BIAQX Fees and Costs — Brown Advisory Emerging Markets Select Fund, Investor Shares
Data updated: 2026-09-11
The net expense ratio is 1.25%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $821K in broker commissions, 0.0983% of average net assets, and portfolio turnover was 59%.
BIAQX Fees and Expenses
Annual operating expenses and sales charges of BIAQX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| 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 |
BIAQX Costs Over Time
On $10,000 invested in BIAQX, assuming 5% a year before costs, total costs come to $838 over 5 years, cutting the return by 1.42% 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 1.25%) | $131 | $408 | $705 |
| Trading costs (broker commissions) | $10 | $32 | $55 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $142 | $462 | $838 |
| Value after costs | $10,358 | $11,114 | $11,925 |
| Impact on return, per year | 1.42% | 1.42% | 1.42% |
BIAQX 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): 0.0983%
- Total broker commissions: $821K
- Bought from dealers (principal trades, not a cost): $410K
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
BIAQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $178K | 26.55% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $94K | 14.03% |
| J.P. MORGAN SECURITIES LLC | $79K | 11.73% |
| GOLDMAN SACHS & CO. LLC | $70K | 10.53% |
| UBS FINANCIAL SERVICES INC. | $61K | 9.14% |
| MACQUARIE CAPITAL (USA) INC. | $50K | 7.47% |
| JEFFERIES LLC | $48K | 7.10% |
| CITIGROUP GLOBAL MARKETS INC. | $36K | 5.40% |
| HSBC SECURITIES (USA) INC. | $33K | 4.89% |
| CABRERA CAPITAL MARKETS LLC | $21K | 3.16% |
BIAQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $374K | 91.28% |
| CITIGROUP GLOBAL MARKETS INC. | $36K | 8.72% |
Brown Advisory Emerging Markets Select Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BAFQX | Institutional Shares | 1.10% | none |
| BIAQX | Investor Shares | 1.25% | none |
| BAQAX | Advisor Shares | 1.50% | 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.