Brown Advisory

AUGUST 14, 2023

Please see the end of this letter for a GIPS Report, important disclosures and a complete list of terms and definitions. One quantitative tool we use to assess our ongoing factor risk is Bloomberg PORT. Please see the end of this letter for a GIPS Report, important disclosures and a complete list of terms and definitions.

Investing 52

Investing Investments Portfolio Accounting 52

Brown Advisory

OCTOBER 11, 2021

Index Definitions for graphic on page 3: Equities: The S&P 500® Index represents the large-cap segment of the U.S. Drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund. A drawdown is usually quoted as the percentage between the peak and the subsequent trough.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52

Brown Advisory

OCTOBER 11, 2021

Risk-for-risk” analysis to funding capital. Liquidity management and a budget for allocating to private investments in a disciplined way. Index Definitions for graphic on page 3: Equities: The S&P 500® Index represents the large-cap segment of the U.S. Aligned fee arrangements.

Assets 52

Assets Portfolio Risk Tolerance Asset Allocation 52