| BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND | |||
Schedule of Investments | June 30, 2024 (unaudited) | |||
|
|
| Shares | Value (Note 1) |
97.16% | COMMON STOCKS |
|
| |
27.13% | BUSINESS SERVICES |
|
| |
| Ansys, Inc.(A) . . . . . . . . . . . . | 183,326 | $ 58,939,309 | |
| Clearwater Analytics Holdings, Inc.(A) . . | 1,329,558 | 24,623,414 | |
| DoubleVerify Holdings, Inc.(A) . . . . . | 791,141 | 15,403,515 | |
| Enfusion Inc.(A) . . . . . . . . . . . | 3,865,544 | 32,934,435 | |
| Guidewire Software, Inc.(A) . . . . . . | 710,209 | 97,930,719 | |
| nCino, Inc.(A) . . . . . . . . . . . . | 1,221,666 | 38,421,396 | |
| Paycom Software, Inc. . . . . . . . . | 337,131 | 48,223,218 | |
| PROS Holdings, Inc.(A) . . . . . . . . | 356,563 | 10,215,530 | |
| Q2 Holdings, Inc.(A) . . . . . . . . . | 883,901 | 53,325,747 | |
| Tyler Technologies, Inc.(A) . . . . . . . | 166,129 | 83,526,339 | |
|
|
|
| 463,543,622 |
7.70% | CONSUMER RELATED |
|
| |
| Agilysys, Inc.(A) . . . . . . . . . . . | 306,447 | 31,913,390 | |
| Alarm.com Holdings, Inc.(A) . . . . . . | 1,238,711 | 78,707,697 | |
| Olo, Inc.(A) . . . . . . . . . . . . . | 4,735,073 | 20,929,023 | |
|
|
|
| 131,550,110 |
10.39% | INDUSTRIAL PRODUCTS & SYSTEMS |
|
| |
| Cognex Corp. . . . . . . . . . . . | 1,466,280 | 68,563,253 | |
| Energy Recovery, Inc.(A) . . . . . . . | 2,052,531 | 27,278,137 | |
| Helios Technologies, Inc. . . . . . . . | 843,777 | 40,290,352 | |
| UFP Technologies Inc(A) . . . . . . . | 21,036 | 5,550,769 | |
| Vicor Corp.(A) . . . . . . . . . . . . . . . . . . . . . . . . | 408,420 | 13,543,207 | |
| Xometry, Inc.(A) . . . . . . . . . . . | 1,933,913 | 22,356,034 | |
|
|
|
| 177,581,752 |
22.37% | INFORMATION/KNOWLEDGE MANAGEMENT |
|
| |
| AppFolio, Inc.(A) . . . . . . . . . . . | 362,881 | 88,749,806 | |
| Datadog, Inc. Class A(A) . . . . . . . | 739,887 | 95,955,945 | |
| Manhattan Associates, Inc.(A) . . . . . | 378,728 | 93,424,623 | |
| Smartsheet, Inc.(A) . . . . . . . . . . | 1,629,570 | 71,831,445 | |
| Workiva, Inc.(A) . . . . . . . . . . . | 442,826 | 32,321,870 | |
|
|
|
| 382,283,689 |
See Notes to Schedule of Investments
1
QUARTERLY REPORT
| BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND | ||||
Schedule of Investments - continued |
| June 30, 2024 (unaudited) | |||
|
|
| Shares |
| Value (Note 1) |
28.75% | MEDICAL/HEALTH CARE |
|
|
|
|
| 10x Genomics, Inc.(A) . . . . . . . . . | 1,070,156 | $ | 20,814,534 | |
| Bio-Techne Corp. . . . . . . . . . . | 947,513 |
| 67,889,306 | |
| Cytek Biosciences, Inc.(A) . . . . . . . | 3,895,443 |
| 21,736,572 | |
| Glaukos Corp.(A) . . . . . . . . . . . | 758,289 |
| 89,743,503 | |
| Inari Medical, Inc.(A) . . . . . . . . . | 234,638 |
| 11,297,820 | |
| Inogen, Inc.(A) . . . . . . . . . . . . | 464,662 |
| 3,777,702 | |
| Inspire Medical Systems, Inc.(A) . . . . | 157,042 |
| 21,016,931 | |
| Ironwood Pharmaceuticals, Inc.(A) . . . | 674,187 |
| 4,395,699 | |
| OrthoPediatrics Corp.(A) . . . . . . . | 1,045,002 |
| 30,054,258 | |
| Repligen Corp.(A) . . . . . . . . . . | 502,270 |
| 63,316,156 | |
| Tandem Diabetes Care, Inc.(A) . . . . . | 220,823 |
| 8,896,959 | |
| Veeva Systems, Inc. Class A(A) . . . . | 382,210 |
| 69,948,252 | |
| Vericel Corp.(A) . . . . . . . . . . . | 1,705,860 |
| 78,264,857 | |
|
|
|
|
| 491,152,549 |
0.82% | MISCELLANEOUS |
|
|
|
|
| CryoPort, Inc.(A) . . . . . . . . . . . | 2,024,748 |
| 13,991,009 | |
| Neogen Corp.(A) . . . . . . . . . . . | 1 |
| 16 | |
|
|
|
