Episode Details

In this episode of Trust Issues, we speak to Christopher Berrier, manager of Brown Advisory US Smaller Companies (BASC), and Rob Furlong, equity research analyst, about the investment case for US small-caps. We discuss the drivers of the US small-cap rally, portfolio changes, thoughts on AI and software services and M&A activity, amongst other things.

00:00 Introduction
00:41 Drivers of US small-cap rally
03:43 Portfolio changes versus the benchmark
09:00 Weighing up AI winners and losers 
15:18 Impact of higher oil prices
21:33 M&A activity
26:22 Further information
26:35 Risk warning

Our latest note on BASC - https://www.trustintelligence.co.uk/investor/articles?fund_id=172 

BASC website - https://www.brownadvisory.com/intl/investment-trusts/brown-advisory-us-smaller-companies-plc 
 
Please note that this podcast was recorded on 18 June 2026.