BAFAX Fees and Costs — Brown Advisory Flexible Equity Fund, Advisor Shares
Data updated: 2026-09-11
The net expense ratio is 0.92%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $102K in broker commissions, 0.0101% of average net assets, and portfolio turnover was 17%.
BAFAX Fees and Expenses
Annual operating expenses and sales charges of BAFAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.42% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 0.92% |
| Fee waiver | — |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
BAFAX Costs Over Time
On $10,000 invested in BAFAX, assuming 5% a year before costs, total costs come to $583 over 5 years, cutting the return by 0.98% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.92%) | $97 | $302 | $523 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $98 | $320 | $583 |
| Value after costs | $10,402 | $11,256 | $12,180 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
BAFAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0101%
- Total broker commissions: $102K
- Bought from dealers (principal trades, not a cost): $402K
- Portfolio turnover (prospectus): 17%
- Securities lending: none during the year
BAFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $16K | 19.09% |
| INSTINET LLC | $16K | 19.03% |
| JEFFERIES LLC | $11K | 13.14% |
| MORGAN STANLEY & CO. LLC | $8K | 9.94% |
| PERSHING LLC | $8K | 9.23% |
| SG AMERICAS SECURITIES LLC | $6K | 7.33% |
| GOLDMAN SACHS & CO. LLC | $5K | 6.27% |
| WELLS FARGO SECURITIES LLC | $5K | 5.47% |
| CITIGROUP GLOBAL MARKETS INC. | $5K | 5.39% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $4K | 5.11% |
BAFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $402K | 100.00% |
Brown Advisory Flexible Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BAFFX | Institutional Shares | 0.52% | none |
| BIAFX | Investor Shares | 0.67% | none |
| BAFAX | Advisor Shares | 0.92% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.