Brown Advisory's Global Leaders Strategy sold its position in Workday during May after an eight-month holding period, citing a broken investment thesis. The exit was triggered by the CEO's departure and the reappointment of co-founder Aneel Bhusri, which led to an immediate moderation of margin targets and reduced discipline around stock-based compensation. These changes, combined with the need to ramp up investments amid increased competition from AI-driven challengers, prompted downward revisions to growth and margin estimates that no longer supported the fund's base-case IRR targets. The proceeds were reallocated to build a new position in Siemens Energy.
Workday IncCEO departure and co-founder reappointment broke investment thesis, leading to margin target moderation and reduced discipline on stock-based compensation, prompting downward revisions to growth and margin estimates.
Siemens Energy AGProceeds from Workday sale were reallocated to build a new position in Siemens Energy, indicating a positive investment decision.
NVIDIA CorporationBrown Advisory's Global Leaders Strategy sold its Workday position due to a broken investment thesis, reflecting a negative portfolio action.
