0001145549-23-073405.txt : 20231128 0001145549-23-073405.hdr.sgml : 20231128 20231128153238 ACCESSION NUMBER: 0001145549-23-073405 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231128 DATE AS OF CHANGE: 20231128 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Brown Advisory Funds CENTRAL INDEX KEY: 0001548609 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22708 FILM NUMBER: 231445835 BUSINESS ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231 BUSINESS PHONE: 410-537-5400 MAIL ADDRESS: STREET 1: 901 SOUTH BOND STREET CITY: BALTIMORE STATE: MD ZIP: 21231 0001548609 S000049137 Brown Advisory Global Leaders Fund C000154927 Institutional Shares BAFLX C000154928 Investor Shares BIALX NPORT-P 1 primary_doc.xml NPORT-P false 0001548609 XXXXXXXX S000049137 C000154928 C000154927 Brown Advisory Funds 811-22708 0001548609 254900ZS9LW6H6GM4251 901 South Bond Street, Suite 400 Baltimore 21231 4105375400 Brown Advisory Global Leaders Fund S000049137 549300FMSM8J3F33CI33 2024-06-30 2023-09-30 N 1441490058.490000000000 11221087.070000000000 1430268971.420000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 980994.470000000000 N Adobe Inc FU4LY2G4933NH2E1CP29 Adobe Inc 00724F101 70197.000000000000 NS USD 35793450.300000000000 2.5025677698 Long EC CORP US N 1 N N N Alphabet Inc 5493006MHB84DD0ZWV18 Alphabet Inc 02079K107 517200.000000000000 NS USD 68192820.000000000000 4.7678318808 Long EC CORP US N 1 N N N Autodesk Inc FRKKVKAIQEF3FCSTPG55 Autodesk Inc 052769106 146526.000000000000 NS USD 30317694.660000000000 2.1197198056 Long EC CORP US N 1 N N N Intuit Inc VI90HBPH7XSFMB9E4M29 Intuit Inc 461202103 91366.000000000000 NS USD 46682544.040000000000 3.2638996561 Long EC CORP US N 1 N N N Estee Lauder Cos Inc/The 549300VFZ8XJ9NUPU221 Estee Lauder Cos Inc/The 518439104 216343.000000000000 NS USD 31272380.650000000000 2.1864685087 Long EC CORP US N 1 N N N CTS Eventim AG & Co KGaA 529900FDHSN08UBJII80 CTS Eventim AG & Co KGaA N/A 531745.000000000000 NS 30183750.890000000000 2.1103548698 Long EC CORP DE N 2 N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 Microsoft Corp 594918104 377252.000000000000 NS USD 119117319.000000000000 8.3283159588 Long EC CORP US N 1 N N N Bank Rakyat Indonesia Persero 254900HB6S4B12GBNP64 Bank Rakyat Indonesia Persero Tbk PT N/A 99784264.000000000000 NS 33700429.960000000000 2.3562302359 Long EC CORP ID N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 Roche Holding AG N/A 158706.000000000000 NS 43326915.200000000000 3.0292844259 Long EC CORP CH N 2 N N N Charles Schwab Corp/The 549300VSGCJ7E698NM85 Charles Schwab Corp/The 808513105 610732.000000000000 NS USD 33529186.800000000000 2.3442574418 Long EC CORP US N 1 N N N TJX Cos Inc/The V167QI9I69W364E2DY52 TJX Cos Inc/The 872540109 407551.000000000000 NS USD 36223132.880000000000 2.5326098520 Long EC CORP US N 1 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever PLC N/A 1187064.000000000000 NS 58720614.810000000000 4.1055644766 Long EC CORP GB N 2 N N N B3 SA - Brasil Bolsa Balcao 4GTK5S46E6H318LMDS44 B3 SA - Brasil Bolsa Balcao N/A 10335993.000000000000 NS 25230552.590000000000 1.7640425049 Long EC CORP BR N 1 N N N HDFC Bank Ltd 335800ZQ6I4E2JXENC50 HDFC Bank Ltd N/A 