Effective as of March 31, 2021, Emmy Wachtmeister, CFA, will serve as an associate portfolio manager to the Fund. Christopher A. Berrier and George Sakellaris, CFA, will continue to serve as portfolio managers of the Fund and will each continue to retain equal and final decision-making authority in the day-to-day management of the Fund’s portfolio. For more information, view the full sticker here. The Brown Advisory Mid-Cap Growth Fund seeks to achieve long-term capital appreciation. Investment approach The fund seeks long-term capital appreciation by owning the common stock of primarily domestic mid-cap companies that the managers believe have above-average growth prospects. The managers rely on in-depth fundamental analysis to identify those companies they believe have the potential to compound earnings over time. Additionally, the managers define mid-cap at the time of initial investment based on the range of securities in the Russell Midcap Growth Index. The fund may invest up to 20% of its net assets in non-U.S. securities, typically through sponsored American Depository Receipts (ADRs). Fund profile The fund invests in a concentrated portfolio primarily of companies the portfolio managers believe possess "3G" criteria: durable growth, sound governance, and scalable go-to-market strategies. In considering durable growth, the managers assess: Whether there is a large and growing market; Whether the company is a market leader and/or is gaining market share; and Whether a company has a differentiated product offering. To assess governance, the managers examine the strength of a company’s management, whether there is a shareholder-friendly board, and the alignment of management incentives with shareholder interests. Finally, the managers evaluate whether a company’s go-to-market strategies will result in incremental revenue, high and/or rising margins, and the efficient use of capital.