Episodios

  • Quality Stocks on Sale: Value Investing in an AI-driven Market

    Quality Stocks on Sale: Value Investing in an AI-driven Market
    Mar 23 2026
    In this episode of CIO Perspectives, host Sid Ahl speaks with portfolio manager Mike Poggi, who manages the Brown Advisory Large-Cap Sustainable Value strategy, about the return of value investing and why quality stocks are being overlooked in an AI-focused market. Mike shares how sentiment toward value has shifted, why free cash flow and balance sheet strength matter more today, and how recent pullbacks in Software and other industries are creating opportunities for disciplined investors. They also discuss the challenges facing quality-focused strategies, the role of sustainability in cash flow durability, and the catalysts emerging across Industrial, Technology and Health Care companies.---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, nor are they 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 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.Risk of Capital Loss: Private investments are characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments.Portfolio information based on a representative Large-Cap Sustainable Value account as of 03/06/2026.Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that they believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in their research process but do not make investment decisions based on third-party data alone.Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s.Buyback yield is the percentage of a company’s market value returned to shareholders through share repurchases.Capital discipline is the way a company manages leverage, allocates cash and maintains balance sheet flexibility to support long-term value creationCapital expenditures (CapEx) are funds used by a company to acquire, maintain or upgrade physical assets such as property, equipment or technology.Dividend yield is the annual dividend paid by a company divided by its share price, expressed as a percentage.EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure of a company’s operating performance used to evaluate profitability and compare companies across industries.Enterprise value (EV) is the combined value of a company’s equity and net debt. Earnings Per Share (EPS) is a financial metric that indicates ...
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    59 m
  • SaaSpocalypse, the AI Death Star and Private Credit Indigestion

    SaaSpocalypse, the AI Death Star and Private Credit Indigestion
    Mar 5 2026
    In this episode of CIO Perspectives, host Sid Ahl speaks with Kif Hancock, International CIO, and Campbell Donley, CIO Investment Analyst, about the sharp market reaction to AI, the so‑called AI Death Star and the recent pressure in private credit — and how today’s volatility is creating opportunity. The conversation covers why quality has trailed, where dislocation is creating opportunity and how the most concentrated U.S. market in decades affects portfolio construction. The team also examines a K-shaped consumer, rising youth unemployment, the case for international diversification and why private credit requires manager-by-manager scrutiny in a software-heavy cycle.---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, nor are they 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 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.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® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.The MSCI All Country World Index (ACWI) is a global equity benchmark covering developed and emerging markets.The MSCI World Index is a developed-markets equity benchmark that excludes emerging markets.Agentic AI is artificial intelligence that can plan, take multi‑step actions and perform tasks autonomously within workflows.Broadly syndicated loans (BSLs) are corporate loans arranged by banks and sold to multiple institutional investors.Direct lending is private lending directly to companies, often those backed by private equity sponsors.Enterprise value (EV) is a company’s total value, including equity and net debt.Free cash flow (FCF) is the cash a company generates after capital expenditures that is available for dividends, buybacks, or reinvestment.Initial public offering (IPO) is the first sale of a company’s shares to the public on a stock exchange.K-shaped recovery is an economic pattern where higher earners experience stronger growth while lower earners face weaker outcomes.Market capitalization is the total value of a company’s outstanding shares, calculated as share price multiplied by shares outstanding.Net profit margin is a measure of profitability calculated by dividing net income by revenue.Payment-in-kind (PIK) interest is interest paid using additional debt rather than cash.Quality investing is an investment approach focused on companies with durable earnings, strong balance sheets, high returns on invested capital, and stable free cash flow.Return on invested capital (ROIC) is a measure of how efficiently a company generates profits from the capital it uses.Stablecoins are crypto assets designed to maintain a stable value relative to a ...
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    47 m
  • 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 m
  • 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 m
  • 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 m
  • AI, Rate Cuts and Market Resilience with Ryan Myerberg

