The Brown Advisory - WMC Japan Alpha Opportunities Fund seeks to achieve total return by investing principally in equity securities of companies which are domiciled in or exercise the predominant part of their economic activity in Japan.

Investment approach

The fund is managed by Wellington Management who oversees the investment decision making process, security allocation, risk management, and strategically rebalancing the portfolio. With this fund, Wellington uses a “multiple sleeve structure” in which several fund components are managed separately in different styles. Each sleeve seeks to be flexible, opportunistic, and total return-oriented such that the aggregate portfolio represents a wide range of investment philosophies, companies, industries, and market capitalizations.

Fund profile

The Brown Advisory - WMC Japan Alpha Opportunities Fund invests at least 80% of the value of its net assets in equity securities of companies which are domiciled in or exercise the predominant part of their economic activity in Japan. The fund may invest in equity securities of companies of any size capitalization. Equity securities in which the fund may invest include common stock, preferred stock, equity-equivalent securities such as stock futures contracts or convertible securities, equity options, other investment companies, American Depository Receipts (ADRs), Global Depository Receipts (GDRs), real estate investment trusts (REITs) and exchange traded funds (ETFs).

(As of Sep, 30, 2018)

Sector Fund Benchmark
Communicaton Services 2.50 5.30
Consumer Discretionary 22.80 19.30
Consumer Staples 4.80 9.10
Energy 1.60 1.30
Financials 15.10 11.60
Health Care 5.00 7.70
Industrials 19.90 22.50
Information Technology 15.90 11.90
Materials 10.50 6.90
Pooled Vehicle 0.20
Real Estate 1.90 2.80
Utilities 1.80
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. Numbers may not total due to rounding.

(As of Sep 30, 2018)

Portfolio Attribute Fund Benchmark
Number of Holdings 232 2099
Weighted Avg. Market Capitalization ($B) 15.8 32.0
Forward P/E Ratio 12.3 13.1
Price/Book Ratio 1.2 1.4
Price/Cash Flow Ratio 8.2 8.3
Source: Fund Net Assets provided by U.S. Bank; portfolio characteristics provided by Wellington Management (WMC). Portfolio statistics were calculated using WMC’s internal systems, which use the BARRA factor model for certain data. For projected risk statistics, certain assumptions were made within the BARRA factor model with respect to model type, benchmark, security classification and risk assignment, and timing to calculate results. Differing assumptions can cause projected risk statistics to vary and may cause the figures to deviate significantly from those obtained with another risk model.

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 (BIAJX), Inception: 03/04/2014 -17.58 -21.48 -21.48 -3.66 2.52
Advisor (BAJAX), Inception: 03/04/2014 -17.55 -21.71 -21.71 -3.90 2.27
Institutional (BAFJX), Inception: 03/04/2014 -17.56 -21.38 -21.38 -3.52 2.67
Tokyo Stock Price Index -15.08 -14.43 -14.43 3.69 3.62 5.54 4.83
Gross Expense Ratios: 1.16% (Institutional), 1.31% (Investor), 1.56% (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 Sep 30, 2018)

Name Percentage
JPY/USD FWD 20181031 4.1
Mitsubishi UFJ Financial Group Inc 3.5
First American Government Obligations Fund 2.4
Toyo Tire & Rubber Co Ltd 2.1
Nippon Telegraph & Telephone Corp 1.6
Honda Motor Co Ltd 1.5
Sumitomo Mitsui Financial Group Inc 1.4
Sumitomo Electric Industries Ltd 1.4
Fujitsu Ltd 1.4
Yahoo Japan Corp 1.3
Total 20.6
Mutual fund investing involves risk. Principal loss is possible. Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund’s performance is expected to be impacted by the political, social and economic environment in Japan. As such, the Fund’s performance may be more volatile than the performance of funds that are more geographically diverse. 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 in emerging markets. Securities of smaller and medium-sized companies may be more volatile and more difficult to liquidate during market down turns than securities of larger companies. In addition, the fund is susceptible to risks from investments in derivatives, ETFs, REITs, and its investments in other investment companies.
The Brown Advisory funds are distributed by Quasar Distributors, LLC.
Total assets under management value as of 09/30/2018. 
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.
Diversification does not assume a profit nor protect against loss in a declining market.
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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