BROWN CAPITAL MANAGEMENT LLC

2. Key Holdings

The portfolio exhibits a distinct barbell structure, with heavy concentration in the top names while maintaining a long tail of smaller positions. The top ten holdings account for approximately 57% of the total portfolio value.

• CyberArk Software Ltd (CYBR) remains the dominant position, valued at $197.27 million. Despite a reduction of 31.4% in share count during the quarter, it still commands 11.84% of the portfolio, suggesting continued strong conviction in the cybersecurity space.
• Camtek Ltd (CAMT) and Datadog Inc (DDOG) follow as the second and third largest holdings, representing 7.27% and 6.09% of the portfolio, respectively. Notably, Camtek was one of only two positions to see an increase in stake size this quarter.
• Guidewire Software (GWRE), AppFolio (APPF), and Xometry (XMTR) round out the top five, all falling within the 5% to 6% allocation range. The firm appears to favor mid-to-large cap growth companies in the software and technology sectors.