2449332.000000000000 NS 44920540.520000000000 3.1407057985 Long EC CORP IN N 2 N N N ASML Holding NV 724500Y6DUVHQD6OXN27 ASML Holding NV N/A 54742.000000000000 NS USD 32224425.720000000000 2.2530325669 Long EC CORP NL N 1 N N N Edwards Lifesciences Corp YA13X31F3V31L8TMPR58 Edwards Lifesciences Corp 28176E108 452755.000000000000 NS USD 31366866.400000000000 2.1930746613 Long EC CORP US N 1 N N N General Electric Co 3C7474T6CDKPR9K6YT90 General Electric Co 369604301 460106.000000000000 NS USD 50864718.300000000000 3.5563043956 Long EC CORP US N 1 N N N Ferguson PLC 213800DU1LGY3R2S2X42 Ferguson PLC N/A 198292.000000000000 NS USD 32613085.240000000000 2.2802064431 Long EC CORP GB N 1 N N N Booking Holdings Inc FXM8FAOHMYDIPD38UZ17 Booking Holdings Inc 09857L108 10389.000000000000 NS USD 32039156.550000000000 2.2400791173 Long EC CORP US N 1 N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V567 19401057.330000000000 NS USD 19401057.330000000000 1.3564621563 Long STIV RF US N 1 N N N Moody's Corp 549300GCEDD8YCF5WU84 Moody's Corp 615369105 125446.000000000000 NS USD 39662261.820000000000 2.7730631519 Long EC CORP US N 1 N N N Visa Inc 549300JZ4OKEHW3DPJ59 Visa Inc 92826C839 276473.000000000000 NS USD 63591554.730000000000 4.4461255890 Long EC CORP US N 1 N N N London Stock Exchange Group PL 213800QAUUUP6I445N30 London Stock Exchange Group PLC G5689U103 513189.000000000000 NS 51435155.840000000000 3.5961876310 Long EC CORP GB N 2 N N N AIA Group Ltd ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd N/A 4924244.000000000000 NS 39823085.220000000000 2.7843074286 Long EC CORP HK N 2 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA N/A 311691.000000000000 NS 48844860.170000000000 3.4150821381 Long EC CORP FR N 2 N N N Coloplast A/S 529900NN7SOJ5QG82X67 Coloplast A/S N/A 322212.000000000000 NS 34095512.110000000000 2.3838531627 Long EC CORP DK N 2 N N N Allegion plc 984500560CAC2E6FB757 Allegion plc N/A 291980.000000000000 NS USD 30424316.000000000000 2.1271744412 Long EC CORP IE N 1 N N N Wolters Kluwer NV 724500TEM53I0U077B74 Wolters Kluwer NV N/A 296720.000000000000 NS 35925530.620000000000 2.5118024188 Long EC CORP NL N 2 N N N Marvell Technology Inc N/A Marvell Technology Inc 573874104 699925.000000000000 NS USD 37886940.250000000000 2.6489381373 Long EC CORP US N 1 N N N Mastercard Inc AR5L2ODV9HN37376R084 Mastercard Inc 57636Q104 150350.000000000000 NS USD 59525068.500000000000 4.1618094002 Long EC CORP US N 1 N N N Deutsche Boerse AG 529900G3SW56SHYNPR95 Deutsche Boerse AG N/A 335725.000000000000 NS 57978630.950000000000 4.0536872510 Long EC CORP DE N 2 N N N Sherwin-Williams Co/The Z15BMIOX8DDH0X2OBP21 Sherwin-Williams Co/The 824348106 131748.000000000000 NS USD 33602327.400000000000 2.3493712072 Long EC CORP US N 1 N N N TSMC 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co Ltd 874039100 498442.000000000000 NS USD 43314609.800000000000 3.0284240703 Long EC CORP TW N 1 N N N Atlas Copco AB 213800T8PC8Q4FYJZR07 Atlas Copco AB W1R924229 2170465.000000000000 NS 25383701.160000000000 1.7747501811 Long EC CORP SE N 2 N N N 2023-11-28 Brown Advisory Funds /s/ Jason T. Meix Jason T. Meix Principal Financial Officer XXXX NPORT-EX 2 global-leaders.htm NPORT-EX

