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


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.

Tax-Exempt Sustainable Fixed Income

The Brown Advisory Tax-Exempt Sustainable Bond strategy seeks to provide tax-advantaged total returns by investing in tax-exempt bonds with a clear and tangible ESG impact. We believe that actively managed portfolios, focused on bottom-up fundamental analysis and ESG research, can offer core stability and add alpha.


Inside the Strategy

  • We believe that sound investment decisions should be based on a security's risk-reward proposition, not macro-oriented forecasts. Our portfolio seeks to perform well in various economic scenarios, with a concentration in positions that have attractive upside greater than downside risk.
  • We review individual securities first from a fundamental credit perspective, and then from an ESG perspective. We believe that our sustainable investment approach strengthens our bottom-up fundamental research, and helps us identify ESG risks and opportunities as well as identify bonds that fund projects with a positive environmental and social impact.
  • We use a proprietary ESG research methodology that integrates third-party data with our own internal analysis. This methodology aims to provide additional dimensions to our understanding of opportunities and the risks embedded in the bonds we evaluate.
  • This strategy can be customized to meet a client’s risk tolerance, liquidity needs and return expectations.
  • The strategy aims to outperform the Barclays Municipal Bond 1-10 Year Blend Index over a full market cycle with lower risk.

Inception: 9/30/2014

Benchmark: Bloomberg Barclays Municipal Bond 1-10 Year Blend Index

Objective: Tax-advantaged total return 

Typical Duration Range: 3.5-5.5 years

Typical Credit Quality: Investment grade; up to 20% high yield

Portfolio Manager: Stephen Shutz, CFA

Associate Portfolio Mangers: Joshua R. Perry, CFA, CAIA, FRM, and Amy Hauter, CFA

A Focus on Positive Impact

  • Historically, investors have applied ESG principles primarily to equity investments. Use of these ideas within the fixed income market has been comparatively limited. We find sustainable investing to be a particularly useful and impactful approach within tax-exempt fixed income portfolios.
  • Specifically with regard to investing for positive impact, tax-exempt fixed income offers the essential elements of both a public benefit in order to qualify as tax exempt, and clarity on the use of capital. The use of proceeds is clearly defined in any bond issue, so we are able to build a portfolio that we know is funding projects with tangible and positive environmental impact.
  • Our strong relationships with many of the world’s leading green-bond issuers and underwriters helps us gain access to this new and growing market. We were early adopters of the Green Bond Principles and have been a leading participant in the green bond market in recent years.

Additional Resources

Strategy Highlights
By investing in issuers and issues that create tangible ESG impact, we deploy client assets to help fund projects across a variety of themes.

Learn More

Income and Impact
Green bonds can be a great opportunity for clients interested in sustainable investing—if they are incorporated with clear allocation goals in mind.

Learn More



Separately Managed Accounts

Please contact us for more information.

Private Client Solutions: Doug Godine
Tel: 410-537-5585
Email: [email protected]

Institutional Client Service and Investment Management Strategies: Topher Fearey
Tel: 410-537-5549
Email: [email protected]

Endowment & Foundation Services: Doug Godine
Tel: 410-537-5585
Email: [email protected]

Investment Consultants: Topher Fearey
Tel: 410-537-5549
Email: [email protected]

Financial Intermediaries: Topher Brewer
Tel: 410-537-5483
Email: [email protected]

Stephen Shutz Portfolio Manager

Steve Shutz, CFA, is a portfolio manager and primarily concentrates on the management, trading and analysis of tax-exempt bonds. Prior to joining the firm, Steve was a vice president and assistant portfolio manager at Cavanaugh Capital Management (CCM) responsible for the trading of tax-exempt securities and portfolio analytics. Before joining CCM, he was a portfolio and research analyst at Merrill Lynch. Steve began his investment career at Legg Mason. 


  • Frostburg State University, BS (1995)

Community Involvement

  • Member, CFA Institute
  • Member, Baltimore CFA Society
  • Member, Finance Committee, KIPP Baltimore
  • Board Member, Foundation for Baltimore County Public Library
  • 2011 President, Municipal Bond Club of Baltimore
Joshua R. Perry Associate Portfolio Manager and Municipal Credit Analyst

Joshua R. Perry, CFA, CAIA, FRM, is an associate portfolio manager and credit analyst primarily concentrating on tax-exempt strategies. Prior to joining the firm, he served as a fixed income credit analyst at Driehaus Capital Management. Prior to that he was a commodities analyst at Constellation.


  • University of Chicago, Booth School of Business, MBA (2012)
  • Princeton University, BSE (2006)

Community Involvement

  • Trustee, The Walters Art Museum
  • Trustee, Calvert School
  • Member, Baltimore CFA Society
Amy Hauter Associate Portfolio Manager and ESG Research Analyst

Amy Hauter, CFA, is an associate portfolio manager of the Sustainable Core Fixed Income strategy and Tax-Exempt Sustainable Fixed Income strategy as well as an ESG research analyst. She provides environmental, social and governance analysis across all our fixed income investments including corporate and municipal bonds, structured products and green labeled bonds across all sectors. She focuses most of her efforts on the firm’s Fixed Income Sustainability strategies and ESG integration across all investments. Prior to joining Brown Advisory she worked in Fixed Income client service at Morgan Stanley.


  • Old Dominion University, BS (2008)

Community Involvement

  • Volunteer: Jhpiego, SPCA

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