NPORT-EX 2 flexible-equity.htm NPORT-EX

Brown Advisory Flexible Equity Fund
Schedule of Investments
September 30, 2023 (Unaudited)
 
COMMON STOCKS - 97.3%
  
Shares
  
Value
Communication Services - 13.2%
Alphabet, Inc. - Class A (a)
  
128,683
  
$
  16,839,458
Alphabet, Inc. - Class C (a)
  
213,558
  
 28,157,622
Meta Platforms, Inc. - Class A (a)
  
87,739
  
 26,340,125
Netflix, Inc. (a)
  
16,947
  
   6,399,187
Pinterest, Inc. (a)
  
191,307
  
   5,171,028
T-Mobile US, Inc. (a)
  
67,270
  
   9,421,164
Total Communication Services
      
 92,328,584
         
Consumer Discretionary - 11.0%
Amazon.com, Inc. (a)
  
179,168
  
 22,775,836
Booking Holdings, Inc. (a)
  
6,159
  
 18,994,048
Bright Horizons Family Solutions, Inc. (a)
  
75,601
  
   6,158,458
CarMax, Inc. (a)
  
125,258
  
   8,859,498
Lowe’s Cos., Inc.
  
41,724
  
   8,671,916
TJX Cos., Inc.
  
128,178
  
 11,392,461
Total Consumer Discretionary
      
 76,852,217
         
Consumer Staples - 1.2%
Nomad Foods Ltd. (a)
  
558,760
  
   8,504,327
Total Consumer Staples
      
   8,504,327
         
Energy - 3.6%
Baker Hughes Co.
  
273,944
  
   9,675,702
Suncor Energy, Inc.
  
439,531
  
 15,111,076
Total Energy
      
 24,786,778
         
Financials - 26.6%
Ameriprise Financial, Inc.
  
36,675
  
 12,091,014
Bank of America Corp.
  
473,107
  
 12,953,670
Berkshire Hathaway, Inc. - Class B (a)
  
86,537
  
 30,313,911
Blackstone, Inc.
  
63,313
  
   6,783,355
First Citizens BancShares, Inc.
  
10,671
  
 14,727,047
Fiserv, Inc. (a)
  
90,354
  
 10,206,388
KKR & Co., Inc.
  
331,539
  
 20,422,802
Mastercard, Inc. - Class A
  
87,556
  
 34,664,296
Progressive Corp.
  
67,014
  
   9,335,050
Visa, Inc. - Class A
  
147,829
  
 34,002,148
Total Financials
      
 185,499,681
         
Health Care - 12.9%
Agilent Technologies, Inc.
  
73,931
  
   8,266,964
Align Technology, Inc. (a)
  
26,197
  
   7,998,468
Avantor, Inc. (a)
  
481,489
  
 10,149,788
Edwards Lifesciences Corp. (a)
  
215,927
  
 14,959,423
Elevance Health, Inc.
  
33,760
  
 14,699,779
Merck & Co., Inc.
  
78,890
  
   8,121,726
UnitedHealth Group, Inc.
  
51,141
  
 25,784,781
Total Health Care
      
 89,980,929
         
Industrials - 8.7%
Canadian National Railway Co.
  
73,404
  
   7,951,855
Carrier Global Corp.
  
257,424
  
 14,209,805
Ferguson PLC
  
55,513
  
   9,130,223
General Electric Co.
  
67,711
  
   7,485,451
Uber Technologies, Inc. (a)
  
144,340
  
   6,638,197
United Rentals, Inc.
  
34,778
  
 15,461,255
Total Industrials
      
 60,876,786
         
Information Technology - 20.1%
Accenture PLC - Class A
  
32,057
  
   9,845,025
Adobe, Inc. (a)
  
24,510
  
 12,497,649
Analog Devices, Inc.
  
60,541
  
 10,600,124
Apple, Inc.
  
159,734
  
 27,348,058
Intuit, Inc.
  
31,297
  
 15,990,889
Microsoft Corp.
  
153,623
  
 48,506,462
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
  
171,889
  
 14,937,154
Total Information Technology
      
 139,725,361
TOTAL COMMON STOCKS (Cost $311,275,408)
      
 678,554,663
         
REAL ESTATE INVESTMENT TRUSTS - 1.1%
        
Real Estate - 1.1%
SBA Communications Corp.
  
37,241
  
   7,454,531
Total Real Estate
      
   7,454,531
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,641,597)
      
   7,454,531
         
SHORT-TERM INVESTMENTS - 1.7%
        
Money Market Funds - 1.7%
      
 
First American Government Obligations Fund - Class Z, 5.22% (b)
  
12,048,130
  
 12,048,130
Total Money Market Funds
      
 12,048,130
TOTAL SHORT-TERM INVESTMENTS (Cost $12,048,130)
      
 12,048,130
         
TOTAL INVESTMENTS - 100.1% (Cost $329,965,135)
      
 698,057,324
Liabilities in Excess of Other Assets - (0.1)%
      
(790,879)
TOTAL NET ASSETS - 100.0%
      
$
  697,266,445
 
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)
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
    
$
678,554,663
    
$
–
    
$
–
Real Estate Investment Trusts
      
7,454,531
      
–
      
–
Total Equities
      
686,009,194
      
–
      
–
                         
Short-Term Investments:
      
–
      
–
      
–
Money Market Funds
      
12,048,130
      
–
      
–
Total Short-Term Investments
      
12,048,130
      
–
      
–
                         
Total Investments in Securities
    
$
698,057,324
    
$
–
    
$
–
 
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.