0001145549-23-073423.txt : 20231128 0001145549-23-073423.hdr.sgml : 20231128 20231128153250 ACCESSION NUMBER: 0001145549-23-073423 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: 231445855 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 S000042683 Brown Advisory - WMC Strategic European Equity Fund C000131937 Institutional Shares BAFHX C000131938 Investor Shares BIAHX C000131939 Advisor Shares BAHAX NPORT-P 1 primary_doc.xml NPORT-P false 0001548609 XXXXXXXX S000042683 C000131937 C000131939 C000131938 Brown Advisory Funds 811-22708 0001548609 254900ZS9LW6H6GM4251 901 South Bond Street, Suite 400 Baltimore 21231 4105375400 Brown Advisory - WMC Strategic European Equity Fund S000042683 549300UMYQLY5V8U0785 2024-06-30 2023-09-30 N 253489352.820000000000 398223.350000000000 253091129.470000000000 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 1164257.940000000000 N Hikma Pharmaceuticals PLC 549300BNS685UXH4JI75 Hikma Pharmaceuticals PLC N/A 103570.000000000000 NS 2629988.290000000000 1.0391467672 Long EC CORP JO N 2 N N N First American Government Obli 549300R5MYM6VZF1RM44 First American Government Obligations Fund 31846V567 7704228.920000000000 NS USD 7704228.920000000000 3.0440533163 Long STIV RF US N 1 N N N Thales SA 529900FNDVTQJOVVPZ19 Thales SA N/A 29591.000000000000 NS 4158813.430000000000 1.6432078986 Long EC CORP FR N 2 N N N Bayer AG 549300J4U55H3WP1XT59 Bayer AG N/A 102855.000000000000 NS 4939551.760000000000 1.9516890103 Long EC CORP DE N 2 N N N Bankinter SA VWMYAEQSTOPNV0SUGU82 Bankinter SA N/A 843518.000000000000 NS 5366454.650000000000 2.1203645743 Long EC CORP ES N 2 N N N Vienna Insurance 549300JCRU23I1THU176 Vienna Insurance Group AG Wiener Versicherung Gruppe N/A 79887.000000000000 NS 2226648.370000000000 0.8797812767 Long EC CORP AT N 2 N N N Sandvik AB 5299008ZUAXN43LVZF54 Sandvik AB N/A 79810.000000000000 NS 1468532.260000000000 0.5802385343 Long EC CORP SE N 2 N N N Jeronimo Martins SGPS SA 259400A8SZP10GB5IB19 Jeronimo Martins SGPS SA N/A 218481.000000000000 NS 4906692.430000000000 1.9387058094 Long EC CORP PT N 2 N N N Siemens Healthineers AG 529900QBVWXMWANH7H45 Siemens Healthineers AG N/A 22972.000000000000 NS 1161966.970000000000 0.4591101128 Long EC CORP DE N 2 N N N Technip Energies NV 724500FLODI49NSCIP70 Technip Energies NV N/A 252235.000000000000 NS 6262629.570000000000 2.4744563680 Long EC CORP FR N 2 N N N Rotork PLC 213800AH5RZIHGWRJ718 Rotork PLC N/A 683050.000000000000 NS 2587706.090000000000 1.0224404527 Long EC CORP GB N 2 N N N Royal Unibrew A/S 529900D69KFL8IAP8Q63 Royal Unibrew A/S N/A 15313.000000000000 NS 1182630.180000000000 0.4672744487 Long EC CORP DK N 2 N N N QIAGEN NV 54930036WK3GMCN17Z57 QIAGEN NV N/A 121179.000000000000 NS 4889523.770000000000 1.9319222212 Long EC CORP NL N 2 N N N BAE Systems PLC 8SVCSVKSGDWMW2QHOH83 BAE Systems PLC N/A 727596.000000000000 NS 8841686.940000000000 3.4934795852 Long EC CORP GB N 2 N N N Spectris PLC 213800Z4CO2CZO3M3T10 Spectris PLC N/A 90558.000000000000 NS 3743833.120000000000 1.4792431200 Long EC CORP GB N 2 N N N Serco Group PLC 549300PT2CIHYN5GWJ21 Serco Group PLC N/A 1240510.000000000000 NS 2255197.540000000000 0.8910614705 Long EC CORP GB N 1 N N N Publicis Groupe SA 2138004KW8BV57III342 