23rd Feb 2026 10:04
(Alliance News) - Brown Advisory US Smaller Cos PLC on Monday said factors that helped US equities enjoy "another strong year in 2025" are still largely in place, as it reported growth in net asset value.
The London-based investment trust, which backs small-cap companies in the US said net asset value per share rose 4.2% to 1,476.1 pence as at December 31, from 1,416.7p at June 30.
Meanwhile, the sterling-adjusted Russell 2000 total return index had a return of 17% over the six months to December 31.
Notably, Brown Advisory US said that US equities "responded positively to the passing in the Senate in early July of President Trump's One Big Beautiful Bill Act."
It added the bill "represented a significant stimulus for US companies, through tax cuts and incentives for business investment, that would more than offset the potential drag on the economy from the wide range of tariffs then being announced. Indeed, in the event many of the tariffs announced over the summer proved less damaging than thought at first, such as the 15% trade deal reached with Japan and South Korea. Thereafter, despite occasional bouts of volatility US equities climbed steadily higher, closing each month in positive territory and our half year end at around their all-time highs."
Chair Stephen White said: "Investors in US equities enjoyed another strong year in 2025, with double digit gains for the third year running. A healthy economy, restrained inflation, cuts in interest rates and much hype surrounding artificial intelligence provided all the necessary ingredients for the markets to rally. Given these factors still remain largely in place, US markets could well generate positive returns again in 2026."
Looking ahead, Chair White said the US domestic background "remains in good health and should continue to support US equities going forward."
Brown Advisory US shares were 1.1% lower at 1,399.80p each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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