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Brown Advisory U.S. Flexible Equity Strategy Brown Advisory U.S. Flexible Equity Strategy AS OF SEPTEMBER 30, 2018 Brown Advisory: Firm & Strategy Overview Independent, fundamentally driven investment management firm FIRM INVESTMENT ASSETS U.S. FLEXIBLE EQUITY 1993 45 equity professionals 1985 Launched as an investment management arm Flexible Equity composite performance of Alex. Brown & Sons begins 1998 15 years 1993 Investment-team and management-led buyout Average years of investment experience for R. Hutchings Vernon, CFA, joins the Flexible enables independence, focus and expansion our equity research team Equity team as a portfolio manager 2008 $68 billion* 2014 Expands globally and today has clients in 36 In total assets under management for private Maneesh Bajaj, CFA joins the Flexible Equity countries clients, non-profits and institutions team 100% $31 billion* 2016 Of colleagues collectively own 70% of the Institutionally marketed strategy assets under firm’s equity Maneesh Bajaj, CFA named as an associate management portfolio manager for Flexible Equity 2018 Maneesh Bajaj, CFA, named as a portfolio manager for Flexible Equity $5.5 billion Brown Advisory U.S. Flexible Equity strategy assets under management *Please see the end of this presentation for important disclosures and information regarding assets. 2 Brown Advisory Asset Summary As of 09/30/2018 Firmwide Institutional Strategy Assets Flexible Equity Strategy By Strategy Breakdown1 Assets By Client Type Breakdown1 Large-Cap Sustainable Growth Client-Driven Latin American $1,799 Solutions $349 $76 Global Leaders Public $274 Registered $129 Funds Fixed Income2 $907 Corporate $1,757 $3,803 Taft-Hartley $32 Large-Cap Sub-advised Small-Cap Growth $41 Growth $31,173 $13,212 $5,534 $3,510 MILLION MILLION Small-Cap Fundamental Private Client Value & Other $1,999 Flexible $1,564 Endowments Equity Mid-Cap Growth & Equity Income $5,534 $206 Foundations $412 $1,103 1Numbers may not total due to rounding. Firmwide Institutional Strategy Breakdown represents assets under management in institutionally marketed strategies. 2Fixed Income strategy assets include the Core Fixed Income, Sustainable Core Fixed Income, Enhanced Cash, Intermediate Income, Limited Duration, Municipal Bond, Strategic Bond and Tax-Exempt Sustainable strategies. This information is supplemental to the Brown Advisory Flexible Equity Composite presentation. 3 U.S. Flexible Equity Investment Strategy 4 Flexible Equity Strategy Introduction Brown Advisory U.S. Flexible Equity Strategy The Flexible Equity Strategy has a long record of beating the S&P 500 Index* with a time-tested and consistent approach of applying a value philosophy to a broad range of investment opportunities. With the flexibility in our approach, we find opportunities across the investment spectrums of growth and value. We manage a concentrated portfolio created in a bottom-up approach to company and stock selection. What We Seek To Do What We Practice . Invest in companies with attractive business . We practice a business owner’s approach to economics and shareholder-oriented managements investing based on the idea that stock investing that have the potential to grow in value for years into equates to business ownership. Understanding the future. business advantages and evolutions are key to identifying investment opportunities. Invest in these companies when we believe the market presents them as investment bargains, i.e. We watch for “bargain moments” created by price we are getting a lot for our money. fluctuations, company-specific changes or business development. Maintain an open, flexible mind as to where and how opportunities develop, thus avoiding the limitations of . We maintain a margin of safety in our analysis and style-boxed approaches. portfolio construction to reduce risk. The Flexible Equity strategy was part of Alex. Brown Investment Management until that entity joined Brown Advisory in 2008. *Please see the Brown Advisory Institutional Flexible Equity disclosure statement at the end of this presentation for additional information. FES Strategy Overview 5 Equity Research Team Equity Research Team Principles . Uphold an investment- . Promote the highest . Commit to a culture of . Invest in our performance-driven standards of ethics, shared responsibility professional and approach transparency and personal growth professionalism CONSUMER INDUSTRIALS, BASIC MATERIALS GENERALIST PORTFOLIO MANAGEMENT & ENERGY ERIC CHA, CFA THOMAS FITZALAN HOWARD R. HUTCHINGS VERNON, CFA Investment experience since 1999 ADI PADVA Investment experience since 2016 Portfolio Manager