In our latest episode, Sid and Erika are joined by Mick Dillon, who co-manages Brown Advisory’s Global Leaders and Global Focus strategies and has played a critical role in developing the firm’s global equity investment platform since joining Brown Advisory in 2014. 

Mick joins the podcast at an especially timely moment. Many investors and pundits continue to focus their attention on the “Magnificent Seven” tech stocks that have dominated the U.S. market for several years, but there are a large number of significant geopolitical and regional matters that are impacting investments all over the globe. In this discussion, he offers his perspective to help Sid and Erika dive deep into what is going on in Europe, Japan, China and elsewhere.

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.
 
 Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI. “GICS” is a trademark of MSCI and Standard & Poor’s.

An investor cannot invest directly into an index.

As the end of the first quarter of 2023 approaches, Sid Ahl and Erika Pagel are joined by Jon Bassett and Joe Pasqualichio to discuss one of the most fascinating technological developments of the new year: the new developments in generative AI. The group also analyzes the macro outlook for the new year including who may benefit from China’s long-awaited reopening, how the venture capital landscape has adapted to the shift in tech company valuations and how startups are reprioritizing their goals, and asset allocation for a year where bonds offer the most attractive returns they have compared to the expected returns for stocks in decades.

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.

The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. The information provided has not been independently reviewed or audited by outside certified public accountants. The information provided is not intended to be a forecast of future events or a guarantee of future results. Past performance is not indicative of future performance.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to any investment, investors should take the opportunity to ask questions of and receive answers and additional information concerning the terms and conditions of the offering of interests and other relevant matters. Investors should inform themselves as to the legal requirements applicable to them in respect of the acquisition, holding and disposition of the interests and as to the income and other tax consequences to them of such acquisition, holding and disposition. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Private equity investments will be characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the confidential information contained herein and in the Offering Materials pertaining to any investment, and carefully consider whether such an investment is suitable to the investor's financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of the investments described in the Memorandum pertaining to an investment opportunity. No assurance can be given that any such opportunity's investment objectives will be achieved or that investors will receive a return of any of their capital. Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

Sectors are based on the Global Industry Classification Standard (GICS) sector classification system. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI. “GICS” is a trademark of MSCI and Standard & Poor’s.

Multiple on Invested Capital (MOIC) is a performance metric used to estimate the realized and unrealized returns of private investments. “FAANG” is an acronym that refers to the stocks of Meta (formerly known as Facebook), Amazon, Apple, Netflix; and Alphabet (formerly known as Google).

The Bloomberg Aggregate Bond Index is an unmanaged, m...

Investors have plenty of challenges to focus on as a volatile year enters its final months. The global growth picture seems to be slowing, corporate earnings may face headwinds and geopolitical tensions seem to be rising. And while we believe private markets continue to be hotbeds of innovation and long-term outperformance, they too face some challenges.

In this episode of CIO Perspectives, Keith Stone, Erika Pagel and Sid Ahl discuss some of the most notable market developments in recent weeks and how they are positioning portfolios accordingly. Topics discussed in this episode include:

·         The outlook for global markets as recent data suggests inflation may persist, policymakers shape aggressive responses and global growth slows.

·         If bond allocations look compelling again given the rate backdrop and whether the post-Global Financial Crisis era of There Is No Alternative (TINA) to equities, where low yields on bonds made equities “the only game in town” may be ending.

·         Recent developments and the outlook for key segments of the private markets, including venture capital (VC), buyout credit and real estate. 

·         The steps private companies are taking to respond to the current economic backdrop, how different VC subsegments are performing and where we may be in a potential correction in private markets, which tend to lag pubic markets by several months.

·         Opportunities for innovative venture-backed companies taking a return-first approach to impact-oriented themes such as lower carbon business and ESG. 

As always, we welcome your thoughts, feedback and questions.

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The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Alternative Investments may be available for Qualified Purchasers and/or Accredited Investors only.