|
| 13,991,025 |
97.16% | TOTAL COMMON STOCKS . . . . . . | . . . . . . . |
| 1,660,102,747 | |
2.71% | SHORT TERM INVESTMENT |
|
|
|
|
| First American Treasury Obligations |
|
|
|
|
| Fund - X Class 5.210%(B) . . . . . . | 46,244,468 |
| 46,244,468 | |
99.87% | TOTAL INVESTMENTS . . . . . . . . | . . . . . . . |
| 1,706,347,215 | |
0.13% | Other assets, net of liabilities . . . . . | . . . . . . . . |
| 2,253,078 | |
100.00% | NET ASSETS . . . . . . . . . . . . | . . . . . . . . | $ | 1,708,600,293 | |
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2024
See Notes to Schedule of Investments
2
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT SMALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | ||
Summary of Investments by Sector |
|
| |
| % of Net |
|
|
Sector | Assets |
| Value |
Medical/Health Care . . . . . . . . . . . . . | 28.75% | $ | 491,152,549 |
Business Services . . . . . . . . . . . . . . | 27.13% |
| 463,543,622 |
Information/Knowledge Management . . . . . | 22.37% |
| 382,283,689 |
Industrial Products & Systems . . . . . . . . | 10.39% |
| 177,581,752 |
Consumer Related . . . . . . . . . . . . . | 7.70% |
| 131,550,110 |
Miscellaneous . . . . . . . . . . . . . . . | 0.82% |
| 13,991,025 |
Short Term Investment . . . . . . . . . . . . | 2.71% |
| 46,244,468 |
Other assests, net of liabilities . . . . . . . . | 0.13% |
| 2,253,078 |
TOTAL . . . . . . . . . . . . . . . . . . . | 100% | $ | 1,708,600,293 |
|
|
|
|
The Fund’s classifications of issurers into sectors, industries and sub-industries may differ for financial reporting purposes than for other reporting and compliance purposes. The classifications for purposes of this financial report are unaudited.
See Notes to Schedule of Investments
3
QUARTERLY REPORT
| BROWN CAPITAL MANAGEMENT MID COMPANY FUND | ||||
Schedule of Investments | June 30, 2024 (unaudited) |
| |||
|
| Shares | Value (Note 1) | ||
98.95% | COMMON STOCKS |
|
|
|
|
18.77% | BUSINESS SERVICES |
|
|
|
|
| Bright Horizons Family Solutions(A) . . . . | 6,645 | $ | 731,482 | |
| Envestnet, Inc.(A) . . . . . . . . . . . . | 11,239 |
| 703,449 | |
| Equifax, Inc. . . . . . . . . . . . . . | 9,601 |
| 2,327,858 | |
| Fair Isaac Corp(A) . . . . . . . . . . . | 910 |
| 1,354,680 | |
| Five9, Inc.(A) . . . . . . . . . . . . . . | 26,084 |
| 1,150,304 | |
| Jack Henry & Associates, Inc. . . . . . . | 9,576 |
| 1,589,808 | |
| Paycom Software, Inc. . . . . . . . . . | 10,385 |
| 1,485,470 | |
| Tyler Technologies, Inc. (A) . . . . . . . | 7,261 |
| 3,650,686 | |
|
|
|
| 12,993,737 | |
5.74% | CONSUMER RELATED |
|
|
|
|
| Chipotle Mexican Grill, Inc.(A) . . . . . . | 41,082 |
| 2,573,787 | |
| O’Reilly Automotive, Inc.(A) . . . . . . . | 268 |
| 283,024 | |
| Tractor Supply Co. . . . . . . . . . . | 1,522 |
| 410,940 | |
| Ulta Beauty, Inc. (A) . . . . . . . . . . . | 1,840 |
| 710,001 | |
|
|
|
| 3,977,752 | |
10.23% | FINANCIAL SERVICES |
|
|
|
|
| Broadridge Financial Solutions, Inc. . . . | 13,151 |
| 2,590,747 | |
| Corpay, Inc.(A) . . . . . . . . . . . . . | 11,915 |
| 3,174,275 | |
| MarketAxess Holdings, Inc. . . . . . . . | 4,900 |
| 982,597 | |
| T Rowe Price Group, Inc. . . . . . . . . | 2,941 |
| 339,127 | |
|
|
|
| 7,086,746 | |
13.88% | INDUSTRIAL PRODUCTS & SYSTEMS |
|
|
|
|
| Cognex Corp. . . . . . . . . . . . . | 29,321 |
| 1,371,050 | |
| Entegris, Inc. . . . . . . . . . . . . . | 16,722 |
| 2,264,159 | |
| Fastenal Co. . . . . . . . . . . . . . | 3,982 |
| 250,229 | |
