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Name

As of 12/20/2024

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 Tax-Exempt Sustainable Bond Fund

BITEX | Fund

$9.02

$307 M

3.61%

$0.33

0.48%

Vitals

YTD Return

2.1%

1 yr return

2.2%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

0.4%

Net Assets

$307 M

Holdings in Top 10

32.8%

52 WEEK LOW AND HIGH

$9.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.48%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 66.00%

Redemption Fee 1.00%

Min Investment

Standard (Taxable)

$100

IRA

$100

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/20/2024

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 Tax-Exempt Sustainable Bond Fund

BITEX | Fund

$9.02

$307 M

3.61%

$0.33

0.48%

BITEX - Profile

Distributions

  • YTD Total Return 2.1%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.32%
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Brown Advisory Tax-Exempt Sustainable Bond Fund
  • Fund Family Name
    Brown Advisory Funds
  • Inception Date
    Dec 02, 2019
  • Shares Outstanding
    37156447
  • Share Class
    Investor
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Shutz

Fund Description

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in fixed income securities the interest of which is exempt from Federal income taxes, that do not subject shareholders to the federal alternative minimum tax (“AMT”), and that have either a bond issuer or a use of proceeds of the bond issuance that satisfies the Fund’s sustainable investment criteria, together the “Investment Criteria” of the Fund. This 80% policy cannot be changed without shareholder approval. The Fund may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT. In addition, all capital gains are subject to Federal and state taxes. The Fund may also invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state). Certain of the fixed income securities that the Fund may invest in are often referred to as “labeled bonds.” Labeled bonds include, but are not limited to, “Green Bonds”, “Social Bonds”, “Sustainability Bonds,” or “Sustainability-Linked Bonds”.
Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing in municipal securities issued by states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds. Municipal securities include state and local general obligation bonds, essential service revenue issues (principally, water and sewer, transportation, public power, combined utilities and public universities), pre-refunded bonds and municipal leases. The Fund may also invest in private placements in these types of securities.  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.  To enhance yield, the Fund may also invest in selective enterprise revenue and/or private activity issues.  The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company (a bond insurer) or other financial institution.  The Fund also may invest in other investment companies, principally money market funds.
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”).  Under the credit guidelines, the Fund will hold at least 80% of its net assets in investment grade municipal debt securities, as rated by an NRSRO when purchased, or if unrated, determined by the Adviser to be of comparable quality. The credit guidelines provide that the Fund may also hold up to 20% of its total assets in securities rated below investment grade by an NRSRO or, if not rated, determined to be of equivalent quality by the Adviser. Securities that are rated below investment grade by NRSROs are commonly referred to as “junk bonds.”  Such lower rated securities and other municipal securities may become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions.  If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.
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.  Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years.
In determining the municipal securities in which the Fund may invest, the Adviser will use a process for researching securities for purchase that is based on intensive credit research and involves extensive due diligence on each issuer, state, municipality and sector relating to a municipal security.
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 utilizes sustainable investment analysis in connection with the Fund's investments in fixed-income securities. As part of the research approach, the Adviser has a process to integrate, identify and consider the sustainable investment related risks and opportunities using a sustainable investment research assessment. The assessment may be conducted at the sector, issuer or security level. Not every investment will be covered at the issuer or security level. The Fund has access to this research and considers relevant sustainability issues. However, at the Adviser’s discretion, the Fund is permitted to make an investment without a written sustainable investment research assessment on file at the time of purchase, as long as the Adviser believes the security meets the Fund’s sustainable investment criteria.
The Fund's sustainable investment criteria considers many factors including, but not limited to, any one or more of the following: clean and renewable energy, climate change and water conservation, efficient mass transit, innovative efficiency solutions, economic impact, access to affordable healthcare and community health promotion, access to education opportunities, stewardship of debt and capital, and board governance and transparency.
The outcomes of the Adviser’s research may result in positive environmental and social impacts. While not a thematic fund, the nature of the Adviser's research considers sustainable investment themes, such as any one or more of responsible water management, accessibility of essential services like healthcare, transportation, education, and climate mitigation.
The Adviser pursues strategic engagement with issuers and other stakeholders in an effort to enhance due diligence and monitor the investment thesis.
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.
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BITEX - Performance

Return Ranking - Trailing

Period BITEX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -7.3% 36.6% 30.96%
1 Yr 2.2% -7.4% 36.7% 33.98%
3 Yr -0.8%* -11.8% 5.2% 45.15%
5 Yr 0.4%* -7.4% 1103.2% 63.49%
10 Yr N/A* -1.1% 248.8% N/A

