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Brown Advisory exited Workday position after changing growth outlook
The firm said it revised its growth and margin estimates after entering in September 2025, concluding it could no longer meet the IRR targets in its base case.
Brown Advisory Global Leaders Strategy reported a steep underperformance in the second quarter of 2026, posting a net return of 4.6% versus 14.9% for the MSCI ACWI Net Index, and pointed to gaps tied to semiconductors and technology hardware as a key driver, according to Yahoo Finance.
In the same Q2 2026 investor letter, the firm highlighted Workday, Inc. as part of its review of positions. The strategy cited Workday as a cloud-based enterprise software provider focused on human resources, finance, and workforce management.
Brown Advisory said it exited its Workday position during May after holding it for about eight months, following an initial investment in September of the prior year. The firm attributed the exit to fundamental changes that led it to revise both its growth and margin estimates for Workday.
The investment management company said the thesis broke because it no longer expected to achieve the IRR targets embedded in its base case, reflecting how the updated assumptions altered its outlook for the stock.