NICK KIRRAGE, CFA
Portfolio Manager
MICHAEL HEAP
Associate Portfolio Manager
INVESTMENT APPROACH
The Brown Advisory Global Value Select strategy is a modern, data‑led, true‑to‑label value portfolio rooted in a disciplined, purpose-driven framework distilled from decades of practical experience. Blending these lessons with new technology, we aim to eliminate legacy practices that can detract from returns and retain only those that add meaningful impact in today’s world.
Our approach emphasizes discount to intrinsic value, risk-aware execution, and long-term orientation, underpinned by a focus on continuous improvement. The Strategy seeks to achieve long-term capital appreciation through a combination of deep fundamental research, valuation discipline, and behavioral insights designed to capitalize on market inefficiencies. We look to identify businesses with underappreciated and undervalued fundamentals, where short-term uncertainty, or misplaced market narratives have driven behavioural dislocation. Risk is assessed through multiple lenses, and portfolio construction is treated as a distinct discipline, working to ensure that individual insights translate into attractive, repeatable, risk-adjusted outcomes for clients over the long-term.
PHILOSOPHY
Our investment philosophy is grounded in the following principles.
Deep Value
We follow a disciplined, contrarian approach to identify companies trading below intrinsic value, and with an attractive risk/reward profile. Our philosophy prioritizes long-term opportunities created by market inefficiencies, emphasizing conviction and patience over short-term trends. By maintaining valuation discipline within a repeatable framework, we aim to construct a resilient portfolio delivering attractive risk-adjusted returns over time.
A Behavioral Edge
We leverage behavioral insights to identify market inefficiencies driven by structural and systemic biases. Our disciplined approach includes behavioral screens, qualitative alerts, and safeguards against our own biases, reinforced by external coaching. By applying repeatable behavioral rules such as upside capture reviews, we aim to enhance alpha generation and avoid common decision-making pitfalls like selling ‘winners’ too early.
Fundamental Research
Our investment decisions are grounded in deep fundamental research, strengthened by advanced AI-driven tools to uncover differentiated insights and improve accuracy. Each investment undergoes a rigorous risk assessment, including the establishment of a risk score and analysis of key drivers of risk/reward to mitigate value traps. Through detailed financial modeling and sector analysis, industry insights, and a disciplined research process, we maintain consistent execution of our investment philosophy.
A Continuous Learning Mindset
Continuous learning is integral to sustaining our behavioral edge and improving decision- making over time. We collect and analyze data on our investment decisions and behaviors, working with an external coach to refine and optimize our investment process over time. This commitment to feedback and adaptation ensures that our investment framework evolves with market dynamics, enabling us to remain disciplined, but also relevant and resilient.