PARTNERSHIP

Compounding Returns Through a Growth Mindset

Mick: Partnership is not just a buzzword for us — it’s a defining characteristic of how we work, how we lead and how we deliver value for our clients. It’s about shared accountability for outcomes, but it’s also about trust, respect and a commitment to help each other get better every day. Bertie and I often refer to ourselves as “chief skeptics” in meetings, and that dynamic is about challenging each other constructively. It’s not about agreeing for the sake of agreement — it’s about pushing each other to think deeper and smarter.

Bertie: At its core, partnership is about compounding — not only compounding returns for our clients but also compounding our ability to grow and improve as professionals. Being an investor can be a lonely activity, but having a partner allows you to express your hopes, fears and concerns in a psychologically safe environment. That safety is critical. It allows us to learn from mistakes, question our processes and ultimately get better over time.

Mick: And that psychological safety is built on trust. Trust takes time — it’s earned through repeated proof that you have each other’s best interests at heart. We’ve worked hard to create a partnership dynamic that is not static, but evolving. It’s not always smooth sailing, but the shared respect and commitment to the mission make it incredibly rewarding and productive.

Partnership Within a Partnership

Bertie: We often describe the global equity team as a “partnership within a partnership.” Every member of the team, from research analysts to product specialists to portfolio managers, shares a fiduciary responsibility to drive investment excellence for our clients. Mick and I may be more accountable for outcomes, but we rely heavily on the insights and contributions of the global equity working group.

Mick: The structure of our team is intentionally flat. Titles like “portfolio manager” and “research analyst” can be misleading because, in practice, we treat everyone as intellectual equals. This approach fosters a robust partnership dynamic where everyone’s voice is heard, and everyone is empowered to contribute to the investment process.

Bertie: One of the ways we reinforce this dynamic is through initiatives like Think Week and our annual offsite. These events are designed to help us compound as individuals and as a team. We focus on identifying blind spots — everybody has them — and working together to overcome them. This process is deeply rooted in humility, which is foundational to our firm’s culture.

Our Ownership Structure: An Essential Ingredient

Mick: The firm’s private and independent structure is a huge advantage. It allows us to focus on long-term goals without the distractions of quarterly earnings reports or short-term shareholder pressures. Furthermore, the alignment between the Private Client, Endowments and Foundations business and the Institutional business creates a symbiosis that enables us to make decisions that are truly in the best interest of our clients.

Bertie: A great example of this is when we launched the Global Leaders strategy 10 years ago. In the second year, the strategy underperformed its benchmark and was down in absolute terms. Many firms would have panicked, but because of the firm’s structure and our alignment with private clients, we were able to stay focused on the five-year view. That long-term perspective made all the difference, allowing us to avoid short-term decisions and stick to our investment principles.

Mick: Exactly. The firm’s structure gives us the time and freedom to focus on what matters most — delivering alpha for our clients. It’s one of the two key advantages we have as investors: time and behavioral economics.

Humility Drives Excellence

Bertie: Humility and low ego are fundamental values for us and the team. We’re not here to be all things to all people — we’re here to do a handful of things really well. That focus, combined with our commitment to intellectual honesty, creates a very special culture — one that clients and colleagues alike appreciate.

Mick: It’s also about the relationships we build. Whether it’s with clients, colleagues or the management teams and companies in which we invest, we prioritize alignment and long-term thinking. That’s what makes Brown Advisory’s partnership culture so powerful — it’s not just about delivering results; it’s about doing it in a way that reflects our values and commitment to excellence.

Mick: I’d also add that partnership is a journey, not a destination. It evolves over time, and it requires constant attention and effort. But when it works, it’s incredibly rewarding — not just for the individuals involved, but for the clients we serve.

Bertie: I couldn’t agree more. Partnership is the foundation of everything we do, and it’s what allows us to deliver value in a way that’s thoughtful, intentional and aligned with our clients’ long-term goals.