BROWN CAPITAL MANAGEMENT LLC

BALTIMORE, MD · CIK 885062 · 13F filing filed 2026-07-27

SEC-registered investment adviser since 1983 · limited liability company

Assets managed$4.5bn
Staff37 · 13 in investment roles
Main clients (by assets)Mutual funds and ETFs 55%, State and local governments 26%, Charities 9%
Websitebrowncapital.com
Form ADV · 2026-07-13SEC adviser record

Legal entityBrown Capital Management (US)

$500.2m reported value -28.9% vs Q1 2026

54positions

45.7%in top 10

7 new 5 added 40 reduced 9 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CAMTEK LTD ORD CAMT	CAMT	178,944	$29.2m5.84%	5.84%	Reduced -441.2k	-441,154 -71.1%
2	COGNEX CORP COM CGNX	CGNX	351,942	$25.5m5.10%	5.10%	Reduced -62.7k	-62,696 -15.1%
3	DATADOG INC CL A COM DDOG	DDOG	97,832	$25.5m5.09%	5.09%	Reduced -78.7k	-78,678 -44.6%
4	XOMETRY INC CLASS A COM XMTR	XMTR	259,008	$25.0m5.00%	5.00%	Reduced -162.1k	-162,089 -38.5%
5	GLOBAL E ONLINE LTD SHS GLBE	GLBE	685,480	$23.8m4.76%	4.76%	Reduced -713.4k	-713,406 -51.0%
6	GLAUKOS CORP COM GKOS	GKOS	167,920	$23.5m4.69%	4.69%	Reduced -62.1k	-62,108 -27.0%
7	VERICEL CORP COM VCEL	VCEL	504,049	$22.4m4.48%	4.48%	Reduced -88.4k	-88,445 -14.9%
8	REPLIGEN CORP COM RGEN	RGEN	140,899	$19.2m3.84%	3.84%	Reduced -29.1k	-29,097 -17.1%
9	VEEVA SYS INC CL A COM VEEV	VEEV	99,469	$17.7m3.53%	3.53%	Reduced -15.5k	-15,466 -13.5%
10	CELLEBRITE DI LTD ORDINARY SHARES CLBT	CLBT	1,140,261	$16.6m3.33%	3.33%	Reduced -1.6m	-1,562,118 -57.8%
11	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	133,623	$16.4m3.29%	3.29%	Added +2.7k	+2,668 2.0%
12	MANHATTAN ASSOCIATES INC COM MANH	MANH	116,118	$16.2m3.23%	3.23%	Reduced -17.9k	-17,893 -13.3%
13	APPFOLIO INC COM CL A APPF	APPF	99,549	$16.0m3.19%	3.19%	Reduced -8.6k	-8,585 -7.9%
14	BIO-TECHNE CORP COM TECH	TECH	197,665	$14.0m2.79%	2.79%	Reduced -111.9k	-111,896 -36.1%
15	AGILYSYS INC COM AGYS	AGYS	132,299	$13.8m2.76%	2.76%	Reduced -21.1k	-21,093 -13.8%
16	UFP TECHNOLOGIES INC COM UFPT	UFPT	50,689	$13.4m2.69%	2.69%	Reduced -8.1k	-8,118 -13.8%
17	TYLER TECHNOLOGIES INC COM TYL	TYL	38,028	$11.1m2.22%	2.22%	Reduced -14.9k	-14,898 -28.1%
18	CRYOPORT INC COM PAR $0.001 CYRX	CYRX	670,057	$10.5m2.10%	2.10%	Reduced -110.5k	-110,507 -14.2%
19	Q2 HLDGS INC COM QTWO	QTWO	218,489	$10.5m2.10%	2.10%	Reduced -34.2k	-34,210 -13.5%
20	AXOGEN INC COM AXGN	AXGN	225,207	$10.4m2.08%	2.08%	Reduced -34.3k	-34,342 -13.2%
21	BADGER METER INC COM BMI	BMI	62,218	$9.2m1.85%	1.85%	Reduced -9.9k	-9,901 -13.7%
22	RED VIOLET INC COM RDVT	RDVT	116,602	$7.4m1.49%	1.49%	Reduced -19.0k	-19,000 -14.0%
23	CORCEPT THERAPEUTICS INC COM CORT	CORT	84,041	$7.3m1.46%	1.46%	Reduced -9.7k	-9,652 -10.3%
24	PDF SOLUTIONS INC COM PDFS	PDFS	102,231	$7.2m1.45%	1.45%	Reduced -2.1k	-2,091 -2.0%
25	LOAR HOLDINGS INC COM SHS LOAR	LOAR	84,816	$6.8m1.37%	1.37%	Added +10.6k	+10,588 14.3%
26	PAYCOM SOFTWARE INC COM PAYC	PAYC	53,823	$6.8m1.35%	1.35%	Reduced -50.7k	-50,663 -48.5%