| RBC Bearings, Inc. (A) . . . . . . . . . . | 9,591 |
| 2,587,460 | |
| Simpson Manufacturing Co., Inc. . . . . | 12,141 |
| 2,046,123 | |
| SiteOne Landscape Supply, Inc.(A) . . . . | 8,980 |
| 1,090,262 | |
|
|
|
| 9,609,283 | |
See Notes to Schedule of Investments
4
QUARTERLY REPORT
| BROWN CAPITAL MANAGEMENT MID COMPANY FUND | ||||
Schedule of Investments - continued | June 30, 2024 (unaudited) | ||||
|
|
| Shares | Value (Note 1) | |
27.80% | INFORMATION/KNOWLEDGE MANAGEMENT |
|
|
| |
| Ansys, Inc.(A) . . . . . . . . . . . . . | 5,942 | $ | 1,910,353 | |
| Autodesk, Inc.(A) . . . . . . . . . . . . | 12,060 |
| 2,984,247 | |
| Bentley Systems, Inc. Class B . . . . . . | 53,577 |
| 2,644,561 | |
| Guidewire Software, Inc.(A) . . . . . . . | 18,678 |
| 2,575,509 | |
| HubSpot, Inc.(A) . . . . . . . . . . . . | 4,892 |
| 2,885,253 | |
| Manhattan Associates, Inc.(A) . . . . . . | 14,400 |
| 3,552,192 | |
| Shopify, Inc. Class A(A) . . . . . . . . . | 40,881 |
| 2,700,190 | |
|
|
|
|
| 19,252,305 |
22.53% | MEDICAL/HEALTH CARE |
|
|
| |
| Align Technology, Inc.(A) . . . . . . . . | 9,670 |
| 2,334,628 | |
| Charles River Laboratories Int’l, Inc.(A) . . | 12,698 |
| 2,623,153 | |
| Dexcom, Inc.(A) . . . . . . . . . . . . | 19,145 |
| 2,170,660 | |
| Edwards Lifescience Corp.(A) . . . . . . | 16,591 |
| 1,532,511 | |
| Insulet Corp.(A) . . . . . . . . . . . . | 10,340 |
| 2,086,612 | |
| Jazz Pharmaceuticals plc(A) . . . . . . . | 1,059 |
| 113,027 | |
| Masimo Corp. (A) . . . . . . . . . . . . | 3,242 |
| 408,297 | |
| Natera, Inc.(A) . . . . . . . . . . . . . | 7,373 |
| 798,422 | |
| Omnicell, Inc.(A) . . . . . . . . . . . . | 34,738 |
| 940,358 | |
| Veeva Systems, Inc. Class A(A) . . . . . | 12,994 |
| 2,378,032 | |
| Zoetis, Inc. . . . . . . . . . . . . . . | 1,236 |
| 214,273 | |
|
|
|
|
| 15,599,973 |
98.95% | TOTAL COMMON STOCKS . . . . . . . . | . . . . . . |
| 68,519,796 | |
1.02% | SHORT TERM INVESTMENT |
|
|
| |
| First American Treasury Obligations Fund - |
|
|
| |
| X Class 5.210%(B) . . . . . . . . . . | 703,547 |
| 703,547 | |
99.97% | TOTAL INVESTMENTS . . . . . . . . . . | . . . . . . |
| 69,223,343 | |
0.03% | Other assets, net of liabilities . . . . . . . . | . . . . . . |
| 17,845 | |
100.00% | NET ASSETS . . . . . . . . . . . . . . . | . . . . . . | $ | 69,241,188 | |
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2024
See Notes to Schedule of Investments
5
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MID COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | |
Summary of Investments by Sector |
| |
| % of Net |
|
Sector | Assets | Value |
Information/Knowledge Management . . . . . . . | 27.80% | $ 19,252,305 |
Medical/Health Care . . . . . . . . . . . . . . | 22.53% | 15,599,973 |
Business Services . . . . . . . . . . . . . . . | 18.77% | 12,993,737 |
Industrial Products & Systems . . . . . . . . . . | 13.88% | 9,609,283 |
Financial Services . . . . . . . . . . . . . . . | 10.23% | 7,086,746 |
Consumer Related . . . . . . . . . . . . . . . | 5.74% | 3,977,752 |
Short Term Investment . . . . . . . . . . . . . | 1.02% | 703,547 |
Oher assets, net of liabilities . . . . . . . . . . . | 0.03% | 17,845 |
TOTAL . . . . . . . . . . . . . . . . . . . . | 100.00% | $ 69,241,188 |
|
|
|
The Fund’s classifications of issurers into sectors, industries and sub-industries may differ for financial reporting purposes than for other reporting and compliance purposes. The classifications for purposes of this financial report are unaudited.
