Brown Advisory offers a family of mutual funds providing clients a convenient means to diversify their holdings across a range of asset classes and investment styles.
Brown Advisory's family of funds includes the following:
Brown Advisory Growth Equity Fund (BIAGX):
The fund seeks long-term capital appreciation by investing in large-cap U.S. stocks with above average growth prospects and strong business franchises.
Top 10 Holdings as of December 31, 2008:
1. Comcast Corp. (Cl A) (5.1%)
2. Millipore Corp. (5.1%)
3. Cisco Systems (4.5%)
4. Accenture Ltd. (4.5%)
5. Genentech Inc. (4.2%)
6. Pepsico Inc. (4.0%)
7. Trimble Navigation Ltd. (3.8%)
8. Danaher (3.7%)
9. DaVita Inc. (3.3%)
10. Schlumberger Ltd. (3.3%)
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Brown Advisory Value Equity Fund (BIAVX):
The fund seeks capital appreciation by investing primarily in U.S. companies with strong underlying fundamentals, medium to large market capitalizations, and. lower-than-market valuations.
Top 10 Holdings as of December 31, 2008:
1. Merck & Co. (7.2%)
2. Dover Corp (4.8%)
3. Eaton Corp. (4.7%)
4. Illinois Tool Works Inc. (4.5%)
5. Diageo PLC (4.2%)
6. Johnson & Johnson (3.9%)
7. E.I. Du Pont de Nemours (3.6%)
8. Nokia Corp. (ADR) (3.6%)
9. Unilever NV (3.4%)
10. Bank of NY Mellon (3.2%)
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Brown Advisory Flexible Value Fund (BIAFX)
The fund seeks capital appreciation by investing in small-, mid-, and large-capitalization companies with high returns on invested capital, well above average growth in earnings, and conservatively capitalized balance sheets.
Top 10 Holdings as of November 30, 2008:
1. Berkshire Hathaway (5.3%)
2. Mastercard Inc. (4.9%)
3. Kinder Morgan Mgmt (4.0%)
4. Exxon Mobil Corp. (3.9%)
5. Bank of New York Mellon (3.5%)
6. Magellan Midstream HLD (3.4%)
7. Wellpoint Inc. (3.4%)
8. Burlington Northrn Sant (3.1%)
9. Walt Disney Co. (3.0%)
10. Comcast Corp. (2.7%)
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Annual Report
Semi-Annual Report
Brown Advisory Small-Cap Growth Fund (BIASX):
The fund seeks capital appreciation by investing in the common stock of rapidly growing, small-capitalization U.S. companies.
Top 10 Holdings as of December 31, 2008:
1. Quanta Services Inc. (4.1%)
2. ESCO Technologies Inc. (3.7%)
3. Trimble Navigation Ltd. (3.6%)
4. ARGON ST Inc. (3.6%)
5. FactSet Research Systems Inc. (3.5%)
6. UTi Worldwide (3.2%)
7. National CineMedia (3.2%)
8. Citrix Systems (3.1%)
9. Orbitz Worldwide (3.0%)
10. Henry Schein Inc. (2.9%)
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Brown Advisory Small-Cap Fundamental Value Fund (BIAUX):
The fund seeks long-term capital appreciation by investing in U.S. equity securities of small-capitalization companies.
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Cardinal Small-Cap Value Fund (BIACX):
The fund seeks long-term capital appreciation by investing in undervalued U.S. small-capitalization companies with strong business fundamentals and the ability to generate free cash flow.
Top 10 Holdings as of December 31, 2008:
1. Silgan Holdings Inc. (4.8%)
2. j2Global Communications (4.1%)
3. CBIZ Inc. (3.5%)
4. Speedway Motorsports (3.4%)
5. Chemed Corp. (3.2%)
6. Arthur J. Gallagher & Co. (3.2%)
7. Kaman Corp. (3.1%)
8. Interactive Data Corp. (3.1%)
9. Nelnet Inc. (Cl A) (3.0%)
10. ARGON ST Inc. (2.7%)
Top 10 Holdings as of December 31, 2008:
1. Nestle S.A. (2.2%)
2. BHP Billiton Ltd. (2.1%)
3. Telefonica S.A. (2.1%)
4. Vivendi S.A. (2.1%)
5. Roche Holding AG (2.1%)
6. Royal Dutch Shell PLC (CL B) (1.9%)
7. Zurich Financial Services (1.9%)
8. British American Tobacco PLC (1.6%)
9. Vodafone Group PLC (1.6%)
10. KDDI (1.5%)
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Brown Advisory Opportunity Fund (BIAOX):
The fund seeks capital appreciation by investing in small-, mid-, and large-capitalization companies with high returns on invested capital, well above average growth in earnings, and conservatively capitalized balance sheets.
Top 10 Holdings as of December 31, 2008:
1. Amphenol Corp (Cl A) (6.1%)
2. Millipore Corp. (5.2%)
3. Danaher Corp. (4.8%)
4. Accenture Ltd. (4.7%)
5. Gen-Probe Inc. (4.6%)
6. Trimble Navigation (4.5%)
7. Roper Industries Inc. (4.4%)
8. Bank of NY Mellon (4.3%)
9. IDEXX Laboratories (4.1%)
10. Rockwood Holdings (3.9%)
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Brown Advisory Funds Semi-Annual Report
Performance
Capital Gains Distributions
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This Internet site is not an offer to sell nor a solicitation of an offer to buy shares in the Brown Advisory Funds outside the United States. For more complete information about the Funds, including risks, charges, and expenses download a prospectus from this website or request one by calling 800-540-6807. Please read the prospectus carefully before investing. Foreside Fund Services, LLC, Distributor.www.foresides.com