Flexible Equity Fund

Overview

The Brown Advisory Flexible Equity Fund aims to deliver outperformance through long-term growth of capital and income. The Fund seeks to invest in attractive businesses that grow in value over time when the market presents them at bargain prices. We utilize a value philosophy, applied to a broad spectrum of investment opportunities giving us the flexibility to invest across both “growth” and “value” equities and market cycles.

We believe that having the flexibility and mindset to look across the broad spectrum of investment opportunities allows us the ability to invest in compelling, well-understood businesses with shareholder-oriented managers and a margin of safety2.

Our investment philosophy is grounded in the following principles.

Value Philosophy:​

  • Take advantage of price fluctuations to obtain investment bargains on purchases

Margin of Safety2:​

  • Incorporate a margin of safety in our valuation analysis to reduce risk.

Business Owner Mindset:​

  • Approach investing as long-term owners of businesses rather than stocks. Look for quality management teams.

Long-Term Performance:​

  • Resulting in a track record of long-term attractive performance across both growth and value cycles.

Portfolio Diversification

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 14.9 10.6
Consumer Discretionary 11.8 10.4
Consumer Staples 2.8 4.7
Energy 2.1 2.8
Financials 25.2 13.4
Health Care 10.1 9.6
Industrials 10.1 8.2
Information Technology 23.0 34.4
Materials — 1.8
Real Estate — 1.8
Utilities — 2.2
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.

Characteristics

(As of Dec 31, 2025)

Portfolio Attribute Fund Benchmark
Wtd. Avg. Market Capitalization ($B) 1,079.0 1,430.6
Wtd. Median Market Capitalization ($B) 299.1 382.8
Earnings Growth 3-5 Yr. Est (%) 12.6 12.9
P/E Ratio (FY1Est.) 23.4 24.7
Price-to-Earnings Ratio (P/E, FY2) 21.3 21.6
Number of Holdings 44 503
Beta 0.9 —
Source: FactSet®. Characteristics are applicable to the investor share class only, exclude cash and equivalents, and are calculated gross of fees unless noted otherwise. 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. 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.

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.

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.

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

2 A margin of safety exists when we are paying less than what we believe the asset is conservatively worth.

Inception date for Investor share class. 

FactSet® is a registered trademark of FactSet Research Systems, Inc.​

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 (BIAFX), Inception: 11/30/2006 1.31 9.75 22.23 12.49 14.38 10.01
S&P 500® TR 2.66 17.88 23.01 14.42 14.82 10.78
Gross Expense Ratios: 0.67% (Investor), 0.52% (Institutional), 0.92% (Advisor). 

Net Expense Ratios: 0.67% (Investor), 0.52% (Institutional), 0.92% (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.

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.

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.

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

2 A margin of safety exists when we are paying less than what we believe the asset is conservatively worth. 

Inception date for Investor share class.FactSet® is a registered trademark of FactSet Research Systems, Inc.

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.

Top 10 Portfolio Holdings

(As of Dec 31, 2025)

Name Percentage
Alphabet Inc 8.1
Microsoft Corp 6.8
Taiwan Semiconductor Manufacturing Co Ltd 5.6
Meta Platforms Inc 5.4
Amazon.com Inc 4.7
Visa Inc 4.4
Mastercard Inc 4.3
KKR & Co Inc 3.8
Berkshire Hathaway Inc 3.6
Booking Holdings Inc 2.6
Total % of Net Assets 49.5
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.

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.

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.

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.

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

2 A margin of safety exists when we are paying less than what we believe the asset is conservatively worth. 

Inception date for Investor share class.
FactSet® is a registered trademark of FactSet Research Systems, Inc.

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.