Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes that the Strategy underperformed in 2025 because it did not own Palantir Technologies Inc (PLTR). The Strategy focuses on achieving solid risk-adjusted returns by investing in high-quality compounders with fair valuations and market capitalizations between $2 billion and $50 billion at the time of purchase. Please review the Strategy’s top five holdings to gain insights into their key selections for 2025.

In its fourth-quarter 2025 investor letter, Brown Advisory Mid-Cap Growth Strategy highlighted Amer Sports, Inc. (NYSE:AS) as a new addition to the portfolio. Amer Sports, Inc. (NYSE:AS) is the leading producer and marketer of sporting goods. On March 23, 2026, Amer Sports, Inc. (NYSE:AS) stock closed at $32.71 per share. One-month return of Amer Sports, Inc. (NYSE:AS) was -14.46%, and its shares gained 13.58% over the past 52 weeks. Amer Sports, Inc. (NYSE:AS) has a market capitalization of $19.017 billion.

Brown Advisory Mid-Cap Growth Strategy stated the following regarding Amer Sports, Inc. (NYSE:AS) in its fourth quarter 2025 investor letter:

"Amer Sports, Inc. (NYSE:AS) is gaining share across outdoor categories as double-digit revenue growth, combined with margin expansion, sets the stage for multi-year earnings growth. We initiated the position after it became clear the company had moved past a prior marketing misstep in China and that all three core brands were delivering robust growth despite a challenging macro backdrop."

Photo by Glade Optics on Unsplash

Amer Sports, Inc. (NYSE:AS) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 59 hedge fund portfolios held Amer Sports, Inc. (NYSE:AS) at the end of the fourth quarter, up from 63 in the previous quarter. While we acknowledge the potential of Amer Sports, Inc. (NYSE:AS) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

In another article, we covered Amer Sports, Inc. (NYSE:AS) and shared a list of best consumer discretionary stocks to buy. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.

READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years.

Disclosure: None. This article is originally published at Insider Monkey.