Brown Advisory Global Leaders Fund
  
Schedule of Investments
  
September 30, 2023 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
  
Brazil - 1.8%
  
B3 S.A. - Brasil Bolsa Balcao
    
10,335,993
    
$
25,230,553
  
Total Brazil
            
25,230,553
  
                 
China - 2.8%
  
AIA Group, Ltd.
    
4,963,644
      
40,141,719
  
Total China
            
40,141,719
  
                 
Denmark - 2.4%
  
Coloplast A/S - Class A
    
322,212
      
34,095,512
  
Total Denmark
            
34,095,512
  
                 
France - 3.4%
  
Safran S.A.
    
311,691
      
48,844,860
  
Total France
            
48,844,860
  
                 
Germany - 6.0%
  
CTS Eventim AG & Co. KGaA
    
514,626
      
29,212,015
  
Deutsche Boerse AG
    
335,725
      
57,978,631
  
Total Germany
            
87,190,646
  
                 
India - 3.1%
  
HDFC Bank, Ltd.
    
2,449,332
      
44,920,541
  
Total India
            
44,920,541
  
                 
Indonesia - 2.4%
  
Bank Rakyat Indonesia Persero Tbk PT
    
100,586,264
      
33,971,292
  
Total Indonesia
            
33,971,292
  
                 
Netherlands - 4.7%
  
ASML Holding NV
    
54,742
      
32,224,426
  
Wolters Kluwer NV
    
296,720
      
35,925,531
  
Total Netherlands
            
68,149,957
  
                 
Sweden - 1.8%
  
Atlas Copco AB
    
2,170,465
      
25,383,701
  
Total Sweden
            
25,383,701
  
                 
Switzerland - 3.0%
  
Roche Holding AG
    
158,706
      
43,326,915
  
Total Switzerland
            
43,326,915
  
                 
Taiwan - 3.1%
  
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR
    
498,442
      
43,314,610
  
Total Taiwan
            
43,314,610
  
                 
United Kingdom - 7.7%
  
London Stock Exchange Group PLC
    
513,189
      
51,435,156
  
Unilever PLC
    
1,187,064
      
58,720,614
  
Total United Kingdom
            
110,155,770
  
                 
United States - 56.8%
  
Communication Services - 4.8%
                
Alphabet, Inc. - Class C(a)
    
517,200
      
68,192,820
  
           
$
–
  
Consumer Discretionary - 4.8%
                
Booking Holdings, Inc.(a)
    
10,389
      
32,039,157
  
TJX Cos., Inc.
    
407,551
      
36,223,132
  
             
68,262,289
  
Consumer Staples - 2.2%
                
Estee Lauder Cos., Inc.
    
216,343
      
31,272,381
  
           
$
–
  
Financials - 13.7%
                
Charles Schwab Corp.
    
610,732
      
33,529,187
  
Mastercard, Inc. - Class A
    
150,350
      
59,525,069
  
Moody's Corp.
    
125,446
      
39,662,262
  
Visa, Inc. - Class A
    
276,473
      
63,591,554
  
             
196,308,072
  
Health Care - 2.2%
                
Edwards Lifesciences Corp.(a)
    
452,755
      
31,366,866
  
           
$
–
  
Industrials - 8.0%
                
Allegion PLC
    
291,980
      
30,424,316
  
Ferguson PLC
    
198,292
      
32,613,085
  
General Electric Co.
    
460,106
      
50,864,718
  
             
113,902,119
  
Information Technology - 18.8%
                
Adobe, Inc.(a)
    
70,197
      
35,793,450
  
Autodesk, Inc.(a)
    
146,526
      
30,317,695
  
Intuit, Inc.
    
91,366
      
46,682,544
  
Marvell Technology, Inc.
    
699,925
      
37,886,940
  
Microsoft Corp.
    
377,252
      
119,117,320
  
             
269,797,949
  
Materials - 2.3%
                
Sherwin-Williams Co.
    
131,748
      
33,602,327
  
Total United States
            
812,704,823
  
TOTAL COMMON STOCKS (Cost $1,115,941,902)
            
1,417,430,899
  
                 
SHORT-TERM INVESTMENTS - 1.4%
                
Money Market Funds - 1.4%
                
First American Government Obligations Fund - Class Z, 5.22%(b)
    
20,603,855
      
20,603,855
  
Total Money Market Funds
            
20,603,855
  
TOTAL SHORT-TERM INVESTMENTS (Cost $20,603,855)
            
20,603,855
  
                 
TOTAL INVESTMENTS - 100.4% (Cost $1,136,545,757)
            
1,438,034,754
  
Liabilities in Excess of Other Assets - (0.4)%
            
(5,343,955
)
TOTAL NET ASSETS - 100.0%
          
$
1,432,690,799
  
   
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
  
$
913,474,412
    
$
503,956,487
    
$
–
Total Equities
    
913,474,412
      
503,956,487
      
–
                       
Short-Term Investments:
    
–
      
–
      
–
Money Market Funds
    
20,603,855
      
–
      
–
Total Short-Term Investments
    
20,603,855
      
–
      
–
                       
Total Investments in Securities
  
$
934,078,267
    
$
503,956,487
    
$
–
                       
 
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.