BROWN ADVISORY INC

Brown Advisory held $71.7B across 2,914 positions for the December 2025 quarter, with a quality-growth tilt led by Microsoft (7.3%), Visa (3.6%), Alphabet (3.3%), Amazon (3.0%) and NVIDIA (2.9%), plus Taiwan Semiconductor and Mastercard. The activity was reduction-heavy (32 trimmed against 11 added): Microsoft (-$695M), NVIDIA (-$409M), GE (-$408M), Marvell (-$408M) and Amazon (-$351M) led the cuts, with ServiceNow also pared. Additions went to Danaher, Equifax and index ETFs (SPY, IVV). New positions in Intuitive Surgical, Broadcom, Edwards Lifesciences and HDFC Bank; exits in KLA, Costco and Verisk.