Investment approach The Brown Advisory Flexible Equity Fund searches across a broad investment universe to find attractive or improving businesses trading at prices that the managers believe do not reflect their favorable fundamentals. This flexible approach allows the managers to seek what they believe are undervalued shares in attractive businesses no matter whether the stocks are statistically characterized as "value" or "growth" investments. The Fund may invest up to 15% of its net assets in non-U.S. securities, typically through sponsored American Depository Receipts (ADRs). Fund profile The Fund consists of a moderately concentrated portfolio of mid- and large-cap companies. The managers seek to buy businesses that exhibit the following desirable traits: Favorable business economics supported by enduring competitive advantages; Capable and trustworthy management; Positive industry dynamics; and Sensible capital allocation.