Equities Fixed Income External Managers Private Equity and Real Estate Sustainable Investing


We follow a philosophy that low-turnover, concentrated portfolios derived from sound bottom-up fundamental research provide an opportunity for attractive performance results over time. We have a culture and firm equity ownership structure that help us attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

Brown Advisory Equity Strategies

Fixed Income

We follow a philosophy that fixed income strategies built from a foundation of stability coupled with fundamental credit research can seek to generate alpha and control risk. We have a culture and firm equity ownership structure that attract and retain professionals who share those beliefs, and we follow a repeatable investment process that helps us stay true to our philosophy.

Brown Advisory Fixed Income Strategies

External Managers

Investment Solutions Group

The Investment Solutions Group is an investment-management team within Brown Advisory that specializes in asset allocation, manager selection, hedge funds and other alternative investment strategies. Dedicated to open-architecture solutions, our team has established a strong track record of identifying high-quality, third-party investment managers across the hedge fund, long-only and private equity universes. We leverage this expertise to help clients assemble portfolios that we believe best fit their needs and goals, offering clients a range of solutions from complete portfolio management to fulfillment of specific hedge-fund and alternative-asset mandates.

Private Equity and Real Estate

Private Equity and Real Estate

Brown Advisory has incorporated private equity and real estate investments in client portfolios since our founding. Today, we can provide that exposure in three distinct ways.

Feeder Funds and Multimanager Funds
We introduce clients to investment opportunities in early- and late-stage venture capital and buyout funds, as well as select real estate funds. We also construct these feeder funds into multimanager funds through our Private Equity Partners (PEP) and Real Estate Partners (REP) vehicles to make private equity investing as easy as possible for our clients.

Customized Private Equity Portfolios
For most clients, private equity is one component of a balanced portfolio that we manage. Other clients, however, come to us specifically for custom-built private equity and real estate portfolios.

Sustainable Investing

Sustainable Investing Strategies

  • Multi-Manager Strategies
  • For clients seeking an open-architecture solution, we have access to several of the premier sustainable managers in the industry - all vetted by internal research.
  • Private Equity
  • Our private equity team is focused on evaluating the growing universe of private impact investments to identify standout opportunities that target various issues of particular concern to our clients. To date, we have placed assets in investments targeting a variety of impact themes such as community impact, microfinance, education technology, sustainable real estate, water initiatives and others.*
  • *Many alternative investments by regulation may only be sold to Accredited Investors (institutions with at least $5 million in assets) or Qualified Purchasers (institutions with at least $25 million in investments).

Customized Portfolios

This diverse assortment of solutions will meet many clients’ sustainability objectives; however, we understand the continued evolution of this space and seek to be able to react quickly to client needs.

For clients with unique missions, value-aligned investing programs, or who simply wish to ensure that they do not own certain controversial companies or have access to certain industries, we offer the following customized options:

Additional Screening: To the extent we have reliable data and can build rules into our compliance systems, we can add specific screens to a separate account to restrict companies (e.g. oil and gas providers) or industries (e.g. tobacco or weaponry).

Customized and Thematic Portfolios: Within a separate account, we can work together to solve for a sustainability need. From a universe of securities researched from both the bottom-up and for their ESG profile, we can assemble a custom portfolio of securities designed to meet many specific sustainable goals or outcomes.

Investment Insights and Thoughts from Brown Advisory
Sustainable Investing

Investing to Change the World | SXSW 2017

Dune Thorne, CTFA, CWS
May 04, 2017
Brown Advisory hosted the “Investing to Change the World” panel at the 2017 South by Southwest (SXSW) conference in Austin, Texas. Two of the firm’s partners were joined by leaders from the venture capital industry in a powerful and practical discussion about generating a positive impact on society through investment activity.

In kicking off the discussion, Dune Thorne of Brown Advisory noted the common threads connecting the panelists’ ideas: 1) We need to break down the notion that you need to give up financial returns in order to create impact, when in fact that is not the case; and 2) Sustainable investing means something different for each of us, and we all need to honor and recognize the fact that the essential first step for all investors interested in impact is to determine what’s most important to them. Only then can they hope to begin identifying the specific opportunities that best fit their priorities.

Victoria Fram, managing director at Village Capital, and Seth Miller of Fearless Ventures, see meaningful opportunities for impact in the private investment space, and both believe strongly that impact starts with the leaders of the companies they are backing. One of the distinctive aspects of Village Capital’s model is that the entrepreneurs play a large role in determining where capital flows. Village Capital organizes and trains cohorts of entrepreneurs, and asks those entrepreneurs to choose the most investment-ready ideas from their group. Village Capital then invests in the ventures selected by the cohort. Victoria talked about some of the breakthrough results this approach has produced. Whereas the broader early-stage funding market directs less than 10% of dollars to female founders, with the Village Capital process, that number is close to 40%. Similarly, less than 1% of venture dollars currently flow to founders of color, while at Village Capital that figure is near 20%. Seth also talked about his organization’s belief in combining traditional venture capital investing principles with focused CEO coaching. He espouses a leadership philosophy that focuses on creating value all along a company’s value chain and within its community, believing that such leaders will innovate faster, execute more efficiently, attract top talent and ultimately outperform peers.

Karina Funk, who co-manages Brown Advisory’s Large-Cap Sustainable Growth strategy with David Powell, talked about why investing for impact in the public equity markets is not only viable but essential to achieve the change that many want to see in the world. One reason is the scale of large global enterprises; the footprint of these firms means that they can have a material impact on society and the environment. Therefore, the investment community’s decisions to direct capital to certain firms and away from others also has a material impact. She noted that the size of the challenges we face as a global society requires that we mobilize public capital if we want to solve them. For example, she observed that recent UN figures estimate that $11-12 trillion dollars per year will be required to eliminate extreme poverty by 2030, but we can’t expect more than $3-4 trillion at the very most to come from a combination of philanthropy and private investment. To close that huge gap, we need capital from public markets. With that said, she and David Powell do not invest indiscriminately in companies solely due to the impact that company is making, and she noted that they have a healthy pipeline of companies with highly attractive fundamental businesses as well as positive impact profiles.


The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance. 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. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.