Brown Advisory Small-Cap Growth Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 88.2% | Shares | Value | |||
Communication Services - 4.2% | |||||
Angi, Inc. (a) | 2,568,082 | $ | 5,084,802 | ||
Cogent Communications Holdings, Inc. | 395,982 | 24,511,286 | |||
Pinterest, Inc. (a) | 1,376,974 | 37,219,607 | |||
Take-Two Interactive Software, Inc. (a) | 150,473 | 21,124,905 | |||
Total Communication Services | 87,940,600 | ||||
Consumer Discretionary - 9.0% | |||||
Bright Horizons Family Solutions, Inc. (a) | 702,677 | 57,240,068 | |||
Choice Hotels International, Inc. | 168,523 | 20,645,753 | |||
Churchill Downs, Inc. | 247,096 | 28,673,020 | |||
Clarus Corp. | 1,529,261 | 11,561,213 | |||
First Watch Restaurant Group, Inc. (a) | 531,515 | 9,189,894 | |||
Mister Car Wash, Inc. (a) | 3,928,152 | 21,644,117 | |||
TopBuild Corp. (a) | 73,651 | 18,530,592 | |||
Vizio Holding Corp. (a) | 1,231,517 | 6,662,507 | |||
XPEL, Inc. (a) | 176,536 | 13,612,691 | |||
Total Consumer Discretionary | 187,759,855 | ||||
Consumer Staples - 3.7% | |||||
Casey’s General Stores, Inc. | 203,943 | 55,374,603 | |||
Simply Good Foods Co. (a) | 602,153 | 20,786,322 | |||
Total Consumer Staples | 76,160,925 | ||||
Energy - 5.8% | |||||
Cactus, Inc. | 508,560 | 25,534,798 | |||
ChampionX Corp. | 1,583,020 | 56,387,172 | |||
Denbury, Inc. (a) | 397,893 | 38,997,493 | |||
Total Energy | 120,919,463 | ||||
Financials - 4.3% | |||||
Houlihan Lokey, Inc. | 127,688 | 13,677,939 | |||
Prosperity Bancshares, Inc. | 790,909 | 43,167,813 | |||
WEX, Inc. (a) | 174,324 | 32,788,601 | |||
Total Financials | 89,634,353 | ||||
Health Care - 21.6% | |||||
Abcam PLC ADR - ADR (a) | 1,659,172 | 37,547,062 | |||
Accolade, Inc. (a) | 1,988,733 | 21,040,795 | |||
agilon health, Inc. (a) | 1,205,866 | 21,416,180 | |||
Alignment Healthcare, Inc. (a) | 1,171,633 | 8,131,133 | |||
Arvinas, Inc. (a) | 142,794 | 2,804,474 | |||
Ascendis Pharma A/S ADR - ADR (a) | 154,661 | 14,482,456 | |||
Blueprint Medicines Corp. (a) | 185,084 | 9,294,918 | |||
Bruker Corp. | 530,596 | 33,056,131 | |||
Definitive Healthcare Corp. (a) | 1,357,913 | 10,849,725 | |||
Encompass Health Corp. | 560,051 | 37,613,025 | |||
Establishment Labs Holdings, Inc. (a) | 472,481 | 23,184,643 | |||
HealthEquity, Inc. (a) | 620,990 | 45,363,320 | |||
Inari Medical, Inc. (a) | 441,451 | 28,870,895 | |||
Karuna Therapeutics, Inc. (a) | 103,084 | 17,430,474 | |||
LifeStance Health Group, Inc. (a) | 1,270,277 | 8,726,803 | |||
NeoGenomics, Inc. (a) | 2,626,642 | 32,307,697 | |||
Neurocrine Biosciences, Inc. (a) | 348,141 | 39,165,862 | |||
OrthoPediatrics Corp. (a) | 469,334 | 15,018,688 | |||
Phreesia, Inc. (a) | 1,011,050 | 18,886,414 | |||
SI-BONE, Inc. (a) | 1,179,350 | 25,049,394 | |||
Total Health Care | 450,240,089 | ||||
Industrials - 19.1% | |||||
AZEK Co., Inc. (a) | 511,630 | 15,215,876 | |||
Casella Waste Systems, Inc. (a) | 292,978 | 22,354,221 | |||
Curtiss-Wright Corp. | 111,794 | 21,870,260 | |||
FTI Consulting, Inc. (a) | 144,929 | 25,856,783 | |||
Genpact Ltd. | 1,164,439 | 42,152,692 | |||
IDEX Corp. | 49,471 | 10,290,958 | |||
John Bean Technologies Corp. | 210,105 | 22,090,440 | |||
Knight-Swift Transportation Holdings, Inc. | 296,523 | 14,870,629 | |||
MSA Safety, Inc. | 225,333 | 35,523,748 | |||
Mueller Water Products, Inc. | 1,130,090 | 14,329,541 | |||
Rentokil Initial PLC ADR - ADR | 1,066,795 | 39,524,755 | |||
SiteOne Landscape Supply, Inc. (a) | 62,394 | 10,198,299 | |||
Valmont Industries, Inc. | 111,673 | 26,824,971 | |||
Waste Connections, Inc. | 271,932 | 36,520,467 | |||
Woodward, Inc. | 292,351 | 36,327,535 | |||
Zurn Elkay Water Solutions Corp. | 834,453 | 23,381,373 | |||
Total Industrials | 397,332,548 | ||||
Information Technology - 16.7% | |||||
Bentley Systems, Inc. | 428,843 | 21,510,765 | |||
BlackLine, Inc. (a) | 605,356 | 33,579,097 | |||
CCC Intelligent Solutions Holdings, Inc. (a) | 1,560,380 | 20,831,073 | |||
