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
    
$
–