See Notes to Schedule of Investments
6
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND
Schedule of Investments | June 30, 2024 (unaudited) | ||
|
| Shares | Value (Note 1) |
96.74% | COMMON STOCKS |
|
|
9.39% | AUSTRALIA |
|
|
| Atlassian Corp. Class A(A) . . . . . . . . | 5,063 | $895,543 |
| Cochlear Ltd. . . . . . . . . . . . . . | 10,762 | 2,384,608 |
| REA Group Ltd. . . . . . . . . . . . . | 12,224 | 1,603,685 |
|
|
| 4,883,836 |
6.27% | CANADA |
|
|
| The Descartes Systems Group, Inc.(A) . . . | 20,313 | 1,968,121 |
| Shopify, Inc. Class A(A) . . . . . . . . . . | 19,533 | 1,290,155 |
|
|
| 3,258,276 |
7.72% | DENMARK |
|
|
| Novo Nordisk A/S . . . . . . . . . . . | 16,316 | 2,356,061 |
| Novonesis A/S . . . . . . . . . . . . . | 27,118 | 1,659,269 |
|
|
| 4,015,330 |
3.34% | FRANCE |
|
|
| Dassault Systemes SE . . . . . . . . . | 30,851 | 1,166,308 |
| Ipsen SA . . . . . . . . . . . . . . . | 4,665 | 572,040 |
|
|
| 1,738,348 |
7.22% | GERMANY |
|
|
| Carl Zeiss Meditec AG . . . . . . . . . | 15,438 | 1,085,413 |
| Rational AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 1,377 | 1,146,578 |
| SAP SE . . . . . . . . . . . . . . . . | 7,494 | 1,521,031 |
|
|
| 3,753,022 |
1.19% | HONG KONG |
|
|
| Kingdee International Software(A) . . . . . | 334,146 | 313,220 |
| Kingsoft Corp. Ltd. . . . . . . . . . . . . . . . . . . . . . . | 105,643 | 305,063 |
|
|
| 618,283 |
See Notes to Schedule of Investments
7
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | ||
|
| Shares | Value (Note 1) |
7.28% | IRELAND |
|
|
| Flutter Entertainment plc(A) . . . . . . . . | 8,175 | $ 1,490,793 |
| Icon plc(A) . . . . . . . . . . . . . . . | 7,322 | 2,295,227 |
|
|
| 3,786,020 |
9.35% | ISRAEL |
|
|
| Camtek Ltd. . . . . . . . . . . . . . . | 1,902 | 238,206 |
| Check Point Software Technologies Ltd.(A) . | 2,926 | 482,790 |
| CyberArk Software Ltd.(A) . . . . . . . . | 6,980 | 1,908,472 |
| Mobileye Global, Inc. Class A(A) . . . . . . | 37,992 | 1,067,005 |
| Monday.com Ltd.(A) . . . . . . . . . . . | 4,851 | 1,167,927 |
|
|
| 4,864,400 |
1.67% | ITALY |
|
|
| Azimut Holding S.p.A . . . . . . . . . . | 36,950 | 871,367 |
6.13% | JAPAN |
|
|
| CyberAgent, Inc. . . . . . . . . . . . . | 70,800 | 443,353 |
| GMO Payment Gateway, Inc. . . . . . . | 16,700 | 918,920 |
| Kakaku.com, Inc. . . . . . . . . . . . . | 46,400 | 608,083 |
| M3, Inc. . . . . . . . . . . . . . . . . | 22,600 | 215,409 |
| MonotaRO Co. Ltd. . . . . . . . . . . . | 85,100 | 1,000,212 |
|
|
| 3,185,977 |
6.27% | NETHERLANDS |
|
|
| ASML Holding NV . . . . . . . . . . . | 1,883 | 1,944,405 |
| Wolters Kluwer NV . . . . . . . . . . . | 7,927 | 1,314,163 |
|
|
| 3,258,568 |
2.65% | NEW ZEALAND |
|
|
| Xero Ltd.(A) . . . . . . . . . . . . . . | 15,152 | 1,378,713 |
1.05% | NORWAY |
|
|
| Autostore Holdings Ltd.(A) . . . . . . . . | 463,721 | 545,503 |
See Notes to Schedule of Investments
8
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND
Schedule of Investments - continued |
| June 30, 2024 (unaudited) | |||
|
|
| Shares | Value (Note 1) | |
3.41% | POLAND |
|
|
|
|
| InPost SA(A) . . . . . . . . . . . . . . | 100,460 | $ | 1,770,893 | |
1.02% | SPAIN |
|
|
|
|
| Grifols SA(A) . . . . . . . . . . . . . . | 63,083 |
| 531,012 | |
12.56% | SWITZERLAND |
|
|
|
|
| Chocoladefabriken Lindt & Sprüngli AG . . | 75 |
| 875,675 | |
| Givaudan SA . . . . . . . . . . . . . | 477 |
| 2,261,695 | |
| Partners Group Holding AG . . . . . . . | 1,048 |
| 1,346,087 | |
| Tecan Group AG . . . . . . . . . . . . | 2,726 |
| 912,662 | |
| Temenos Group AG . . . . . . . . . . | 16,466 |
| 1,136,281 | |
|
|
|
|
| 6,532,400 |
6.62% | UNITED KINGDOM |
|
|
|
|
| AJ Bell plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 303,591 |
| 1,456,399 | |
