The Brown Advisory Growth Equity Fund seeks capital appreciation by primarily investing in equity securities.

Investment approach

The fund primarily invests in the common stock of domestic, large-cap growth stocks. Bottom-up primary research drives stock selection and, typically, the fund’s manager purchases stocks with the intent of owning them for a multi-year period. 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

This is a concentrated portfolio of fundamentally sound companies that have prospects for above-average, sustainable earnings growth. The manager adds companies in the portfolio based on the merits of their business models, their position within their respective industries, as well as the macro environment.

(As of Dec, 31, 2018)

Sector Fund Benchmark
Communication Services 6.70 11.93
Consumer Discretionary 12.48 15.14
Consumer Staples 6.02 6.04
Energy 0.76
Financials 4.40
Health Care 21.98 14.28
Industrials 11.47 11.83
Information Technology 34.19 31.46
Materials 3.47 1.84
Real Estate 3.69 2.32
Utilities
Source: U.S. Bank and FactSet. Numbers may not total due to rounding. 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. Numbers may not total due to rounding.

(As of Dec 31, 2018)

Portfolio Attribute Fund Benchmark
Number of Holdings 31 546
Wtd. Avg. Market Capitalization ($B) 145.21 247.39
Wtd. Median Market Capitalization ($B) 51.08 97.81
Earnings Growth 3-5 Yr. Est (%) 17.91 16.32
Fund Assets ($MM) 2,175 --
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 equivalents and are derived from FactSet® and are applicable to the investor share class only. Performance figures and charts include the reinvestment of dividend and capital gain distributions. Returns would have been lower during the specified periodsifthe payment of certainfees bytheFundhad not been waived or expenses reimbursed. Earnings growth 3-5 year estimate is not an estimate of Fund performance.

Average Annual Total Returns % (As of Dec 31, 2018)

Share Class Three Months YTD One Year Three Year Five Year Ten Year Since Inception
Investor (BIAGX), Inception: 06/28/1999 -14.41 5.01 5.01 9.92 8.55 15.45 5.64
Russell 1000® Growth Index -15.89 -1.51 -1.51 11.15 10.40 15.29 4.85
Advisor (BAGAX), Inception: 05/18/2006 -14.46 4.75 4.75 9.64 8.29 15.11 9.30
Russell 1000® Growth Index -15.89 -1.51 -1.51 11.15 10.40 15.29 9.49
Institutional (BAFGX), Inception: 10/19/2012 -14.35 5.21 5.21 10.10 8.72 11.59
Russell 1000® Growth Index -15.89 -1.51 -1.51 11.15 10.40 15.29 13.56
Gross Expense Ratios: 0.86% (Investor), 0.71% (Institutional), 1.11% (Advisor) Source: U.S. Bank.
Returns greater than one year are annualized.
Performance data quoted represents past performance and is no guarantee of future results. 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. For monthly and quarterly performance information, please call 1-800-540-6807.
Performance data does not reflect the 1.00% fee on shares redeemed or exchanged within 14 days of purchase, and if it had, returns would be lower

(As of Dec 31, 2018)

Name Percentage
Amazon.com Inc 4.4
Visa Inc 4.5
Zoetis Inc 4.6
Intuitive Surgical Inc 4.1
Intuit Inc 3.9
Salesforce.com Inc 3.7
Alphabet Inc 3.6
PayPal Holdings Inc 4.0
Thermo Fisher Scientific Inc 3.7
SBA Communications Corp 3.6
Total % of Net Assets 39.6
Mutual fund investing involves risk. Principal loss is possible. Securities of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general. Investments in 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. In addition, the fund is susceptible to risks from investments in ETFs, REITs, and private placements.
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.
© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
“The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.”
Brown Advisory Growth Equity Fund was rated against the following number of U.S. domiciled Large Growth funds over the following time periods: 1,246 funds in the last three years, 1,106 funds in the last five years, and 798 funds in the last ten years for the period ending 09/30/2018. With respect to these Large Growth funds, Brown Advisory Growth Equity Fund received a Morningstar Rating of 3 stars, 3 stars and 4 stars for the three-, five- and 10-year periods respectively. Morningstar Rating™ is the for the Investor share class only; other classes may have different performance characteristics. The Morningstar category represents a universe of open-end U.S. funds with similar objectives. Morningstar Rating™ is a trademark of Morningstar, Inc.
Morningstar Rating™ as of 12/31/2018 for Investor Shares (derived from a weighted average of the fund’s three-, five- and 10-year risk adjusted return measure).
Total assets under management value as of 12/31/2018. 
Inception date for Investor share class.
The Brown Advisory funds are distributed by Quasar Distributors, LLC.
Estimated EPS Growth Rate is not a measure of the fund's future performance.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
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