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Trending ETFs

Name

As of 06/17/2024

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

$9.34

$880 M

4.14%

$0.39

0.44%

Vitals

YTD Return

1.0%

1 yr return

4.8%

3 Yr Avg Return

-0.4%

5 Yr Avg Return

1.1%

Net Assets

$880 M

Holdings in Top 10

21.4%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.44%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 47.00%

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 06/17/2024

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

$9.34

$880 M

4.14%

$0.39

0.44%

BTEIX - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return -0.4%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.92%
DIVIDENDS
  • Dividend Yield 4.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Brown Advisory Tax-Exempt Bond Fund
  • Fund Family Name
    Brown Advisory Funds
  • Inception Date
    Jun 29, 2012
  • Shares Outstanding
    89229441
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Stephen Shutz

Fund Description

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in securities the interest of which is exempt from Federal income taxes and that do not subject shareholders to the federal alternative minimum tax (“AMT”).  This 80% policy cannot be changed without shareholder approval. The Fund may invest up to 20% of its assets in securities that may fully subject shareholders to Federal income tax, including the AMT.  In addition, all capital gains are subject to Federal and state taxes.  The Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers.  The Fund may also invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state).
Under normal conditions, Brown Advisory LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing in municipal securities issued by states, U.S. territories, and possessions, U.S. Government securities, general obligation securities and revenue securities, including private activity bonds. Municipal securities include state and local general obligation bonds, essential service revenue issues (principally, water and sewer, transportation, public power, combined utilities and public universities), pre-refunded bonds and municipal leases.  Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities. To enhance yield, the Fund may also invest in selective enterprise revenue and/or private activity issues. The repayment of principal and interest on some of the municipal securities in which the Fund may invest may be guaranteed or insured by a monoline insurance company or other financial institution.  The Fund also may invest in other investment companies, principally money market funds.
The Adviser determines which securities to purchase by first evaluating whether a security falls within the credit guidelines set for the Fund by reviewing the ratings given by a Nationally Recognized Statistical Rating Organization (an “NRSRO”).  Under the credit guidelines, the Fund will hold at least 80% of its total assets in investment grade municipal debt securities, as rated by an NRSRO when purchased, or if unrated, determined by the Adviser to be of comparable quality. The credit guidelines provide that the Fund may also hold up to 20% of its total assets in securities 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 NRSROs are commonly referred to as “junk bonds.”  Such lower rated securities and other municipal securities may become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions.  If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality.
The Adviser then determines the appropriate maturity date and coupon choice after analyzing the current and targeted portfolio structure, and whether or not the issue is fairly priced.  Generally, the average weighted effective maturity of the Fund’s portfolio securities will be between 4 and 10 years.
In determining the municipal securities in which the Fund may invest, the Adviser will use a process for researching securities for purchase that is based on credit research and involves due diligence on each issuer, state, municipality and sector relating to a municipal security.
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 forecasts or interest rate outlook requires a repositioning of the portfolio;
The security subsequently fails to meet the investment criteria;
A more attractive security is found; or
The Adviser believes that the security has reached its appreciated 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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BTEIX - Performance

Return Ranking - Trailing

Period BTEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.9% 17.0% 37.95%
1 Yr 4.8% -1.4% 29.0% 19.31%
3 Yr -0.4%* -11.1% 2.9% 21.16%
5 Yr 1.1%* -6.3% 1102.2% 24.00%
10 Yr N/A* -0.6% 248.4% N/A

* Annualized

Return Ranking - Calendar

Period BTEIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -1.4% 41.0% 42.48%
2022 -11.5% -39.7% 0.3% 50.40%
2021 -0.1% -5.6% 6.9% 32.98%
2020 0.7% -2.6% 310.0% 88.72%
2019 4.3% 0.0% 26.0% 32.82%

Total Return Ranking - Trailing

Period BTEIX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -2.9% 17.0% 37.95%
1 Yr 4.8% -1.4% 29.0% 19.31%
3 Yr -0.4%* -11.1% 2.9% 21.16%
5 Yr 1.1%* -6.3% 1102.2% 24.00%
10 Yr N/A* -0.6% 248.4% N/A

