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Mid-Cap Growth Fund

Overview

The fund seeks long-term capital appreciation by owning the common stock of primarily domestic mid-cap companies that the managers believe have above-average growth prospects. The managers rely on in-depth fundamental analysis to identify those companies they believe have the potential to compound earnings over time. Additionally, the managers define mid-cap at the time of initial investment based on the range of securities in the Russell Midcap Growth Index. The fund may invest up to 20% 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 2.0 5.9
Consumer Discretionary 19.1 21.9
Consumer Staples 0.8 1.6
Energy 4.0 2.7
Financials 4.5 9.9
Health Care 17.8 15.5
Industrials 21.6 20.9
Information Technology 22.5 17.1
Materials 2.4 0.3
Real Estate 3.3 1.4
Utilities 2.0 2.8
Source: U.S. Bank. Sector breakdown (excluding cash and equivalents)and Fund holdings(including cash and equivalents) 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.

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Number of Holdings 62 281
Wtd. Avg. Market Capitalization ($B) 33.0 36.8
Wtd. Median Market Capitalization ($B) 32.9 35.3
Earnings Growth 3-5 Yr. Est (%) 16.6 15.3
Price-to-Earnings Ratio (P/E, FY1) 31.6 28.5
Price-to-Earnings Ratio (P/E, FY2) 27.4 24.2
Beta 0.8 —
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 equivalent sand are derived from FactSet® Earnings growth 3-5 year estimate is not a measure of the Fund’s future performance. 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. 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 (BMIDX), Inception: 10/02/2017 -4.64 4.21 13.83 2.39 — 9.27
Russell Midcap® Growth Index -3.70 8.66 18.64 6.65 — 12.10
Gross Expense Ratios: 0.86% (Institutional), 1.01% (Investor).
Net Expense Ratios: 0.83% (Institutional), 0.98% (Investor).
All 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.
Source: U.S. Bank. Performance data quoted represents past performance and is no guarantee of future results. Performance for periods greater than one year is annualized. 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. Performance for other share classes will vary. For the most recent month end performance, 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
Hilton Worldwide Holdings Inc 3.6
CoStar Group Inc 3.2
Dexcom Inc 2.9
Cardinal Health Inc 2.7
Cheniere Energy Inc 2.6
HEICO Corp 2.6
Fair Isaac Corp 2.5
Verisk Analytics Inc 2.5
Alnylam Pharmaceuticals Inc 2.4
Waste Connections Inc 2.3
Total % of Net Assets 27.2
Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental focus. Securities of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general. 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. These risks are greater for emerging markets countries.
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. Inception date for Investor share class. Fund holdings includes Cash and Equivalents which was 3.0% as of 12/31/2025 and is provided as supplemental information. 
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.
The advisor has contractually agreed to waive fees. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees.
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.