Core Insights - Sustainable Growth Advisers (SGA) reported a negative return of -1.3% (Gross) and -1.4% (Net) for its U.S. Large Cap Growth Strategy in Q3, underperforming the Russell 1000 Growth Index which returned 10.5% and the S&P 500 Index which returned 8.1% [1] - The investment strategy focuses on high-quality growth businesses with expected mid-teens earnings growth, but faced challenges as lower-quality stocks and cyclical industries outperformed in the market [1] Company-Specific Insights - Workday, Inc. (NASDAQ:WDAY) was highlighted in SGA's investor letter, reporting a one-month return of -0.85% and a 52-week loss of 14.72%, with a market capitalization of $57.346 billion as of December 31, 2025 [2] - SGA liquidated its position in Workday due to signs of a deteriorating competitive environment, particularly with increased pressure from rivals like SAP, despite Workday maintaining its annual revenue guidance [3] - Workday reported total revenue of $2.432 billion in its fiscal third quarter of 2026, reflecting a year-over-year growth of 13% [4]

Core Insights - Brown Advisory's Large-Cap Growth Strategy reported a net return of -0.88% in Q3 2025, underperforming the Russell 1000 Growth Index due to underweighting speculative momentum-driven stocks despite significant AI exposure [1] Company Summary: Workday, Inc. (NASDAQ:WDAY) - Workday, Inc. experienced a one-month return of -8.20% and a 52-week decline of 20.76%, closing at $213.06 per share with a market capitalization of $56.887 billion as of December 02, 2025 [2] - Brown Advisory exited its position in Workday during Q3 2025 due to slower-than-expected revenue growth, reallocating capital to Samsara Inc. for better growth opportunities [3] - Workday reported total revenue of $2.432 billion in fiscal Q3 2026, reflecting a year-over-year growth of 13% [4]