The Brown Capital Management International All-Company Strategy’s Updates on CyberArk Software Ltd. (CYBR)

Fund Performance - The Brown Capital Management International All-Company Fund experienced a loss of 4.46% in Q3 2025, underperforming the MSCI World ex-US Growth-Net Index, which returned 2.84% during the same period [1] - Year-to-date, the fund returned 6.67%, significantly lower than the index's 19.32% return, attributed to company-specific challenges and missing out on high-performing industries [1] Company Highlight: CyberArk Software Ltd. - CyberArk Software Ltd. (NASDAQ:CYBR) is recognized as a leader in the rapidly growing Privileged Access Management (PAM) market, which focuses on monitoring and controlling access to critical company assets [3] - The stock of CyberArk Software Ltd. had a one-month return of -6.59% but gained 49.59% over the last 52 weeks, closing at $478.70 per share on December 05, 2025, with a market capitalization of $24.16 billion [2] - PAM is crucial in the broader identity-management space, aiming to minimize the exploitation of key assets by assuming that threats may already exist within the network, thus reducing malware infections and downtime risks [3]