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.

(As of Dec 31, 2020)

Sector Fund Benchmark
Communication Services 11.8 5.7
Consumer Discretionary 9.9 11.8
Consumer Staples 2.3 3.5
Energy 0.4
Financials 1.3 3.3
Health Care 22.3 20.8
Industrials 14.9 12.0
Information Technology 30.8 38.5
Materials 4.8 2.5
Real Estate 2.1 1.4
Utilities 0.1
Source: U.S. Bank. Sector breakdown (excluding cash and equivalents)and Fund holdings(including cash and equivalents) 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. Sectors are based on the Global Industry Classification Standard (GICS®) classification system.

(As of Dec 31, 2020)

Portfolio Attribute Fund Benchmark
Number of Holdings 62 347
Wtd. Avg. Market Capitalization ($B) 24.9 24.6
Wtd. Median Market Capitalization ($B) 17.4 22.8
Earnings Growth 3-5 Yr. Est (%) 18.9 18.1
Price-to-Earnings Ratio (P/E, FY1) 43.4 38.0
Price-to-Earnings Ratio (P/E, FY2) 36.8 33.1
Beta 1.0
Source: Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes. Characteristics exclude cash and equivalent sand are derived from FactSet® Earnings growth 3-5 year estimate is not a measure of the Fund’s future performance. 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.

Average Annual Total Returns % (As of Dec 31, 2020)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BMIDX), Inception: 10/02/2017 19.42 32.27 21.53 20.77
Russell Midcap® Growth Index 19.02 35.59 20.50 21.05
Gross Expense Ratios: 0.89% (Institutional), 1.04% (Investor) Source: U.S. Bank.
Net Expense Ratios: 0.83% (Institutional), 0.98% (Investor) Source: U.S. Bank.
All returns greater than one year are annualized.
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, when redeemed, may be worth more or less than original cost. Performance for other share  classes will vary. Shares redeemed or exchanged within 14 days of purchase will be charged a 1.00% fee.  Performance data quoted does not reflect the redemption or exchange fee. If reflected, total returns would be  reduced. For the most recent month end performance, please call 1-800-540-6807.

(As of Dec 31, 2020)

Name Percentage
GoDaddy Inc 3.5
Teleflex Inc 3.4
Pinterest inc 3.3
IAA Inc 3.3
Ball Corp 3.0
Marvell Technology Group Ltd 2.9
Waste Connections Inc 2.7
Match Group Inc 2.4
Dynatrace Inc 2.2
Autodesk Inc 2.2
Total % of Net Assets 28.7
Mutual fund investing involves risk. Principal loss is possible. The Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental focus. Securities of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general. Investments in smaller and medium capitalization companies generally carry greater risk than is customarily associated with larger companies for various reasons such as narrower markets, limited financial resources and less liquid stock. Investments in foreign securities 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. These risks are greater for emerging markets countries.
The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1100, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2020. Inception date for Investor share class.
The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code ("IRC"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.
The Adviser has contractually agreed to waive its fees and/or reimburse certain expenses (exclusive of any front-end or contingent deferred sales loads, taxes, interest, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization and extraordinary expenses) in order to limit the Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement for Institutional Shares and Investor Shares to 0.70% and 0.85%, respectively, of the Fund’s average daily net assets through December 31, 2020. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. The contractual waivers and expense reimbursements may be changed or eliminated at any time by the Board of Trustees, on behalf of the Fund, upon 60 days written notice to the Adviser. The contractual waivers and expense reimbursements may not be terminated by the Adviser without the consent of the Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to this agreement if such reimbursement does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made and the reimbursement is made within three years after the date on which the Adviser incurred the expense.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for a current prospectus. 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.