Analyst-Driven PMs and Concentrated Portfolios

In this episode of CIO Perspectives, Sid Ahl and Erika Pagel, Co-CIOs for Private Clients, Endowments and Foundations at Brown Advisory, sit down with Jordan Wruble, partner and head of Investment Solutions at the firm. Jordan brings three decades of experience across investment banking, private equity, hedge funds and manager research, offering a unique perspective on how the art and science of investing has evolved—and what it takes to identify exceptional managers in today’s competitive landscape.

The conversation explores timeless principles of fundamental investing, the rise of data-driven strategies and the five sources of “edge” that top managers leverage to outperform. Jordan shares how Brown Advisory evaluates managers beyond performance—focusing on process, discipline and alignment—and why passion and curiosity remain the ultimate differentiators.

Macro themes also take center stage: the Fed’s “hawkish cuts,” AI-driven capital expenditure, market concentration and the bifurcation of the U.S. economy. Jordan discusses how these dynamics are shaping opportunities across global markets and why patience and selectivity are critical in an environment dominated by mega-cap tech and narrative-driven trades.

The episode closes with insights on portfolio construction, risk management and the role of AI as a research accelerator—not a replacement for judgment. Sid and Erika reflect on Jordan’s thoughtful approach and the importance of staying grounded in fundamentals amid rapid change.

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Terms and Definitions:

Alpha measures the excess return of an investment relative to a benchmark index.

Beta measures a stock’s volatility compared to the overall market; a beta above 1 indicates higher volatility.

Capex (Capital Expenditure) refers to funds used by a company to acquire, upgrade, or maintain physical assets such as property or technology.

Market Capitalization represents the total market value of a company’s outstanding shares, calculated as share price multiplied by shares outstanding.

Magnificent Seven refers to seven mega-cap technology companies—Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla—that have driven significant market returns.

Internal Rate of Return (IRR) is the discount rate that makes the net present value of all cash flows from an investment equal to zero, used to estimate profitability.

Return on Equity (ROE) measures a company’s profitability by dividing net income by shareholders’ equity.

Tracking Error measures the divergence between a portfolio’s returns and its benchmark’s returns.

Idiosyncratic Risk refers to risk unique to a specific company or asset, rather than market-wide risk.

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