Brown Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Brown Capital Management LLC reported 54 stock positions worth $2.4 billion. Its top holding was Cyberark Software Ltd./Israel (CYBR) at 8.1% of the portfolio, followed by Camtek (CAMT, 5.0%) and Veeva Systems Class A (VEEV, 4.5%). Compared with Q2 2025, it opened 4 new positions, sold out of 33, added to 4 and reduced 46. The biggest buy was Camtek (CAMT, shares +1%) and the biggest sale an exit from Ansys (ANSS).
- Most Recent 13F
- Q2 2026
- Location
- BALTIMORE, MD
- CIK
- 0000885062
- Portfolio Value
- $2.4B (Q3 2025)
- SEC Filing
- 0001398344-25-020306 ↗ filed Nov 4, 2025
Holdings Value
Holdings 54 stocks · $2.4B
| CYBR Cyberark Software Ltd./Israel | 8.13% | 408,291 | $197.3M | Reduce -31.4% |
| CAMT Camtek Ltd. | 5.00% | 1,153,943 | $121.2M | Add +1.2% |
| VEEV Veeva Systems Inc. Class A | 4.47% | 363,997 | $108.4M | Reduce -34.6% |
| DDOG Datadog Inc. Class A | 4.18% | 712,277 | $101.4M | Reduce -37.1% |
| GWRE Guidewire Software Inc. | 3.92% | 414,259 | $95.2M | Reduce -36.2% |
| APPF Appfolio Inc. Class A | 3.88% | 341,942 | $94.3M | Reduce -40.9% |
| RGEN Repligen Corp. | 3.68% | 668,858 | $89.4M | Reduce -33.5% |
| XMTR Xometry Inc. Class A | 3.62% | 1,611,682 | $87.8M | Reduce -45.3% |
| MANH Manhattan Associates Inc. | 3.54% | 419,623 | $86.0M | Reduce -35.3% |
| GLBE Global-E Online Ltd. | 3.52% | 2,389,842 | $85.5M | Add +9.9% |
| TYL Tyler Technologies Inc. | 3.49% | 162,087 | $84.8M | Reduce -32.3% |
| FLUT Flutter Entertainment PLC-Di | 2.84% | 271,715 | $69.0M | Reduce -2.4% |
| PAYC Paycom Software Inc. | 2.80% | 326,013 | $67.9M | Reduce -31.3% |
| CGNX Cognex Corp. | 2.70% | 1,443,896 | $65.4M | Reduce -36.3% |
| GKOS Glaukos Corp. | 2.56% | 762,760 | $62.2M | Reduce -33.0% |
| VCEL Vericel Corp. | 2.53% | 1,950,989 | $61.4M | Reduce -30.6% |
| ALRM Alarm.com Holdings Inc. | 2.47% | 1,127,126 | $59.8M | Reduce -33.8% |
| QTWO Q2 Holdings Inc. filed as Q2 HLDGS INC | 2.40% | 803,197 | $58.1M | Reduce -30.4% |
| TECH Bio-Techne Corp. | 2.38% | 1,035,930 | $57.6M | Reduce -34.2% |
| SHOP Shopify Inc. Class A | 2.32% | 379,136 | $56.3M | Reduce -8.8% |
| MELI MercadoLibre Inc. | 2.23% | 23,118 | $54.0M | Reduce -5.1% |
| AGYS Agilysys Inc. | 2.09% | 481,667 | $50.7M | Reduce -25.3% |
| NCNO Ncino Inc. | 1.88% | 1,684,116 | $45.7M | Reduce -18.2% |
| CWAN Clearwater Analytics HDS-A | 1.86% | 2,510,792 | $45.2M | Reduce -21.5% |
| WK Workiva Inc. | 1.64% | 461,360 | $39.7M | Reduce -34.3% |
| BMI Badger Meter Inc. | 1.54% | 209,744 | $37.5M | Add +28.1% |
| TMDX Transmedics Group Inc. | 1.45% | 313,855 | $35.2M | Reduce -30.5% |
| UFPT Ufp Technologies Inc. | 1.38% | 168,109 | $33.6M | Reduce -1.6% |
| VERX Vertex Inc. Class A | 1.33% | 1,302,663 | $32.3M | Reduce -8.8% |