Clear Secure, Inc. | 1,028,224 | 19,577,385 | |||
Clearwater Analytics Holdings, Inc. (a) | 144,244 | 2,789,679 | |||
Dynatrace, Inc. (a) | 816,037 | 38,133,409 | |||
Entegris, Inc. | 326,749 | 30,684,999 | |||
Envestnet, Inc. (a) | 387,374 | 17,056,077 | |||
Guidewire Software, Inc. (a) | 143,382 | 12,904,380 | |||
Infinera Corp. (a) | 4,818,071 | 20,139,537 | |||
Lattice Semiconductor Corp. (a) | 129,638 | 11,139,793 | |||
Littelfuse, Inc. | 91,879 | 22,723,514 | |||
Onto Innovation, Inc. (a) | 48,447 | 6,177,962 | |||
Power Integrations, Inc. | 353,140 | 26,948,114 | |||
PROS Holdings, Inc. (a) | 801,760 | 27,756,931 | |||
SiTime Corp. (a) | 21,049 | 2,404,848 | |||
Workiva, Inc. (a) | 345,236 | 34,986,216 | |||
Total Information Technology | 349,343,779 | ||||
Materials - 3.2% | |||||
HB Fuller Co. | 523,375 | 35,908,759 | |||
Quaker Chemical Corp. | 192,008 | 30,721,280 | |||
Total Materials | 66,630,039 | ||||
Real Estate - 0.6% | |||||
DigitalBridge Group, Inc. | 764,721 | 13,443,795 | |||
Total Real Estate | 13,443,795 | ||||
TOTAL COMMON STOCKS (Cost $1,636,473,716) | 1,839,405,446 | ||||
PRIVATE PLACEMENTS - 0.1% | |||||
StepStone VC Global Partners IV-B, L.P (a)(b)(e) | 19,200 | 1,157,018 | |||
StepStone VC Global Partners V-B, L.P. (a)(c)(e) | 91,769 | 102,117 | |||
TOTAL PRIVATE PLACEMENTS (Cost $–) | 1,259,135 | ||||
REAL ESTATE INVESTMENT TRUSTS - 1.7% | |||||
Real Estate - 1.7% | |||||
EastGroup Properties, Inc. | 211,345 | 35,195,283 | |||
Total Real Estate | 35,195,283 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $23,195,542) | 35,195,283 | ||||
EXCHANGE TRADED FUNDS — 1.8% | Value | ||||
SPDR S&P Biotech Exchange Traded Fund | 532,861 | 38,909,510 | |||
TOTAL EXCHANGE TRADED FUNDS (Cost $42,833,507) | 38,909,510 | ||||
SHORT-TERM INVESTMENTS - 8.2% | |||||
Money Market Funds - 8.2% | |||||
First American Government Obligations Fund - Class Z, 5.22% (d) | 170,938,678 | 170,938,678 | |||
Total Money Market Funds | 170,938,678 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $170,938,678) | 170,938,678 | ||||
TOTAL INVESTMENTS - 100.0% (Cost $1,873,441,443) | 2,085,708,052 | ||||
Liabilities in Excess of Other Assets – (0.0)% | (160,376) | ||||
TOTAL NET ASSETS - 100.0% | $ | 2,085,547,676 | |||
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) | Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from February 2008 to April 2018 as part of a $2,000,000 capital commitment. As of the date of this report, $1,920,000 of the capital commitment has been fulfilled by the Fund. |
(c) | Security is exempt from registration under Regulation D of the Securities Act of 1933. Security was acquired from October 2012 to August 2018 as part of a $100,000 capital commitment. As of the date of this report, $91,000 of the capital commitment has been fulfilled by the Fund. |
(d) | The rate shown represents the 7-day effective yield as of September 30, 2023. |
(e) | These securities are being fair valued, using significant unobservable inputs (Level 3), in accordance with the policies and procedures adopted by the Fund. Further, they may not be sold by the Fund. Total unfunded capital commitments related to these holdings are immaterial and total $89,000, or 0.0% of the Fund’s net assets as of the date of this report. |
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 | $ | 1,839,405,446 | $ | – | $ | – | |||||
Real Estate Investment Trusts | 35,195,283 | – | – | ||||||||
Private Placements | – | – | 1,259,135 | ||||||||
Total Equities | 1,874,600,729 | – | 1,259,135 | ||||||||
Investment Companies: | |||||||||||
Exchange Traded Funds | 38,909,510 | – | – | ||||||||
Total Investment Companies | 38,909,510 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 170,938,678 | – | – | ||||||||
Total Short-Term Investments | 170,938,678 | – | – | ||||||||
Total Investments in Securities | $ | 2,084,448,917 | $ | – | $ | 1,259,135 | |||||
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. |