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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Brown Advisory Maryland Bond Fund

BIAMX | Fund

$9.89

$173 M

3.47%

$0.34

0.49%

Vitals

YTD Return

2.1%

1 yr return

5.3%

3 Yr Avg Return

0.0%

5 Yr Avg Return

0.8%

Net Assets

$173 M

Holdings in Top 10

30.1%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.49%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee 1.00%

Min Investment

Standard (Taxable)

$100

IRA

$100

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Brown Advisory Maryland Bond Fund

BIAMX | Fund

$9.89

$173 M

3.47%

$0.34

0.49%

BIAMX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return 0.0%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.94%
DIVIDENDS
  • Dividend Yield 3.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Brown Advisory Maryland Bond Fund
  • Fund Family Name
    Brown Advisory Funds
  • Inception Date
    Oct 15, 2012
  • Shares Outstanding
    17428767
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Shutz

Fund Description

Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in Maryland bonds, including bonds issued on behalf of the State of Maryland, its local governments and public financing authorities.  This 80% policy cannot be changed without shareholder approval. The Fund may also invest in municipal securities issued by other states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds.  The Adviser determines which securities to purchase by first evaluating whether a security falls within the credit guidelines set for the Fund by reviewing the ratings given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”).  The Adviser then determines the appropriate maturity date and coupon choice after analyzing the current and targeted portfolio structure, and whether or not the issue is fairly priced. The Fund is non-diversified which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years.  Normally, the Fund will invest at least 80% of its net assets in securities the interest of which is exempt from Federal and Maryland State income taxes, although such interest may be subject to the Federal alternative minimum tax (“AMT”).  All capital gains are subject to Federal and state taxes.  Municipal securities include municipal bonds, notes, and leases.  Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities.
The Fund may invest in derivatives instruments, such as options, futures contracts, including interest rate futures, and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances.  These derivative instruments will be counted toward the Fund’s 80% policy to the extent they have economic characteristics similar to the securities included within that policy. The Fund intends to use the mark-to-market value of such derivatives for purposes of complying with the Fund’s 80% investment policy.
The Adviser may sell a fixed income security or reduce its position if:
•Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;
•The security subsequently fails to meet the investment criteria;
•A more attractive security is found; or
•The Adviser believes that the security has reached its appreciated potential.
In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.  A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.
Read More

BIAMX - Performance

Return Ranking - Trailing

Period BIAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -4.6% 33.0% 60.63%
1 Yr 5.3% -0.1% 38.0% 63.16%
3 Yr 0.0%* -10.8% 3.4% 25.56%
5 Yr 0.8%* -6.7% 1104.0% 54.64%
10 Yr 0.6%* -0.9% 248.8% 93.21%

* Annualized

Return Ranking - Calendar

Period BIAMX Return Category Return Low Category Return High Rank in Category (%)
2023 2.6% -1.4% 41.0% 58.85%
2022 -9.8% -39.7% 0.3% 34.55%
2021 -0.6% -5.6% 6.9% 56.21%
2020 -0.2% -2.6% 310.0% 96.80%
2019 3.8% 0.0% 26.0% 47.36%

Total Return Ranking - Trailing

Period BIAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -4.6% 33.0% 60.63%
1 Yr 5.3% -0.1% 38.0% 63.16%
3 Yr 0.0%* -10.8% 3.4% 25.56%
5 Yr 0.8%* -6.7% 1104.0% 54.64%
10 Yr 0.6%* -0.9% 248.8% 93.21%

* Annualized

Total Return Ranking - Calendar

Period BIAMX Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -1.3% 41.0% 42.48%
2022 -7.2% -39.7% 1.1% 28.86%
2021 1.8% -4.8% 23761504.0% 44.68%
2020 2.3% -1.5% 17057.9% 86.52%
2019 3.8% 0.2% 3514.6% 88.57%

NAV & Total Return History

BIAMX - Holdings

Concentration Analysis

BIAMX Category Low Category High BIAMX % Rank
Net Assets 173 M 3.22 M 71.9 B 75.60%
Number of Holdings 80 4 13418 93.14%
Net Assets in Top 10 50.8 M -317 M 3.09 B 65.96%
Weighting of Top 10 30.12% 1.8% 100.3% 12.33%

Top 10 Holdings

  1. County of Frederick MD 3.75%
  2. County of Howard MD 3.49%
  3. Main Street Natural Gas Inc 3.35%
  4. Maryland Stadium Authority 3.13%
  5. Maryland Health Higher Educational Facilities Authority 3.00%
  6. Miami-Dade County Expressway Authority 2.97%
  7. Maryland State Transportation Authority 2.76%
  8. Maryland Health Higher Educational Facilities Authority 2.64%
  9. Maryland State Transportation Authority Passenger Facility Charge Revenue 2.55%
  10. Maryland Economic Development Corp 2.49%

Asset Allocation

Weighting Return Low Return High BIAMX % Rank
Bonds 		99.06% 0.00% 150.86% 48.27%
Cash 		0.94% -50.86% 44.62% 51.90%
Stocks 		0.00% 0.00% 99.78% 56.06%
Preferred Stocks 		0.00% 0.00% 0.07% 47.50%
Other 		0.00% -3.69% 51.88% 51.63%
Convertible Bonds 		0.00% 0.00% 0.93% 46.35%

Bond Sector Breakdown

Weighting Return Low Return High BIAMX % Rank
Municipal 		94.10% 44.39% 100.00% 85.22%
Cash & Equivalents 		0.06% 0.00% 44.41% 52.10%
Derivative 		0.00% -3.69% 51.88% 49.70%
Securitized 		0.00% 0.00% 5.93% 47.16%
Corporate 		0.00% 0.00% 9.41% 55.65%
Government 		0.00% 0.00% 52.02% 50.10%

Bond Geographic Breakdown

Weighting Return Low Return High BIAMX % Rank
US 		99.06% 0.00% 142.23% 46.24%
Non US 		0.00% 0.00% 23.89% 50.03%

BIAMX - Expenses

Operational Fees

BIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.49% 0.01% 8.02% 83.53%
Management Fee 0.30% 0.00% 1.20% 16.78%
12b-1 Fee N/A 0.00% 1.00% 2.38%
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

BIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 33.33%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BIAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 0.00% 283.00% 48.87%

BIAMX - Distributions

Dividend Yield Analysis

BIAMX Category Low Category High BIAMX % Rank
Dividend Yield 3.47% 0.00% 14.51% 31.96%

Dividend Distribution Analysis

BIAMX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

BIAMX Category Low Category High BIAMX % Rank
Net Income Ratio 1.94% -0.53% 5.33% 51.18%

Capital Gain Distribution Analysis

BIAMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

BIAMX - Fund Manager Analysis

Managers

Stephen Shutz

Start Date

Tenure

Tenure Rank

Oct 31, 2014

7.59

7.6%

Steve Shutz, CFA, is a portfolio manager and primarily concentrates on the management, trading and analysis of tax-exempt bonds. Prior to joining the firm, Steve was a vice president and assistant portfolio manager at Cavanaugh Capital Management (CCM) responsible for the trading of tax-exempt securities and portfolio analytics. Before joining CCM, he was a portfolio and research analyst at Merrill Lynch. Steve began his investment career at Legg Mason.

Joshua Perry

Start Date

Tenure

Tenure Rank

Oct 31, 2017

4.58

4.6%

Josh is a partner and portfolio manager and a municipal credit analyst on the fixed income team. He primarily focuses on tax-exempt credit analysis. Prior to joining the firm, he served as a fixed income credit analyst at Driehaus Capital Management. Prior to that he was a commodities analyst at Constellation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58

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