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Brown Advisory CIO Perspectives

Brown Advisory CIO Perspectives

Written by: Brown Advisory
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 Welcome to our Investment Podcast where our CIOs explore issues of the day with leading investors from inside and outside Brown Advisory.Brown Advisory Economics Personal Finance
Episodes
  • Bubble or a New Cycle? Surging Small Caps, Red Hot Venture Markets and the Evolving Winners of AI

    Bubble or a New Cycle? Surging Small Caps, Red Hot Venture Markets and the Evolving Winners of AI
    Jan 27 2026
    In our latest episode, Sid Ahl and Paul Chew discuss the early‑2026 investment backdrop—from U.S. economic momentum and Fed independence to market concentration, AI, and portfolio positioning.The conversation spans the surprising strength of recent U.S. economic data, the implications of elevated market concentration and passive flows, and how investors can think about fixed income positioning when credit spreads are tight. Sid and Paul also explore gold’s role in portfolios, what’s changing in private markets (including late‑stage venture and private credit, such as BDT MSD), and where they see diversification opportunities in 2026—such as Japan, selective international exposure and small caps.Highlights:· Why early‑2026 economic resilience and signs of life in housing matter for rates, risk assets and portfolio diversification.· Fed independence in focus: how political pressure could translate into market outcomes—and why the timing may be uncertain.· Fixed income positioning when credit spreads are tight: the case for mandate flexibility and the evolving role of duration.· Gold as a hedge and diversifier: balancing long‑cycle behavior with today’s valuation and mining‑supply dynamics.· Benchmark concentration and passive flows: what they mean for diversification, manager evaluation and portfolio risk.· Public and private opportunity sets for 2026: AI’s next phase, software differentiation, Japan, small caps, and selective private credit (including BDT MSD).-----Disclosures The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the speakers on an objective basis to illustrate views expressed in the podcast and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.Alternative Investments may be available for Qualified Purchasers and Accredited Investors only.Private investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the Offering Materials pertaining to any investment and carefully consider whether such an investment is suitable to the investor’s financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of these types of investments. There can be no assurance that any investment objectives will be achieved, or that investors will receive a return of their capital. Accordingly, investors should only invest in private credit investments if such investors are able to withstand a total loss of their investment.The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. S&P®, S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.The Russell 1000® Growth Index measures the performance of the large‑ and mid‑capitalization growth segment of the U.S. equity universe. Russell® and FTSE Russell® are trademarks of the London Stock Exchange Group companies.Terms and Definitions:Artificial Intelligence (AI) refers to computer systems that can perform tasks typically requiring human intelligence, such as pattern recognition, language understanding and decision support. Capital Expenditure (Capex) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology. Consumer Price Index (CPI) is a measure of inflation that tracks changes in the prices paid by consumers for a basket of goods and services. Credit Spread refers to the difference in yield between a ...
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    53 mins
  • Navigating Tariffs, Rate Cuts, AI, and Market Concentration: Themes for 2025 and Roadmap for 2026

    Navigating Tariffs, Rate Cuts, AI, and Market Concentration: Themes for 2025 and Roadmap for 2026
    Dec 19 2025
    In this year-end episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, are joined by two senior investment leaders at the firm: Sarge McGowan, CIO of U.S. Endowments and Foundations, and Christopher “Kif” Hancock, Brown Advisory’s CIO International. Together they reflect on the key surprises of 2025 and share how they are thinking about the opportunities and risks that could shape 2026.The conversation begins with what markets have absorbed this year—from tariffs and shifting trade policy narratives to persistent inflation dynamics—yet still delivered strong returns. The group discusses the Federal Reserve’s pivot toward a slower pace of rate cuts, the uneven “K‑shaped” feel of the economy, and what elevated valuations and index concentration imply for future returns and diversification.Artificial intelligence is a central theme throughout. Sid outlines how AI has moved from experimentation to implementation, with real-world productivity gains and continued investment in computing infrastructure. Kif adds a Europe-based perspective on the AI debate—emphasizing the need for humility in fast-moving narratives—while also highlighting how AI adoption could become a source of incremental productivity for regions facing structural growth challenges.From there, the discussion turns to portfolio construction and implementation: global diversification (including Europe and Japan), the role of currency exposure, and why manager and strategy selection remain crucial in both public and private markets. The episode closes with a “round‑the‑horn” look at 2026 surprises—from a potential reopening of private equity exits to continued market concentration, the broadening of AI benefits beyond tech, and emerging themes like robotics.---The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this video is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the speakers on an objective basis to illustrate views expressed in the podcast and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.Alternative Investments may be available for Qualified Purchasers and Accredited Investors only. Private investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the Offering Materials pertaining to any investment and carefully consider whether such an investment is suitable to the investor’s financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of these types of investments. There can be no assurance that any investment objectives will be achieved, or that investors will receive a return of their capital. Accordingly, investors should only invest in private credit investments if such investors are able to withstand a total loss of their investment.The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. S&P®, S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.The Bloomberg Aggregate Bond Index is an unmanaged, market value-weighted index comprising taxable U.S. investment-grade, fixed-rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. Bloomberg indices are trademarks of Bloomberg or its licensors. The NASDAQ (commonly stylized as “Nasdaq”) most often refers to the Nasdaq Stock Market—an electronic securities marketplace/stock exchange where publicly traded companies’ shares are...
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    47 mins
  • AI, Active Management, and the Evolution of Investment Edge with Jordan Wruble

    AI, Active Management, and the Evolution of Investment Edge with Jordan Wruble
    Nov 24 2025
    In this episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, sit down with Jordan Wruble, partner and head of Investment Solutions at the firm. Jordan brings three decades of experience across investment banking, private equity, hedge funds and manager research, offering a unique perspective on how the art and science of investing has evolved—and what it takes to identify exceptional managers in today’s competitive landscape.The conversation explores timeless principles of fundamental investing, the rise of data-driven strategies and the five sources of “edge” that top managers leverage to outperform. Jordan shares how Brown Advisory evaluates managers beyond performance—focusing on process, discipline and alignment—and why passion and curiosity remain the ultimate differentiators.Macro themes also take center stage: the Fed’s “hawkish cuts,” AI-driven capital expenditure, market concentration and the bifurcation of the U.S. economy. Jordan discusses how these dynamics are shaping opportunities across global markets and why patience and selectivity are critical in an environment dominated by mega-cap tech and narrative-driven trades.The episode closes with insights on portfolio construction, risk management and the role of AI as a research accelerator—not a replacement for judgment. Sid and Erika reflect on Jordan’s thoughtful approach and the importance of staying grounded in fundamentals amid rapid change.---The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this video is not intended to be and should not be considered a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell or hold any securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.Alternative Investments may be available for Qualified Purchasers and Accredited Investors only. Hedge Funds involve complex tax and legal structures. Investment in any particular Fund or hedge funds, generally, is only suitable for sophisticated investors for whom such an investment does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in such investment.Private investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the Offering Materials pertaining to any investment and carefully consider whether such an investment is suitable to the investor’s financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of these types of investments. There can be no assurance that any investment objectives will be achieved, or that investors will receive a return of their capital. Accordingly, investors should only invest in private credit investments if such investors are able to withstand a total loss of their investment.The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. S&P®, S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.Terms and Definitions:Alpha measures the excess return of an investment relative to a benchmark index. Beta measures a stock’s volatility compared to the overall market; a beta above 1 indicates higher volatility. Capex (Capital Expenditure) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology. Market Capitalization represents the total market value of a company’s outstanding shares, calculated as share price multiplied by shares outstanding. Magnificent Seven ...
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    48 mins
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