| Diageo plc . . . . . . . . . . . . . . | 20,891 |
| 657,432 | |
| RELX plc . . . . . . . . . . . . . . . | 28,840 |
| 1,326,652 | |
|
|
|
|
| 3,440,483 |
3.60% | URUGUAY |
|
|
|
|
| MercadoLibre, Inc.(A) . . . . . . . . . . | 1,138 |
| 1,870,189 | |
96.74% | TOTAL COMMON STOCKS . . . . . . . | . . . . . . . |
| 50,302,620 | |
2.27% | SHORT TERM INVESTMENT |
|
|
|
|
| First American Treasury Obligations Fund - |
|
|
|
|
| X Class 5.210%(B) . . . . . . . . . . . | 1,182,339 |
| 1,182,339 | |
99.01% | TOTAL INVESTMENTS . . . . . . . . . | . . . . . . . |
| 51,484,959 | |
0.99% | Other assets net of liabilities . . . . . . . | . . . . . . . |
| 514,352 | |
100.00% | NET ASSETS . . . . . . . . . . . . . | . . . . . . . . | $ | 51,999,311 | |
(A)Non-income producing
(B)Effective 7 day yield as of June 30, 2024
See Notes to Schedule of Investments
9
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL ALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | |
Summary of Investments by Sector |
| |
| % of Net |
|
Sector | Assets | Value |
Information Technology . . . . . . . . . . . . . | 31.99% | $ 16,635,157 |
Health Care . . . . . . . . . . . . . . . . . . | 19.91% | 10,352,431 |
Industrials . . . . . . . . . . . . . . . . . . . | 12.61% | 6,558,498 |
Consumer Discretionary . . . . . . . . . . . . | 9.56% | 4,973,490 |
Materials . . . . . . . . . . . . . . . . . . . | 7.54% | 3,920,964 |
Financials . . . . . . . . . . . . . . . . . . . | 7.07% | 3,673,853 |
Communication Services . . . . . . . . . . . . | 5.11% | 2,655,120 |
Consumer Staples . . . . . . . . . . . . . . . | 2.95% | 1,533,107 |
Short Term Invesment . . . . . . . . . . . . . | 2.27% | 1,182,339 |
Other assets net of liabilities . . . . . . . . . . . | 0.99% | 514,352 |
TOTAL . . . . . . . . . . . . . . . . . . . . | 100.00% | $ 51,999,311 |
|
|
|
The Fund’s classifications of issurers into sectors, industries and sub-industries may differ for financial reporting purposes than for other reporting and compliance purposes. The classifications for purposes of this financial report are unaudited.
See Notes to Schedule of Investments
10
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND
Schedule of Investments | June 30, 2024 (unaudited) | ||
|
| Shares | Value (Note 1) |
98.31% | COMMON STOCKS |
|
|
13.37% | AUSTRALIA |
|
|
| Pro Medicus Ltd. . . . . . . . . . . | 599,947 | $ 57,336,015 |
| REA Group Ltd. . . . . . . . . . . . | 842,165 | 110,484,893 |
| WiseTech Global Ltd. . . . . . . . . | 1,706,135 | 114,157,382 |
|
|
| 281,978,290 |
9.16% | CANADA |
|
|
| The Descartes Systems Group, Inc.(A) . | 1,133,733 | 109,847,088 |
| Kinaxis, Inc.(A) . . . . . . . . . . . . | 724,198 | 83,512,647 |
|
|
| 193,359,735 |
4.83% | DENMARK |
|
|
| Ambu A/S(A) . . . . . . . . . . . . . | 5,290,160 | 101,793,742 |
13.58% | FRANCE |
|
|
| Esker SA . . . . . . . . . . . . . . | 245,766 | 46,244,805 |
| Interparfums SA . . . . . . . . . . . | 2,126,431 | 86,992,943 |
| Lectra(B) . . . . . . . . . . . . . . | 3,064,257 | 90,409,939 |
| Vusion Group . . . . . . . . . . . . | 450,459 | 62,859,232 |
|
|
| 286,506,918 |
8.23% | GERMANY |
|
|
| Evotec AG(A) . . . . . . . . . . . . | 4,492,278 | 43,178,790 |
| Nexus AG(B) . . . . . . . . . . . . . | 1,332,628 | 77,923,951 |
| Stratec Biomedical AG(B) . . . . . . . | 1,076,936 | 52,592,537 |
|
|
| 173,695,278 |
0.74% | HONG KONG |
|
|
| Kingdee International Software(A) . . . | 16,672,492 | 15,628,360 |
2.50% | INDIA |
|
|
| Crisil Ltd. . . . . . . . . . . . . . . | 1,010,679 | 51,534,175 |
| Dr. Lal PathLabs Ltd. . . . . . . . . . | 35,723 | 1,191,245 |
|
|
| 52,725,421 |
See Notes to Schedule of Investments
11
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | ||
|
| Shares | Value (Note 1) |
