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 21:32 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.
