Brown Capital Management, an investment management company, recently released its third-quarter 2025 investor letter for “The Brown Capital Management International All-Company Fund.” The fund’s investor shares experienced a loss of 4.46% in the third quarter, compared to a 2.84% total return for the MSCI World ex-US Growth-Net Index. Year-to-date, the fund returned 6.67%, underperforming the index’s 19.32% return. The underperformance was attributed to company-specific challenges and missing out on some of the best-performing industries.
One of the highlighted stocks in the fund’s portfolio is Shopify Inc. (NASDAQ:SHOP). Shopify is a commerce technology company that offers a cloud-based platform for businesses to start, scale, market, and run their operations. The stock has shown resilience with a one-month return of 1.38% and a 39.72% gain over the last 52 weeks. As of December 5, 2025, Shopify’s stock closed at $161.08 per share, with a market capitalization of $209.701 billion.
In the investor letter, Brown Capital Management praised Shopify for its innovative digital commerce solutions. The Canada-based company provides a comprehensive suite of services, including web design, inventory management, payment processing, analytics, and reporting. Shopify’s user-friendly tools, such as the Shop Pay button, simplify business operations for merchants and empower them to grow and thrive. The platform’s all-in-one capabilities create significant switching costs for merchants who rely on its ecosystem to build and sustain their businesses.
Overall, Brown Capital Management remains optimistic about the long-term potential of Shopify Inc. and other key holdings in its portfolio. Investors can access the full investor letter for more insights on the fund’s performance and investment strategy.
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