BBH Select Mid Cap ETF on Guidewire Software Inc.

Guidewire is the leading core-systems software provider to the property and casualty insurance industry. The fund views recent deal slippage as timing rather than weakening demand because the pipeline remains healthy and fully ramped annual recurring revenue is growing faster than reported ARR. It sees AI as more opportunity than threat because insurers need modern core systems before deploying AI, while early AI tooling has reduced cloud-migration costs by roughly 35%. With Guidewire winning more than 80% of competitive requests for proposals but serving only about 25% of industry premiums, the fund believes cloud migration can drive growth for the next decade.