INVESTMENT PHILOSOPHYWe believe companies with strong competitive advantages and moats from a fundamental and sustainability perspective, that have reinvestment opportunities at high returns on invested capital (ROIC), capable and rightly incentivized management teams and are undervalued over a long-term investment horizon have the ability to compound returns and generate attractive risk-adjusted excess returns throughout the economic cycle. MAIN AIMSSuperior Risk Adjusted Returns Businesses with Strong Competitive AdvantagesBusinesses with Compelling Sustainability Management INVESTMENT OBJECTIVESIntegrated fundamental and sustainable research, supplemented by investigative research to uncover businesses that we believe posses strong fundamental and sustainable competitive advantages, growth and profitability, and thus have the potential to compound returns over the long term.What makes a Sustainable International Leader? Franchise QualityExceptional business modelAttractive reinvestment opportunitiesSustainable Business Advantage driversQuantitative MeasuresROIC meaningfully above cost of capitalHigh incremental ROICStrong cash flow generationInvestabilityProbability weighted expected return5+ years investment horizonAbsolute cash flow value — not relative valueManagement QualityTrack record of strong capital allocationManagement incentives are alignedLeveraging Brown Advisory’s Global Equity and Sustainable Investing platforms Vehicles Available: SMA and Mutual Fund