Investment experience since 2005 Investment experience since 1982 MICHAEL POGGI, CFA PATRICK MAHONEY Associate Portfolio Manager, Small-Cap Investment experience since 2007 SIMON PATERSON, CFA Fundamental Value Investment experience since 2002 Investment experience since 2003 MANEESH BAJAJ, CFA Portfolio Manager DAN MOONEY, CFA Investment experience since 2001 GEORGE SAKELLARIS, CFA Investment experience since 2003 BERTIE THOMSON, CFA Associate Portfolio Manager / Portfolio Portfolio Manager, Global Leaders Manager, Small/ Mid-Cap Growth ALEX TREVINO Investment experience since 2002 Investment experience since 2016 Investment experience since 2001 FLEXIBLE EQUITY ANALYSTS JAMIE WYATT FINANCIALS RODDY SEYMOUR-WILLIAMS Investment experience since 2018 Investment experience since 2017 MICHAEL FOSS, CFA Investment experience since 1987 PRIYANKA AGNIHOTRI, CFA TECHNOLOGY Investment experience since 2009 BUSINESS SERVICES JOHN BOND, CFA ROBERT FURLONG, CFA BRIAN GRANEY, CFA KENNETH COE, CFA Investment experience since 1999 Equity Income Portfolio Manager Investment experience since 2010 Investment experience since 2000 Investment experience since 1996 SHA HUANG JOHN CANNING, CFA INVESTIGATIVE Investment experience since 2016 Investment experience since 2014 NINA YUDELL LAUREN CAHALAN Private Client Portfolio Manager Investment experience since 2018 Investment experience since 1987 CAMERON MATHIS Investment experience since 2013 EMILY WACHTMEISTER, CFA Investment experience since 2011 DOUGLAS FALK Investment experience since 2014 HEALTH CARE SUSTAINABILITY DIRECTOR OF RESEARCH SANJEEV JOSHI, CFA RISK Investment experience since 1994 EMILY DWYER Investment experience since 2014 ERIN CAWLEY ERIC GORDON, CFA Investment experience since 2017 Investment experience since 1998 MARK KELLY Investment experience since 2008 KATHERINE KROLL Investment experience since 2015 SUNG PARK, CFA Investment experience since 2003 Names in blue denote working group members 6 Our Disciplined Investment Process Universe We apply business owner thinking to a universe of US mid and large-cap listed stocks. Idea Due Portfolio Generation Diligence Construction . Look for companies with a long- . Use many resources to increase . Focus on best ideas and term business owner- knowledge re-underwrite the portfolio as perspective businesses and markets change . Develop analytical and intuitive . Seek opportunities broadly, insights from primary research . Maintain long-term business- avoid labeling before . owner orientation—tend toward understanding business A decision framework (our keeping winners checklist developed over long . Focus on change; for example, experience) guides the . Be willing to differ from companies that are getting investigation and decision benchmark, but avoid sector better, are new to public process extremes markets, or are experiencing large share-price movements Please see the end of this presentation for important disclosures. 7 Decision Framework We use a two-step framework to build robust descriptions of businesses and investment attributes seeking promising businesses and good entry points at which to invest. Analyzing the Company Desirable traits Undesirable traits . Favorable business economics . Excessive financial leverage . Enduring competitive advantages . Business or product obsolescence . Positive industry dynamics . Business or accounting complexity . Capable and trustworthy management . Excessive compensation, misaligned incentives or . Sensible capital allocation relative to management hubris reinvestment opportunity . No profit history or a strong history but at peak conditions Analyzing the Stock . Price matters — are we getting a lot for our money? . We consider price paid (valuation) relative to what we receive in return; thus we seek opportunities across a broad range of valuation levels. Bargain-moment triggers . Change in management, industry conditions or incentives . Down in price or temporarily out of favor . Overlooked, undiscovered or misunderstood Please see the end of this presentation for important disclosures. 8 Examples of Bargain Moments Change in Management, Temporarily Down in Price Overlooked, Undiscovered, Industry Conditions, Or Out of Favor Or Misunderstood or Incentives . Priceline Group (2014) . Best Buy (2013) . Facebook (2016) (Now Booking Holdings) . VISA (post-2012) . CarMax (2016, 2002) . Edwards Lifesciences (2013) . Canadian Pacific Railway (2012) . Yahoo! (2015) . Google (2008) (Now Altaba) . MasterCard (2006) . AOL (1996) . MasterCard (2006) . Canadian National Railway (1996) The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in
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