.4B | 2.3% | 56,200,198 |
| IVV iShares Core S&P 500 ETF | $1.1B | 1.8% | 1,721,246 |
| AAPL Apple Inc. | $1.0B | 1.7% | 4,014,257 |
| SCHW The Charles Schwab Corporation | $859.2M | 1.4% | 9,142,065 |
| AVGO Broadcom Inc. | $750.7M | 1.2% | 2,425,317 |
| DSPY Tema Etf Trust | $749.9M | 1.2% | 13,145,432 |
| GE GE Aerospace | $744.6M | 1.2% | 2,624,001 |
| VTI Vanguard Morningstar Total Stock Market ETF | $708.7M | 1.2% | 2,209,084 |
| EFX Equifax, Inc. | $657.0M | 1.1% | 3,648,819 |
| SPY State Street SPDR S&P 500 ETF Trust | $630.0M | 1.0% | 968,768 |
| ADSK Autodesk, Inc. | $614.0M | 1.0% | 2,564,864 |
| GOOGL Alphabet Inc. | $594.8M | 1.0% | 2,068,419 |
| ISRG Intuitive Surgical, Inc. | $585.0M | 1.0% | 1,268,966 |
| EW Edwards Lifesciences Corporation | $562.9M | 0.9% | 7,029,512 |
| KKR KKR & Co. Inc. | $558.1M | 0.9% | 6,032,964 |
| DHR Danaher Corporation | $554.9M | 0.9% | 2,926,636 |
| FERG Ferguson Enterprises Inc. | $509.3M | 0.8% | 2,183,407 |
| BKNG Booking Holdings Inc. | $506.8M | 0.8% | 120,372 |
| META Meta Platforms, Inc. | $495.9M | 0.8% | 866,719 |
| ZTS Zoetis Inc. Class A | $495.1M | 0.8% | 4,188,438 |
| MRVL Marvell Technology, Inc. | $492.7M | 0.8% | 4,974,027 |
| INTU Intuit Inc. | $486.4M | 0.8% | 1,124,863 |
| BRK.B Berkshire Hathaway Inc. | $485.2M | 0.8% | 1,012,512 |
| CARR Carrier Global Corporation | $455.8M | 0.7% | 8,093,705 |
| UBER Uber Technologies, Inc. | $455.7M | 0.7% | 6,335,177 |
| L8681T102 Spotify Technology S A | $452.0M | 0.7% | 932,151 |
| N07059210 Asml Hldg Nv | $436.6M | 0.7% | 330,565 |
| AZO AutoZone, Inc. | $419.5M | 0.7% | 124,201 |
| MPWR Monolithic Power Systems, Inc. | $415.4M | 0.7% | 379,897 |
| MELI MercadoLibre, Inc. | $415.0M | 0.7% | 240,019 |
| BASG Advisors Inner Circle Fd III | $387.3M | 0.6% | 17,045,458 |
| JPM JP Morgan Chase & Co. | $358.9M | 0.6% | 1,220,005 |
| EAGL Eagle Capital Select Equity ETF | $353.1M | 0.6% | 11,607,059 |
| AJG Arthur J. Gallagher & Co. | $342.3M | 0.6% | 1,580,307 |
| WST West Pharmaceutical Services, Inc. | $336.1M | 0.6% | 1,340,877 |
| CDNS Cadence Design Systems, Inc. | $332.7M | 0.5% | 1,197,183 |
| DDOG Datadog, Inc. | $331.4M | 0.5% | 2,807,433 |
| CTAS Cintas Corporation | $320.5M | 0.5% | 1,894,787 |
| IOT Samsara Inc. Class A | $320.0M | 0.5% | 10,098,893 |
| BASV Advisors Inner Circle Fd III | $318.5M | 0.5% | 11,820,173 |
| COST Costco Wholesale Corporation | $316.6M | 0.5% | 317,765 |
| XOM ExxonMobil Holdings Corporation | $313.2M | 0.5% | 1,846,002 |
| PGR The Progressive Corporation | $307.2M | 0.5% | 1,549,684 |
| ABNB Airbnb, Inc. | $290.5M | 0.5% | 2,300,743 |
| ECL Ecolab Inc. | $288.5M | 0.5% | 1,084,615 |
| G0176J109 Allegion PLC | $282.2M | 0.5% | 1,942,601 |
| PANW Palo Alto Networks, Inc. | $280.2M | 0.5% | 1,747,857 |
| WCN Waste Connections, Inc. | $276.2M | 0.5% | 1,700,377 |
| VOO Vanguard S&P 500 ETF | $270.2M | 0.4% | 452,121 |