Publicis Groupe SA N/A 74935.000000000000 NS 5672031.900000000000 2.2411026067 Long EC CORP FR N 2 N N N Komercni Banka AS IYKCAVNFR8QGF00HV840 Komercni Banka AS N/A 75280.000000000000 NS 2188759.430000000000 0.8648108034 Long EC CORP CZ N 2 N N N Trelleborg AB 213800XY16PAWG2PAD14 Trelleborg AB N/A 218626.000000000000 NS 5431948.870000000000 2.1462422967 Long EC CORP SE N 2 N N N Rheinmetall AG 5299001OU9CSE29O6S05 Rheinmetall AG N/A 40158.000000000000 NS 10330706.400000000000 4.0818129113 Long EC CORP DE N 2 N N N Washtec AG 391200HHWCQ0KBSG9U91 Washtec AG N/A 10459.000000000000 NS 370435.590000000000 0.1463645094 Long EC CORP DE N 1 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG N/A 50841.000000000000 NS 5192322.320000000000 2.0515623487 Long EC CORP CH N 2 N N N Alfa Laval AB 549300UCKT2UK88AG251 Alfa Laval AB N/A 66709.000000000000 NS 2285309.740000000000 0.9029592403 Long EC CORP SE N 2 N N N Legrand SA 969500XXRPGD7HCAFA90 Legrand SA N/A 11877.000000000000 NS 1091333.400000000000 0.4312017582 Long EC CORP FR N 2 N N N Bureau Veritas SA 969500TPU5T3HA5D1F11 Bureau Veritas SA N/A 168731.000000000000 NS 4183871.790000000000 1.6531088224 Long EC CORP FR N 2 N N N Laboratorios Farmaceuticos Rov 95980020140005936480 Laboratorios Farmaceuticos Rovi SA N/A 37863.000000000000 NS 2049360.200000000000 0.8097321326 Long EC CORP ES N 2 N N N AIB Group PLC 635400AKJBGNS5WNQL34 AIB Group PLC G0R4HJ106 1364111.000000000000 NS 6114237.260000000000 2.4158244000 Long EC CORP IE N 2 N N N Jenoptik AG 529900P34GDHGXK6VB37 Jenoptik AG N/A 45316.000000000000 NS 1145190.250000000000 0.4524813858 Long EC CORP DE N 2 N N N Azelis Group NV 699400M9RRMTV264FM70 Azelis Group NV N/A 98434.000000000000 NS 1943096.530000000000 0.7677458053 Long EC CORP BE N 2 N N N Haleon PLC 549300PSB3WWEODCUP19 Haleon PLC N/A 2171925.000000000000 NS 9002878.220000000000 3.5571686131 Long EC CORP GB N 2 N N N Hensoldt AG 894500686FYLLZD3M624 Hensoldt AG N/A 129120.000000000000 NS 3806962.690000000000 1.5041865347 Long EC CORP DE N 2 N N N Hexpol AB 549300MN30TBRLYN3465 Hexpol AB N/A 120427.000000000000 NS 1067051.150000000000 0.4216074867 Long EC CORP SE N 2 N N N British American Tobacco PLC 213800FKA5MF17RJKT63 British American Tobacco PLC N/A 335372.000000000000 NS 10530307.620000000000 4.1606782672 Long EC CORP GB N 2 N N N KBC Group NV 213800X3Q9LSAKRUWY91 KBC Group NV N/A 84247.000000000000 NS 5244934.180000000000 2.0723500626 Long EC CORP BE N 2 N N N Beiersdorf AG L47NHHI0Z9X22DV46U41 Beiersdorf AG N/A 19581.000000000000 NS 2525736.490000000000 0.9979553591 Long EC CORP DE N 2 N N N Erste Group Bank AG PQOH26KWDF7CG10L6792 Erste Group Bank AG N/A 247867.000000000000 NS 8560556.260000000000 3.3824007495 Long EC CORP AT N 2 N N N UCB SA 2138008J191VLSGY5A09 UCB SA N/A 93640.000000000000 NS 7669987.700000000000 3.0305241105 Long EC CORP BE N 2 N N N Smiths Group PLC 213800MJL6IPZS3ASA11 Smiths Group PLC N/A 183077.000000000000 NS 3604436.770000000000 1.4241655871 Long EC CORP GB N 2 N N N Brenntag SE NNROIXVWJ7CPSR27SV97 Brenntag SE N/A 82411.000000000000 NS 6376692.910000000000 2.5195244588 Long EC CORP DE N 2 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 Industria de Diseno Textil SA N/A 76033.000000000000 NS 2829344.400000000000 