0.56% | IRELAND |
|
|
| Flutter Entertainment plc(A) . . . . . . | 64,749 | $ 11,807,628 |
9.57% | ISRAEL |
|
|
| Camtek Ltd. . . . . . . . . . . . . | 343,383 | 43,005,287 |
| CyberArk Software Ltd.(A) . . . . . . . | 398,529 | 108,965,799 |
| Global-E Online Ltd.(A) . . . . . . . . | 1,375,465 | 49,888,116 |
|
|
| 201,859,202 |
2.18% | ITALY |
|
|
| Azimut Holding S.p.A . . . . . . . . | 1,952,162 | 46,036,527 |
11.19% | JAPAN |
|
|
| GMO Payment Gateway, Inc. . . . . . | 584,735 | 32,175,144 |
| Hiday Hidaka Corp.(B) . . . . . . . . | 3,101,374 | 57,925,470 |
| Kakaku.com, Inc. . . . . . . . . . . | 2,285,587 | 29,953,137 |
| M3, Inc. . . . . . . . . . . . . . . | 298,421 | 2,844,357 |
| SMS Co. Ltd. . . . . . . . . . . . . | 2,161,480 | 27,433,291 |
| Software Service, Inc.(B) . . . . . . . | 481,125 | 42,463,640 |
| Towa Pharmaceutical Co. Ltd. . . . . . | 2,367,182 | 43,241,643 |
|
|
| 236,036,682 |
11.85% | SWEDEN |
|
|
| Fortnox AB . . . . . . . . . . . . . | 7,803,705 | 47,106,429 |
| Hemnet Group AB . . . . . . . . . | 2,698,997 | 81,537,772 |
| Mips AB . . . . . . . . . . . . . . | 1,260,449 | 49,352,423 |
| Sectra AB . . . . . . . . . . . . . | 3,151,264 | 72,010,204 |
|
|
| 250,006,829 |
0.85% | SWITZERLAND |
|
|
| Partners Group Holding AG . . . . . | 13,922 | 17,881,894 |
See Notes to Schedule of Investments
12
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | |||
|
| Shares |
| Value (Note 1) |
9.70% | UNITED KINGDOM |
|
|
|
| AJ Bell plc . . . . . . . . . . . . . . . . . . . . . . . . . . | 13,076,907 | $ | 62,733,051 |
| PayPoint plc . . . . . . . . . . . . | 3,386,058 |
| 27,222,694 |
| Playtech plc(A) . . . . . . . . . . . . | 664,509 |
| 3,906,011 |
| Rightmove plc . . . . . . . . . . . | 6,132,128 |
| 41,626,040 |
| Victrex plc . . . . . . . . . . . . . | 3,263,303 |
| 47,273,920 |
| YouGov plc . . . . . . . . . . . . . | 4,253,360 |
| 21,829,198 |
|
|
|
| 204,590,913 |
98.31% | TOTAL COMMON STOCKS . . . . . . . | . . . . . . |
| 2,073,907,418 |
1.42% | SHORT TERM INVESTMENT |
|
|
|
| First American Treasury Obligations |
|
|
|
| Fund - X Class 5.210%(C) . . . . . . | 30,004,514 |
| 30,004,514 |
99.73% | TOTAL INVESTMENTS . . . . . . . . . | . . . . . . |
| 2,103,911,932 |
0.27% | Other assets net of liabilities . . . . . . . | . . . . . . |
| 5,719,695 |
100.00% | NET ASSETS . . . . . . . . . . . . . | . . . . . . . | $ | 2,109,631,627 |
(A)Non-income producing
(B)Affiliated company - The Fund owns greater than 5% of the outstanding voting securities of this issurer.
(C)Effective 7 day yield as of June 30, 2024
See Notes to Schedule of Investments
13
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT INTERNATIONAL SMALL COMPANY FUND
Schedule of Investments - continued | June 30, 2024 (unaudited) | ||
Summary of Investments by Sector |
|
| |
| % of Net |
|
|
Sector | Assets |
| Value |
Information/Knowledge Management . . . . . | 33.74% | $ | 711,798,223 |
Business Services . . . . . . . . . . . . . . | 31.60% |
| 666,578,386 |
Medical/Health Care . . . . . . . . . . . . . | 11.47% |
| 241,997,957 |
Consumer Related . . . . . . . . . . . . . | 9.95% |
| 209,984,475 |
Industrial Products & Systems . . . . . . . . | 8.56% |
| 180,689,145 |
Miscellaneous . . . . . . . . . . . . . . . | 2.98% |
| 62,859,232 |
Short Term Investment . . . . . . . . . . . . | 1.42% |
| 30,004,514 |
Other assets net of liabilities . . . . . . . . . | 0.27% |
| 5,719,695 |
TOTAL . . . . . . . . . . . . . . . . . . . | 100.00% | $ | 2,109,631,627 |
|
|
|
|
The Fund’s classifications of issurers into sectors, industries and sub-industries may differ for financial reporting purposes than for other reporting and compliance purposes. The classifications for purposes of this financial report are unaudited.