| VLTO Veralto Corp | $266.0M | 0.4% | 3,008,109 |
| WDAY Workday, Inc. | $252.0M | 0.4% | 1,939,286 |
| SNOW Snowflake Inc. | $246.6M | 0.4% | 1,634,938 |
| JNJ Johnson & Johnson | $244.4M | 0.4% | 999,639 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| MSFT Microsoft Corporation | Trim | $3.6B | $5.2B | -10% |
| V Visa Inc. | Add | $2.3B | $2.6B | +3% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $2.1B | $2.0B | -5% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $1.9B | $2.4B | -11% |
| MA Mastercard Incorporated | Add | $1.7B | $1.8B | +10% |
| NVDA NVIDIA Corporation | Trim | $1.7B | $2.1B | -13% |
| AMZN Amazon.com, Inc. | Trim | $1.6B | $2.2B | -18% |
| BAFE Advisors Inner Circle Fd III | Add | $1.4B | $1.5B | +3% |
| IVV iShares Core S&P 500 ETF | Add | $1.1B | $973.2M | +21% |
| AAPL Apple Inc. | Add | $1.0B | $1.1B | +3% |
| SCHW The Charles Schwab Corporation | Trim | $859.2M | $1.2B | -25% |
| AVGO Broadcom Inc. | Trim | $750.7M | $857.8M | -2% |
| GE GE Aerospace | Trim | $744.6M | $977.6M | -17% |
| VTI Vanguard Morningstar Total Stock Market ETF | Add | $708.7M | $728.0M | +2% |
| EFX Equifax, Inc. | Add | $657.0M | $609.7M | +30% |
| SPY State Street SPDR S&P 500 ETF Trust | Add | $630.0M | $627.0M | +5% |
| ADSK Autodesk, Inc. | Add | $614.0M | $676.0M | +12% |
| GOOGL Alphabet Inc. | Trim | $594.8M | $657.8M | -2% |
| ISRG Intuitive Surgical, Inc. | Trim | $585.0M | $860.9M | -17% |
| EW Edwards Lifesciences Corporation | Trim | $562.9M | $625.1M | -4% |
| KKR KKR & Co. Inc. | Trim | $558.1M | $880.9M | -13% |
| DHR Danaher Corporation | Trim | $554.9M | $798.3M | -16% |
| FERG Ferguson Enterprises Inc. | Trim | $509.3M | $557.6M | -13% |
| BKNG Booking Holdings Inc. | Add | $506.8M | $566.9M | +14% |
| META Meta Platforms, Inc. | Trim | $495.9M | $645.1M | -11% |
| ZTS Zoetis Inc. Class A | Add | $495.1M | $509.3M | +3% |
| MRVL Marvell Technology, Inc. | Trim | $492.7M | $576.9M | -27% |
| INTU Intuit Inc. | Trim | $486.4M | $1.7B | -56% |
| BRK.B Berkshire Hathaway Inc. | Trim | $485.2M | $525.3M | -3% |
| CARR Carrier Global Corporation | Trim | $455.8M | $540.6M | -21% |
| UBER Uber Technologies, Inc. | Trim | $455.7M | $700.2M | -26% |
| L8681T102 Spotify Technology S A | Add | $452.0M | $484.7M | +12% |
| N07059210 Asml Hldg Nv | Trim | $436.6M | $483.8M | -27% |
| AZO AutoZone, Inc. | Trim | $419.5M | $434.6M | -3% |
| MPWR Monolithic Power Systems, Inc. | Trim | $415.4M | $453.9M | -24% |
| BASG Advisors Inner Circle Fd III | Trim | $387.3M | $484.5M | -9% |
| EAGL Eagle Capital Select Equity ETF | Add | $353.1M | $219.8M | +71% |
| AJG Arthur J. Gallagher & Co. | Trim | $342.3M | $524.8M | -22% |
| WST West Pharmaceutical Services, Inc. | Trim | $336.1M | $534.8M | -31% |
| CDNS Cadence Design Systems, Inc. | Trim | $332.7M | $526.5M | -29% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.