The Brown Advisory U.S. Flexible Equity strategy aims to achieve capital growth. The investment team searches across a broad investment universe to find attractive or improving businesses trading at prices that the manager believes do not reflect their favorable fundamentals. We do not limit our investment universe by exclusively investing in fast growing companies or by focusing only on companies that trade on cheap multiples and are represented in a value index. In our view, “value” can be found even in growthy companies as long as the stock is trading below its intrinsic value. We like to refer to our investment approach as having a “value philosophy”, which is distinct from a “value style” of investing. Simply put, we are looking to invest in good businesses at bargain prices. The resulting portfolio consists of a moderately concentrated group of mid- and large-cap companies. Learn more about the Strategy Listen to our latest audio update The Portfolio Manager discusses the portfolio’s performance and positioning for the first quarter 2023, as well as his outlook for the strategy. Your browser does not support the audio element.Disclosures Audio archive 2022 - Quarter 4 Your browser does not support the audio element.2022 - Quarter 3 Your browser does not support the audio element.2022 - Quarter 2 Your browser does not support the audio element.Additional Materials Latest Quarterly Update Please read our latest quarterly update.Read now More on this topic Flexible Equity Strategy: Portfolio Manager Maneesh Bajaj Discusses His Investment Approach We like to refer to our investment approach as having a “value philosophy”, which is distinct from a “value style” of investing. Simply put, we are looking to invest in good businesses at bargain prices.Read now 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 and you may not get back the amount invested. 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 prospect.