Brown Advisory - Beutel Goodman Large-Cap Value Fund | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 96.8% | Shares | Value | ||||||
Communication Services - 10.4% | ||||||||
Comcast Corp. | 1,197,795 | $ | 53,110,230 | |||||
Interpublic Group of Cos., Inc. | 1,613,365 | 46,239,041 | ||||||
Omnicom Group, Inc. | 884,802 | 65,900,053 | ||||||
Total Communication Services | 165,249,324 | |||||||
Consumer Discretionary - 15.3% | ||||||||
eBay, Inc. | 1,032,345 | 45,516,091 | ||||||
Gentex Corp. | 1,352,180 | 43,999,937 | ||||||
Harley-Davidson, Inc. | 1,688,164 | 55,810,702 | ||||||
Polaris, Inc. | 485,550 | 50,565,177 | ||||||
Tempur Sealy International, Inc. | 1,038,870 | 45,024,626 | ||||||
Total Consumer Discretionary | 240,916,533 | |||||||
Consumer Staples - 10.1% | ||||||||
Campbell Soup Co. | 1,161,620 | 47,719,350 | ||||||
Kellogg Co. | 890,021 | 52,965,150 | ||||||
Kimberly-Clark Corp. | 499,375 | 60,349,468 | ||||||
Total Consumer Staples | 161,033,968 | |||||||
Financials - 15.6% | ||||||||
American Express Co. | 417,420 | 62,274,890 | ||||||
Ameriprise Financial, Inc. | 161,250 | 53,160,900 | ||||||
BlackRock, Inc. | 74,765 | 48,334,825 | ||||||
Carlyle Group, Inc. | 946,690 | 28,552,170 | ||||||
SEI Investments Co. | 903,350 | 54,408,771 | ||||||
Total Financials | 246,731,556 | |||||||
Health Care - 14.2% | ||||||||
Amgen, Inc. | 327,785 | 88,095,497 | ||||||
Biogen, Inc. (a) | 218,890 | 56,256,919 | ||||||
Cencora, Inc. | 143,321 | 25,793,480 | ||||||
Merck & Co., Inc. | 538,715 | 55,460,709 | ||||||
Total Health Care | 225,606,605 | |||||||
Industrials - 13.9% | ||||||||
Cummins, Inc. | 204,505 | 46,721,212 | ||||||
Flowserve Corp. | 1,500,639 | 59,680,413 | ||||||
Masco Corp. | 989,860 | 52,908,017 | ||||||
Parker-Hannifin Corp. | 56,670 | 22,074,098 | ||||||
Westinghouse Air Brake Technologies Corp. | 367,180 | 39,020,219 | ||||||
Total Industrials | 220,403,959 | |||||||
Information Technology - 16.6% | ||||||||
Amdocs Ltd. | 852,837 | 72,056,198 | ||||||
Gen Digital, Inc. | 2,897,125 | 51,221,170 | ||||||
NetApp, Inc. | 978,755 | 74,267,930 | ||||||
QUALCOMM, Inc. | 607,240 | 67,440,074 | ||||||
Total Information Technology | 264,985,372 | |||||||
Materials - 0.7% | ||||||||
PPG Industries, Inc. | 90,540 | 11,752,092 | ||||||
Total Materials | 11,752,092 | |||||||
TOTAL COMMON STOCKS (Cost $1,421,105,616) | 1,536,679,409 | |||||||
SHORT-TERM INVESTMENTS - 3.0% | ||||||||
Money Market Funds - 3.0% | ||||||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 48,414,565 | 48,414,565 | ||||||
Total Money Market Funds | 48,414,565 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $48,414,565) | 48,414,565 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $1,469,520,181) | 1,585,093,974 | |||||||
Other Assets in Excess of Liabilities - 0.2% | 3,363,200 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 1,588,457,174 | ||||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of September 30, 2023. |
Various inputs may be used to determine the value of the Fund’s investments. These inputs are summarized in three broad levels. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Evaluated price based on other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.).
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments
Level 1 | Level 2 | Level 3 | |||||||||
Equities: | |||||||||||
Common Stocks | $ | 1,536,679,409 | $ | – | $ | – | |||||
Total Equities | 1,536,679,409 | – | – | ||||||||
Fixed Income Securities: | |||||||||||
Short-Term Investments | 48,414,565 | – | – | ||||||||
Total Fixed Income Securities | 48,414,565 | – | – | ||||||||
Total Investments in Securities | $ | 1,585,093,974 | $ | – | $ | – |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |