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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.99

$275 M

4.55%

$0.41

0.48%

Vitals

YTD Return

-0.1%

1 yr return

2.3%

3 Yr Avg Return

-2.4%

5 Yr Avg Return

0.1%

Net Assets

$275 M

Holdings in Top 10

41.2%

52 WEEK LOW AND HIGH

$9.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.48%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 148.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.99

$275 M

4.55%

$0.41

0.48%

BAFZX - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return -2.4%
  • 5 Yr Annualized Total Return 0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio -0.27%
DIVIDENDS
  • Dividend Yield 4.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Brown Advisory Mortgage Securities Fund
  • Fund Family Name
    Brown Advisory Funds
  • Inception Date
    Dec 26, 2013
  • Shares Outstanding
    33671667
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Garritt Conover

Fund Description

Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the value of its net assets (plus any borrowings for investment purposes) in investment grade mortgage-related securities. Mortgage-related securities consist of mortgage-backed securities (“MBS”) such as residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), stripped mortgage-backed securities (“SMBS”), collateralized mortgage obligations (“CMOs”), inverse floating rate obligations and other similar types of securities representing an interest in or that are secured by mortgages. The Fund may also engage in “To Be Announced” transactions and it may invest in municipal housing bonds and other investment companies. The Fund invests in securities of various maturities and durations.
The Fund will hold at least 80% of its total assets in investment grade mortgage-related securities, that is, securities rated in the top four ratings categories as rated at the time of purchase by a Nationally Recognized Statistical Rating Organization (an “NRSRO”), or if unrated, as determined by the Adviser to be of comparable quality. The Fund may also hold up to 20% of its total assets in securities that are rated below investment grade by an NRSRO or, if not rated, determined to be of equivalent quality by the Adviser. Securities that are rated below investment grade by independent rating agencies are commonly referred to as “junk bonds.” If independent rating agencies assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.
The Fund may invest in derivatives instruments, such as options, futures contracts, including interest rate futures, and options on futures. These investments will typically be made for investment purposes consistent with the Fund’s investment objective and may also be used to mitigate or hedge risks within the portfolio or for the temporary investment of cash balances.  These derivative instruments will be counted toward the Fund’s 80% policy to the extent they have economic characteristics similar to the securities included within that policy. The Fund intends to use the mark-to-market value of such derivatives for purposes of complying with the Fund’s 80% investment policy.
The Adviser may sell a security or reduce its position if:
Revised economic outlook requires a repositioning of the portfolio or alters the risk/reward of a given security
Changes in a security’s composition, such as faster or slower prepayments than expected, alter its risk/reward balance to an unfavorable position
A more attractive security is found or
The Adviser believes the security has reached its appreciation potential.
In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.  A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.
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BAFZX - Performance

Return Ranking - Trailing

Period BAFZX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -3.9% 13.8% 46.46%
1 Yr 2.3% -4.4% 27.6% 34.96%
3 Yr -2.4%* -7.8% 11.6% 20.89%
5 Yr 0.1%* -5.6% 3.0% 11.27%
10 Yr 1.3%* -2.1% 3.3% 4.22%

* Annualized

Return Ranking - Calendar

Period BAFZX Return Category Return Low Category Return High Rank in Category (%)
2023 0.4% -1.0% 22.1% 74.78%
2022 -12.6% -20.4% -5.8% 22.67%
2021 -1.1% -7.1% 16.6% 6.82%
2020 4.5% -1.3% 8.8% 25.70%
2019 4.6% 0.3% 7.1% 3.32%

Total Return Ranking - Trailing

Period BAFZX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -3.9% 13.8% 46.46%
1 Yr 2.3% -4.4% 27.6% 34.96%
3 Yr -2.4%* -7.8% 11.6% 20.89%
5 Yr 0.1%* -5.6% 3.0% 11.27%
10 Yr 1.3%* -2.1% 3.3% 4.22%

* Annualized

Total Return Ranking - Calendar

Period BAFZX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -0.5% 28.8% 50.44%
2022 -10.5% -18.5% -3.3% 20.00%
2021 -0.3% -4.5% 25.3% 18.18%
2020 5.5% -1.3% 13.0% 62.62%
2019 6.9% 1.8% 11.3% 4.74%

