Brown Capital Management, an investment management firm, published its Q3 2025 investor letter “The Brown Capital Management International All-Company Fund.” A copy of the letter can be downloaded here. In the third quarter, shares of the fund’s investors lost 4.46% versus a total return of 2.84% for the MSCI World ex-US Growth-Net Index. Year to date, the fund has returned 6.67%, lagging the index’s 19.32% return. The fund’s poor performance was due to a combination of company-specific challenges and the loss of some of the best-performing sectors. Also, check out the fund’s top five holdings to learn your best picks in 2025.
In its Q3 2025 investor letter, The Brown Capital Management International All-Company Strategy highlighted stocks like CyberArk Software Ltd. (NASDAQ:CYBR). Incorporated in 1996, CyberArk Software Ltd. (NASDAQ:CYBR) develops and sells software-based identity security solutions and services. CyberArk Software Ltd. (NASDAQ:CYBR)’s monthly performance was -6.59% and its stock gained 49.59% in the past 52 weeks. On December 5, 2025, CyberArk Software Ltd. (NASDAQ:CYBR) stock closed at $478.70 per share, with a market capitalization of $24.16 billion.
Brown Capital Management International’s all-company strategy stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its Q3 2025 investor letter:
“CyberArk Software Ltd. (NASDAQ:CYBR), an Israeli company, is a leader in the rapidly growing privileged access management (PAM) market, which seeks to monitor, control and isolate access to “superuser” computer and network accounts. These superuser accounts are used to log into a company’s most critical assets, such as database servers, firewalls, switches, etc. PAM is the core of the broader identity management space. While identity management often works to defend against “bad guys,” PAM works under the assumption that bad guys are already on a network and instead minimizes their ability to exploit a company’s key assets. PAM helps reduce malware infections and the risk of downtime. According to Forrester, 80% of security breaches involve privileged credentials.
