Morningstar - Q2 2021 - 63
Team of Equals
The portfolio is always concentrated in only
about 45 companies. To justify their conviction, the
four managers divvy up the portfolio to closely
monitor the holdings and regularly rotate coverage
to guard against biases. At Brown Capital,
managers are generalists, ready to tackle anything.
Their collaborative approach depends on careful
team building, which starts at the top at
Brown Capital. Brown and Lee are involved in
interviews from the beginning. Hiring candidates
with the right experience is a must, but Brown
believes it is just as important that candidates fit
in with the firm's collegial atmosphere.
" We do very important work, but we want
to enjoy ourselves along the way, " Brown says.
" This culture has been nurtured over the years;
it's not accidental. "
Daniel Boston, director and portfolio manager/senior analyst
at Brown Capital Management.
Evered agrees: " We like each other, to a person,
all 36 of us. That is a tribute to Eddie. "
Evered and Haywood were mindful of the culture
when expanding the international team. " We are
independent thinkers with diverse backgrounds
but a shared vision, " Haywood says. " With a team
of four, you can have a spirited debate. "
Goyal, who joined the team in 2017, was
a portfolio manager on Wasatch International
Growth WIIGX when he got a call from a
headhunter. " I wasn't familiar with Brown Capital,
but I brought up their holdings and it was
spectacular to see the similarity in names. " The
portfolio was more concentrated, which
appealed to him, and the culture sealed the deal.
" I just took to them, " Goyal says. " It was quite an
interesting interview process. Duncan and
Maurice came down and said, 'You have a gap
in your schedule, and you don't know Baltimore,
so why don't we drive you around town?'
They pointed out different neighborhoods and
showed me where they lived. "
Duncan Evered, managing director and senior portfolio manager
at Brown Capital Management.
Also a Wasatch alumnus, Boston was a portfolio
manager at Baird when he got the call in 2019.
" I was incubating an international small-cap
product, and Brown Capital was the only one that
morningstar.com/lp/magazine
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Morningstar - Q2 2021
Table of Contents for the Digital Edition of Morningstar - Q2 2021
Contents
Morningstar - Q2 2021 - Cover1
Morningstar - Q2 2021 - Cover2
Morningstar - Q2 2021 - 1
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Morningstar - Q2 2021 - Contents
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Morningstar - Q2 2021 - Cover3
Morningstar - Q2 2021 - Cover4
Morningstar - Q2 2021 - M1
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