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Global Leaders Fund

Overview

The Fund will invest in equity securities of companies that the portfolio managers believe are leaders within their industry or country, as demonstrated by an ability to deliver high relative return on invested capital over time. The managers believe that high returns on capital can typically be attributable to, among other things, a strong competitive position and defensible barriers to entry.

The Fund may invest in common stock, preferred stock, equity-equivalent securities such as stock futures contracts and equity options, other investment companies, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and exchange traded Funds (ETFs). The equity securities in which the Fund may invest will generally be issued by mid- and large-capitalization companies. In addition to those securities, the Fund may also invest in convertible bonds, Rule 144A securities, U.S. Treasury bills, fixed and/or floating-rate U.S. government securities, real estate investment trusts and unlisted securities.

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 7.9 8.8
Consumer Discretionary 4.3 10.2
Consumer Staples 3.9 5.1
Energy — 3.4
Financials 33.3 17.6
Health Care 9.1 9.0
Industrials 19.1 10.6
Information Technology 22.3 27.2
Materials — 3.7
Real Estate — 1.8
Utilities — 2.5
Source: FactSet®. Sector breakdown (excluding cash and equivalents) is 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

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Number of Holdings 32 2,517
Wtd. Avg. Market Capitalization ($B) 749.4 946.5
Wtd. Median Market Capitalization ($B) 146.4 170.6
Earnings Growth Rate, (3-5 Yr. estimate(%)) 10.9 12.2
Sales Growth Rate, (3-Yr. Hist. average (%)) 9.0 6.3
Return on Invested Capital (%) 22.3 8.8
Price-to-Earnings Ratio (P/E, FY1) 24.0 20.9
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 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.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other Funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone. 

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 (BIALX), Inception: 07/01/2015 1.95 14.95 18.19 9.13 12.37 11.63
MSCI ACWI Index 3.29 22.34 20.65 11.19 11.72 10.54
Gross Expense Ratio: 0.76% (Institutional), 0.91% (Investor).
Net Expense Ratio: 0.76% (Institutional), 0.91% (Investor).
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.Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other Funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone. 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
Microsoft Corp 8.5
Alphabet Inc 5.9
Visa Inc 4.9
London Stock Exchange Group PLC 4.9
Deutsche Boerse AG 4.6
Mastercard Inc 4.1
Roche Holding AG 3.7
Unilever PLC 3.5
Charles Schwab Corp/The 3.2
Taiwan Semiconductor Manufacturing Co Ltd 3.2
Brown Advisory Global Leaders Fund Top 10% 46.6
Mutual Fund investing involves risk. Principal loss is possible. Securities of medium-sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. 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. These risks are greater in emerging markets. In addition, the Fund is susceptible to risks from investments in ETFs, REITs, derivatives, private placements and its investments in other investment companies.
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.
Expense Waivers are 0.59% in each share class. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of a Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The contractual waivers will remain in effect until October 31, 2019. The Fund's Net Expense Ratio applies to investors.

©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. 
The Morningstar Rating™ is a trademark of Morningstar, Inc. Morningstar Rating™ is for the Investor share class only; other classes may have different performance characteristics. “The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.” Morningstar Rankings represent a fund’s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest percentile rank is 1 and the lowest is 100. It is based on Morningstar total return, which includes both income and capital gains or losses and is not adjusted for sales charges or redemption fees. Brown Advisory Small-Cap Growth Fund was rated against U.S. domiciled Small Growth funds over the following time periods: 297 funds in the last three years, 271 in the last five years, and 187 in the last ten years for the period ending 12/31/2025. With respect to these Global Large-Stock Growth funds, Brown Advisory Global Leaders Fund received a Morningstar Rating of 3 stars, 4 stars and 4 stars for the three, five-year and ten-year period, respectively. The Morningstar category represents a universe of open-end U.S. funds with similar objectives.
Total assets under management value as of 12/31/2025. Fund holdings includes Cash and Equivalents which was 3.5% 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.
 
Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other Funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone.
Brown Advisory LLC (the “Adviser”) has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired Fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares and Investor Shares to 0.75% and 0.90%, respectively, of the Fund’s average daily net assets through October 31, 2020. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense.
Brown Advisory LLC (the “Adviser”) has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired Fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares and Investor Shares to 0.75% and 0.90%, respectively, of the Fund’s average daily net assets through October 31, 2020. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired Fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense.
Click here for index and financial term definitions.
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.