Fund Evaluator:
Brown Advisory Maryland Bond Inv (BIAMX)
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Best Performing in Muni Single State Interm Over the Last Year
| 5.6% | Victory VA Bond (USVAX) |
| 5.1% | Dupree AL Tax-Free Income (DUALX) |
| 4.6% | Dupree TN Tax-Free Income (TNTIX) |
| 4.3% | Dupree KY Tax-Free Income (KYTFX) |
| 4.2% | Brown Advisory Maryland Bond Inv (BIAMX) |
Fund Details
Brown Advisory Maryland Bond Inv Overview
Brown Advisory Maryland Bond Inv (BIAMX) is an actively managed Municipal Bond Muni Single State Interm fund. Brown Advisory Funds launched the fund in 2000.
The investment seeks to provide a high level of current income exempt from both Federal and Maryland State income taxes without undue risk. The fund normally invests 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. It 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 fund is non-diversified.
About Brown Advisory Maryland Bond Inv (BIAMX)
There are 2 members of the management team with an average tenure of 10.34 years: Stephen Shutz (2014), Joshua Perry (2017). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1-15 Yr TR USD index with a weighting of 100%. Brown Advisory Maryland Bond Inv has 75 securities in its portfolio. The top 10 holdings constitute 31.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Brown Advisory Maryland Bond Inv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Brown Advisory Maryland Bond Inv has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.1% (99.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Brown Advisory Maryland Bond Inv has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $183 million in total assets, which is above the $84 million average for the Muni Single State Interm 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.
BIAMX 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 Maryland Bond Inv expense ratio is average compared to funds in the Muni Single State Interm category. Brown Advisory Maryland Bond Inv has an expense ratio of 0.49%, which is 41% lower than its category average, making the fund expense ratio grade a A. 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 Maryland Bond Inv has a portfolio turnover rate of 46%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Muni Single State Interm category.
Recently, in the month of August 2026, Brown Advisory Maryland Bond Inv returned -0.1%, which earned it a grade of B, as the Muni Single State Interm category had an average return of -0.3%. 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 Maryland Bond Inv has a trailing yield of 3.67%, which is above the 3.02% category average. The fund normally distributes its income monthly and its capital gains 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 Maryland Bond Inv Grades
Year to date, the fund has returned 0.3%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 4.2% over the past year (grade of C), 3.6% over the past three years (grade of A) and 0.8% per year over the past five years (grade of A) and 1.7% per year over the past 10 years (grade of A).
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BIAMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BIAMX Return (NAV) | -0.1% | -1.1% | 4.2% | 3.6% | 0.8% | 1.7% |
| BIAMX Grade | B | B | C | A | A | A |
| +/- Category | 0.2% | 0.2% | 0.3% | 0.6% | 0.6% | 0.4% |
| Muni Single State Interm Avg | -0.3% | -1.3% | 3.9% | 2.9% | 0.2% | 1.2% |
| BIAMX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
BIAMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BIAMX Return (NAV) | 0.3% | 4.7% | 1.6% | 5.7% | -7.6% | 1.6% | 2.3% | 6.7% | 1.4% | 3.9% | -0.1% |
| BIAMX Grade | B | A | B | A | C | A | F | A | A | B | C |
| +/- Category | 0.2% | 0.7% | 0.8% | 1.3% | 0.2% | 1.1% | -1.8% | 1.0% | 0.6% | 0.4% | -0.2% |
| Muni Single State Interm Avg | 0.0% | 4.0% | 0.9% | 4.5% | -7.7% | 0.5% | 4.2% | 5.7% | 0.8% | 3.5% | 0.1% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.91 - Average |
| Category Risk Grade: | C (45% Rank) |
| Beta: | 0.79 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $183 Mil |
| Fund Total Assets: | $ 184 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 46% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.8 years | |||
| Average Tenure: 10.3 years | |||
| Managers (Year): Shutz Stephen (2014), Perry Joshua (2017) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 75 |
| % in Top 10 Holdings: | 31.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.9% |
Purchase Information
| Fund Family: | Brown Advisory Funds |
| Phone Number: | 800-540-6807 |
| Website: | www.brownadvisoryfunds.com |
| Status: | Open |
| Inception Date: | December 21, 2000 |
| Min. Initial Purchase: | $ 100 |
| Min. Initial IRA Purchase: | $ 100 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Brown Advisory Maryland Bond Inv |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 0 |
