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Flexible Equity Fund

Overview

The Brown Advisory Flexible Equity Fund searches across a broad investment universe to find attractive or improving businesses trading at prices that the manager believe do not reflect their favorable fundamentals. This flexible approach allows the manager to seek what they believe are undervalued shares in attractive businesses no matter whether the stocks are statistically characterized as "value" or "growth" investments.  The Fund may invest up to 15% of its net assets in non-U.S. securities, typically through sponsored American Depository Receipts (ADRs).

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 14.9 10.6
Consumer Discretionary 11.8 10.4
Consumer Staples 2.8 4.7
Energy 2.1 2.8
Financials 25.2 13.4
Health Care 10.1 9.6
Industrials 10.1 8.2
Information Technology 23.0 34.4
Materials — 1.8
Real Estate — 1.8
Utilities — 2.2
The Brown Advisory Value Equity Fund was merged into the Brown Advisory Flexible Equity Fund effective December 2, 2016. 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. Estimated EPS Growth Rate is not a measure of the fund's future performance. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Click here for index and financial term definitions.

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Wtd. Avg. Market Capitalization ($B) 1,079.0 1,430.6
Wtd. Median Market Capitalization ($B) 299.1 382.8
Earnings Growth 3-5 Yr. Est (%) 12.6 12.9
P/E Ratio (FY1Est.) 23.4 24.7
Price-to-Earnings Ratio (P/E, FY2) 21.3 21.6
Number of Holdings 44 503
Beta 0.9 —
Source: Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes. Characteristics exclude cash and equivalents and are derived from FactSet® and are applicable to the investor share class only. Performance figures and charts include the reinvestment of dividend and capital gain distributions. Returns would have been lower during the specified periods if the payment of certain fees by the Fund had not been waived or expenses reimbursed. Earnings growth 3-5 year estimate is not a measure of the Fund’s future performance.   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 (BIAFX), Inception: 11/30/2006 1.31 9.75 22.23 12.49 14.38 10.01
S&P 500® TR 2.66 17.88 23.01 14.42 14.82 10.78
Gross Expense Ratios: 0.52% (Institutional), 0.67% (Investor), 0.92% (Advisor).
Net Expense Ratios: 0.52% (Institutional), 0.67% (Investor), 0.92% (Advisor).
All returns greater than one year are annualized.
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
Alphabet Inc 8.1
Microsoft Corp 6.8
Taiwan Semiconductor Manufacturing Co Ltd 5.6
Meta Platforms Inc 5.4
Amazon.com Inc 4.7
Visa Inc 4.4
Mastercard Inc 4.3
KKR & Co Inc 3.8
Berkshire Hathaway Inc 3.6
Booking Holdings Inc 2.6
Total % of Net Assets 49.5
Mutual Fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Investments in smaller and medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. Investments in foreign securities 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. In addition, the Fund is susceptible to risks from investments in ETFs, REITs, and private placements. 
 
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.

Source: U.S. Bank, Sector breakdown (excluding cash and equivalents) and Fund holdings (including cash and equivalents which was 1.7% as of 12/31/2025 are subject to change at any time). The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. Sectors are based on the Global Industry Classification Standard(GICS®) classification system. Numbers may not total due to rounding.

Total assets under management value as of 12/31/2025. 
Inception date for Investor share class.
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.
The Brown Advisory Value Equity Fund was merged into the Brown Advisory Flexible Equity Fund effective December 2, 2016.
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.
Estimated EPS Growth Rate is not a measure of the Fund's future performance.
Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for index and financial term definitions.