    AI, Rate Cuts and Market Resilience with Ryan Myerberg
    Oct 23 2025
    In this episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, are joined by Ryan Myerberg, Partner and Portfolio Manager on the firm’s Global Fixed Income team. Ryan brings deep experience across public and private credit markets, having previously served as CIO of Absolute Return Fixed Income at Amundi and led the global fixed income platform at Janus Henderson.The conversation centers on the evolving fixed income landscape, with Ryan offering a candid assessment of the past three years—marked by rapid market flashpoints, geopolitical shocks and heightened rate volatility. He shares how his team navigates this environment by leveraging interest rates as an alpha-generating lever and maintaining a flexible, unconstrained approach to portfolio construction.Macro themes such as AI-driven growth, labor market fragility and the Fed’s rate-cutting cycle are explored in depth. Ryan discusses the bifurcation in the U.S. economy, where AI investment is powering top-line growth while traditional sectors show signs of weakness. He also highlights the risks of overbuilding in AI infrastructure and the circular financing dynamics emerging across tech and credit markets.On the global front, Ryan outlines opportunities in non-U.S. markets, noting that central banks outside the U.S. are ahead in their cutting cycles. He shares views on currency exposure, emerging market debt and the structural repricing of the U.S. dollar, driven by hedging flows and investor reallocation.The episode closes with a discussion on credit spreads, securitized assets and private credit. Ryan emphasizes selectivity, cautioning against chasing yield in a frothy market and advocating for high-quality, idiosyncratic opportunities. Sid and Erika reflect on Ryan’s thoughtful approach to risk, his global perspective and the importance of active management in today’s complex fixed income environment.---The views and opinions expressed in this video 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.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 U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, taxable bond market. The index includes U.S. Treasury securities, government-related and corporate bonds, mortgage-backed securities (MBS), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS).The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed-income markets. It includes government, government-related, corporate, and securitized fixed-rate bonds from developed and emerging market issuers across multiple local currencies.Bloomberg® and the Bloomberg indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the indices (collectively, “Bloomberg”), and have been licensed for use. Bloomberg is not affiliated with, and does not approve, endorse, review, or recommend the products or services of, [Your Firm Name]. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the index.Terms & DefinitionsCapital Expenditures (CapEx) represent the funds a company uses to acquire, upgrade, or maintain physical assets such as property, buildings, technology, or equipment.Consumer ...
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    49 m
  • AI, Tariffs & Microcycles: Credit Investing in a World of Disruption with Jon Lewinsohn of Diameter Capital Partners