27	WORKIVA INC COM CL A WK	WK	128,497	$6.2m1.25%	1.25%	Reduced -20.5k	-20,500 -13.8%
28	NCINO INC COM NCNO	NCNO	370,368	$6.1m1.21%	1.21%	Reduced -159.4k	-159,418 -30.1%
29	TRANSMEDICS GROUP INC COM TMDX	TMDX	89,828	$6.0m1.19%	1.19%	Reduced -8.1k	-8,126 -8.3%
30	MAMAS CREATIONS INC COM MAMA	MAMA	328,395	$5.9m1.17%	1.17%	Reduced -32.9k	-32,873 -9.1%
31	VERACYTE INC COM VCYT	VCYT	96,023	$5.6m1.13%	1.13%	Reduced -11.8k	-11,796 -10.9%
32	ALARM COM HLDGS INC COM ALRM	ALRM	120,604	$5.6m1.13%	1.13%	Reduced -238.6k	-238,573 -66.4%
33	VERTEX INC CL A VERX	VERX	373,824	$4.3m0.86%	0.86%	Reduced -60.8k	-60,755 -14.0%
34	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	15,703	$4.3m0.85%	0.85%	Reduced -253	-253 -1.6%
35	WARBY PARKER INC CL A COM WRBY	WRBY	139,589	$4.2m0.85%	0.85%	New
36	PARK AEROSPACE CORP COM PKE	PKE	108,882	$4.2m0.83%	0.83%	New
37	KRYSTAL BIOTECH INC COM KRYS	KRYS	10,968	$4.1m0.81%	0.81%	Added +1.7k	+1,721 18.6%
38	XPEL INC COM XPEL	XPEL	79,064	$3.9m0.78%	0.78%	Added +27.4k	+27,448 53.2%
39	DUOLINGO INC CL A COM DUOL	DUOL	30,304	$3.5m0.70%	0.70%	Reduced -5.0k	-4,995 -14.2%
40	SITIME CORP COM SITM	SITM	4,614	$3.4m0.69%	0.69%	Added +135	+135 3.0%
41	KARMAN HLDGS INC COMMON STOCK KRMN	KRMN	62,678	$3.1m0.63%	0.63%	New
42	ORTHOPEDIATRICS CORP COM KIDS	KIDS	153,314	$2.9m0.59%	0.59%	Reduced -157.2k	-157,234 -50.6%
43	AMERICAN SUPERCONDUCTOR CORP SHS NEW AMSC	AMSC	68,156	$2.8m0.57%	0.57%	New
44	FIGURE TECHNOLOGY SOLUTIO COM CL A FIGR	FIGR	91,344	$2.8m0.56%	0.56%	New
45	ENERGY RECOVERY INC COM ERII	ERII	282,866	$2.6m0.51%	0.51%	Reduced -255.2k	-255,197 -47.4%
46	INTAPP INC COM INTA	INTA	98,603	$2.5m0.50%	0.50%	Reduced -14.8k	-14,816 -13.1%
47	HEARTFLOW INC COM HTFL	HTFL	82,091	$2.4m0.48%	0.48%	New
48	AVEPOINT INC COM CL A AVPT	AVPT	206,292	$2.3m0.46%	0.46%	Reduced -31.0k	-30,988 -13.1%
49	SPS COMM INC COM SPSC	SPSC	38,208	$2.2m0.44%	0.44%	Reduced -34.2k	-34,154 -47.2%
50	INSPIRE MED SYS INC COM INSP	INSP	43,951	$2.0m0.39%	0.39%	Reduced -40.4k	-40,417 -47.9%
51	RXSIGHT INC COM RXST	RXST	216,300	$1.0m0.21%	0.21%	Reduced -32.6k	-32,596 -13.1%
52	APPLE INC COM AAPL	AAPL	952	$275.5k0.06%	0.06%	Unchanged
53	ALPHABET INC CAP STK CL A GOOGL	GOOGL	744	$265.9k0.05%	0.05%	Unchanged
54	AMAZON COM INC COM AMZN	AMZN	903	$215.2k0.04%	0.04%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MERCADOLIBRE INC MELI	MELI	14,156	$24.5m14.2k shares
SHOPIFY INC SHOP	SHOP	201,723	$23.9m201.7k shares
ICON PLC ICLR	ICLR	158,018	$17.5m158.0k shares
CLEARWATER ANALYTICS HLDGS I		555,511	$13.1m555.5k shares
FLUTTER ENTMT PLC FLUT	FLUT	111,273	$11.3m111.3k shares
ATLASSIAN CORPORATION TEAM	TEAM	130,838	$8.9m130.8k shares
CYTEK BIOSCIENCES INC CTKB	CTKB	1,480,506	$6.5m1.5m shares
DOUBLEVERIFY HLDGS INC DV	DV	584,579	$5.6m584.6k shares
CHECK POINT SOFTWARE TECH LT CHKP	CHKP	32,253	$4.6m32.3k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
OLO INC OLO · 13G · filed 2025-05-15	OLO	6.0%	-1.2 pts	13G	2025-05-15
ENFUSION INC 13G · filed 2025-05-15		5.4%		13G	2025-05-15