The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. The information provided has not been independently reviewed or audited by outside certified public accountants. The information provided is not intended to be a forecast of future events or a guarantee of future results. Past performance is not indicative of future performance.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to any investment, investors should take the opportunity to ask questions of and receive answers and additional information concerning the terms and conditions of the offering of interests and other relevant matters. Investors should inform themselves as to the legal requirements applicable to them in respect of the acquisition, holding and disposition of the interests and as to the income and other tax consequences to them of such acquisition, holding and disposition. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Private equity investments will be characterized by a high degree of risk, volatility and illiquidity due, among other things, to the nature of the investments. A prospective investor should thoroughly review the confidential information contained herein and in the Offering Materials pertaining to any investment, and carefully consider whether such an investment is suitable to the investor's financial situation and goals. Investors should have the financial ability and willingness to accept the risks and lack of liquidity that are characteristic of the investments described in the Memorandum pertaining to an investment opportunity. No assurance can be given that any such opportunity's investment objectives will be achieved or that investors will receive a return of any of their capital. Investors should pay particular attention to the risk factors described in the Memorandum pertaining to an investment opportunity.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading c...

Open From geopolitical tensions to questionable economic fundamentals, investors have plenty to be concerned about. But markets, which climb the proverbial “wall of worry” have posted a meaningful rebound off summer lows. configuration options

From geopolitical tensions to questionable economic fundamentals, investors have plenty to be concerned about. But markets, which climb the proverbial “wall of worry” have posted a meaningful rebound off summer lows.

In this episode of CIO Perspectives, Bertie Thomson, Erika Pagel and Sid Ahl dissected recent market moves and the most pressing risks for markets, as well as how to position for longer-term opportunities.

The themes and topics discussed include:

• The outlook for Europe, which may be facing an energy crisis as colder weather approaches. With gas supplies tenuous, searches in Germany for firewood (“brennholz”) have skyrocketed according to Bloomberg.
• Semiconductor giant Taiwan Semiconductors as a lens to view rising tensions between China and Taiwan, and why China’s reliance on semiconductors from the company may serve as a silver lining.
• If inflationary dynamics may be easing in the U.S., implications for Fed policy and whether the typical 70% equity and 30% fixed income deserves a rethink in a year marked by such high-interest rate volatility.
• How to identify and potentially invest in high-quality companies with pricing power, which we believe are well positioned in the current environment and may offer attractive return potential over longer time horizons.
• Other potential pockets of opportunity in the market including the beaten-down biotech sector, emerging opportunities in the energy transition and the impact of the recently passed Inflation Reduction Act may have on the latter.

As always, we welcome your thoughts, feedback and questions.

Speakers:
Sid Ahl, CFA, CIO, Private Client, Endowments & Foundations
Bertie Thomson, CFA, Portfolio Manager
Erika Pagel, CIO of Sustainable Investing, Portfolio Manager

The recording of the webinar can be found here.

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s.

An investor cannot invest directly into an index.

As we approach the first half of 2022, volatility is back with a vengeance. This follows an unusually tranquil 2021 where markets seemed to only glide upwards.

We recently assembled a great group of colleagues to discuss the recent volatility, market conditions and how we are positioning client portfolios. Sidney Ahl, Erika Pagel, Ryan Myerberg and Joe Pasqualichio recorded a webcast that analyze topics that are top of mind for investors in the current environment.

The themes and topics discussed include:

• Inflation and the macroeconomic backdrop, including what the latest data tell us about whether recession or staglfation may lie ahead.
• What the various phases of downside moves in equities might look like.
• Trends and potential opportunities in the technology sector, which has faced meaningful headwinds in a rising-rate environment.
• Decoding the consumer sector, which has seen declining consumer sentiment even as job availability and savings remain very strong.
• Opportunities that recent dislocations may present to long-term investors and how we are positioned for them.

As always, we welcome your thoughts, feedback and questions. We look forward to discussing these topics with you in the coming weeks. 

