Emerging Markets Select Fund

Overview

The Brown Advisory Emerging Markets Select Fund seeks to achieve total return by investing principally in equity securities issued by companies established or operating in emerging markets. The Fund aims to primarily invest at least 80% of its net assets in well-capitalized emerging market and Asia ex- Japan companies that exhibit the potential for long-term growth.

Using bottom-up, fundamental research, the managers seek to purchase companies with strong management teams, sound governance and quality business models that they believe demonstrate the ability to succeed over the long-term. They believe in using temporary price pullbacks to buy companies that are underperforming their historical earnings potential, offering investors the potential for attractive, risk-adjusted return within a volatile market.

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 8.0 9.3
Consumer Discretionary 16.9 11.7
Consumer Staples 5.0 3.7
Energy 1.1 3.9
Financials 25.4 22.3
Health Care 1.7 3.1
Industrials 5.9 7.0
Information Technology 26.8 28.3
Materials 4.0 7.1
Real Estate 3.6 1.3
Utilities 1.5 2.3
Unassigned
Source: FactSet® . Portfolio diversification excludes cash and equivalents. Sectors are based on the Global Industry Classification Standard (GICS®) classification system. Numbers may not total due to rounding.​

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Weighted Avg. Market Capitalization ($B) 298.0 270.1
P/E Forward (x) 14.2 15.1
Source: FactSet®. Characteristics are applicable to the investor share class only, exclude cash and equivalents and are calculated gross of fees unless noted otherwise.

Mutual fund investing involves risk. Principal loss is possible. Past performance is no guarantee of future results.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing.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.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

The information provided 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. 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.

The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. The Fund invests in smaller companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock. In addition, the fund is susceptible to risks from investments in derivatives, ETFs, REITs and its investments in other investment companies.

1 Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes.

GICS® is a registered trademark of MSCI and Standard & Poor’s Financial Services LLC.​

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.

Average Annual Total Returns % (As of Dec 31, 2025)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAQX), Inception: 12/12/2012 5.84 29.80 16.02 6.10 7.45 4.38
MSCI Emerging Markets Index 4.73 33.57 16.40 4.20 8.42 4.80
Gross Expense Ratios: 1.25% (Investor), 1.10% (Institutional), 1.50% (Advisor).
Net Expense Ratios: 1.25% (Investor), 1.10% (Institutional), 1.50% (Advisor).

Source: U.S. Bank. Performance data quoted represents past performance and is no guarantee of future results. Performance for periods greater than one year is annualized. 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, may be worth more or less than original cost. Performance for other share classes will vary. For the most recent month end performance, please call 1-800-540-6807.

Mutual fund investing involves risk. Principal loss is possible. Past performance is no guarantee of future results.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing.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.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

The information provided 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. 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.

The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. The Fund invests in smaller companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock. In addition, the fund is susceptible to risks from investments in derivatives, ETFs, REITs and its investments in other investment companies.

1 Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes.

GICS® is a registered trademark of MSCI and Standard & Poor’s Financial Services LLC.​

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.

(As of Dec 31, 2025)

Name Percentage
Taiwan Semiconductor Manufacturing Co Ltd 11.8
Samsung Electronics Co Ltd 6.8
Tencent Holdings Ltd 5.2
Alibaba Group Holding Ltd 4.2
SK hynix Inc 2.5
HDFC Bank Ltd 2.1
DBS Group Holdings Ltd 1.7
KB Financial Group Inc 1.6
AIA Group Ltd 1.4
China Construction Bank Corp 1.3
Total 38.7
Source: U.S. Bank . Portfolio holdings include cash and equivalents, which was 2.4% as of 12/31/2025, and 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. Numbers may not total due to rounding.

Mutual fund investing involves risk. Principal loss is possible. Past performance is no guarantee of future results.

Carefully consider a fund’s investment objectives, risks, charges and expenses before investing.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.

Diversification does not assure a profit, nor does it protect against a loss in a declining market.

The information provided 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. 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.

The Fund may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. The Fund invests in smaller companies which carry greater risk than is associated with larger companies for various reasons, such as narrower markets, limited financial resources and less liquid stock. In addition, the fund is susceptible to risks from investments in derivatives, ETFs, REITs and its investments in other investment companies.

1 Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes.

GICS® is a registered trademark of MSCI and Standard & Poor’s Financial Services LLC.​

The Brown Advisory Funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. which is not affiliated with Brown Advisory LLC.