Brown Advisory

OCTOBER 11, 2021

THE POTENTIAL REWARD We believe alternatives can be a risk reducer and a return enhancer. This can be particularly important for organizations who rely on their investment programs to support operations and programs through distributions during favorable and unfavorable market environments. © 2021 HFR, Inc. - All rights reserved.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

We believe alternatives can be a risk reducer and a return enhancer. This can be particularly important for organizations who rely on their investment programs to support operations and programs through distributions during favorable and unfavorable market environments. Risk-for-risk” analysis to funding capital.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

AUGUST 14, 2023

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. ROIC calculations presented use LFY (last fiscal year) and exclude financial services. The internal rate of return (IRR) is a measure of an investment’s rate of return.

Investments 52

Investments Investing Portfolio Accounting 52