Speakers:
Sid Ahl, CFA, CIO, Private Client, Endowments & Foundations
Ryan Myerberg, Portfolio Manager, Global Fixed Income
Erika Pagel, CIO, Sustainable Investing
Joe Pasqualichio, Equity Research Analyst

The recording of the webinar can be found here.

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment. All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Certain Strategies intend to invest in companies with measurable ESG outcomes, as determined by Brown Advisory, and seek to screen out particular companies and industries. Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory’s use of these tools will result in effective investment decisions.

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of MSCI and Standard & Poor’s. “Global Industry Classification Standard (GICS), “GICS” and “GICS Direct” are service marks of Standard & Poor’s and MSCI . “GICS” is a trademark of MSCI and Standard & Poor’s.

An investor cannot invest directly into an index.

Markets have been unsteady at the start of 2022, driven by geopolitical tensions, inflation, and concerns about equity valuations. The war in Ukraine is causing even more uncertainty. At the same time, high levels of innovation and productivity, as well as the growing hope that the worst of the COVID-19 crisis is behind us, have given investors reasons to be optimistic for the future.  On March 17, 2022, our CIOs discussed current market conditions, revealed how we are positioning portfolios, and delved into an array of other topics such as major trends in technology across public and private markets, inflationary dynamics, sustainable investing, the outlook for China, and more.

Speakers:
Jacob Hodes, CIO, Private Investments
Sid Ahl, CFA, CIO, Private Client, Endowments & Foundations
Ryan Myerberg, Portfolio Manager, Global Fixed Income
Erika Pagel, CIO, Sustainable Investing
Christopher Hancock, CFA, Head of International Investment Solutions Group

The recording of the webinar can be found here.
Read the Report: 2022 Asset Allocation Perspectives and Outlook

Disclosures : 
The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested. 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 such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Past performance is not indicative of future results. Definitions of indices used are below. An investor cannot invest directly into an index.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

The MSCI ACWI Index captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. MSCI indexes and products are trademarks and service marks of MSCI or its subsidiaries. The MSCI ACWI captures large and mid cap representation across Developed Markets (DM) and Emerging Markets (EM) countries. The index covers approximately 85% of the global investable equity opportunity set. The MSCI Emerging Markets Index captures large and mid cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI ACWI ex U.S. Index captures large and mid cap representation across Developed Markets (DM) countries—excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country. The MSCI Europe Index captures large and mid cap representation across Developed Markets (DM) countries in Europe. The index covers approximately 85% of the free float-adjusted market capitalization across the European Developed Markets equity universe. The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). With 738 constituents, the index covers about 85% of this China equity universe. Currently, the index includes Large Cap A and Mid Cap A shares represented at 20% of their free float adjusted market capitalization.

The Bloomberg U.S. Aggregate Bond Index is an unmanaged, market-value weighted index composed of taxable U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate, asset-backed and mortgage-backed securities between one and 10 years. The Bloomberg US Treasury Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index.  STRIPS are excluded from the index because their inclusion would result in double-counting. The Bloomberg Commodity Index Total Return (BCOMTR) Index is a broadly diversified index that allows investors to track commodity futures through a single, simple measure. The BCOM is composed of commodities exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME). Bloomberg Indices are trademarks of Bloomberg or its licensors. “Bloomberg®” and Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Brown Advisory. Bloomberg is not affiliated with Brown Advisory, and Bloomberg does not approve, endorse, review, or recommend the Core Multifamily Partnership. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Aggregate Bond Index, Bloomberg Government/Credit Index, Bloomberg Municipal Bond 1-10 Year Blend Index, Bloomberg U.S. Corporate High Yield Index and Bloomberg Commodity Index Total Return Index. BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. 

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. The S&P 500 Total Return Index is calculated based on price changes and reinvested dividends of the S&P 500 Index. The S&P SmallCap 600® seeks to measure the small-cap segment of the U.S. equity market. The index is designed to track companies that meet specific inclusio...

