Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. The war in Ukraine is causing even more uncertainty. High levels of innovation and productivity, as well as the growing hope that the worst of the COVID-19 crisis is behind us, have given investors reasons to be optimistic for the future. Our CIOs recently discussed current market conditions, how we are positioning portfolios, and an array of other topics such as major trends in technology across public and private markets, inflationary dynamics, sustainable investing, the outlook for China, and more. CIO Perspectives Webinar, 2022 Asset Allocation Outlook Watch the Video Listen to the Podcast The themes and topics discussed include: The performance of various markets and asset classes over recent years and since the onset of the Ukraine conflict The outlook for China Key themes in energy markets Why biotechnology may offer especially compelling investment opportunities Recent dynamics in alternative assets that can serve as inflation hedges like gold, bitcoin and commodities Speakers: Sidney Ahl, Erika Pagel, Jacob Hodes, Christopher Hancock, and Ryan Myerberg. MORE ON THIS TOPIC CIO Roundtable: Inflation Greenflation and Tech Regulation We discuss how transitory inflation may actually be, and how we have been positioning portfolios. We discuss “greenflation,” why the semiconductor shortage is playing an outsized role in inflation and why a potential capital expenditure boom could help contain inflationary pressures over the longer term. We also look at China, where we've seen regulatory crackdowns and concerns about its real estate sector weighing on the country and emerging markets more broadly. We also discuss the technology sector, where some high-profile tech giants may be facing increasing regulatory scrutiny. Read more > The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be 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 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. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client. Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned. ESG considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The strategy seeks to identify companies that it believes may have desirable ESG outcomes, but investors may differ in their views of what constitutes positive or negative ESG outcomes. As a result, the strategy may invest in companies that do not reflect the beliefs and values of any particular investor. The strategy may also invest in companies that would otherwise be screened out of other ESG oriented funds. Security selection will be impacted by the combined focus on ESG assessments and forecasts of return and risk. The strategy intends to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seeks to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The MSCI ACWI Index captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI ACWI ex U.S. Index captures large and mid cap representation across Developed Markets (DM) countries—excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Europe Index captures large and mid cap representation across Developed Markets (DM) countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). With 738 constituents, the index covers about 85% of this China equity universe. Currently, the index includes Large Cap A and Mid Cap A shares represented at 20% of their free float adjusted market capitalization. The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The Bloomberg Commodity Index Total Return (BCOMTR) Index is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of commodities exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME). Bloomberg Indices are trademarks of Bloomberg or its licensors. “Bloomberg®” and Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Brown Advisory. Bloomberg is not affiliated with Brown Advisory, and Bloomberg does not approve, endorse, review, or recommend the Core Multifamily Partnership. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index. BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. The S&P 500 Total Return Index is calculated based on price changes and reinvested dividends of the S&P 500 Index. The S&P SmallCap 600® seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. The S&P Global Clean Energy ® Index is designed to measure the performance of companies in global clean energy-related businesses from both developed and emerging markets, with a target constituent count of 100. The Dow Jones Equity REIT Total Return Index is comprised of REITs that directly own all or part of the properties in their portfolios. Dividend payouts have been added to the price changes. The index is quoted in USD. The ICE LBMA Gold Price Index is the global benchmark price for unallocated gold delivered in London. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties. ICE Benchmark Administration Limited (IBA) is a benchmark administrator and licenses benchmark and other information to users for purposes which may include: valuation and pricing activities, use as a reference rate in transactions and for the creation of financial products; redistribution to third parties; trading and clearing activities; historical access; and the issuance of exchange traded products. IBA reserves all rights in this benchmark and other information and in the methodologies and other information disclosed on IBA’s website, and in the copyright in this document and those on IBA’s website. None of IBA’s benchmark and other information may be used without a written license from IBA and such benchmark and other information is provided solely for the purposes specified in the relevant license. ICE, LIBOR, ICE LIBOR, ICE Swap Rate and ICE Benchmark Administration are trademarks of IBA and/or its affiliates. All rights in these trademarks are reserved and none of these rights may be used without a written license from IBA and/or its affiliates, as applicable. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s. Alternative Investments may be available for Qualified Purchasers and Accredited Investors only. All Russell indices mentioned above are trademarks/service marks of the Frank Russell Company. Russell® is a trademark of the Frank Russell Company. An investor cannot invest directly into an index. All MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries. An investor cannot invest directly into an index.