Brown Capital Management, an investment management company, released its “The Brown Capital Management International All-Company Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, the fund-Investor shares lost 4.46% compared to a 2.84% total return for the MSCI World ex-US Growth-Net Index. YTD, the fund returned 6.67% underperforming the 19.32% return for the index. The underperformance of the fund was driven by a mix of company-specific challenges and missing out on some of the best-performing industries. In addition, check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, The Brown Capital Management International All-Company Strategy highlighted stocks such as CyberArk Software Ltd. (NASDAQ:CYBR). Incorporated in 1996, CyberArk Software Ltd. (NASDAQ:CYBR) develops and sells software-based identity security solutions and services. The one-month return for CyberArk Software Ltd. (NASDAQ:CYBR) was -6.59%, and its shares gained 49.59% over the last 52 weeks. On December 05, 2025, CyberArk Software Ltd. (NASDAQ:CYBR) stock closed at $478.70 per share, with a market capitalization of $24.16 billion.
The Brown Capital Management International All-Company Strategy stated the following regarding CyberArk Software Ltd. (NASDAQ:CYBR) in its third quarter 2025 investor letter:
“CyberArk Software Ltd. (NASDAQ:CYBR), an Israeli company, is the leader in the quickly 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 for logging into a company’s most critical assets, such as database servers, firewalls, switches, etc. PAM is at the core of the broader identity-management space. While identity management often works to fend off “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 to reduce malware infections and the risk of downtime. According to Forrester, 80% of security breaches involve privileged credentials.