    AI, Tariffs & Microcycles: Credit Investing in a World of Disruption with Jon Lewinsohn of Diameter Capital Partners
    Sep 30 2025
    In this episode of CIO Perspectives, Sid Ahl, Co-CIO for Private Clients, Endowments and Foundations at Brown Advisory, and Co-CIO Erika Pagel interview Jon Lewinsohn, founder and managing partner at Diameter Capital Partners, a leading credit investment firm with expertise across public, private and structured credit markets. Jon shares his investment philosophy, shaped by years of experience in credit research and trading, and built on the idea of creating alpha through multiple ways to win—across stressed, performing and distressed credit. He emphasizes the importance of being “safely fast,” combining speed with discipline, and highlights the role of deep industry expertise and macro awareness in navigating today’s complex environment.The conversation explores how Diameter organizes its research teams to respond quickly to emerging opportunities, with analysts developing both macro and micro views across sectors. Jon discusses the firm’s expansion from a single-strategy hedge fund into a diversified platform, including Collateralized Loan Obligations, direct lending and dislocation funds, while maintaining nimbleness and avoiding size constraints that could dilute performance. Macro topics such as inflation, Fed policy and tariffs are addressed, with Jon cautioning against overreliance on external economic forecasts and stressing the importance of forming independent views. He shares insights into the current credit environment, noting tight spreads and the need for selectivity, particularly in identifying opportunities within microcycles—industry-specific dislocations driven by technological change or policy shifts. He also discusses the impact of AI, both as a transformative technology and as a driver of capital flows, and Sid and Erika conclude the episode by reflecting on Jon’s high-energy approach, the depth of Diameter’s team and the firm’s ability to combine macro insight with bottom-up credit work. They underscore the importance of disciplined risk management, thoughtful portfolio construction and identifying industry transitions to generate alpha in today’s evolving credit landscape.---The views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect those of Brown Advisory or Diameter Capital Partners. 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 to be 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 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.Terms and DefinitionsAlpha refers to the excess return of an investment relative to the return of a benchmark index or market.CapEx refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property, buildings, or equipment. These are long-term investments aimed at expanding or improving operations.EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) refers to a financial metric used to evaluate a company’s operating performance. It strips out the effects of financing and accounting decisions by adding back interest, taxes, depreciation, and amortization to net income.Forward Earnings Per Share (EPS) is an estimate of a company’s earnings per share for a future period.Microcycles refers to Industry-specific downturns or disruptions that are cyclical in nature, distinct from broader economic recessions. Private Credit investments are characterized by a high degree of risk, volatility and illiquidity due,...
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    55 m
  • Quality Investing with Valuation Discipline in Europe: A Conversation with Dirk Enderlein of Wellington Management

    Quality Investing with Valuation Discipline in Europe: A Conversation with Dirk Enderlein of Wellington Management
    Aug 1 2025

    In this episode of CIO Perspectives, Sid Ahl, Co-CIO for Private Clients, Endowments and Foundations at Brown Advisory, and his Co-CIO Erika Pagel, interview Dirk Enderlein, senior managing director and portfolio manager at Wellington Management in London. They discuss Dirk's investment philosophy, his experience building European equity strategies at Wellington Management—a private, employee-owned asset manager—and the factors behind the strong performance of European equities. Dirk emphasizes his investment approach, which is built on three core pillars: understanding a company's structural growth profile, analyzing the competitive landscape and applying a long-term valuation framework. His philosophy was shaped by lessons from the tech bubble, focusing on organic growth, defensive competitive positions and disciplined valuation, particularly avoiding overpaying for future growth.

    The conversation covers how Dirk's strategy benefits from flexibility across all market caps, with a particular focus on small and mid-cap companies for attractive growth and valuation opportunities. He explains his structural preference for high-quality industrials and an overweight position in markets with strong shareholder rights, like the UK and Sweden. Dirk highlights shifts in sector allocations—such as increased investments in defense and cement companies—driven by macro trends like rising infrastructure and Defense Spending, regulatory changes and competitive dynamics. He also discusses selective opportunities in Consumer Staples (e.g., Unilever, British American Tobacco), Regional Banks (favoring boring, well-regulated regional banks) and the cautious approach to Health Care and Technology given valuation and competitive risks. Macro topics like tariffs, inflation and interest rates are addressed, with Dirk stressing the importance of flexibility, valuation discipline and readiness for transitions in market structure. Both Sid and Erika underscore Dirk’s disciplined and opportunistic approach, his focus on identifying industry transitions, and how these have led to outperformance, especially in periods of market rotation and global rebalancing. The episode concludes with a positive outlook on the European equity opportunity set, cautioning that valuation and macro risks remain, but highlighting the value of disciplined, bottom-up stock selection in navigating uncertain environments.

    ---
    The views and opinions expressed in this video are those of the speakers and do not necessarily reflect those of Brown Advisory or Wellington Management. 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 to be 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.

    Brown Advisory is a client of Wellington Management, which is not receiving compensation for this podcast and commentary. There are no material conflicts in connection with this testimonial.

    Sectors are based on the Global Industry Classification Standard (GICS®) classification system. Please see the end of this presentation for a GIPS Report, important disclosures and a complete list of terms and definitions.
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    1 h