Brown Advisory Small-Cap Fundamental Value Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 87.2% | Shares | Value | |||
Communication Services - 5.5% | |||||
Cable One, Inc. | 46,913 | $ | 28,881,519 | ||
Nexstar Media Group, Inc. | 173,916 | 24,934,337 | |||
WideOpenWest, Inc. (a) | 1,484,044 | 11,352,937 | |||
Total Communication Services | 65,168,793 | ||||
Consumer Discretionary - 13.9% | |||||
La-Z-Boy, Inc. | 625,263 | 19,308,122 | |||
Modine Manufacturing Co. (a) | 913,927 | 41,812,160 | |||
Monarch Casino & Resort, Inc. | 246,030 | 15,278,463 | |||
Monro, Inc. | 35,134 | 975,671 | |||
Murphy USA, Inc. | 75,444 | 25,781,478 | |||
Oxford Industries, Inc. | 63,819 | 6,134,921 | |||
Signet Jewelers Ltd. | 448,761 | 32,225,527 | |||
Vista Outdoor, Inc. (a) | 735,870 | 24,372,014 | |||
Total Consumer Discretionary | 165,888,356 | ||||
Consumer Staples - 2.7% | |||||
Sprouts Farmers Market, Inc. (a) | 224,897 | 9,625,591 | |||
TreeHouse Foods, Inc. (a) | 506,241 | 22,061,983 | |||
Total Consumer Staples | 31,687,574 | ||||
Energy - 7.1% | |||||
Bristow Group, Inc. (a) | 234,819 | 6,614,851 | |||
ChampionX Corp. | 863,411 | 30,754,700 | |||
Oceaneering International, Inc. (a) | 1,181,734 | 30,394,199 | |||
REX American Resources Corp. (a) | 426,403 | 17,363,130 | |||
Total Energy | 85,126,880 | ||||
Financials - 22.8% | |||||
Alerus Financial Corp. | 184,480 | 3,353,846 | |||
Amalgamated Financial Corp. | 543,708 | 9,362,652 | |||
Assurant, Inc. | 168,982 | 24,262,436 | |||
Assured Guaranty Ltd. | 352,090 | 21,308,487 | |||
Bancorp, Inc. (a) | 776,964 | 26,805,258 | |||
Dime Community Bancshares, Inc. | 454,619 | 9,074,195 | |||
Eastern Bankshares, Inc. | 2,081,032 | 26,096,141 | |||
First Bancorp | 290,925 | 8,186,629 | |||
Hanover Insurance Group, Inc. | 158,367 | 17,575,570 | |||
International Money Express, Inc. (a) | 870,812 | 14,742,847 | |||
MGIC Investment Corp. | 1,175,695 | 19,622,350 | |||
Pacific Premier Bancorp, Inc. | 958,268 | 20,851,912 | |||
Peapack-Gladstone Financial Corp. | 331,763 | 8,509,721 | |||
Peoples Bancorp, Inc. | 130,536 | 3,313,004 | |||
Premier Financial Corp. | 73,616 | 1,255,889 | |||
Seacoast Banking Corp. of Florida | 237,563 | 5,216,883 | |||
UMB Financial Corp. | 198,366 | 12,308,610 | |||
Virtus Investment Partners, Inc. | 55,022 | 11,113,894 | |||
White Mountains Insurance Group Ltd. | 8,559 | 12,801,611 | |||
WSFS Financial Corp. | 456,279 | 16,654,183 | |||
Total Financials | 272,416,118 | ||||
Health Care - 2.2% | |||||
Patterson Cos., Inc. | 866,954 | 25,696,517 | |||
Total Health Care | 25,696,517 | ||||
Industrials - 15.3% | |||||
Albany International Corp. | 232,946 | 20,098,581 | |||
Civeo Corp. | 196,086 | 4,064,863 | |||
CRA International, Inc. | 101,157 | 10,192,579 | |||
Curtiss-Wright Corp. | 117,468 | 22,980,265 | |||
EnPro Industries, Inc. | 180,764 | 21,906,789 | |||
Federal Signal Corp. | 491,509 | 29,357,832 | |||
Kadant, Inc. | 84,292 | 19,012,061 | |||
Leonardo DRS, Inc. (a) | 965,543 | 16,124,568 | |||
Mueller Water Products, Inc. | 1,834,656 | 23,263,438 | |||
Thermon Group Holdings, Inc. (a) | 612,289 | 16,819,579 | |||
Total Industrials | 183,820,555 | ||||
Information Technology - 9.1% | |||||
Crane NXT Co. | 293,658 | 16,318,575 | |||
CTS Corp. | 706,044 | 29,470,277 | |||
NCR Corp. (a) | 884,580 | 23,857,123 | |||
Onto Innovation, Inc. (a) | 202,626 | 25,838,867 | |||
PC Connection, Inc. | 244,422 | 13,047,246 | |||
Total Information Technology | 108,532,088 | ||||
Materials - 6.7% | |||||
Chase Corp. | 82,459 | 10,491,259 | |||
Eagle Materials, Inc. | 207,217 | 34,505,775 | |||
Ingevity Corp. (a) | 411,535 | 19,593,181 | |||
Orion S.A. | 715,592 | 15,227,798 | |||
Total Materials | 79,818,013 | ||||
Utilities - 1.9% | |||||
Portland General Electric Co. | 427,736 | 17,314,753 | |||
Star Group L.P. | 541,955 | 6,519,719 | |||
Total Utilities | 23,834,472 | ||||
TOTAL COMMON STOCKS (Cost $824,094,568) | 1,041,989,366 | ||||
REAL ESTATE INVESTMENT TRUSTS - 8.2% | |||||
Financials - 1.9% | |||||
Ladder Capital Corp. | 2,261,728 | 23,205,329 | |||
Total Financials | 23,205,329 | ||||
Real Estate - 6.3% | |||||
CTO Realty Growth, Inc. | 228,040 | 3,696,528 | |||
EastGroup Properties, Inc. | 54,434 | 9,064,894 | |||
Equity Commonwealth | 1,150,749 | 21,139,259 | |||
Essential Properties Realty Trust, Inc. | 903,817 | 19,549,562 | |||
Getty Realty Corp. | 515,159 | 14,285,359 | |||
Global Medical REIT, Inc. | 863,878 | 7,748,986 | |||
Total Real Estate | 75,484,588 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $91,425,513) | 98,689,917 | ||||
SHORT-TERM INVESTMENTS - 4.6% | |||||
Money Market Funds - 4.6% | |||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 54,798,494 | 54,798,494 | |||
Total Money Market Funds | 54,798,494 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $54,798,494) | 54,798,494 | ||||
TOTAL INVESTMENTS - 100.0% (Cost $970,318,575) | 1,195,477,777 | ||||
Liabilities in Excess of Other Assets – (0.0)% | (146,001) | ||||
TOTAL NET ASSETS - 100.0% | $ | 1,195,331,776 | |||
Percentages are stated as a percent of net assets. |
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 | $ | 1,041,989,366 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 98,689,917 | – | – | ||||||||
Total Equities | 1,140,679,283 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 54,798,494 | – | – | ||||||||
Total Short-Term Investments | 54,798,494 | – | – | ||||||||
Total Investments in Securities | $ | 1,195,477,777 | $ | – | $ | – | |||||
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. | |||||||||||