Brown Advisory Sustainable Small-Cap Core Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 89.0% | Shares | Value | |||
Communication Services - 4.2% | |||||
Angi, Inc. (a) | 90,810 | $ | 179,804 | ||
Cable One, Inc. | 1,955 | 1,203,576 | |||
Nexstar Media Group, Inc. | 6,724 | 964,020 | |||
Total Communication Services | 2,347,400 | ||||
Consumer Discretionary - 7.0% | |||||
Bright Horizons Family Solutions, Inc. (a) | 16,063 | 1,308,492 | |||
Choice Hotels International, Inc. | 4,130 | 505,966 | |||
First Watch Restaurant Group, Inc. (a) | 29,133 | 503,710 | |||
TopBuild Corp. (a) | 4,011 | 1,009,168 | |||
Wyndham Hotels & Resorts, Inc. | 8,580 | 596,653 | |||
Total Consumer Discretionary | 3,923,989 | ||||
Consumer Staples - 3.1% | |||||
Sprouts Farmers Market, Inc. (a) | 14,043 | 601,040 | |||
TreeHouse Foods, Inc. (a) | 25,800 | 1,124,364 | |||
Total Consumer Staples | 1,725,404 | ||||
Financials - 18.2% | |||||
Assurant, Inc. | 6,285 | 902,400 | |||
Assured Guaranty Ltd. | 18,138 | 1,097,712 | |||
AvidXchange Holdings, Inc. (a) | 75,525 | 715,977 | |||
Bancorp, Inc. (a) | 37,912 | 1,307,964 | |||
Eastern Bankshares, Inc. | 87,030 | 1,091,356 | |||
MGIC Investment Corp. | 73,310 | 1,223,544 | |||
Pacific Premier Bancorp, Inc. | 27,377 | 595,724 | |||
Primerica, Inc. | 3,292 | 638,681 | |||
Prosperity Bancshares, Inc. | 8,620 | 470,480 | |||
UMB Financial Corp. | 5,886 | 365,226 | |||
WEX, Inc. (a) | 5,747 | 1,080,953 | |||
WSFS Financial Corp. | 16,342 | 596,483 | |||
Total Financials | 10,086,500 | ||||
Health Care - 17.3% | |||||
Abcam PLC - ADR (a) | 39,309 | 889,563 | |||
Accolade, Inc. (a) | 44,517 | 470,990 | |||
Alignment Healthcare, Inc. (a) | 46,313 | 321,412 | |||
Arvinas, Inc. (a) | 4,011 | 78,776 | |||
Ascendis Pharma A/S - ADR (a) | 6,086 | 569,893 | |||
Blueprint Medicines Corp. (a) | 7,483 | 375,796 | |||
Charles River Laboratories International, Inc. (a) | 2,255 | 441,935 | |||
Encompass Health Corp. | 14,107 | 947,426 | |||
HealthEquity, Inc. (a) | 16,502 | 1,205,472 | |||
Inari Medical, Inc. (a) | 12,232 | 799,973 | |||
Karuna Therapeutics, Inc. (a) | 2,434 | 411,565 | |||
LifeStance Health Group, Inc. (a) | 41,504 | 285,132 | |||
NeoGenomics, Inc. (a) | 62,675 | 770,903 |
Neurocrine Biosciences, Inc. (a) | 5,208 | 585,900 | |||
OrthoPediatrics Corp. (a) | 15,444 | 494,208 | |||
Phreesia, Inc. (a) | 25,980 | 485,306 | |||
SI-BONE, Inc. (a) | 27,077 | 575,115 | |||
Total Health Care | 9,709,365 | ||||
Industrials - 20.1% | |||||
AZEK Co., Inc. (a) | 32,864 | 977,375 | |||
Comfort Systems USA, Inc. | 4,504 | 767,527 | |||
EnPro Industries, Inc. | 7,882 | 955,220 | |||
Federal Signal Corp. | 24,290 | 1,450,842 | |||
Genpact Ltd. | 14,666 | 530,909 | |||
John Bean Technologies Corp. | 1,417 | 148,983 | |||
Kadant, Inc. | 4,410 | 994,676 | |||
Mueller Water Products, Inc. | 95,698 | 1,213,451 | |||
SiteOne Landscape Supply, Inc. (a) | 2,774 | 453,410 | |||
SPX Technologies, Inc. (a) | 18,757 | 1,526,819 | |||
Valmont Industries, Inc. | 2,813 | 675,711 | |||
Woodward, Inc. | 5,507 | 684,300 | |||
Zurn Elkay Water Solutions Corp. | 26,918 | 754,242 | |||
Total Industrials | 11,133,465 | ||||
Information Technology - 13.9% | |||||
Aspen Technology, Inc. (a) | 1,756 | 358,681 | |||
BlackLine, Inc. (a) | 10,895 | 604,346 | |||
CTS Corp. | 24,344 | 1,016,119 | |||
Dynatrace, Inc. (a) | 11,794 | 551,134 | |||
Entegris, Inc. | 3,039 | 285,392 | |||
Envestnet, Inc. (a) | 6,864 | 302,222 | |||
Infinera Corp. (a) | 99,629 | 416,449 | |||
Littelfuse, Inc. | 2,694 | 666,280 | |||
Onto Innovation, Inc. (a) | 14,666 | 1,870,207 | |||
Power Integrations, Inc. | 7,343 | 560,344 | |||
Workiva, Inc. (a) | 10,675 | 1,081,805 | |||
Total Information Technology | 7,712,979 | ||||
Materials - 3.7% | |||||
HB Fuller Co. | 16,522 | 1,133,575 | |||
Ingevity Corp. (a) | 19,635 | 934,822 | |||
Total Materials | 2,068,397 | ||||
Real Estate - 1.5% | |||||
DigitalBridge Group, Inc. | 48,807 | 858,027 | |||
Total Real Estate | 858,027 | ||||
TOTAL COMMON STOCKS (Cost $48,056,864) | 49,565,526 | ||||
REAL ESTATE INVESTMENT TRUSTS - 3.7% | |||||
Financials - 0.7% | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 19,315 | 409,478 | |||
Total Financials | 409,478 | ||||
Real Estate - 3.0% | |||||
EastGroup Properties, Inc. | 5,168 | 860,627 | |||
Essential Properties Realty Trust, Inc. | 25,900 | 560,217 | |||
W.P. Carey, Inc. | 4,210 | 227,677 | |||
Total Real Estate | 1,648,521 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,333,669) | 2,057,999 | ||||
SHORT-TERM INVESTMENTS - 7.8% | |||||
Money Market Funds - 7.8% | |||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 4,329,874 | 4,329,874 | |||
Total Money Market Funds | 4,329,874 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,329,874) | 4,329,874 | ||||
TOTAL INVESTMENTS - 100.5% (Cost $54,720,407) | 55,953,399 | ||||
Liabilities in Excess of Other Assets - (0.5)% | (265,734) | ||||
TOTAL NET ASSETS - 100.0% | $ | 55,687,665 | |||
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 | $ | 49,565,526 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 2,057,999 | – | – | ||||||||
Total Equities | 51,623,525 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 4,329,874 | – | – | ||||||||
Total Short-Term Investments | 4,329,874 | – | – | ||||||||
Total Investments in Securities | $ | 55,953,399 | $ | – | $ | – | |||||
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.