See Notes to Schedule of Investments
14
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments | June 30, 2024 (unaudited) |
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Brown Capital Management Small Company Fund (“Small Company Fund”), The Brown Capital Management Mid Company Fund (“Mid Company Fund”), The Brown Capital Management International All Company Fund (“International All Company Fund”) and The Brown Capital Management International Small Company Fund (“International Small Company Fund”) (each a “Fund” and collectively the “Funds”) are each a series portfolio of Brown Capital Management Mutual Funds (the “Trust”). The Trust is a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-ended management investment company. Each of the Funds in this report are classified as a diversified, open-end management investment company, as those terms are defined in the 1940 Act. The Funds currently offer Investor Class and Institutional Class Shares.
The primary investment objective of the Small Company Fund is to seek long- term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Small Company Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of those companies with operating revenues of $500 million or less at the time of initial investment.
The primary investment objective of the Mid Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The Mid Company Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that have total operating revenues of $500 million to $2.5 billion at the time of initial investment.
The primary investment objective of the International All Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International All Company Fund seeks to achieve its investment objective by investing substantially of its assets in equity securities of non-U.S. based companies.
The primary investment objective of the International Small Company Fund is to seek long-term capital appreciation. Current income is a secondary consideration in selecting portfolio investments. The International Small Company Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. based companies with total operating revenues of $500 million or less at the time of the initial investment.
15
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments - continued | June 30, 2024 (unaudited) |
Income, expenses (other than distribution and service fees, which were only attributable to the Investor Shares), and realized and unrealized gains or losses on investments and foreign currencies were allocated to each class of shares based upon its relative net assets.
The following accounting policies have been consistently followed by the Funds and are in conformity with United States generally accepted accounting principles (“GAAP”). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
Investment Valuation
The Funds’ investments in securities are carried at value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time, Monday through Friday. Securities that are principally traded on the National Association of Securities Dealers Automated Quotation (“NASDAQ”) exchange are generally valued at the NASDAQ Official Closing Price (“NOCP”). Other securities that are traded in the domestic over- the-counter market and listed securities for which last sales price is available, are generally valued at the last sales price as of the valuation time. In the absence of sales and NOCP, such securities are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Funds’ normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trust’s Board of Trustees. The Board has appointed the Advisor as valuation designee to be responsible for all fair value determinations for the Funds. Fair value pricing may be used, for example, in situations where (i) a security, such as a small-cap stock, mid-cap stock, or foreign security, is so thinly traded that there have been no transactions for that stock over an extended period of time or the validity of a market quotation received is questionable;
(ii)an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the security prior to a Fund’s net asset value calculation; (iii) the exchange on which the security is principally traded closes early; or (iv) trading of the particular portfolio security is halted during the day and does not resume prior to a Fund’s net asset value calculation. A security’s “fair value” price may differ from the price next available for that security using the Funds’ normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.
16
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments - continued | June 30, 2024 (unaudited) |
Fair Value Measurement
In accordance with GAAP, the Funds use a three-tier hierarchy to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;
Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
An investment’s level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Funds to measure fair value during the period ended June 30, 2024 maximized the use of observable inputs and minimized the use of unobservable inputs.
17
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments - continued | June 30, 2024 (unaudited) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds’ assets as of June 30, 2024:
Small Company Fund:
| Valuation Inputs |
|
|
| ||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||
Common Stocks . . . . . . | $1,660,102,747 | $ | — | $ | — | $1,660,102,747 |
Short Term Investment . . . . | 46,244,468 |
| — |
| — | 46,244,468 |
Total . . . . . . . . . . . . | $1,706,347,215 | $ | — | $ | — | $1,706,347,215 |
|
|
|
|
|
|
|
Mid Company Fund:
|
| Valuation Inputs |
|
|
|
| ||
Investments in Securities at Value* |
| Level 1 | Level 2 | Level 3 |
| Total | ||
Common Stocks . . . . . . | $ | 68,519,796 | $ | — | $ | — | $ | 68,519,796 |
Short Term Investment . . . . |
| 703,547 |
| — |
| — |
| 703,547 |
Total . . . . . . . . . . . . | $ | 69,223,343 | $ | — | $ | — | $ | 69,223,343 |
|
|
|
|
|
|
|
|
|
International All Company Fund:
|
| Valuation Inputs |
|
|
|
| ||
Investments in Securities at Value* |
| Level 1 | Level 2 | Level 3 |
| Total | ||
Common Stocks . . . . . . | $ | 50,302,620 | $ | — | $ | — | $ | 50,302,620 |
Short Term Investment . . . . |
| 1,182,339 |
| — |
| — |
| 1,182,339 |
Total . . . . . . . . . . . . | $ | 51,484,959 | $ | — | $ | — | $ | 51,484,959 |
|
|
|
|
|
|
|
|
|
International Small Company Fund:
| Valuation Inputs |
|
|
| ||
Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||
Common Stocks . . . . . . | $2,073,907,418 | $ | — | $ | — | $2,073,907,418 |
Short Term Investment . . . . | 30,004,514 |
| — |
| — | 30,004,514 |
Total . . . . . . . . . . . . | $2,103,911,932 | $ | — | $ | — | $2,103,911,932 |
*See Schedule of Investments for sector/country classifications.
