Brown Advisory

OCTOBER 11, 2021

This confidential communication has been prepared solely as a preliminary document to provide information regarding Brown Advisory’s private equity and alternative platform and may not be used or reproduced for any other purpose. Alternative investments may only be available for accredited investors and qualified purchasers.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Risk-for-risk” analysis to funding capital. Liquidity management and a budget for allocating to private investments in a disciplined way. Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity. Aligned fee arrangements.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

AUGUST 14, 2023

For as much as we are cognisant of factor risks, the backward-looking nature of these models – and unpredictable embedded covariance matrices – means we are careful to not over-interpret the results. Both “risks” faded in the models quickly; the events had already happened. The future is rarely the same as the past.

Investing 52

Investing Investments Portfolio Accounting 52