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Beutel Goodman Large-Cap Value Fund

Overview

The Fund seeks to invest in companies at discounts to their business value, which the managers consider to be the present value of sustainable free cash flow. To identify these investment opportunities, the portfolio managers employ a disciplined, bottom-up investment process highlighted by rigorous, internally generated fundamental research. Accordingly, the portfolio managers only make investments when the managers believe that there is a sufficient discount to business value to mitigate the loss of capital in the event of adverse circumstances.

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 9.8 8.5
Consumer Discretionary 6.7 7.4
Consumer Staples 6.6 7.2
Energy — 5.7
Financials 20.1 22.3
Health Care 19.9 12.2
Industrials 13.1 13.0
Information Technology 19.0 11.3
Materials 4.7 4.0
Real Estate — 4.0
Utilities — 4.4
Source: Beutel, Goodman & Company Ltd. Sectors are based on the Global Industry Classification Standard (GICS®) classification system. Sector diversification excludes cash and equivalents. Numbers may not total due to rounding.

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Wtd. Avg. Market Capitalization ($B) 82.9 401.5
Wtd. Median Market Capitalization ($B) 39.4 15.1
Price-To-Earnings Ratio (FY1) (x) 13.1 18.1
Price/Book Ratio (TTM)(x) 3.4 2.8
Price/Cash Flow (TTM)(x) 11.5 13.1
Earnings Growth 3-5 Yr. Est (%) 8.0 12.6
Source: Beutel, Goodman & Company Ltd. Price to Book Ratio figures derived from FactSet®. Earnings Growth 3-5 Year Estimate is not a measure of the Fund’s future performance. Characteristics exclude cash and equivalents. Mutual Fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2025. 
Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
 Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807. Click here for index and financial term definitions. 

Average Annual Total Returns % (As of Dec 31, 2025)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAVX) 2.52 5.19 9.51 — — 6.44
Russell 1000 Value Index 3.81 15.91 13.90 — — 8.78
Gross Expense Ratios: 0.70% (Investor), 0.55% (Institutional).
Net Expense Ratios: 0.70% (Investor), 0.55% (Institutional).
Returns greater than one year are annualized.
The benchmark index shown represents the Fund's performance benchmark index, which is different from the Fund's regulatory benchmark index. The Fund’s regulatory benchmark index is the Russell 1000® Index and it is included in the Fund's prospectus. The Fund’s prospectus can be obtained by contacting the Fund at 1-800 645-3923 or by visiting the Fund’s website.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For monthly and quarterly performance information, please call 1-800-540-6807.
Mutual Fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets.
The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2025.
Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807.
Click here for index and financial term definitions.

Top Holdings

(As of Dec 31, 2025)

Name Percentage
Omnicom Group Inc 5.7
Merck & Co Inc 5.4
Chubb Ltd 5.4
Medtronic PLC 5.1
Westinghouse Air Brake Technologies Corp 5.0
Ameriprise Financial Inc 4.7
eBay Inc 4.7
Amgen Inc 4.6
PPG Industries Inc 4.5
NetApp Inc 4.3
Total 49.5
Mutual Fund investing involves risk. Principal loss is possible. Investments in foreign securities and ADRs entail certain risks not associated with investments in domestic securities, such as volatility of currency exchange rates, and in some cases, political and economic instability and relatively illiquid markets. 
The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code (\"IRC\"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.
Total assets under management value as of 12/31/2025.  Fund holdings includes Cash and Equivalents which was 3.8% as of 12/31/2025 and is provided as supplemental information. 
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for a current prospectus and click here for a current SAI. Please read and consider it carefully before investing. You may obtain a hardcopy of the prospectus by calling 1-800-540-6807.
Click here for index and financial term definitions.