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Sustainable Small-Cap Core Fund

Overview

The Fund’s investment approach seeks outperformance through a concentrated, low-turnover portfolio of companies with:

  • Strong business fundamentals
  • Attractive valuations
  • Sustainable Drivers that stem from a company’s products, services, or operations.

Sustainable Drivers are characteristics that we believe have potential to drive tangible positive outcomes, in terms of financial performance and environmental and social impact. We believe that our integration of fundamental and sustainable investment research adds an informational edge to our investment process that helps us identify quality, long-term investment opportunities.

Portfolio Sector

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 2.4 2.8
Consumer Discretionary 5.9 8.9
Consumer Staples 1.4 1.8
Energy 2.4 4.8
Financials 19.7 17.7
Health Care 19.9 18.7
Industrials 19.5 17.4
Information Technology 16.3 14.7
Materials 5.6 4.4
Real Estate 5.1 5.7
Utilities 1.8 3.0
Source: FactSet®. Sector breakdown (excluding cash and equivalents) and Fund holdings (including cash and equivalents which was 3.2% as of 12/31/2025 and is provided as Supplemental Information) 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 73 1,956
Wtd. Avg. Market Capitalization ($B) 5.8 4.5
Wtd. Median Market Capitalization ($B) 4.3 3.5
Earnings Growth 3-5 Yr. Est (%) 12.6 12.5
Price-to-Earnings Ratio (P/E, FY1) 17.8 16.7
Price-to-Earnings Ratio (P/E, FY2) 15.7 15.2
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.Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.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. Sector allocations 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 Fund. 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. 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 (BIAYX) 1.93 9.45 11.13 — — 2.73
Russell 2000® Index 2.19 12.81 13.73 — — 4.29
Gross Expense Ratios: 1.05% (Institutional), 1.20% (Investor).
Net Expense Ratios: 0.94% (Institutional), 1.09% (Investor).
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 0.94% and 1.09%, respectively, of the Fund’s average daily net assets through October 31, 2022. 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 there imbursement is made within three years after the date on which the Adviser incurred the expense.
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.
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 Fund. 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. Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
There is no guarantee that the initial investment will be returned. The Fund launched on 9/30/2021. Holdings will be published when they are available as of 12/31/2025. The Fund’s performance for very short time periods may not be indicative of future results.
The Fund launched on 9/30/2021. Holdings will be published when they are available as of 12/31/2025. The Fund’s performance for very short time periods may not be indicative of future results.
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
Bancorp Inc/The 2.4
Bristow Group Inc 2.3
Confluent Inc 2.2
Eastern Bankshares Inc 2.2
Old National Bancorp/IN 2.0
Guardian Pharmacy Services Inc 2.0
Ingevity Corp 1.9
HealthEquity Inc 1.8
Talen Energy Corp 1.8
Bruker Corp 1.8
Total 20.3
Source: U.S. Bank Fund holdings include cash and equivalents and are subject to change and should not be considered 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 Fund, 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.
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.
Sector allocations 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 Fund. 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. 

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. Fund holdings includes Cash and Equivalents which was 3.2% as of 12/31/2025 and is provided as supplemental information. 
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.
Click here for index and financial term definitions.