Robert Waley-Cohen

Robert is a member of Brown Advisory’s International Advisory Board. He also serves as a director at Affinity Solutions, Inc., a leading provider of anonymised retail purchasing data to advertisers, management consultants and investors. He was founder and CEO of California-based Alliance Imaging, Inc. He was also founder and former CEO of Alliance Medical Ltd., a leading provider of non-invasive diagnostic services to European health care providers.

Large-Cap Value—Beutel Goodman

LARGE-CAP VALUE — BEUTEL GOODMAN

The strategy aims to grow capital over the long term through the application of a disciplined value investing approach emphasizing capital preservation and a focus on absolute risk and return.

The Beutel Goodman Large-Cap Value Equity strategy (“the strategy”) uses bottom-up, fundamental research to invest in companies at discounts to their business value, as defined by the present value of their sustainable free cash flow. The Strategy’s investment team believes that stocks purchased at a significant discount to business value have an inherent margin of safety. This approach combined with a focus on quality, growing companies with strong balance sheets, helps avoid the possibility of capital loss.

Inside the Strategy

  • The strategy’s portfolio management team employs a concentrated portfolio of their highest conviction ideas. A fully diversified portfolio typically holds 25 to 30 stocks.
  • The team ensures there is adequate diversification by imposing limitations on the maximum weight in any individual security or sector.
  • The strategy incorporates a process-driven approach to risk management, where there is an automatic review for stocks that exceed their upside or downside targets. Stocks that exceed their upside target are automatically reduced by one-third.

Inception Date: July 1, 1994

Benchmark Index: Russell 1000® Value Index

Concentrated Portfolio: 25-30 holdings

Portfolio Managers: Rui Cardoso, CFA and Glenn Fortin, CFA

Vehicle: Mutual Fund

Emerging Markets—Somerset Capital Management LLP

Emerging Markets Select

The Brown Advisory Emerging Markets Select Strategy seeks total return through a concentrated portfolio of emerging market equities selected through fundamental, bottom-up research and build. The Fund will tactically allocate between two subadvisors based on opportunities in the various emerging market regions.

Inside The Strategy

  • The Strategy primarily invests in equity securities issued by companies established or operating in emerging markets and Asia ex-Japan. Bottom-up, fundamental research drives stock selection, and the managers are not bound by market capitalization restrictions or thresholds.
  • The Strategy invests in well-capitalized emerging market and Asian ex-Japan companies that exhibit the potential for long-term growth. The managers seeks to purchase companies with strong management teams, sound governance and quality business models that they believe demonstrate the ability to succeed in the future. They believe in using temporary price pullbacks to buy companies that are underperforming their historical earnings potential. Using this approach, the managers believe the fund offers investors the potential for attractive, risk-adjusted return within an inherently volatile market.

Portfolio Managers: John P. Goetz (Pzena), Caroline Cai, CFA (Pzena), Allison Fisch (Pzena), Rakesh Bordia (Pzena) and Niraj Bhagwat, CA (Wellington)

Benchmark Index: FTSE Emerging Index

Vehicle: Mutual Fund

Katherine Kalin

Katherine is a director of Brown Advisory Incorporated. She has more than 25 years’ experience in the healthcare industry in executive roles at Johnson and Johnson and Celgene and as a partner in the global healthcare practice at McKinsey and Company. She currently serves on the board of two public biotech companies, Sellas Life Sciences and Genfit S.A., and on the advisory board of FemHealth Ventures, a venture capital company focused on innovations in women’s health.

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