Brown Capital Management, an investment management firm, has released 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 Investor fund lost 4.46%, compared to a total return of 2.84% for the MSCI World ex-US Growth-Net index. Year to date, the fund has returned 6.67%, underperforming the index’s return of 19.32%. The fund’s underperformance was due to a combination of company-specific challenges and the absence of some of the best-performing sectors. Plus, check out the fund’s top five holdings for its top picks in 2025.
In its Q3 2025 investor letter, the Brown Capital Management International All-Company Fund highlighted stocks such as Shopify Inc. (NASDAQ:SHOP). Shopify Inc. (NASDAQ:SHOP) is a commerce technology company that provides a cloud-based platform for starting, growing, marketing and managing a business. Shopify Inc. (NASDAQ:SHOP)’s one-month return was 1.38% and its shares have gained 39.72% of their value over the past 52 weeks. On December 5, 2025, Shopify Inc. (NASDAQ: SHOP) stock closed at $161.08 per share, with a market cap of $209.701 billion.
The Brown Capital Management International All-Company Fund stated the following regarding Shopify Inc. (NASDAQ:SHOP) in its Q3 2025 Investor Letter:
“Shopify Inc. (NASDAQ: SHOP), a Canadian global leader in digital commerce solutions, provides turnkey services that enable merchants to seamlessly manage their online stores. Offering a comprehensive suite of features including web design, inventory management, payment processing, analytics and reporting, Shopify simplifies business operations for merchants. By continually innovating with user-friendly tools and unique offerings like the Shop Pay button, Shopify eliminates friction and empowers merchants to grow and thrive. Its all-in-one platform offers extensive functionality that generates significant switching costs, as many merchants depend on its robust ecosystem to grow and sustain their business.