For the period ended June 30, 2024, the Funds did not have investments with significant unobservable inputs (Level 3) used in determining fair value.
18
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments - continued | June 30, 2024 (unaudited) |
Foreign Currency Translation (International All Company Fund and International Small Company Fund)
Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain/(loss) or unrealized appreciation/(depreciation) from investments.
Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign taxes withheld, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period.
Foreign Currency Spot Contracts (International All Company Fund and International Small Company Fund)
Derivative instruments include foreign currency spot trades. The Funds may enter into such derivative instruments primarily to hedge against foreign currency exchange rate risks on its non-U.S. dollar denominated investment securities. When entering into a foreign currency spot contract the Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price typically within two business days. These contracts are valued daily, and the Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the foreign exchange rates at the dates of entry into the contracts and the exchange rates at the reporting date, is included in the Statements of Assets and Liabilities. Realized and unrealized gains and losses are included in the Statements of Operations. These instruments often involve market risk, credit risk, or both risks, in excess of the amount recognized in the Statement of Assets and Liabilities. Risks may also arise from the possible inability of counterparties to meet the terms of their contracts and from unanticipated movements in currency and securities values and interest rates.
19
QUARTERLY REPORT
BROWN CAPITAL MANAGEMENT MUTUAL FUNDS
Notes to Schedules of Investments - continued | June 30, 2024 (unaudited) |
Affiliated Companies
If a Fund owns 5% or more of the outstanding voting securities, either directly or indirectly, of a particular issuer, the 1940 Act deems such an issuer to be an “affiliate” of the Fund. As of and during the three months ended March 31, 2024, the Small Company Fund and International Small Company Fund owned 5% or more of the outstanding voting securities of the issuers identified in the tables below and therefore those issuers are considered affiliates of that Fund for purposes of the 1940 Act.
20
QUARTERLY REPORT
|
|
|
| BROWN CAPITAL MANAGEMENT MUTUAL FUNDS |
|
|
|
|
|
|
| |||||
Notes to Schedules of Investments - continued |
|
|
|
|
|
|
| June 30, 2024 (unaudited) |
| |||||||
Small Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
| Market Value |
|
|
|
|
| Market Value | Share Balance |
|
|
| Change in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| as of |
|
|
|
|
| as of | as of |
|
|
| Unrealized |
| Realized | |
Security Name |
| March 31, 2024 |
| Purchases |
| Sales |
| June 30, 2024 | June 30, 2024 |
| Dividends |
| Gain (Loss) |
| Gain/Loss | |
Investments no longer affiliated as of March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Enfusion Inc. . . . . . . . | $ | 48,033,058 | $ | — | $ | (12,211,347) | $ | 32,934,435 | 3,865,544 | $ | — | $ | 282,964 | $ | (3,170,240) | |
Olo Inc . . . . . . . . . |
| 30,352,327 |
| — |
| (3,667,931) |
| 20,929,023 | 4,735,073 |
| — |
| (1,032,790) |
| (4,722,583) | |
OrthoPediatrics Corp. . . . |
| 35,579,311 |
| — |
| (5,474,390) |
| 30,054,257 | 1,045,002 |
| — |
| 3,564,140 |
| (3,614,804) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 83,917,715 | 9,645,619 | $ | — | $ | 2,814,314 | $ | (11,507,627) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAND TOTAL |
|
|
|
|
|
| $ | 83,917,715 | 9,645,619 | $ | — | $ | 2,814,314 | $ | (11,507,627) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
International Small Company Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Common Stock |
| Market Value |
|
|
|
|
| Market Value | Share Balance |
|
|
| Change in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
| as of |
|
|
|
|
| as of | as of |
|
|
| Unrealized |
| Realized | |
Security Name |
| March 31, 2024 |
| Purchases |
| Sales |
| June 30, 2024 | June 30, 2024 |
| Dividends |
| Gain (Loss) |
| Gain/(Loss) |
|
Hiday Hidaka Corp. . . . | $ | 49,457,354 | $ | 5,396,817 | $ | — | $ | 57,925,470 | 3,101,374 | $ | 298,992 | $ | 3,071,299 | $ | — | |
Lectra . . . . . . . . . |
| 100,050,640 |
| 7,084,188 |
| — |
| 90,409,939 | 3,064,257 |
| 976,755 |
| (16,724,889) |
| — | |
Nexus AG . . . . . . . . |
| 80,943,087 |
| — |
| — |
| 77,923,951 | 1,332,628 |
| 270,807 |
| (3,019,136) |
| — | |
Software Service, Inc. . . . |
| 40,332,120 |
| — |
| — |
| 42,463,640 | 481,125 |
| — |
| 2,131,520 |
| — | |
Stratec Biomedical AG . . |
| 43,309,058 |
| 3,236,787 |
| — |
| 52,592,537 | 1,076,936 |
| 543,128 |
| 6,046,692 |
| — | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRAND TOTAL |
|
|
|
|
|
| $ | 321,315,537 | 9,056,320 | $ | 2,089,682 | $ | (8,494,514) | $ | — | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
QUARTERLY REPORT