Investment approach

The fund uses a research-driven approach to invest primarily in U.S. equity securities of small-cap companies that the portfolio manager believes are mispriced relative to a fundamental assessment of their underlying value. The manager defines small-cap as having a market capitalization of less than $6 billion at time of purchase. The fund may invest up to 15% of its net assets in non-U.S. and emerging market securities, typically through sponsored American Depository Receipts (ADRs).

Fund profile

The fund is a concentrated portfolio of primarily domestic equities that the manager believes have a market price that does not necessarily equate to company value, and thus the manager seeks to capitalize on market inefficiencies that arise in the small-cap universe. The manager incorporates fundamental analysis and valuation discipline into selecting undervalued investments for the portfolio that focuses on out-of-favor or under-followed, cash-generating companies with sustainable business models, strong finances, competent management, and a demonstrable record of profitability and self-funded growth. The fund may also invest in cyclical companies or companies experiencing a temporary setback when the current company valuation represents an attractive discount to the company’s long-term earnings potential.

(As of Dec 31, 2023)

Sector Fund Benchmark
Communication Services 5.5 2.4
Consumer Discretionary 15.4 10.9
Consumer Staples 2.0 2.3
Energy 6.7 9.2
Financials 28.6 27.2
Health Care 2.1 8.8
Industrials 15.9 14.1
Information Technology 8.8 5.9
Materials 6.8 4.8
Real Estate 6.3 10.5
Utilities 1.8 3.9
Source: U.S. Bank. Sector breakdown (excluding cash and equivalents)and Fund holdings(including cash and equivalents) are subject to change at anytime. 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, 2023)

Portfolio Attribute Fund Benchmark
Number of Holdings 66 1431
Wtd. Avg. Market Capitalization ($B) 3.4 2.7
Earnings Growth 3-5 Yr. Est (%) 9.4 8.1
Price-to-Earnings Ratio (P/E, FY1) 14.6 12.4
Price-to-Earnings Ratio (P/E, FY2) 13.2 11.9
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 periods if the payment of certain fees by the Fund had not been waived or expenses reimbursed. Earnings growth 3-5 year estimate is not a measure of the Fund’s future performance.   Mutual fund investing involves risk. Principal loss is possible. 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.  The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2023. 
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.

Average Annual Total Returns % (As of Dec 31, 2023)

Share Class Three Months One Year Three Year Five Year Ten Year Since Inception
Investor (BIAUX), Inception: 12/31/2008 12.57 16.00 11.53 10.16 6.75 11.85
Russell 2000® Value Index 15.26 14.65 7.94 10.00 6.76 10.27
Gross Expense Ratios: 0.96% (Institutional), 1.11% (Investor), 1.36% (Advisor).
Net Expense Ratios: 0.96% (Institutional), 1.11% (Investor), 1.36% (Advisor).
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.
 
 
Mutual fund investing involves risk. Principal loss is possible. 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. 
The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
Total assets under management value as of 12/31/2023. 
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.

(As of Dec 31, 2023)

Name Percentage
Modine Manufacturing Co 4.0
Signet Jewelers Ltd 3.5
Eagle Materials Inc 3.1
Federal Signal Corp 2.5
Bancorp Inc/The 2.4
CTS Corp 2.2
Onto Innovation Inc 2.2
Cable One Inc 2.1
Assurant Inc 2.1
Patterson Cos Inc 2.0
Total % of Net Assets 26.3
Mutual fund investing involves risk. Principal loss is possible. Investments in smaller capitalization companies generally carry greater risk than is customarily associated with larger narrower markets, limited financial resources and less liquid stock. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. 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. These risks are greater in emerging markets. In addition, the fund is susceptible to risks from investments in ETFs, REITs, derivatives and private placements.
Total assets under management value as of 12/31/2023. Fund holdings includes Cash and Equivalents which was 3.8% as of 12/31/2023 and is provided as supplemental information. 
Inception date for Investor share class.
The Brown Advisory funds are distributed by ALPS Distributors, Inc. 1290 Broadway, Suite 1000, Denver, CO 80203. Brown Advisory Funds and ALPS are not affiliated.
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.
Estimated EPS Growth Rate is not a measure of the fund's future performance.
Fund holdings 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.