Brown Advisory

OCTOBER 11, 2021

Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc. equity REITs. © 2021 HFR, Inc. -

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Risk-for-risk” analysis to funding capital. Criteria evaluated include: market capitalization, financial viability, liquidity, public float, sector representation, and corporate structure. Exposure to both established and emerging managers. Aligned fee arrangements. An index constituent must also be considered a U.S.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

AUGUST 14, 2023

Our investment selection process follows a bottom-up, fundamental approach so we are wary of “sleepwalking into factor risk”. Before making any new investment, we analyse that potential new idea’s contribution to total portfolio risk with the aim of lifting stock-specific risk.

Investing 52

Investing Investments Portfolio Accounting 52