Brown Capital Management, an investment management company, released its “The Brown Capital Management International All-Company Strategy” second quarter 2025 investor letter. A copy of the letter can be downloaded here. The second quarter started with Liberation Day on April 2, which resulted in a global stock market sell-off. Later, the stock market rallied following a 90-day tariff reprieve. In this environment, international stocks in particular skyrocketed, with the MSCI ACWI ex US index up 12.30% and the MSCI EAFE index up 12.07%. The strategy outperformed both international equity indexes this quarter. In addition, check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, The Brown Capital Management International All-Company Strategy highlighted stocks such as ICON Public Limited Company (NASDAQ:ICLR). Headquartered in Dublin, Ireland, ICON Public Limited Company (NASDAQ:ICLR) is a clinical research organization. The one-month return of ICON Public Limited Company (NASDAQ:ICLR) was -8.66%, and its shares lost 43.09% of their value over the last 52 weeks. On September 25, 2025, ICON Public Limited Company (NASDAQ:ICLR) stock closed at $162.53 per share, with a market capitalization of $12.64 billion.
The Brown Capital Management International All-Company Strategy stated the following regarding ICON Public Limited Company (NASDAQ:ICLR) in its second quarter 2025 investor letter:
“ICON Public Limited Company (NASDAQ:ICLR) is an Ireland-domiciled global provider of outsourced development and commercialization services to pharmaceutical, biotechnology and medical-device companies. ICON is one of the largest providers of clinical-trial and related services to support the development of new medicines and devices. Services include the management of clinical trials across all phases (I to IV) needed to collect and analyze data, establishing product efficacy and safety for regulatory filings, bioanalytical and clinical lab services, data analytics and technology for trial design, regulatory consulting and marketing strategies. We have owned ICON in the International All Company strategy for more than a decade.
