Brown Advisory Mid-Cap Growth Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 94.0% | Shares | Value | |||
Communication Services - 3.7% | |||||
Match Group, Inc. (a) | 37,365 | $ | 1,463,774 | ||
Pinterest, Inc. (a) | 61,841 | 1,671,562 | |||
Total Communication Services | 3,135,336 | ||||
Consumer Discretionary - 9.6% | |||||
Bright Horizons Family Solutions, Inc. (a) | 14,690 | 1,196,647 | |||
Chipotle Mexican Grill, Inc. (a) | 629 | 1,152,221 | |||
Five Below, Inc. (a) | 5,967 | 960,090 | |||
Lululemon Athletica, Inc. (a) | 3,244 | 1,250,919 | |||
Pool Corp. | 3,859 | 1,374,190 | |||
Ross Stores, Inc. | 19,823 | 2,239,008 | |||
Total Consumer Discretionary | 8,173,075 | ||||
Consumer Staples - 3.6% | |||||
Casey’s General Stores, Inc. | 3,878 | 1,052,955 | |||
Church & Dwight Co., Inc. | 9,420 | 863,155 | |||
Kenvue, Inc. | 57,447 | 1,153,535 | |||
Total Consumer Staples | 3,069,645 | ||||
Financials - 6.4% | |||||
Jack Henry & Associates, Inc. | 6,921 | 1,046,040 | |||
KKR & Co., Inc. | 20,961 | 1,291,198 | |||
Tradeweb Markets, Inc. | 18,474 | 1,481,615 | |||
WEX, Inc. (a) | 8,903 | 1,674,565 | |||
Total Financials | 5,493,418 | ||||
Health Care - 21.3% | |||||
agilon health, Inc. (a) | 35,786 | 635,559 | |||
Align Technology, Inc. (a) | 3,891 | 1,188,000 | |||
Alnylam Pharmaceuticals, Inc. (a) | 6,233 | 1,103,864 | |||
argenx SE - ADR (a) | 2,251 | 1,106,659 | |||
Ascendis Pharma A/S - ADR (a) | 7,434 | 696,120 | |||
Bio-Rad Laboratories, Inc. (a) | 3,440 | 1,233,068 | |||
Bio-Techne Corp. | 12,699 | 864,421 | |||
Dexcom, Inc. (a) | 26,003 | 2,426,080 | |||
Edwards Lifesciences Corp. (a) | 26,878 | 1,862,108 | |||
HealthEquity, Inc. (a) | 18,197 | 1,329,291 | |||
IDEXX Laboratories, Inc. (a) | 2,516 | 1,100,171 | |||
Inari Medical, Inc. (a) | 18,335 | 1,199,109 | |||
Insulet Corp. (a) | 2,805 | 447,369 | |||
Veeva Systems, Inc. - Class A (a) | 9,153 | 1,862,178 | |||
West Pharmaceutical Services, Inc. | 3,035 | 1,138,762 | |||
Total Health Care | 18,192,759 | ||||
Industrials - 24.1% | |||||
Booz Allen Hamilton Holding Corp. | 13,381 | 1,462,142 | |||
Carlisle Cos., Inc. | 5,488 | 1,422,819 | |||
Cintas Corp. | 4,596 | 2,210,722 | |||
Copart, Inc. (a) | 51,445 | 2,216,764 | |||
Equifax, Inc. | 6,070 | 1,111,903 | |||
Generac Holdings, Inc. (a) | 3,433 | 374,060 | |||
Genpact Ltd. | 49,023 | 1,774,633 | |||
IDEX Corp. | 3,057 | 635,917 | |||
Paycom Software, Inc. | 5,548 | 1,438,430 | |||
Rentokil Initial PLC - ADR | 32,184 | 1,192,417 | |||
SiteOne Landscape Supply, Inc. (a) | 7,608 | 1,243,528 | |||
Verisk Analytics, Inc. | 8,880 | 2,097,811 | |||
Waste Connections, Inc. | 24,858 | 3,338,429 | |||
Total Industrials | 20,519,575 | ||||
Information Technology - 20.9% | |||||
Atlassian Corp. (a) | 4,500 | 906,795 | |||
Autodesk, Inc. (a) | 3,214 | 665,009 | |||
Cadence Design Systems, Inc. (a) | 2,004 | 469,537 | |||
Crowdstrike Holdings, Inc. (a) | 13,065 | 2,186,820 | |||
Dynatrace, Inc. (a) | 35,669 | 1,666,812 | |||
Elastic NV (a) | 4,476 | 363,630 | |||
Fair Isaac Corp. (a) | 2,081 | 1,807,411 | |||
Gartner, Inc. (a) | 5,782 | 1,986,753 | |||
Guidewire Software, Inc. (a) | 4,765 | 428,850 | |||
HubSpot, Inc. (a) | 925 | 455,563 | |||
Keysight Technologies, Inc. (a) | 6,798 | 899,443 | |||
KLA Corp. | 2,073 | 950,802 | |||
Klaviyo, Inc. (a) | 13,305 | 459,023 | |||
Marvell Technology, Inc. | 28,991 | 1,569,283 | |||
Monolithic Power Systems, Inc. | 1,720 | 794,640 | |||
NXP Semiconductors NV | 5,332 | 1,065,974 | |||
Workday, Inc. (a) | 5,112 | 1,098,313 | |||
Total Information Technology | 17,774,658 | ||||
Materials - 2.2% | |||||
Vulcan Materials Co. | 9,112 | 1,840,806 | |||
Total Materials | 1,840,806 | ||||
Real Estate - 2.2% | |||||
CoStar Group, Inc. (a) | 23,901 | 1,837,748 | |||
Total Real Estate | 1,837,748 | ||||
TOTAL COMMON STOCKS (Cost $66,304,560) | 80,037,020 | ||||
REAL ESTATE INVESTMENT TRUSTS - 1.7% | |||||
Real Estate - 1.7% | |||||
SBA Communications Corp. | 7,253 | 1,451,833 | |||
Total Real Estate | 1,451,833 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,418,648) | 1,451,833 | ||||
SHORT-TERM INVESTMENTS - 4.0% | |||||
Money Market Funds - 4.0% | |||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 3,427,464 | 3,427,464 | |||
Total Money Market Funds | 3,427,464 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,427,464) | 3,427,464 | ||||
TOTAL INVESTMENTS - 99.7% (Cost $71,150,672) | 84,916,317 | ||||
Other Assets in Excess of Liabilities - 0.3% | 273,450 | ||||
TOTAL NET ASSETS - 100.0% | $ | 85,189,767 | |||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
REIT - Real Estate Investment Trust |
(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 | $ | 80,037,020 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 1,451,833 | – | – | ||||||||
Total Equities | 81,488,853 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 3,427,464 | – | – | ||||||||
Total Short-Term Investments | 3,427,464 | – | – | ||||||||
Total Investments in Securities | $ | 84,916,317 | $ | – | $ | – | |||||
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. | |||||||||||