BAFSX Fees and Costs — Brown Advisory Small-Cap Growth Fund, Institutional Shares
Data updated: 2026-09-11
The net expense ratio is 0.96%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $546K in broker commissions, 0.0778% of average net assets, and portfolio turnover was 28%.
BAFSX Fees and Expenses
Annual operating expenses and sales charges of BAFSX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| 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 |
BAFSX Costs Over Time
On $10,000 invested in BAFSX, assuming 5% a year before costs, total costs come to $649 over 5 years, cutting the return by 1.09% 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 0.96%) | $101 | $314 | $545 |
| Trading costs (broker commissions) | $8 | $25 | $44 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $109 | $357 | $649 |
| Value after costs | $10,391 | $11,220 | $12,114 |
| Impact on return, per year | 1.09% | 1.09% | 1.09% |
BAFSX 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): 0.0778%
- Total broker commissions: $546K
- Bought from dealers (principal trades, not a cost): $18.4M
- Portfolio turnover (prospectus): 28%
- Securities lending: none during the year
BAFSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $94K | 22.49% |
| JEFFERIES LLC | $54K | 12.89% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $54K | 12.86% |
| MORGAN STANLEY & CO. LLC | $48K | 11.39% |
| J.P. MORGAN SECURITIES LLC | $38K | 9.03% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $34K | 8.19% |
| ROBERT W. BAIRD & CO. INCORPORATED | $27K | 6.44% |
| WILLIAM BLAIR & COMPANY L.L.C. | $24K | 5.71% |
| WELLS FARGO SECURITIES LLC | $24K | 5.65% |
| GOLDMAN SACHS & CO. LLC | $22K | 5.35% |
BAFSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $9.5M | 51.52% |
| GOLDMAN SACHS & CO. LLC | $4.3M | 23.25% |
| J.P. MORGAN SECURITIES LLC | $2.6M | 14.19% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $2.0M | 11.04% |
Brown Advisory Small-Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BAFSX | Institutional Shares | 0.96% | none |
| BIASX | Investor Shares | 1.11% | none |
| BASAX | Advisor Shares | 1.36% | 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.