* Annualized

Return Ranking - Calendar

Period BITEX Return Category Return Low Category Return High Rank in Category (%)
2023 1.4% -1.4% 41.0% 89.23%
2022 -10.5% -39.7% 0.3% 39.18%
2021 0.2% -5.6% 6.9% 22.34%
2020 0.6% -2.6% 310.0% 90.06%
2019 N/A 0.0% 26.0% N/A

Total Return Ranking - Trailing

Period BITEX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.1% -7.3% 36.6% 30.96%
1 Yr 2.2% -7.4% 36.7% 33.98%
3 Yr -0.8%* -11.8% 5.2% 45.15%
5 Yr 0.4%* -7.4% 1103.2% 63.49%
10 Yr N/A* -1.1% 248.8% N/A

* Annualized

Total Return Ranking - Calendar

Period BITEX Return Category Return Low Category Return High Rank in Category (%)
2023 5.2% -1.3% 41.0% 62.76%
2022 -8.6% -39.7% 1.1% 41.02%
2021 2.7% -4.8% 23761504.0% 21.99%
2020 2.1% -1.5% 17057.9% 88.52%
2019 N/A 0.2% 3514.6% N/A

NAV & Total Return History

BITEX - Holdings

Concentration Analysis

BITEX Category Low Category High BITEX % Rank
Net Assets 307 M 3.22 M 71.9 B 60.89%
Number of Holdings 102 4 13418 83.95%
Net Assets in Top 10 96.5 M -317 M 3.09 B 45.74%
Weighting of Top 10 32.80% 1.8% 100.3% 9.54%

Top 10 Holdings

  1. California Earthquake Authority 5.55%
  2. Metropolitan Transportation Authority 4.24%
  3. First American Government Obligations Fund 4.19%
  4. Maryland Health Higher Educational Facilities Authority 3.40%
  5. New York Liberty Development Corp 3.08%
  6. State of Wisconsin 3.04%
  7. County of Douglas NE 2.63%
  8. New Jersey Economic Development Authority 2.35%
  9. Colorado Housing and Finance Authority 2.18%
  10. Adams Arapahoe Joint School District 28J Aurora 2.14%

Asset Allocation

Weighting Return Low Return High BITEX % Rank
Bonds 		98.64% 0.00% 150.86% 56.91%
Cash 		4.19% -50.86% 44.62% 11.28%
Stocks 		0.00% 0.00% 99.77% 55.97%
Preferred Stocks 		0.00% 0.00% 0.07% 48.62%
Other 		0.00% -3.69% 53.54% 52.45%
Convertible Bonds 		0.00% 0.00% 0.93% 48.35%

Bond Sector Breakdown

Weighting Return Low Return High BITEX % Rank
Municipal 		97.17% 44.39% 100.00% 64.06%
Cash & Equivalents 		4.19% 0.00% 44.41% 9.07%
Derivative 		0.00% -3.69% 53.54% 50.91%
Securitized 		0.00% 0.00% 5.93% 49.09%
Corporate 		0.00% 0.00% 9.41% 56.98%
Government 		0.00% 0.00% 52.02% 51.92%

Bond Geographic Breakdown

Weighting Return Low Return High BITEX % Rank
US 		98.64% 0.00% 142.23% 54.60%
Non US 		0.00% 0.00% 23.89% 50.64%

BITEX - Expenses

Operational Fees

BITEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.01% 8.02% 84.41%
Management Fee 0.30% 0.00% 1.20% 16.58%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BITEX 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

BITEX 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.

BITEX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 66.00% 0.00% 283.00% 96.56%

BITEX - Distributions

Dividend Yield Analysis

BITEX Category Low Category High BITEX % Rank
Dividend Yield 3.61% 0.00% 14.51% 11.74%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

BITEX Category Low Category High BITEX % Rank
Net Income Ratio 1.32% -0.53% 5.33% 78.72%

Capital Gain Distribution Analysis

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

Distributions History

View More +

BITEX - Fund Manager Analysis

Managers

Stephen Shutz

Start Date

Tenure

Tenure Rank

Dec 02, 2019

2.5

2.5%

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.

Amy Hauter

Start Date

Tenure

Tenure Rank

Dec 02, 2019

2.5

2.5%

Amy is a partner and portfolio manager and head of sustainable fixed income at Brown Advisory. She is a portfolio manager on Brown Advisory’s sustainable fixed income strategies which include our Sustainable Core, Tax-Exempt Sustainable and Sustainable Short Duration composites. In 2018, Amy received recognition as a Rising Star from Fund Action and Fund Directions for her work in building out Brown Advisory’s sustainable fixed income platform. She has held numerous speaking engagements, including the United Nations Sustainable Investing Summit in 2019. Amy joined the firm in 2012 and previously worked in fixed income client service at Morgan Stanley.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58

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