Brown Advisory’s Global Leaders Strategy underperformed as Workday’s $148.88 close reflected broader tech sector pressure from AI-related losses.
Workday (NASDAQ:WDAY) weighed on Brown Advisory’s Global Leaders Strategy in Q1 2026, closing at $148.88 on June 2. The fund’s 8.3% quarterly decline contrasted with the MSCI ACWI Net Return Index’s 3.2% loss, driven by negative sentiment around AI-exposed stocks and an underweight in Energy.
The strategy’s concentrated holdings faced headwinds from the so-called ‘AI loser’ narrative, which accounted for a portion of its 20% relative underperformance year-to-date. Workday’s one-month return of 21.41% and 52-week gain of 40.32% were not enough to offset broader sector weakness.
Absence from the Energy sector further contributed to the fund’s struggles, as the sector outperformed during the quarter.