BAFMX Fees and Costs — Brown Advisory Mid-Cap Growth Fund, Institutional Shares
Data updated: 2026-05-27
The net expense ratio is 0.83% (0.86% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $48K in broker commissions, 0.0581% of average net assets, and portfolio turnover was 73%.
BAFMX Fees and Expenses
Annual operating expenses and sales charges of BAFMX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.83% |
| 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 | Yes |
| Waived fees subject to recoupment | Yes |
BAFMX Costs Over Time
On $10,000 invested in BAFMX, assuming 5% a year before costs, total costs come to $557 over 5 years, cutting the return by 0.93% 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 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $6 | $19 | $33 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $306 | $557 |
| Value after costs | $10,407 | $11,271 | $12,206 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
BAFMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0581%
- Total broker commissions: $48K
- Bought from dealers (principal trades, not a cost): $4.4M
- Portfolio turnover (prospectus): 73%
- Securities lending: none during the year
BAFMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STIFEL NICOLAUS & COMPANY INCORPORATED | $7K | 19.45% |
| JEFFERIES LLC | $6K | 16.31% |
| MORGAN STANLEY & CO. LLC | $5K | 13.76% |
| PERSHING LLC | $5K | 12.51% |
| WELLS FARGO SECURITIES LLC | $3K | 8.83% |
| ROBERT W. BAIRD & CO. INCORPORATED | $3K | 6.80% |
| J.P. MORGAN SECURITIES LLC | $2K | 6.62% |
| INSTINET LLC | $2K | 5.38% |
| GOLDMAN SACHS & CO. LLC | $2K | 5.35% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $2K | 4.98% |
BAFMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $2.3M | 52.93% |
| J.P. MORGAN SECURITIES LLC | $1.8M | 41.07% |
| GOLDMAN SACHS & CO. LLC | $263K | 6.00% |
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.