Brown Advisory CIO Perspectives

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 reference such as the U.S. dollar. 

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 credit‑risk instrument (such as a corporate bond) and a comparable maturity ‘risk‑free’ instrument (often a U.S. Treasury). Duration is a measure of a bond’s sensitivity to changes in interest rates; higher duration generally implies greater price sensitivity to rate moves. Exchange-Traded Fund (ETF) is an investment vehicle that trades on an exchange and typically seeks to track an index, sector or strategy. Gross Domestic Product  (GDP) is a measure of the total value of goods and services produced within an economy over a specified period. K‑shaped Economy describes an uneven recovery or growth pattern in which different segments of the economy experience materially different outcomes. Mortgage‑Backed Securities (MBS) are bonds backed by pools of residential or commercial mortgage loans.Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a financial metric used to evaluate a company’s operating performance by measuring profitability from core business activities.Free Cash Flow (FCF) is the cash a company generates after accounting for cash outflows to support operations and maintain capital assets. Free Cash Flow Margin is free cash flow expressed as a percentage of revenue, often used to gauge a company’s cash‑generation efficiency. IRR (Internal Rate of Return) is the annualized rate of return at which the present value of cash flows equals the initial investment, commonly used in private investments. Passive Investing is an approach that seeks to match (rather than outperform) an index’s return, typically through index funds or ETFs. Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns. Venture Capital refers to private investment in early‑stage companies, typically in exchange for equity ownership. Initial Public Offering (IPO) is the process by which a private company offers shares to the public for the first time.

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 listed and traded. The Nasdaq Stock Market and related Nasdaq market names are trademarks of Nasdaq, Inc. Nasdaq marks and logos are owned by Nasdaq, Inc. Nasdaq stock symbols are proprietary to Nasdaq, Inc.Terms and Definitions:AI (Artificial Intelligence) refers to computer systems that can perform tasks typically requiring human intelligence, such as pattern recognition, language understanding and decision support. 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. CPI (Consumer Price Index) is a measure of inflation that tracks changes in the prices paid by consumers for a basket of goods and services. Downside capture (or downside capture ratio) is a performance measure that shows how much a fund/portfolio tends to decline relative to a benchmark during periods when the benchmark is down.Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a financial metric used to evaluate a company’s operating performance by measuring profitability from core business activitiesEPS (Earnings Per Share) is a company’s net income divided by its weighted-average shares outstanding, often used as a proxy for profitability. Free Cash Flow (FCF) is the cash a company generates after accounting for cash outflows to support operations and maintain capital assets. Net Debt to EBITDA is a leverage metric calculated as net debt divided by EBITDA, often used to assess balance sheet risk. ROIC (Return on Invested Capital) measures how efficiently a company generates returns from the capital invested in its business. Passive Investing is an approach that seeks to match (rather than outperform) an index’s return, typically through index funds or ETFs. Alpha Extension Strategy is a portfolio approach that seeks market (index) exposure while using long/short or leverage techniques to pursue incremental alpha. Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns. K‑shaped Economy describes an uneven recovery or growth pattern in which different segments of the economy experience materially different outcomes. Hyperscalers are large cloud service providers offering scalable computing resourc...

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 refers to seven mega-cap technology companies—Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla—that have driven significant market returns.Internal Rate of Return (IRR) is the discount rate that makes the net present value of all cash flows from an investment equal to zero, used to estimate profitability. Return on Equity (ROE) measures a company’s profitability by dividing net income by shareholders’ equity. Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns. Idiosyncratic Risk refers to risk unique to a specific company or asset, rather than market-wide risk. Hyperscalers are large cloud service providers offering scalable computing resources, such as AWS, Microsoft Azure and Google Cloud. Tokyo Stock Exchange (TSE) is Japan’s largest stock exchange and a major global market for equities.

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 Price Index (CPI) is a measure of inflation that tracks the changes in the prices of a basket of goods and services, excluding food and energy prices.Duration measures of the sensitivity of a bond’s price to changes in interest rates.Earnings Growth refers to the annual rate at which a company’s net income (or “earnings”) increases over time. It measures the percentage change in earnings per share (EPS) or total net income from one period to another, typically on a quarterly or annual basis.Spread is the difference in yield between two different debt instruments, often used to assess credit risk.