BIAYX Fees and Costs — Brown Advisory Sustainable Small-Cap Core Fund, Investor Shares
Data updated: 2026-09-11
The net expense ratio is 1.09% (1.20% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $115K in broker commissions, 0.1089% of average net assets, and portfolio turnover was 43%.
BIAYX Fees and Expenses
Annual operating expenses and sales charges of BIAYX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.20% |
| Fee waiver | −0.11% |
| Net expense ratio | 1.09% |
| 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 |
BIAYX Costs Over Time
On $10,000 invested in BIAYX, assuming 5% a year before costs, total costs come to $747 over 5 years, cutting the return by 1.26% 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 1.09%) | $114 | $356 | $617 |
| Trading costs (broker commissions) | $11 | $36 | $62 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $411 | $747 |
| Value after costs | $10,374 | $11,165 | $12,016 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
BIAYX 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): 0.1089%
- Total broker commissions: $115K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
BIAYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STIFEL NICOLAUS & COMPANY INCORPORATED | $22K | 22.93% |
| JEFFERIES LLC | $21K | 21.37% |
| BARCLAYS CAPITAL INC. | $11K | 11.64% |
| PERSHING LLC | $11K | 11.22% |
| ROBERT W. BAIRD & CO. INCORPORATED | $9K | 8.99% |
| MORGAN STANLEY & CO. LLC | $7K | 7.51% |
| INSTINET LLC | $6K | 6.05% |
| WILLIAM BLAIR & COMPANY L.L.C. | $4K | 3.78% |
| CITIGROUP GLOBAL MARKETS INC. | $3K | 3.36% |
| J.P. MORGAN SECURITIES LLC | $3K | 3.15% |
Brown Advisory Sustainable Small-Cap Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BAFYX | Institutional Shares | 0.94% | none |
| BIAYX | Investor Shares | 1.09% | 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.