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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Baron Energy Inc (CE) | USOTC:BROE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
|
BROWN ADVISORY
Small-Cap Fundamental Value Fund
Class/Ticker: Institutional Shares / BAFUX
Investor Shares / BIAUX
Advisor Shares / BAUAX
|
Summary Prospectus | October 31, 2013
|
(1)
|
“Other Expenses” have been restated to reflect the current expenses of the Fund following the reorganization of the Brown Advisory Small-Cap Fundamental Value Fund (the “Predecessor Fund”) into the Fund on October 19, 2012.
|
(2)
|
Acquired Fund Fees and Expenses are indirect fees and expenses that a Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds.
Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses.
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
|
Institutional Shares
|
$107
|
$334
|
$579
|
$1,283
|
Investor Shares
|
$122
|
$381
|
$660
|
$1,455
|
Advisor Shares
|
$148
|
$459
|
$792
|
$1,735
|
●
|
It has reached its target price;
|
●
|
Its present reward to risk ratio is unattractive;
|
●
|
It is overvalued; or
|
●
|
The company’s fundamentals have deteriorated in a material, long-term manner.
|
●
|
American Depositary Receipts (“ADRs”) Risk.
ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.
|
●
|
Convertible Securities Risk.
The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.
|
●
|
Debt/Fixed Income Securities Risk.
An increase in interest rates typically causes a fall in the value of the debt securities in which the Fund may invest. The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio of debt securities. Securities rated below investment grade (“junk bonds”) are subject to greater risk of loss of your money than higher rated securities. Issuers may (increase) decrease prepayments of principal when interest rates (fall) increase, affecting the maturity of the debt security and causing the value of the security to decline.
|
●
|
Derivatives Risk.
The risks of investments in options, futures contracts and options on futures contracts include imperfect correlation between the value of these instruments and the underlying assets; risks of default by the other party to the derivative transactions; risks that the transactions may result in losses that partially or completely offset gains in portfolio positions; and risks that the derivative transactions may not be liquid.
|
●
|
Equity and General Market Risk
. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated. The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities.
|
●
|
ETF Risk.
ETFs may trade at a discount to the aggregate value of the underlying securities and although expense ratios for ETFs are generally low, frequent trading of ETFs by the Fund can generate brokerage expenses. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests.
|
●
|
Foreign Securities/Emerging Markets Risk.
Foreign securities (including ADRs), including those issued in emerging markets are subject to additional risks including international trade, currency, political, regulatory and diplomatic risks. Securities issued in emerging markets have more risk than securities issued in more developed foreign markets.
|
●
|
Management Risk.
The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.
|
●
|
Non-Investment Grade Securities Risk.
Securities rated below investment grade,
i.e.,
BA or BB and lower (“junk bonds”), are subject to greater risks of loss of your money than higher rated securities. Compared with issuers of investment grade fixed-income securities, junk bonds are more likely to encounter financial difficulties and to be materially affected by these difficulties.
|
●
|
Private Placement Risk.
The Fund may invest in privately issued securities of domestic common and preferred stock, convertible debt securities, ADRs, REITs and ETFs, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended (“1933 Act”). Privately issued securities are restricted securities that are not publicly traded. Delay or difficulty in selling such securities may result in a loss to the Fund.
|
●
|
REIT and Real Estate Risk.
The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.
|
●
|
Smaller Company Risk.
Securities of companies smaller than larger companies may be more volatile and as a result, the price of smaller companies may decline more in response to selling pressure.
|
●
|
Value Company Risk
. The stock of value companies can continue to be undervalued for long periods of time and not realize its expected value. The value of the Fund may decrease in response to the activities and financial prospects of an individual company.
|
For the period ended December 31, 2012
|
1 Year
|
Since Inception
(12/31/08)
|
Investor Shares
|
||
– Return Before Taxes
|
21.40%
|
18.74%
|
– Return After Taxes on Distributions
|
21.25%
|
17.83%
|
– Return After Taxes on Distributions and Sale of Fund Shares
|
13.91%
|
15.98%
|
Advisor Shares
|
||
– Return Before Taxes
|
21.15%
|
18.64%
|
Institutional Shares
|
||
– Return Before Taxes
|
21.56%
|
18.91%
|
Russell 2000
®
Value Index
(reflects no deduction for fees, expenses or taxes)
|
18.05%
|
13.76%
|
Investment Adviser
|
Portfolio Manager
|
Brown Advisory, LLC
|
J. David Schuster has been the manager of the Fund
since its
inception on December 31, 2008.
|
Type of Account
|
Minimum
Initial
Investment
|
Minimum
Additional
Investment
|
Institutional Shares
|
||
– Standard Accounts
|
$1,000,000
|
$100
|
Investor Shares
|
||
– Standard Accounts
|
$5,000
|
$100
|
– Traditional and Roth IRA Accounts
|
$2,000
|
$100
|
– Accounts with Systematic Investment Plans
|
$2,000
|
$100
|
Advisor Shares
|
||
– Standard Accounts
|
$2,000
|
$100
|
– Traditional and Roth IRA Accounts
|
$1,000
|
N/A
|
– Accounts with Systematic Investment Plans
|
$250
|
$100
|
– Qualified Retirement Plans
|
N/A
|
N/A
|
1 Year Baron Energy (CE) Chart |
1 Month Baron Energy (CE) Chart |
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