Brown Advisory Mid-Cap Growth Fund Adds DraftKings, Carvana, Exits Figma After Q3 Lag

Overview

• Brown Advisory initiated DraftKings to gain exposure to online sports betting and iCasino, citing a durable duopoly with FanDuel and improving unit economics as more states legalize wagering.
• The fund opened a position in Carvana, pointing to revenue growth above 40%, targeted 20–40% annual growth over five years, and improving profitability as reconditioning capacity scales.
• Figma was sold after shares climbed more than 150% above the IPO price, which the managers viewed as exceeding their estimate of intrinsic value.
• Comfort Systems was highlighted as a beneficiary of strong data center construction, with management lifting organic growth guidance to the mid-teens and an exceptional, longer-duration backlog supporting 1–2 years of revenue visibility.
• Verisk’s share weakness after results and a large acquisition and DexCom’s G7-related concerns were characterized as near-term issues, with Verisk’s deal seen as a strategic fit and DexCom’s production problems addressed.