BAFDX — Brown Advisory Equity Income Fund
Data updated: 2024-02-28
BAFDX — Brown Advisory Equity Income Fund. United States Large Cap Value Equity · $20.12M AUM. Holdings, fees, performance and SEC filings.
BAFDX Fund Overview
BAFDX — Brown Advisory Equity Income Fund is a US mutual fund managed by Brown Advisory Funds, categorised as United States Large Cap Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Brown Advisory Funds
- Category: United States Large Cap Value Equity
- Assets under management: $20.12M
- 1-year return: 8.5%
- Ticker: BAFDX
- SEC CIK: 0001548609
- SEC series ID: S000038480
- Share class ID: C000118716
BAFDX Investment Objective and Strategy
Brown Advisory Equity Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Brown Advisory Funds.
Investment objective
The Brown Advisory Equity Income Fund (the Fund) seeks to provide current dividend yield and dividend growth.
Principal investment strategy
Under normal conditions, Brown Advisory LLC (the Adviser) seeks to achieve the Funds investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of dividend paying equity securities. The Adviser may invest in securities of companies of various market capitalizations but will focus on medium and large capitalization companies. Medium and large market capitalization companies are, according to the Adviser, those companies with market capitalizations of greater than $2 billion at the time of initial investment. Equity securities include domestic and foreign common and preferred stock, convertible debt securities, American Depositary Receipts (ADRs), Master Limited Partnerships (MLPs), real estate investment trusts (REITs) and exchange traded funds (ETFs), and the Adviser may also invest in private placements in these types of securities.
To the extent the Fund invests in MLPs, its investments will be restricted to holding interests in limited partners of such investments. To the extent the Fund invests in ETFs, it will do so primarily in ETFs that have an investment objective similar to the Funds or that otherwise are permitted investments with the Funds investment policies described herein. ADRs are equity securities traded on U.S. securities exchanges, which are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Adviser may also invest in debt-securities, including lower-rated debt-securities (junk bonds) and foreign securities including depositary receipts. As the Adviser seeks to reduce the risk of permanent loss of capital, the Adviser follows an investment strategy referred to as equity income, emphasizing current income and a conservative stock portfolio.
The equity income strategy seeks to generally maintain a portfolio yield that is greater than the S&P 500 Index. Within that context, the balance between current income and prospective growth of dividends is driven by fundamental stock selection. The Fund may invest up to 25% of its net assets in publicly traded MLPs. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange. MLPs are required to pay out most or all of their earnings in distributions. With respect to 20% of its assets, the Fund may invest in (1) investment grade and non-investment grade debt securities ( i.e., junk bonds), or (2) unrated debt securities determined by the Adviser to be of comparable quality. The Adviser may sell a stock if the stock has reached a price whereby its risk/reward characteristics are not as favorable, the companys fundamentals have deteriorated so that the original investment thesis for holding the stock no longer holds or if a better opportunity has been identified.
In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Funds performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.
BAFDX Holdings
Top 10 holdings of Brown Advisory Equity Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Microsoft Corp | 11.22% |
| Merck & Co Inc | 10.84% |
| Apple Inc | 10.53% |
| JPMorgan Chase & Co | 10.26% |
| Automatic Data Processing Inc | 9.26% |
| McDonald's Corp | 8.84% |
| UnitedHealth Group Inc | 8.63% |
| AbbVie Inc | 8.03% |
| Accenture PLC | 6.11% |
| First American Government Obli | 5.84% |
BAFDX Portfolio Allocation
Asset-class allocation of Brown Advisory Equity Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 95.1% |
| Cash & Equivalents | 5.8% |
BAFDX Performance
Total returns for BAFDX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 8.5% |
| 3 years (annualised) | 6.7% |
BAFDX Risk Information
Risk metrics for BAFDX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.9%
BAFDX Costs and Fees
BAFDX costs about $77 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.77%
- Gross expense ratio: 0.82%
- Portfolio turnover: 6%
- Brokerage commissions: 1.00 bps of average net assets (SEC N-CEN)
BAFDX Cashflows
Over the 12 months to 2023-12, Brown Advisory Equity Income Fund had net inflows of $58.99M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | $3.88M |
| 2023-11 | $41.36M |
| 2023-10 | $1.31M |
| 2023-09 | $994.82K |
| 2023-08 | $1.48M |
| 2023-07 | $1.05M |
BAFDX Debt Constituents
No individual debt constituents are reported in Brown Advisory Equity Income Fund's latest SEC N-PORT filing.
BAFDX Prospectus and SEC Filings
Official Brown Advisory Equity Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-10-27
- Prospectus (485BPOS) — filed 2022-10-28
- Prospectus (485BPOS) — filed 2021-10-29
- Portfolio holdings (N-PORT) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2023-11-28
- Portfolio holdings (N-PORT) — filed 2023-08-25
- Annual census (N-CEN) — filed 2023-09-06
- Annual census (N-CEN) — filed 2022-09-09
Related Funds
Other United States Large Cap Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.