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Brown Capital Management, an investment management company, released its “The Brown Capital Management Mid Company Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The Mid Company Fund returned 5.43% in the quarter compared to a 6.90% return for the Russell Midcap Growth Index. For the full year, the fund declined 37.12% compared to a -26.72% return for the benchmark. In addition, check the fund’s top five holdings to know its best picks in 2022.
The Brown Capital Management Mid Company Fund highlighted stocks like Bentley Systems, Incorporated (NASDAQ:BSY) in the Q4 2022 investor letter. Headquartered in Exton, Pennsylvania, Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure engineering software solutions provider. On March 17, 2023, Bentley Systems, Incorporated (NASDAQ:BSY) stock closed at $40.98 per share. One-month return of Bentley Systems, Incorporated (NASDAQ:BSY) was 0.22%, and its shares gained 0.02% of their value over the last 52 weeks. Bentley Systems, Incorporated (NASDAQ:BSY) has a market capitalization of $11.911 billion.
The Brown Capital Management Mid Company Fund made the following comment about Bentley Systems, Incorporated (NASDAQ:BSY) in its Q4 2022 investor letter:
"Bentley Systems, Incorporated (NASDAQ:BSY) is an infrastructure-engineering software company. Bentley Systems has the broadest, deepest portfolio of infrastructure-engineering software. The company serves different types of assets—infrastructure assets, roads and bridges and electric utilities. Most of the infrastructure mega projects around the world, whether in China or India or Europe or the U.S., use Bentley software. While Bentley faces competition in its primary products, there is more co-opetition in the space than is understood. Bentley’s competitive moat is in its engineering domain expertise across the long infrastructure lifecycle. New competitors crop up in the construction space, but Bentley’s breadth and scale in infrastructure is difficult to replicate.