Equities Fixed Income Hedge Funds Private Equity and Real Estate Sustainable Investing

Equities

We follow a philosophy that low-turnover, concentrated portfolios derived from sound bottom-up fundamental research provide an opportunity for attractive performance results over time. We have a culture and firm equity ownership structure that help us attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

We construct balanced portfolios for private clients, nonprofits and institutions depending on the needs of the client. We can be 100% open architecture, using third-party managers only, or we can put together a mix of internal and external strategies, whatever is in the client's best interest.

Fixed Income

We follow a philosophy that fixed income strategies built from a foundation of stability coupled with fundamental credit research can seek to generate alpha and control risk. We have a culture and firm equity ownership structure that attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

We construct balanced portfolios for private clients, nonprofits and institutions depending on the needs of the client. We can be 100% open architecture, using third-party managers only, or we can put together a mix of internal and external strategies, whatever is in the client's best interest. Meet the Investment Solutions Group.

Hedge Funds

Hedge Funds

The Investment Solutions Group is an investment-management team within Brown Advisory that specializes in asset allocation, manager selection, hedge funds and other alternative investment strategies. Dedicated to open-architecture solutions, our team has established a strong track record of identifying high-quality, third-party investment managers across the hedge fund, long-only and private equity universes. We leverage this expertise to help clients assemble portfolios that we believe best fit their needs and goals, offering clients a range of solutions from complete portfolio management to fulfillment of specific hedge-fund and alternative-asset mandates.

Founded in June 2002, the Investment Solutions Group now manages in excess of $3.4 billion for clients (data as of January 31, 2017) in a combination of managed accounts, advisory relationships and fund-of-fund offerings.

Private Equity and Real Estate

Private Equity and Real Estate

Brown Advisory has incorporated private equity and real estate investments in client portfolios since our founding. Today, we can provide that exposure in three distinct ways.

Feeder Funds and Multimanager Funds
We introduce clients to investment opportunities in early- and late-stage venture capital and buyout funds, as well as select real estate funds. We also construct these feeder funds into multimanager funds through our Private Equity Partners (PEP) and Real Estate Partners (REP) vehicles to make private equity investing as easy as possible for our clients.

Customized Private Equity Portfolios
For most clients, private equity is one component of a balanced portfolio that we manage. Other clients, however, come to us specifically for custom-built private equity and real estate portfolios.

For more information on private equity please click here or contact Jacob Hodes at 410-537-5315 or [email protected].

Sustainable Investing

Sustainable Investing Strategies

  • Multi-Manager Strategies
  • For clients seeking an open-architecture solution, we have access to several of the premier sustainable managers in the industry - all vetted by internal research.
  • Private Equity
  • Our private equity team is focused on evaluating the growing universe of private impact investments to identify standout opportunities that target various issues of particular concern to our clients. To date, we have placed assets in investments targeting a variety of impact themes such as community impact, microfinance, education technology, sustainable real estate, water initiatives and others.*
  • *Many alternative investments by regulation may only be sold to Accredited Investors (institutions with at least $5 million in assets) or Qualified Purchasers (institutions with at least $25 million in investments).

Customized Portfolios

This diverse assortment of solutions will meet many clients’ sustainability objectives; however, we understand the continued evolution of this space and seek to be able to react quickly to client needs.

For clients with unique missions, value-aligned investing programs, or who simply wish to ensure that they do not own certain controversial companies or have access to certain industries, we offer the following customized options:

Additional Screening: To the extent we have reliable data and can build rules into our compliance systems, we can add specific screens to a separate account to restrict companies (e.g. oil and gas providers) or industries (e.g. tobacco or weaponry).

Customized and Thematic Portfolios: Within a separate account, we can work together to solve for a sustainability need. From a universe of securities researched from both the bottom-up and for their ESG profile, we can assemble a custom portfolio of securities designed to meet many specific sustainable goals or outcomes.

2015 BERKSHIRE HATHAWAY ANNUAL SHAREHOLDER MEETING

The Berkshire Hathaway annual meeting is an opportunity for shareholders and analysts to pose questions to Warren Buffett and Charlie Munger in a five-hour session covering over 60 questions.

The 2015 annual meeting celebrated the 50th anniversary of Warren Buffett taking control of Berkshire Hathaway and it drew a record crowd of over 40,000. In 50 years, Berkshire has grown from an economically challenged New England textile company to one of the largest U.S. companies, with 340,000 employees and the fifth-largest stock market value after only Apple, Microsoft, Google and Exxon. Notable businesses within Berkshire are GEICO Insurance, Burlington Northern Railroad and consumer products companies such as Fruit of the Loom, Dairy Queen and See’s Candies. Berkshire also holds investments exceeding $10 billion in each of Wells Fargo (Berkshire owns 9.4% of the shares outstanding), Coca- Cola (9.2%), American Express (14.8%), International Business Machines (7.8%) and H.J. Heinz (50%), among others.

Berkshire’s share price and shareholders’ equity per share have compounded at more than twice the 9.9% annual rate of the S&P 500 stock market index since Buffett took control in 1965. Even after Berkshire became a large enterprise, its growth in shareholders’ equity and share price has outpaced the market averages with gains of roughly 10% annualized during the past decade compared to 7.7% for the S&P 500 Index as of Dec. 31, 2014. The format of the meeting was question and answer, with shareholders and investment analysts posing questions to Warren Buffett and his long-time business partner, Charlie Munger, in two, 2 ½-hour sessions covering 60 questions. Buffett and Munger are going strong at 84 and 91 years young. They communicate in clear-thinking ways that leave little doubt of their insight and accumulated wisdom.

I was fortunate to attend my first Berkshire Hathaway meeting in 1986. I was a tyke in investing, hoping to learn from the masters. I have returned with the same idea to all but one meeting since then. Thirty years on and roughly the same age now as they were then, I have as much admiration for the pace they continue to keep as the wisdom they impart. For further information, readers are encouraged to study Buffett’s annual letters to shareholders available at www.berkshirehathaway.com and the book, Poor Charlie’s Almanack, a collection of Munger speeches and presentations. The latest annual report includes special sections from both Buffett and Munger on the past and future of Berkshire Hathaway.

Buffett and Munger are great thinkers and entertaining teachers. They celebrate good business and investment practices, the potential for human achievement, high ethics and decency to one’s fellow man. Listening to Buffett and Munger, you get a course in business, investing and decision making with material reaching across eight decades of experience. The course is more how to think than what to think, but in my experience, if you disagree strongly with Buffett or Munger, you’ll likely come around to their views if you think about it more. The meeting also serves to ingrain the culture of Berkshire with shareholders and employees.

These are my notes and recollections rather than a transcript, as recording isn’t allowed. Related subjects are grouped together. My thoughts and comments are bracketed to distinguish them from the comments by Buffett and Munger.

To continue reading, please download the full publication below.


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