Brown Advisory - WMC Strategic European Equity Fund | ||||||||
Schedule of Investments | ||||||||
September 30, 2023 (Unaudited) | ||||||||
COMMON STOCKS - 94.7% | Shares | Value | ||||||
Austria - 4.3% | ||||||||
Erste Group Bank AG | 247,867 | $ | 8,560,556 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 79,887 | 2,226,649 | ||||||
Total Austria | 10,787,205 | |||||||
Belgium - 5.9% | ||||||||
Azelis Group NV | 98,434 | 1,943,096 | ||||||
KBC Group NV | 84,247 | 5,244,934 | ||||||
UCB S.A. | 93,640 | 7,669,988 | ||||||
Total Belgium | 14,858,018 | |||||||
Czech Republic - 0.9% | ||||||||
Komercni Banka AS | 75,280 | 2,188,760 | ||||||
Total Czech Republic | 2,188,760 | |||||||
Denmark - 0.5% | ||||||||
Royal Unibrew AS | 15,313 | 1,182,630 | ||||||
Total Denmark | 1,182,630 | |||||||
France - 12.5% | ||||||||
Bureau Veritas S.A. | 168,731 | 4,183,872 | ||||||
Dassault Aviation S.A. | 10,479 | 1,973,719 | ||||||
Elis S.A. | 352,512 | 6,191,261 | ||||||
Legrand S.A. | 11,877 | 1,091,333 | ||||||
Publicis Groupe S.A. | 74,935 | 5,672,032 | ||||||
SPIE S.A. | 73,010 | 2,118,878 | ||||||
Technip Energies NV | 248,914 | 6,180,174 | ||||||
Thales S.A. | 29,591 | 4,158,813 | ||||||
Total France | 31,570,082 | |||||||
Germany - 15.4% | ||||||||
Bayer AG | 102,855 | 4,939,552 | ||||||
Beiersdorf AG | 19,581 | 2,525,737 | ||||||
Brenntag SE | 82,411 | 6,376,693 | ||||||
Hannover Rueck SE | 9,063 | 1,988,592 | ||||||
Hensoldt AG | 129,120 | 3,806,963 | ||||||
Jenoptik AG | 45,316 | 1,145,190 | ||||||
Rheinmetall AG | 40,816 | 10,499,978 | ||||||
Siemens Healthineers AG | 22,972 | 1,161,967 | ||||||
United Internet AG | 292,601 | 6,254,278 | ||||||
Washtec AG | 9,731 | 344,651 | ||||||
Total Germany | 39,043,601 | |||||||
Ireland - 2.4% | ||||||||
AIB Group PLC | 1,364,111 | 6,114,237 | ||||||
Total Ireland | 6,114,237 | |||||||
Netherlands - 5.0% | ||||||||
Heineken NV | 57,578 | 5,076,165 | ||||||
QIAGEN NV (a) | 121,179 | 4,889,524 | ||||||
Wolters Kluwer NV | 22,655 | 2,742,966 | ||||||
Total Netherlands | 12,708,655 | |||||||
Portugal - 1.9% | ||||||||
Jeronimo Martins SGPS S.A. | 218,481 | 4,906,693 | ||||||
Total Portugal | 4,906,693 | |||||||
Spain - 5.6% | ||||||||
Almirall S.A. | 108,535 | 1,103,882 | ||||||
Bankinter S.A. | 843,518 | 5,366,455 | ||||||
Fluidra S.A. | 137,370 | 2,802,951 | ||||||
Industria de Diseno Textil S.A. | 79,303 | 2,951,028 | ||||||
Laboratorios Farmaceuticos Rovi S.A. | 37,863 | 2,049,360 | ||||||
Total Spain | 14,273,676 | |||||||
Sweden - 4.7% | ||||||||
Alfa Laval AB | 66,709 | 2,285,310 | ||||||
Assa Abloy AB - Class B | 80,028 | 1,738,894 | ||||||
Hexpol AB | 120,427 | 1,067,051 | ||||||
Sandvik AB | 79,810 | 1,468,532 | ||||||
Trelleborg AB | 218,626 | 5,431,949 | ||||||
Total Sweden | 11,991,736 | |||||||
Switzerland - 5.6% | ||||||||
ABB, Ltd. | 146,919 | 5,244,011 | ||||||
Julius Baer Group, Ltd. | 19,793 | 1,266,909 | ||||||
Novartis AG | 50,841 | 5,192,322 | ||||||
UBS Group AG | 99,130 | 2,441,789 | ||||||
Total Switzerland | 14,145,031 | |||||||
United Kingdom - 30.0% | ||||||||
BAE Systems PLC | 727,596 | 8,841,687 | ||||||
Beazley PLC | 569,774 | 3,831,353 | ||||||
British American Tobacco PLC | 335,372 | 10,530,308 | ||||||
Bunzl PLC | 166,067 | 5,914,310 | ||||||
Compass Group PLC | 81,270 | 1,978,254 | ||||||
Haleon PLC | 2,171,925 | 9,002,878 | ||||||
Hikma Pharmaceuticals PLC | 103,570 | 2,629,988 | ||||||
IMI PLC | 189,383 | 3,603,872 | ||||||
Next PLC | 35,749 | 3,170,656 | ||||||
Prudential PLC | 482,725 | 5,189,005 | ||||||
Rotork PLC | 683,050 | 2,587,706 | ||||||
RS GROUP PLC | 783,488 | 6,997,515 | ||||||
Savills PLC | 170,636 | 1,801,921 | ||||||
Serco Group PLC | 1,240,510 | 2,255,198 | ||||||
Smiths Group PLC | 183,077 | 3,604,437 | ||||||
Softcat PLC | 13,944 | 247,569 | ||||||
Spectris PLC | 90,558 | 3,743,833 | ||||||
Total United Kingdom | 75,930,490 | |||||||
TOTAL COMMON STOCKS (Cost $211,153,675) | 239,700,814 | |||||||
PREFERRED STOCKS - 1.1% | ||||||||
Germany - 1.1% | ||||||||
FUCHS SE | 68,179 | 2,642,901 | ||||||
Total Germany | 2,642,901 | |||||||
TOTAL PREFERRED STOCKS (Cost $2,370,808) | 2,642,901 | |||||||
SHORT-TERM INVESTMENTS - 3.5% | ||||||||
Money Market Funds - 3.5% | Shares | |||||||
First American Government Obligations Fund - Class Z, 5.22% (b) | 8,847,234 | 8,847,234 | ||||||
Total Money Market Funds | 8,847,234 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $8,847,234) | 8,847,234 | |||||||
TOTAL INVESTMENTS - 99.3% (Cost $222,371,717) | 251,190,949 | |||||||
Other Assets in Excess of Liabilities - 0.7% | 1,811,993 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 253,002,942 | ||||||
Percentages are stated as a percent of net assets. |
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 | $ | 5,505,652 | $ | 234,195,162 | $ | – | |||||
Preferred Stocks | – | 2,642,901 | – | ||||||||
Total Equities | 5,505,652 | 236,838,063 | – | ||||||||
Short-Term Investments: | – | – | – | ||||||||
Money Market Funds | 8,847,234 | – | – | ||||||||
Total Short-Term Investments | 8,847,234 | – | – | ||||||||
Total Investments in Securities | $ | 14,352,886 | $ | 236,838,063 | $ | – | |||||