Fund Evaluator:

Brown Advisory Emgerg Mkts Select Adv Overview

Brown Advisory Emgerg Mkts Select Adv (BAQAX) is an actively managed International Equity Diversified Emerging Mkts fund. Brown Advisory Funds launched the fund in 2012.

The investment seeks total return by investing principally in equity securities issued by companies established or operating in emerging markets. The fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities issued by companies that are established or operating in emerging market countries. These will consist of companies in emerging market countries in Latin America, Asia, Eastern Europe, Africa, and the Middle East. It may invest up to 20% of its net assets in securities of companies that are established or operating in countries that are considered to be outside of emerging markets.

About Brown Advisory Emgerg Mkts Select Adv (BAQAX)

There are 5 members of the management team with an average tenure of 6.67 years: Allison Fisch (2019), Caroline Cai (2019), Niraj Dilip Bhagwat (2019), Rakesh Bordia (2019), Akhil Subramanian (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Brown Advisory Emgerg Mkts Select Adv has 117 securities in its portfolio. The top 10 holdings constitute 43.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Brown Advisory Emgerg Mkts Select Adv is part of the Equity global asset class and is within the International Equity fund group. Brown Advisory Emgerg Mkts Select Adv has 95.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.5%. There is 95.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Brown Advisory Emgerg Mkts Select Adv has 2.6% of the portfolio in cash.

Assets Under Management

The fund has $340 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

BAQAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Brown Advisory Emgerg Mkts Select Adv expense ratio is high compared to funds in the Diversified Emerging Mkts category. Brown Advisory Emgerg Mkts Select Adv has an expense ratio of 1.50%, which is 30% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. Brown Advisory Emgerg Mkts Select Adv has a portfolio turnover rate of 59%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Brown Advisory Emgerg Mkts Select Adv returned -2.5%, which earned it a grade of B, as the Diversified Emerging Mkts category had an average return of -4.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

Brown Advisory Emgerg Mkts Select Adv has a trailing yield of 1.15%, which is below the 1.72% category average. The fund normally distributes its income annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

Brown Advisory Emgerg Mkts Select Adv Grades

Year to date, the fund has returned 16.6%, 2.5 percentage points worse than the category, which translates into a grade of D. The fund has returned 34.0% over the past year (grade of C), 16.5% over the past three years (grade of D) and 8.8% per year over the past five years (grade of B) and 7.9% per year over the past 10 years (grade of D).

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