Core Insights - Brown Advisory Mid-Cap Growth Strategy underperformed its benchmark, the Russell Midcap® Growth Index, which increased approximately 3% in Q3 2025 [1] Company Overview - Figma, Inc. (NYSE:FIG) is a leading technology company specializing in browser-based user interface design tools [2][3] - Figma's stock closed at $37.36 per share on December 17, 2025, with a market capitalization of $18.56 billion [2] Performance Metrics - Figma, Inc. experienced a one-month return of 11.59% but saw a decline of 35.87% over the last three months [2] - The company reported revenue of $274 million in Q3 2025, marking a 38% increase from Q3 2024 [4] Investment Strategy - Brown Advisory highlighted Figma's strong growth driven by tailored SKUs for different user types and noted that shares rose more than 150% above the IPO price, leading to an exit from the position [3] - Despite acknowledging Figma's potential, the company believes certain AI stocks offer greater upside potential and less downside risk [4] Hedge Fund Interest - Figma, Inc. was held by 38 hedge fund portfolios at the end of Q3 2025, a significant increase from zero in the previous quarter [4]