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Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. The Mid Company Fund (Institutional shares) returned -7.85 % in the quarter significantly underperforming -3.21% return for the Russell Midcap Growth Index. The strategy focuses on EGCs with strong revenue growth, competitive advantages, and differentiated products that save time, and money or deliver significant value to consumers. In addition, check the fund’s top five holdings to know its best picks in 2024.
Brown Capital Management Mid Company Fund highlighted stocks like Guidewire Software, Inc. (NYSE:GWRE) in its Q2 2024 investor letter. Guidewire Software, Inc. (NYSE:GWRE) offers a platform for property and casualty (P&C) insurance companies. The one-month return of Guidewire Software, Inc. (NYSE:GWRE) was 10.25%, and its shares gained 71.77% of their value over the last 52 weeks. On September 6, 2024, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $161.72 per share with a market capitalization of $13.368 billion.
Brown Capital Management Mid Company Fund stated the following regarding Guidewire Software, Inc. (NYSE:GWRE) in its Q2 2024 investor letter:
"Guidewire Software, Inc. (NYSE:GWRE) is a leading provider of software for Property & Casualty (P&C) insurance companies. Its software replaces legacy mainframe systems, helping to lower costs, improve decision making and enhance customer flexibility. Guidewire’s software covers the entire insurance lifecycle, from product selection to claims management, providing a system of record for clients. The company began a shift to cloud-based subscriptions seven years ago but has faced numerous obstacles along the way, some of which were self-inflicted. However, evidence of a turn emerged a year ago with the company becoming GAAP profitable for the first time in three years and cloud deals accelerating.