As we enter the fourth quarter, we wanted to drill down on one of the key themes of the year: inflation The discussion drills down into how transitory inflation may actually be, and how we have been positioning portfolios. We also discuss “greenflation,” why the semiconductor shortage is playing an outsized role in inflation and why a potential capital expenditure boom could help subside inflationary pressures over the longer term. We touch on some of the other major issues that may be top of mind for investors. This includes China, where we've seen regulatory crackdowns and concerns about its real estate sector weighing not just on China but on emerging markets more broadly. The group also discusses what these developments may mean for portfolio positioning. We also look at the technology sector where some high-profile tech giants are facing increasing regulatory scrutiny. As the COVID-19 crisis recedes, lawmakers around the world may be using newfound bandwidth to revisit tech regulation.

Guests:
Sid Ahl, CFA, CIO for Private Client, Endowments and Foundations, Brown Advisory
Erika Pagel, CIO of Sustainable Investing, Brown Advisory
Tom Graff, CFA, Portfolio Manager; Head of Fixed Income, Brown Advisory
Lauren Cahalan, Investigative Analyst, Brown Advisory

The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance, and you may not get back the amount invested. 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 such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only and is not individually tailored for or directed to any particular client or prospective client.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

The S&P 500® Index represents the large-cap segment of the U.S. equity markets and consists of approximately 500 leading companies in leading industries of the U.S. economy. Criteria evaluated include market capitalization, financial viability, liquidity, public float, sector representation and corporate structure. An index constituent must also be considered a U.S. company. Standard & Poor’s, S&P, and S&P 500 are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”), a subsidiary of S&P Global Inc.

The Russell 2000® Value Index measures the performance of the large cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. 

The Russell 2000® Value Index, and Russell® are trademarks/service marks of the London Stock Exchange Group companies.

An investor cannot invest directly into an index. 

As signs of market froth abound, our CIOs discuss the most important dynamics for investing in the current environment. Drawing on experiences as technology and consumer analysts, respectively, during the bubble of the late 1990s for perspective. The vantage point allows for insights in investing in frothy markets and avoiding pockets of overvaluation. The discussion dissects technology sector valuations, what rising rates could mean for markets and the most important investment trends in the decade ahead. The group also shares their thoughts on the role unconventional assets like gold and Bitcoin can play in client portfolios.

Guests:
Sid Ahl, CFA, CIO for Private Client, Endowments and Foundations, Brown Advisory
Erika Pagel, CIO of Sustainable Investing, Brown Advisory
Paul Chew, CFA, Chief Investment Officer, Brown Advisory

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Any business or tax discussion contained in this communication is not intended as a thorough, in-depth analysis of specific issues. Brown Advisory does not render legal or tax advice. Prior to making an investment decision, a prospective investor should consult with its own legal, tax, accounting and other advisors to determine the potential benefits, burdens, and other consequences of such investment.

All investments involve risk. The value of the investment and the income from it will vary. There is no guarantee that the initial investment will be returned.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision making. Sustainable investment analysis may not be performed for every holding in every strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Certain strategies seek to identify companies that we believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, these strategies may invest in companies that do not reflect the beliefs and values of any particular investor. Certain strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. These strategies incorporate data from third parties in its research process but do not make investment decisions based on third-party data alone. 

Access the Small-Cap Value strategy GIPS here.

For our kick-off conversation, Private Client Chief Investment Officer, Sid Ahl, will be joined by Paul Chew and Erika Pagel. Paul is the CIO of Brown Advisory, one of our most tenured investors, the architect of our equity research team and, helpful for this discussion, our firm’s first technology analyst.  Erika Pagel is our CIO of Sustainability and has her roots in equity research covering consumer companies. 

The views and opinions expressed in this podcast are those of the speaker(s) and do not necessarily reflect those of Brown Advisory. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. The information provided in this podcast is not intended to be and should not be considered 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 such securities have been or will be profitable. There is a risk that some or all of the capital invested in any such securities may be lost. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.