Brown Advisory Sustainable Value Fund | |||||
Schedule of Investments | |||||
September 30, 2023 (Unaudited) | |||||
COMMON STOCKS - 95.0% | Shares | Value | |||
Communication Services - 11.4% | |||||
Alphabet, Inc. - Class C (a) | 7,914 | $ | 1,043,461 | ||
Comcast Corp. | 52,218 | 2,315,346 | |||
Nexstar Media Group, Inc. | 5,530 | 792,836 | |||
T-Mobile US, Inc.(a) | 14,810 | 2,074,141 | |||
Total Communication Services | 6,225,784 | ||||
Consumer Discretionary - 6.1% | |||||
Best Buy Co., Inc. | 10,773 | 748,400 | |||
Expedia Group, Inc. (a) | 8,764 | 903,305 | |||
Wyndham Hotels & Resorts, Inc. | 23,648 | 1,644,483 | |||
Total Consumer Discretionary | 3,296,188 | ||||
Consumer Staples - 5.8% | |||||
Kenvue, Inc. | 43,052 | 864,484 | |||
Unilever PLC - ADR | 45,991 | 2,271,955 | |||
Total Consumer Staples | 3,136,439 | ||||
Energy - 7.2% | |||||
ChampionX Corp. | 52,304 | 1,863,068 | |||
Schlumberger NV | 35,600 | 2,075,480 | |||
Total Energy | 3,938,548 | ||||
Financials - 15.3% | |||||
Ameriprise Financial, Inc. | 2,765 | 911,565 | |||
Assurant, Inc. | 7,888 | 1,132,559 | |||
Bank of America Corp. | 65,334 | 1,788,845 | |||
Charles Schwab Corp. | 10,907 | 598,794 | |||
Fidelity National Information Services, Inc. | 34,307 | 1,896,149 | |||
KKR & Co., Inc. | 18,667 | 1,149,887 | |||
Morgan Stanley | 10,237 | 836,056 | |||
Total Financials | 8,313,855 | ||||
Health Care - 15.5% | |||||
AbbVie, Inc. | 7,392 | 1,101,852 | |||
Bio-Rad Laboratories, Inc. (a) | 2,698 | 967,098 | |||
Centene Corp. (a) | 13,672 | 941,727 | |||
Elevance Health, Inc. | 2,096 | 912,640 | |||
Gilead Sciences, Inc. | 11,115 | 832,958 | |||
Laboratory Corp. of America Holdings | 4,627 | 930,258 | |||
Medtronic PLC | 19,483 | 1,526,688 | |||
Merck & Co., Inc. | 12,132 | 1,248,990 | |||
Total Health Care | 8,462,211 | ||||
Industrials - 13.2% | |||||
Ferguson PLC | 14,650 | 2,409,485 | |||
Lincoln Electric Holdings, Inc. | 5,885 | 1,069,835 | |||
Masco Corp. | 18,941 | 1,012,396 | |||
Trane Technologies PLC | 7,981 | 1,619,425 | |||
Waste Connections, Inc. | 7,940 | 1,066,342 | |||
Total Industrials | 7,177,483 | ||||
Information Technology - 11.9% | |||||
Applied Materials, Inc. | 4,741 | 656,391 | |||
Cisco Systems, Inc. | 34,562 | 1,858,054 | |||
Cognizant Technology Solutions Corp. - Class A | 11,489 | 778,265 | |||
Micron Technology, Inc. | 14,014 | 953,372 | |||
NXP Semiconductors NV | 5,417 | 1,082,967 | |||
TD SYNNEX Corp. | 11,335 | 1,131,913 | |||
Total Information Technology | 6,460,962 | ||||
Materials - 3.3% | |||||
CRH PLC | 33,174 | 1,815,613 | |||
Total Materials | 1,815,613 | ||||
Real Estate - 1.5% | |||||
CBRE Group, Inc. (a) | 10,799 | 797,614 | |||
Total Real Estate | 797,614 | ||||
Utilities - 3.8% | |||||
Constellation Energy Corp. | 19,041 | 2,076,992 | |||
Total Utilities | 2,076,992 | ||||
TOTAL COMMON STOCKS (Cost $49,789,578) | 51,701,689 | ||||
SHORT-TERM INVESTMENTS - 3.9% | |||||
Money Market Funds - 3.9% | |||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 2,115,407 | 2,115,407 | |||
Total Money Market Funds | 2,115,407 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,115,407) | 2,115,407 | ||||
TOTAL INVESTMENTS - 98.9% (Cost $51,904,985) | 53,817,096 | ||||
Other Assets in Excess of Liabilities - 1.1% | 609,162 | ||||
TOTAL NET ASSETS - 100.0% | $ | 54,426,258 | |||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
(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 | $ | 51,701,689 | $ | – | $ | – | |||||
Total Equities | 51,701,689 | – | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 2,115,407 | – | – | ||||||||
Total Short-Term Investments | 2,115,407 | – | – | ||||||||
Total Investments in Securities | $ | 53,817,096 | $ | – | $ | – | |||||
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. |