Brown Advisory expands reach of U.S. Small-Cap Fundamental Value Strategy with UCITS Fund launch

London, 6 May 2026 Brown Advisory, an independent and privately held global investment management firm with $173.5bn in client assets, is bringing its U.S. Small-Cap Fundamental Value Strategy (“the Strategy”) to clients outside the U.S. with a UCITS Fund launch, at a time when they see an increasingly attractive entry point for value-oriented investing.

The new UCITS Fund provides institutional, intermediary and retail investors outside the U.S. with access to this established Strategy that has delivered annualised returns of 12.6% gross of fees, 11.5% net of fees, since inception in 2008 (to 31st March 2026), vs. the Russell 2000® Value Index return of 10.4% over this period¹. The Strategy has been managed by David Schuster since its inception and alongside this new fund, it remains available to investors as a U.S. mutual fund and via separately managed accounts.

The Strategy focuses on investing in U.S. smaller companies that the investment team believe are mispriced relative to their intrinsic value. The team seeks out both classic value opportunities and more complex or overlooked situations, where the market may not fully reflect a company’s long-term potential.

As Portfolio Manager David Schuster explains, “The market price of a stock often does not reflect a company’s true value – particularly in the small-cap universe. We focus on businesses with persistent free cash flow and management teams that allocate capital effectively. The U.S. remains a highly dynamic environment for innovative smaller companies, and we believe it offers a compelling opportunity set for disciplined, long-term, value-oriented investors.”

Portfolio Manager David Schuster has extensive small-cap equity experience having launched the Strategy and invested in the sector since joining Brown Advisory in 2008. Prior to this, he worked in M&A at Citigroup and Lazard Freres after serving as an officer in the U.S. Army. He is supported by an experienced investment team with deep sector expertise and a long track record of fundamental, bottom-up research.

Charlie van Straubenzee, Global Head of Institutional Business Development at Brown Advisory, said: “At a time when we see a more compelling opportunity set for value-oriented investing, driven by increased dispersion in company fundamentals and valuations, we are delighted to expand access to this long-established Strategy to our global client base. As a client-first firm, we remain focused on delivering differentiated investment capabilities that meet evolving client needs. This launch builds on a strong track record and reflects our commitment to supporting clients as they seek differentiated sources of return in an increasingly complex market environment.”

¹Annualised performance for the Brown Advisory U.S. Small-Cap Fundamental Value Composite from 31/12/2008 to 31/03/2026 gross of fees returns of 12.6%, net of fees returns of 11.5% vs. Russell 2000 Value Index returns of 10.4%.

About Brown Advisory

Brown Advisory is an independent investment management firm committed to providing its clients with a combination of investment performance, strategic advice and the highest level of service. Brown Advisory has been a private and independent firm since 1998. Today, the firm has more than 1,000 colleagues – each with an equity interest – serving private clients and institutions in around 50 countries from 20 offices globally and is responsible for approximately $173.5 billion in assets for private and institutional clients as of December 31, 2025. The firm’s colleague equity ownership, experienced investment professionals and client-first culture help to make a material difference in the lives of its clients.

Past performance is not a reliable indicator of future results. All investments involve risk, including possible loss of principal.