NAV & Total Return History


BAFZX - Holdings

Concentration Analysis

BAFZX Category Low Category High BAFZX % Rank
Net Assets 275 M 9.43 M 134 B 74.78%
Number of Holdings 320 17 12663 62.83%
Net Assets in Top 10 116 M 5.3 M 53 B 75.22%
Weighting of Top 10 41.16% 4.6% 98.5% 42.92%

Top 10 Holdings

  1. United States Treasury Bill 13.45%
  2. First American Government Obligations Fund 6.23%
  3. Fannie Mae or Freddie Mac 5.87%
  4. Ginnie Mae 3.41%
  5. Ginnie Mae 3.23%
  6. Ginnie Mae 2.30%
  7. Ginnie Mae 1.87%
  8. Fannie Mae or Freddie Mac 1.63%
  9. Ginnie Mae 1.61%
  10. CNH Equipment Trust 2023-B 1.57%

Asset Allocation

Weighting Return Low Return High BAFZX % Rank
Bonds
106.00% 0.07% 159.23% 31.42%
Other
11.51% -23.81% 17.63% 1.33%
Cash
6.23% -20.28% 26.05% 24.78%
Stocks
0.00% 0.00% 96.18% 14.16%
Preferred Stocks
0.00% 0.00% 0.11% 8.41%
Convertible Bonds
0.00% 0.00% 3.29% 10.18%

Bond Sector Breakdown

Weighting Return Low Return High BAFZX % Rank
Securitized
84.83% 0.00% 99.79% 21.68%
Cash & Equivalents
6.23% 0.00% 26.05% 24.78%
Government
2.54% 0.00% 100.00% 81.86%
Municipal
0.14% 0.00% 5.24% 18.14%
Corporate
0.11% 0.00% 9.48% 19.91%
Derivative
-0.02% -19.23% 1.69% 83.19%

Bond Geographic Breakdown

Weighting Return Low Return High BAFZX % Rank
US
106.00% 0.07% 159.23% 31.42%
Non US
0.00% 0.00% 2.20% 8.41%

BAFZX - Expenses

Operational Fees

BAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.48% 0.03% 3.55% 72.00%
Management Fee 0.30% 0.00% 0.85% 42.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

BAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 4.50% N/A
Deferred Load N/A 1.00% 4.50% N/A

Trading Fees

BAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 50.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BAFZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 148.00% 3.35% 948.00% 47.18%

BAFZX - Distributions

Dividend Yield Analysis

BAFZX Category Low Category High BAFZX % Rank
Dividend Yield 4.55% 0.00% 4.94% 10.18%

Dividend Distribution Analysis

BAFZX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

BAFZX Category Low Category High BAFZX % Rank
Net Income Ratio -0.27% -0.80% 2.96% 95.11%

Capital Gain Distribution Analysis

BAFZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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BAFZX - Fund Manager Analysis

Managers

Garritt Conover


Start Date

Tenure

Tenure Rank

Apr 22, 2022

0.11

0.1%

Garritt Conover is a principal and senior analyst on the fixed income team concentrating on securitized products. Before joining Brown Advisory, he was vice president and senior analyst at Allianz Global Investors where he was responsible for research, portfolio management, and trading of structured credit. Prior to that, Mr. Conover held fixed income research positions at Columbia Threadneedle Investments and Hartford Investment Management Company. Mr. Conover received his BBA in finance and mathematics from the University of Massachusetts Amherst. Mr. Conover is a Chartered Financial Analyst and Chartered Alternative Investment Analyst Charterholder.

Chris Roof


Start Date

Tenure

Tenure Rank

Apr 22, 2022

0.11

0.1%

Chris Roof is a fixed income analyst/trader at Brown Advisory. He is a member of the fixed income investment team and concentrates on securitized products. Prior to joining the firm, Mr. Roof was an associate financial controller at Morgan Stanley covering Interest Rates. He graduated in 2014 with a BBA in Finance from Towson University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.11 31.64 8.38 7.35