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Small-Cap Growth Fund

Overview

The fund invests primarily in the common stock of small domestic companies possessing what the portfolio managers see as above-average growth potential based on in-depth fundamental analysis. The managers define small-cap as those companies with a market capitalization less than $6 billion at the time of purchase. The fund may invest up to 20% of its net assets in non-U.S. and emerging market securities, typically through sponsored American Depository Receipts (ADRs).

Risk mitigation is sought through diversification across sectors, business models and economic sensitivity.

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 0.2 2.4
Consumer Discretionary 4.6 8.0
Consumer Staples 1.8 2.1
Energy 4.7 2.8
Financials 5.0 9.8
Health Care 20.9 25.8
Industrials 31.9 21.7
Information Technology 25.2 21.2
Materials 3.0 3.5
Real Estate 2.5 2.2
Utilities — 0.5
Unassigned 0.1 —
Source: U.S. Bank. Sector breakdown (excluding cash and equivalents) and Fund holdings (including cash and equivalents) are subject to change at anytime. 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 71 1,105
Wtd. Avg. Market Capitalization ($B) 8.8 5.4
Wtd. Median Market Capitalization ($B) 6.7 4.3
Earnings Growth 3-5 Yr. Est (%) 14.0 13.8
Price-to-Earnings Ratio (P/E, FY1) 25.4 21.3
Price-to-Earnings Ratio (P/E, FY2) 22.6 19.6
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 equivalents and are derived from FactSet® and are only applicable for the investor share class. 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 (BIASX), Inception: 06/28/1999 1.92 2.38 6.29 0.55 8.27 7.10
Russell 2000® Growth Index 1.22 13.01 15.59 3.18 9.57 7.05
Gross Expense Ratios: 0.96% (Institutional), 1.11% (Investor), 1.36% (Advisor).
Net Expense Ratios: 0.96% (Institutional), 1.11% (Investor), 1.36% (Advisor).
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
Establishment Labs Holdings Inc 4.2
CCC Intelligent Solutions Holdings Inc 4.0
Oceaneering International Inc 3.8
Waste Connections Inc 3.6
Prosperity Bancshares Inc 3.3
HealthEquity Inc 3.2
Dynatrace Inc 3.1
Bruker Corp 2.6
StandardAero Inc 2.5
Bio-Techne Corp 2.3
Total % of Net Assets 32.6
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.

Total assets under management value as of 12/31/2025. Fund holdings includes Cash and Equivalents which was 1.9% as of 12/31/2025 and is provided as supplemental information. 
Inception date for Investor share class.
Estimated EPS Growth Rate is not a measure of the fund's future performance.
Diversification does not assure a profit or protect against a loss in a declining market.
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.