Core Insights - Patient Opportunity Equity Strategy achieved a return of 5.99% net of fees in Q4 2025, outperforming the S&P 500 Index which returned 2.65% [1] - The overall market experienced a strong year with a return of 17.9%, marking the seventh-best three-year period in market history [1] - The strategy outperformed the S&P 500 for the third consecutive year with a total return of 26.1% in 2025 [1] Company Focus: Illumina, Inc. (NASDAQ:ILMN) - Illumina, Inc. is a biotechnology company specializing in sequencing and array-based solutions for genetic and genomic analysis [2] - As of March 04, 2026, Illumina's stock closed at $128.97 per share, with a one-month return of -3.47% and a 52-week gain of 52.36% [2] - The company has a market capitalization of $19.72 billion [2] Performance and Outlook - Illumina was a top contributor in Q4 2025, driven by a stronger-than-expected third-quarter earnings report, with growth in clinical consumables exceeding expectations [3] - The core sequencing business is returning to a normalized growth and profitability profile, with improving confidence in demand durability and margin recovery [3] - Illumina reported revenue of $1.16 billion in Q4 2025, reflecting a 5% year-over-year increase on a reported basis and 4% on a constant currency basis [4] Hedge Fund Interest - Illumina is not among the 40 most popular stocks among hedge funds, with 46 hedge fund portfolios holding the stock at the end of Q4 2025, up from 45 in the previous quarter [4]

Group 1: Brown Advisory Global Leaders Strategy Overview - Brown Advisory released its second-quarter 2025 investor letter for the Global Leaders Strategy, focusing on long-term performance through a concentrated portfolio of companies that address customer needs and yield good shareholder returns [1] - The strategy outperformed its benchmark during the quarter, primarily due to investment selection in Information Technology and Industrials [1] Group 2: Illumina, Inc. (NASDAQ:ILMN) Performance - Illumina, Inc. is highlighted as a key stock in the investor letter, with a one-month return of 3.10% and a 52-week loss of 21.02%, closing at $102.75 per share on September 19, 2025, with a market capitalization of $15.793 billion [2] - In the second quarter, Illumina generated approximately $1.06 billion in revenue, reaching the upper end of its guidance range, despite a 3% decline compared to Q2 2024 [4] Group 3: Investment Decisions Regarding Illumina, Inc. - Brown Advisory exited its position in Illumina in May due to a combination of regulatory changes, budget cuts from the National Institute of Health in the U.S., a complete import ban on sales into China, and increased competitive risks [3] - The number of hedge funds holding Illumina decreased from 60 to 54 in the second quarter, indicating a decline in popularity among institutional investors [4]