| ICLR Icon PLC | 1.23% | 170,341 | $29.8M | Reduce -5.1% |
| DUOL Duolingo | 1.06% | 79,702 | $25.7M | Add +0.7% |
| CYRX Cryoport Inc. | 1.02% | 2,621,844 | $24.9M | Reduce -31.0% |
| ERII Energy Recovery Inc. | 1.02% | 1,602,982 | $24.7M | Reduce -35.4% |
| SPSC SPS Commerce Inc. | 0.93% | 217,514 | $22.7M | Reduce -16.8% |
| DV Doubleverify Holdings Inc. | 0.90% | 1,821,754 | $21.8M | Reduce -14.4% |
| INSP Inspire Medical Systems Inc. | 0.85% | 278,040 | $20.6M | Reduce -24.3% |
| KIDS Orthopediatrics Corp. | 0.83% | 1,081,220 | $20.0M | Reduce -30.5% |
| CORT Corcept Therapeutics Inc. | 0.82% | 240,047 | $20.0M | New |
| RDVT Red Violet Inc. | 0.81% | 377,513 | $19.7M | Reduce -19.6% |
| MNDY Monday.com Ltd. | 0.77% | 96,532 | $18.7M | Reduce -5.4% |
| CTKB Cytek Biosciences Inc. | 0.71% | 4,958,016 | $17.2M | Reduce -30.3% |
| TEAM Atlassian Corp. Class A | 0.68% | 102,777 | $16.4M | Reduce -5.5% |
| CHKP Check Point Software Tech | 0.54% | 62,853 | $13.0M | Reduce -5.1% |
| AXGN Axogen Inc. | 0.47% | 644,623 | $11.5M | New |
| INTA Intapp Inc. | 0.36% | 213,715 | $8.7M | New |
| PRO Pros Holdings Inc. | 0.31% | 324,885 | $7.4M | Reduce -38.4% |
| MAMA Mama's Creations Inc. | 0.30% | 697,627 | $7.3M | New |
| RXST Rxsight Inc. | 0.29% | 771,180 | $6.9M | Reduce -31.1% |
| TNDM Tandem Diabetes Care Inc. | 0.18% | 363,352 | $4.4M | Reduce -34.1% |
| AAPL Apple Inc. | 0.02% | 1,825 | $465K | Reduce -84.2% |
| MSFT Microsoft Corp. | 0.02% | 877 | $454K | Reduce -79.4% |
| GOOGL Alphabet Inc. Class A | 0.02% | 1,583 | $385K | Reduce -86.1% |
| AMZN Amazon.com Inc. | 0.02% | 1,713 | $376K | Reduce -75.3% |
| META Meta Platforms Inc. Class A | 0.01% | 412 | $303K | Reduce -81.1% |
Portfolio Sells Q2 2025 → Q3 2025
| ANSS Ansys Inc. | Sold out | 0.00% | −2.90 |
| OLO Olo Inc. Class A | Sold out | 0.00% | −1.70 |
| VCEL Vericel Corp. | Reduce -30.6% | 2.53% | −0.95 |
| GKOS Glaukos Corp. | Reduce -33.0% | 2.56% | −0.86 |
| QTWO Q2 Holdings Inc. | Reduce -30.4% | 2.40% | −0.74 |
| TYL Tyler Technologies Inc. | Reduce -32.3% | 3.49% | −0.63 |
| INSP Inspire Medical Systems Inc. | Reduce -24.3% | 0.85% | −0.54 |
| GWRE Guidewire Software Inc. | Reduce -36.2% | 3.92% | −0.52 |
| PAYC Paycom Software Inc. | Reduce -31.3% | 2.80% | −0.40 |
| ALRM Alarm.com Holdings Inc. | Reduce -33.8% | 2.47% | −0.34 |
| TMDX Transmedics Group Inc. | Reduce -30.5% | 1.45% | −0.31 |
| DDOG Datadog Inc. Class A | Reduce -37.1% | 4.18% | −0.25 |
| VEEV Veeva Systems Inc. Class A | Reduce -34.6% | 4.47% | −0.20 |
| MANH Manhattan Associates Inc. | Reduce -35.3% | 3.54% | −0.18 |
| CWAN Clearwater Analytics HDS-A | Reduce -21.5% | 1.86% | −0.18 |
| MNDY Monday.com Ltd. | Reduce -5.4% | 0.77% | −0.16 |
| KIDS Orthopediatrics Corp. | Reduce -30.5% | 0.83% | −0.15 |
| RXST Rxsight Inc. | Reduce -31.1% | 0.29% | −0.14 |