1.1179152766 Long EC CORP ES N 2 N N N Elis SA 969500UX71LCE8MAY492 Elis SA N/A 352511.999998000000 NS 6191260.480000000000 2.4462573987 Long EC CORP FR N 2 N N N Assa Abloy AB 549300YECS8HKCIMMB67 Assa Abloy AB N/A 80028.000000000000 NS 1738894.330000000000 0.6870625350 Long EC CORP SE N 2 N N N RS GROUP PLC 549300KVXDURRKVW7R37 RS GROUP PLC N/A 783488.000000000000 NS 6997515.250000000000 2.7648204284 Long EC CORP GB N 2 N N N Prudential PLC 5493001Z3ZE83NGK8Y12 Prudential PLC N/A 482725.000000000000 NS 5189005.150000000000 2.0502516864 Long EC CORP HK N 2 N N N Next PLC 213800WQD8ECPZP9PH98 Next PLC N/A 35749.000000000000 NS 3170655.880000000000 1.2527724250 Long EC CORP GB N 2 N N N United Internet AG 3VEKWPJHTD4NKMBVG947 United Internet AG N/A 292601.000000000000 NS 6254278.390000000000 2.4711566949 Long EC CORP DE N 2 N N N Hannover Rueck SE 529900KIN5BE45V5KB18 Hannover Rueck SE N/A 9063.000000000000 NS 1988592.430000000000 0.7857218995 Long EC CORP DE N 2 N N N Wolters Kluwer NV 724500TEM53I0U077B74 Wolters Kluwer NV N/A 22655.000000000000 NS 2742966.080000000000 1.0837859414 Long EC CORP NL N 2 N N N ABB Ltd 5493000LKVGOO9PELI61 ABB Ltd N/A 146919.000000000000 NS 5244011.080000000000 2.0719853323 Long EC CORP CH N 2 N N N Heineken NV 724500K5PTPSST86UQ23 Heineken NV N/A 57578.000000000000 NS 5076164.990000000000 2.0056668919 Long EC CORP NL N 2 N N N Bunzl PLC 213800Q1Q9DV4L78UM09 Bunzl PLC N/A 166067.000000000000 NS 5914310.260000000000 2.3368303237 Long EC CORP GB N 2 N N N Savills PLC 213800WXICGMBWHTA933 Savills PLC N/A 170636.000000000000 NS 1801921.160000000000 0.7119653556 Long EC CORP GB N 1 N N N Almirall SA 95980020140005007996 Almirall SA N/A 108535.000000000000 NS 1103881.910000000000 0.4361598576 Long EC CORP ES N 1 N N N Fluidra SA 95980020140005026620 Fluidra SA N/A 137370.000000000000 NS 2802951.450000000000 1.1074870367 Long EC CORP ES N 2 N N N Julius Baer Group Ltd 5299007MF0604ZGJER92 Julius Baer Group Ltd N/A 19793.000000000000 NS 1266908.510000000000 0.5005740472 Long EC CORP CH N 2 N N N Compass Group PLC 2138008M6MH9OZ6U2T68 Compass Group PLC G23296208 81270.000000000000 NS 1978253.400000000000 0.7816367978 Long EC CORP GB N 2 N N N IMI PLC 2138002W9Q21PF751R30 IMI PLC N/A 189383.000000000000 NS 3603872.070000000000 1.4239424659 Long EC CORP GB N 2 N N N Dassault Aviation SA 969500CVFTUT88V8QN95 Dassault Aviation SA N/A 10479.000000000000 NS 1973718.850000000000 0.7798451309 Long EC CORP FR N 2 N N N FUCHS SE 529900SNF9E1P5ZO4P98 FUCHS SE N/A 68179.000000000000 NS 2642901.320000000000 1.0442488939 Long EP CORP DE N 2 N N N UBS Group AG 549300SZJ9VS8SGXAN81 UBS Group AG N/A 99130.000000000000 NS 2441789.090000000000 0.9647865159 Long EC CORP CH N 2 N N N Beazley PLC 213800VTOMUWD41GIT12 Beazley PLC N/A 569774.000000000000 NS 3831353.360000000000 1.5138236445 Long EC CORP GB N 2 N N N Softcat PLC 213800N42YZLR9GLVC42 Softcat PLC N/A 13944.000000000000 NS 247569.200000000000 0.0978182051 Long EC CORP GB N 2 N N N SPIE SA 969500TJNS5GSFWJ8X85 SPIE SA N/A 73010.000000000000 NS 2118877.790000000000 0.8371995472 Long EC CORP FR 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 wmc-european.htm NPORT-EX

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
    
$
–