Sustainable Growth Fund

Overview

The Brown Advisory Sustainable Growth Fund seeks to achieve capital appreciation through a bottom-up, fundamentally-driven approach that incorporates sustainable investing considerations throughout the due diligence and investment decision-making process. 

The Fund seeks to invest in a portfolio of companies that we believe offer durable fundamental strengths, sustainable competitive advantages and compelling valuations.

Our investment philosophy is grounded in the following principles:

Absolute growth rates:

  • We seek business models that we believe can support high absolute growth rates.

Strong Sustainable Business Advantages (SBA):

  • We focus on sustainable advantages to uncover persistent drivers of shareholder value across the economy.
  • We define strong SBAs in a company as the potential to create tangible enterprise value through sustainable drivers that lead to revenue growth, cost improvement, or enhanced franchise value.

Sustainable Investing:

  • Our sustainable investment research framework developed over 10+ years uses deep primary research to identify and assess risks and opportunities that help add value to our due diligence.

Valuation:​

  • We use financial modeling to assess upside and downside price targets to guide risk/return expectations over a multi-year forward horizon.

Portfolio Diversification

(As of Dec 31, 2025)

Sector Fund Benchmark
Communication Services 2.7 12.1
Consumer Discretionary 9.4 13.4
Consumer Staples — 2.4
Energy — 0.3
Financials 18.4 6.4
Health Care 7.9 8.1
Industrials 12.6 6.0
Information Technology 46.9 50.3
Materials 2.1 0.3
Real Estate — 0.4
Utilities — 0.3
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
Number of Holdings 33 391
Wtd. Avg. Market Capitalization ($B) 1,122.3 2,027.0
Wtd. Median Market Capitalization ($B) 178.5 1,640.9
Earnings Growth 3-5 Yr. Est (%) 16.2 15.2
Price-to-Earnings Ratio (P/E, FY2) 26.8 27.3
Beta 0.9 —
Source: U.S. Bank. Portfolio holdings include cash and equivalents, which was 1.2% 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.

 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.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone.

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

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 (BIAWX), Inception: 06/29/2012 -2.60 3.46 19.99 9.13 15.12 15.41
Russell 1000 Growth® Index 1.17 18.70 31.20 15.35 18.14 17.51
Gross Expense Ratios: 0.75% (Investor), 0.60% (Institutional), 1.00% (Advisor)
Net Expense Ratios: 0.75% (Investor), 0.60% (Institutional), 1.00% (Advisor)

The benchmark index shown represents the Fund's performance benchmark index, which is different from the Fund's regulatory benchmark index. The Fund’s regulatory benchmark index is the Russell 1000® Index and it is included in the Fund's prospectus. The Fund’s prospectus can be obtained by contacting the Fund at 1-800 645-3923 or by visiting the Fund’s website.

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.

specified periods if the payment of certain fees by the Fund had not been waived or expenses reimbursed. 

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone.br> 
1 Fund net assets provided by U.S. Bank and are as of the last day of the quarter and include all share classes.

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
Microsoft Corp 9.0
NVIDIA Corp 8.6
Amazon.com Inc 7.1
Visa Inc 4.3
Taiwan Semiconductor Manufacturing Co Ltd 4.3
Intuit Inc 3.7
Broadcom Inc 3.5
Charles Schwab Corp/The 3.3
KKR & Co Inc 3.2
Arthur J Gallagher & Co 2.8
Total % of Net Assets 49.7
Source: U.S. Bank. Portfolio holdings include cash and equivalents, which was 1.2% 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.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.

specified periods if the payment of certain fees by the Fund had not been waived or expenses reimbursed. 

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in the strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. The Fund seeks to identify companies that it believes may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. The Fund may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Fund incorporates data from third parties in its research process but does not make investment decisions based on third-party data alone.

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

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.