| VERX Vertex Inc. Class A | Reduce -8.8% | 1.33% | −0.14 |
| TNDM Tandem Diabetes Care Inc. | Reduce -34.1% | 0.18% | −0.12 |
| SPSC SPS Commerce Inc. | Reduce -16.8% | 0.93% | −0.10 |
| AGYS Agilysys Inc. | Reduce -25.3% | 2.09% | −0.06 |
| AAPL Apple Inc. | Reduce -84.2% | 0.02% | −0.05 |
| MSFT Microsoft Corp. | Reduce -79.4% | 0.02% | −0.04 |
| GOOGL Alphabet Inc. Class A | Reduce -86.1% | 0.02% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -81.1% | 0.01% | −0.03 |
| MA Mastercard Inc. Class A | Sold out | 0.00% | −0.03 |
| AMZN Amazon.com Inc. | Reduce -75.3% | 0.02% | −0.03 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.03 |
| DV Doubleverify Holdings Inc. | Reduce -14.4% | 0.90% | −0.03 |
| JPM JPMorgan Chase & Co. | Sold out | 0.00% | −0.02 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.01 |
| PWR Quanta Services Inc. | Sold out | 0.00% | −0.01 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.01 |
| HUBS HubSpot Inc. | Sold out | 0.00% | −0.01 |
| FAST Fastenal Co. | Sold out | 0.00% | −0.01 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.01 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.01 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.01 |
| ECL Ecolab Inc. | Sold out | 0.00% | −0.01 |
| PODD Insulet Corp. | Sold out | 0.00% | −0.01 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.01 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −0.01 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.01 |
| DRI Darden Restaurants Inc. | Sold out | 0.00% | −0.01 |
| ADSK Autodesk Inc. | Sold out | 0.00% | −0.01 |
| WEC WEC Energy Group Inc. | Sold out | 0.00% | −0.01 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.01 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.01 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| CAMT Camtek Ltd. | Add +1.2% | 5.00% | +2.19 |
| GLBE Global-E Online Ltd. | Add +9.9% | 3.52% | +1.40 |
| CORT Corcept Therapeutics Inc. | New | 0.82% | +0.82 |
| AXGN Axogen Inc. | New | 0.47% | +0.47 |
| BMI Badger Meter Inc. | Add +28.1% | 1.54% | +0.38 |
| INTA Intapp Inc. | New | 0.36% | +0.36 |
| MAMA Mama's Creations Inc. | New | 0.30% | +0.30 |
| DUOL Duolingo | Add +0.7% | 1.06% | +0.11 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 54 | $500.2M | CAMT, CGNX, DDOG, XMTR, GLBE |
| Q1 2026 | 56 | $704.0M | CAMT, GLBE, CLBT, GKOS, MELI |
| Q4 2025 | 55 | $1.2B | CAMT, GLBE, CYBR, RGEN, XMTR |
| Q3 2025 | 54 | $2.4B | CYBR, CAMT, VEEV, DDOG, GWRE |
| Q2 2025 | 83 | $3.4B | CYBR, VEEV, GWRE, DDOG, TYL |
| Q1 2025 | 105 | $3.3B | CYBR, VEEV, TYL, GWRE, APPF |
| Q4 2024 | 118 | $4.3B | CYBR, GKOS, DDOG, MANH, VCEL |
| Q3 2024 | 133 | $4.6B | GWRE, MANH, TYL, GKOS, CYBR |
| Q2 2024 | 130 | $4.9B | GWRE, MANH, DDOG, TYL, GKOS |
| Q1 2024 | 133 | $5.7B | APPF, MANH, VEEV, DDOG, VCEL |