Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTSoumya EswaranWed, June 24, 2026 at 3:51 PM GMT+2 3 min readBrown Capital Management, an investment management company, released its first quarter 2026 investor letter for "The Brown Capital Management Small Company Fund". A copy of the letter can be downloaded here. In the first quarter of 2026, the Small Company Fund (Investor shares) fell 19.78%, significantly lagging the Russell 2000 Growth index's 2.81% decline. Worsened market conditions due to the Iran war, driving the oil price spike and increased volatility in equities. Despite stabilization in the performance as the quarter progressed, early declines and weakness in large positions significantly impacted the Fund's performance. Please review the Fund's top five holdings to gain insights into their key selections for 2026.In its first-quarter 2026 investor letter, The Brown Capital Management Small Company Fund highlighted stocks like Repligen Corporation (NASDAQ:RGEN). Repligen Corporation (NASDAQ:RGEN) is a life science company that develops and distributes bioprocessing technologies and systems. On June 23, 2026, Repligen Corporation (NASDAQ:RGEN) closed at $126.37 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was 11.66%, and its shares gained 1.89% over the past 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $7.13 billion.The Brown Capital Management Small Company Fund stated the following regarding Repligen Corporation (NASDAQ:RGEN) in its Q1 2026 investor letter:"Among the top detractors to performance in the first quarter of 2026 was Repligen Corporation (NASDAQ:RGEN). Repligen Corporation is a life-sciences company that develops and manufactures products used throughout the complex process of making biological drugs, helping its customers increase efficiency and reduce costs. Biological drugs make up roughly a quarter of the overall pharmaceutical market, and biologics sales are growing in the high single-digits, at roughly double the rate of the overall pharmaceutical industry. Repligen's products are used in the process of manufacturing hundreds of biological drugs in various phases, helping customers increase efficiency and reduce costs. Given its diverse customer base, we believe Repligen is well-positioned to benefit from the growing number of biological drugs being developed and commercialized, regardless of which specific drugs wind up being successful. In addition to serving a growing market, Repligen offers differentiated products in markets where the larger vendors have failed to innovate. The company is also expanding its portfolio with strategic M&A and organic innovation.During the first quarter of 2026, Repligen's stock price declined steadily and then dropped sharply following the Feb. 24 earnings release. The market reacted poorly to Repligen's initial 2026 financial guidance. Management guided for 10% to 14% reported revenue growth and 9% to 13% organic growth for the full year 2026. This outlook signaled a growth deceleration compared to the 14% organic growth achieved in the fourth quarter, prompting further price weakness. Given the company's long-term opportunities, we see this as an overreaction and still view Repligen as an EGC."Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info