* Annualized

Total Return Ranking - Calendar

Period BTEIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.4% -1.3% 41.0% 11.66%
2022 -8.6% -39.7% 1.1% 42.07%
2021 3.2% -4.8% 23761504.0% 14.10%
2020 3.4% -1.5% 17057.9% 64.72%
2019 4.3% 0.2% 3514.6% 85.34%

NAV & Total Return History


BTEIX - Holdings

Concentration Analysis

BTEIX Category Low Category High BTEIX % Rank
Net Assets 880 M 3.22 M 71.9 B 31.66%
Number of Holdings 165 2 13067 68.49%
Net Assets in Top 10 190 M -317 M 3.56 B 23.00%
Weighting of Top 10 21.39% 2.0% 100.2% 35.11%

Top 10 Holdings

  1. Main Street Natural Gas Inc 3.25%
  2. Tobacco Settlement Financing Corp/RI 2.66%
  3. Chandler Industrial Development Authority 2.65%
  4. Black Belt Energy Gas District 2.62%
  5. Love Field Airport Modernization Corp 2.02%
  6. Clayton County Development Authority 1.76%
  7. Massachusetts Health Educational Facilities Authority 1.69%
  8. New York State Urban Development Corp 1.61%
  9. Illinois State Toll Highway Authority 1.59%
  10. Lancaster Port Authority 1.54%

Asset Allocation

Weighting Return Low Return High BTEIX % Rank
Bonds
98.09% 0.00% 150.86% 63.31%
Cash
1.91% -50.86% 46.80% 35.28%
Stocks
0.00% 0.00% 99.81% 56.49%
Preferred Stocks
0.00% 0.00% 0.56% 50.29%
Other
0.00% -3.18% 33.35% 53.54%
Convertible Bonds
0.00% 0.00% 0.93% 50.29%

Bond Sector Breakdown

Weighting Return Low Return High BTEIX % Rank
Municipal
96.88% 44.39% 100.00% 66.86%
Cash & Equivalents
1.06% 0.00% 46.24% 30.99%
Derivative
0.00% -3.18% 19.67% 51.20%
Securitized
0.00% 0.00% 5.93% 51.14%
Corporate
0.00% 0.00% 9.41% 59.03%
Government
0.00% 0.00% 52.02% 54.40%

Bond Geographic Breakdown

Weighting Return Low Return High BTEIX % Rank
US
98.09% 0.00% 142.23% 60.88%
Non US
0.00% 0.00% 23.89% 52.50%

BTEIX - Expenses

Operational Fees

BTEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.44% 0.01% 20.65% 88.56%
Management Fee 0.30% 0.00% 1.20% 16.23%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BTEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

BTEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 66.67%

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.

BTEIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 47.00% 0.00% 283.00% 91.66%

BTEIX - Distributions

Dividend Yield Analysis

BTEIX Category Low Category High BTEIX % Rank
Dividend Yield 4.14% 0.00% 14.51% 1.75%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

BTEIX Category Low Category High BTEIX % Rank
Net Income Ratio 1.92% -0.53% 5.33% 51.61%

Capital Gain Distribution Analysis

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

Distributions History

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BTEIX - Fund Manager Analysis

Managers

Stephen Shutz


Start Date

Tenure

Tenure Rank

Jun 29, 2012

9.93

9.9%

Steve Shutz, CFA, is a portfolio manager and primarily concentrates on the management, trading and analysis of tax-exempt bonds. Prior to joining the firm, Steve was a vice president and assistant portfolio manager at Cavanaugh Capital Management (CCM) responsible for the trading of tax-exempt securities and portfolio analytics. Before joining CCM, he was a portfolio and research analyst at Merrill Lynch. Steve began his investment career at Legg Mason.

Joshua Perry


Start Date

Tenure

Tenure Rank

Oct 31, 2017

4.58

4.6%

Josh is a partner and portfolio manager and a municipal credit analyst on the fixed income team. He primarily focuses on tax-exempt credit analysis. Prior to joining the firm, he served as a fixed income credit analyst at Driehaus Capital Management. Prior to that he was a commodities analyst at Constellation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58