Brown Advisory - Macquarie Asia New Stars (BIANX) Fund Profile
The Board of Trustees (the “Board”) of Brown Advisory Funds (the “Trust”), based upon the recommendation of Brown Advisory LLC (the “Adviser”), the investment adviser to the Fund, has determined to close and liquidate the Fund. The Board concluded that it would be in the best interests of the Fund and its shareholders that the Fund be closed and liquidated as a series of the Trust effective as of the close of business on August 30, 2018. Accordingly, the Board approved a Plan of Liquidation (the “Plan”) that determines the manner in which the Fund will be liquidated. The Board has determined to waive any applicable redemption fees and exchange fees for shares redeemed on or after July 16, 2018.
Effective July 16, 2018, in anticipation of the liquidation, the Fund is no longer accepting purchases into the Fund. In addition, the Adviser will begin an orderly transition of the portfolio to cash and cash equivalents and the Fund will no longer be pursuing its investment objective. Shareholders of the Fund may redeem their investments as described in the Fund’s Prospectus.
The Brown Advisory – Macquarie Asia New Stars Fund seeks to achieve total return by investing principally in equity securities issued by small and medium capitalization companies which are domiciled in or exercise the predominant part of their economic activity in Asia excluding Japan.
The Fund seeks to achieve its investment objective by investing at least 80% of the value of its net assets in equity securities issued by small and medium capitalization companies which are domiciled in or exercise the predominant part of their economic activity in Asia excluding Japan.
To learn more, read about the Asia New Stars Strategy by clicking here.
In determining whether a company is domiciled in or exercises the predominant part of its economic activity in Asia, the Fund will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least half of its revenue or profits.
The Fund defines small and medium capitalization companies as companies whose market capitalizations fall within the range of the market capitalizations of companies in the MSCI AC Asia ex- Japan SMID Cap Index, as measured at the time of purchase. As of March 31, 2017, this range for actively traded securities was between $137 million and $15.6 billion.
|(As of June 30, 2018 )||3-month||1-year||3-year||Since Inception|
|Macquarie Asia New Stars Fund (Inv.)||-5.86%||3.17%||-3.27%||1.57%|
|MSCI AC ASIA ex JAPAN SMID CAP NET (USD)||-5.73%||8.47%||3.63%||4.98%|
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Click here for the monthly and quarterly performance information.
Performance data does not reflect the 1.00% fee on shares redeemed or exchanged within 14 days of purchase, and if it had, returns would be lower.
Top 10 Holdings
|(As of June 30, 2018)|
|1.||Deutsche Government & Agency Securities Portfolio||6.64%|
|2.||Samsung SDI Co Ltd||4.98%|
|4.||KB Financial Group Inc||4.21%|
|5.||China State Construction International Holdings Ltd||3.65%|
|6.||New Oriental Education & Technology Group Inc||3.58%|
|8.||Yes Bank Ltd||3.35%|
|9.||TCI Co Ltd||3.32%|
|(As of June 30, 2018)|
|Weighted Avg. Market Capitalization ($B)||$7.1 B|
|Earnings Growth 2 Yr. Fwd. Est.||15.0%|
|P/E Ratio (FY 1 Est.)||12.2x|
|Price/Book Ratio (FY 1 Est.)||1.6x|
|Price/Cash Flow Ratio (TTM)||9.6x|
*The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code ("IRC"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.
Diversification does not assume a profit nor protect against loss in a declining market.
Earnings growth is not a measure of the Fund's future performance.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.
Click here for index and financial term definitions.
Sam Le Cornu is Co-Head, Executive Director and Head of Investments of the Asian Listed Equities team. As Head of Investments, Mr. Le Cornu’s role includes overseeing the Investments as the portfolio gatekeeper, mentoring the Portfolio Managers, and reviewing portfolio risk management for all the Asian Listed Equities strategies. He is also a Senior Portfolio Manager for the Asia New Stars Strategy. Mr. Le Cornu is a specialist in all sectors in Korea, Hong Kong, China, Thailand, and Indonesia.
Mr. Le Cornu has more than 16 years of industry experience. Prior to joining Macquarie in February 2008, Mr. Le Cornu worked with Paradice Investments, one of Australia’s largest privately owned asset managers, from March 2005 to November 2007, where he held the position of Portfolio Manager for the Australian Small Cap Fund. In that time, the Fund grew from AUD$700 million to AUD$2.5 billion. Previously, he was a Portfolio Manager, Analyst, and Partner at MMC Asset Management from 2000 to 2005. Mr. Le Cornu holds a Bachelor of International Business Degree, a Bachelor of Commerce Degree, and a Graduate Diploma in Applied Finance and Investments, and he is an affiliate with the Securities Institute of Australia.