Brown Advisory

SEPTEMBER 3, 2015

By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy; Priyanka Agnihotri, Equity Research Analyst. By Stephen Shutz, CFA, Tax-Exempt Portfolio Manager. As recently as 2012 Puerto Rico was able to sell to investors public-sector bonds despite its bleak fiscal outlook and shrinking economy.

Insurance 52

Insurance Portfolio Management Clients Government 52

Brown Advisory

SEPTEMBER 1, 2015

By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy and Priyanka Agnihotri, Equity Research Analyst. By Stephen Shutz, CFA, Tax-Exempt Portfolio Manager. As recently as 2012 Puerto Rico was able to sell to investors public-sector bonds despite its bleak fiscal outlook and shrinking economy.

Food 52

Food Portfolio Management Sales Strategic Planning 52

Brown Advisory

SEPTEMBER 3, 2015

As recently as 2012 Puerto Rico was able to sell to investors public-sector bonds despite its bleak fiscal outlook and shrinking economy. By Mick Dillon, CFA, Portfolio Manager, Global Leaders Strategy; Priyanka Agnihotri, Equity Research Analyst. Such protection can be a cornerstone for sound estate planning.

Transportation 52

Transportation Government Economy Asset Allocation 52

Brown Advisory

SEPTEMBER 3, 2015

By Stephen Shutz, CFA, Tax-Exempt Portfolio Manager. As recently as 2012 Puerto Rico was able to sell to investors public-sector bonds despite its bleak fiscal outlook and shrinking economy. Such protection can be a cornerstone for sound estate planning. Rude Awakening.

Economy 40

Economy Economics Asset Allocation Clients 40

Brown Advisory

SEPTEMBER 3, 2015

Such protection can be a cornerstone for sound estate planning. A discretionary trust can provide a means of multigenerational estate planning by establishing how assets are passed on and reduce future generations’ potential estate-tax liability. By Stephen Shutz, CFA, Tax-Exempt Portfolio Manager.

Estate Planning 52

Estate Planning Assets Distribution Compliance 52

Brown Advisory

DECEMBER 2, 2015

From 2012 until 2014, the MSCI All Country World Index annually rose by an average of 14.1%. percentage points from July 24, 2012, until Jan. By Mark Kodenski, Private Client Portfolio Manager. Investor concerns about slowing growth have sprung up here and there since 2011 but had yet to set back equities until this year.

Economy 52

Economy Taxes Clients Assets 52