BAWAX Fees and Costs — Brown Advisory Sustainable Growth Fund, Advisor Shares
Data updated: 2026-09-11
The net expense ratio is 1.00%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.1M in broker commissions, 0.0321% of average net assets, and portfolio turnover was 32%.
BAWAX Fees and Expenses
Annual operating expenses and sales charges of BAWAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.51% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| 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 |
BAWAX Costs Over Time
On $10,000 invested in BAWAX, assuming 5% a year before costs, total costs come to $645 over 5 years, cutting the return by 1.08% 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 1.00%) | $105 | $327 | $568 |
| Trading costs (broker commissions) | $3 | $11 | $18 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $355 | $645 |
| Value after costs | $10,392 | $11,222 | $12,118 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
BAWAX 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): 0.0321%
- Total broker commissions: $2.1M
- Bought from dealers (principal trades, not a cost): $12.4M
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
BAWAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $179K | 12.37% |
| J.P. MORGAN SECURITIES LLC | $176K | 12.18% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $175K | 12.13% |
| JEFFERIES LLC | $168K | 11.63% |
| RAYMOND JAMES & ASSOCIATES INC. | $156K | 10.79% |
| ROBERT W. BAIRD & CO. INCORPORATED | $128K | 8.85% |
| SG AMERICAS SECURITIES LLC | $126K | 8.71% |
| PERSHING LLC | $117K | 8.12% |
| WILLIAM BLAIR & COMPANY L.L.C. | $115K | 7.92% |
| INSTINET LLC | $105K | 7.29% |
BAWAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $12.4M | 100.00% |
Brown Advisory Sustainable 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 |
|---|---|---|---|
| BAFWX | Institutional Shares | 0.60% | none |
| BIAWX | Investor Shares | 0.75% | none |
| BAWAX | Advisor Shares | 1.00% | 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.