Institutional Manager · CIK 0001843853

Brown Financial Advisory

FAIRHOPE, AL · File #028-20673

Latest AUM

$197.9M

Positions

Top-10 Concentration

87.3%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	SPDR SERIES TRUST	78464A854	+30,392	+$2.4M	+$1.9M
ADD	VANGUARD INDEX FDS	922908751	+4,570	+$1.2M	+$438,337
REDUCE	SPDR INDEX SHS FDS	78463X889	-13,965	-$620,186	+$356,695
ADD	DIMENSIONAL ETF TRUST	25434V534	+9,775	+$591,583	+$1.4M
REDUCE	DIMENSIONAL ETF TRUST	25434V823	-25,692	-$588,378	-$138,066
REDUCE	ISHARES TR	464287622	-1,182	-$441,398	+$232,738
NEW	ALPHABET INC	GOOG	+800	+$251,019	$0
REDUCE	ISHARES TR	464287598	-1,112	-$233,870	+$34,200
REDUCE	ISHARES TR	464287614	-463	-$219,158	+$23,936
EXITED	PIMCO ETF TR	72201R783	-2,158	-$206,454	$0

Sector Allocation

Technology

1.9%$3.7M

Financials

1.1%$2.2M

Consumer Discretionary

0.5%$1.0M

0.4%$848,332

0.3%$618,098

0.3%$582,270

0.1%$261,163

0.1%$265,381

Filing History

Jan 29, 202613F HOLDINGS REPORTQ/E Dec 202556 pos · $197.9M
Oct 27, 202513F HOLDINGS REPORTQ/E Sep 202555 pos · $191.0M
Jul 28, 202513F HOLDINGS REPORTQ/E Jun 202555 pos · $181.2M
Apr 30, 202513F HOLDINGS REPORTQ/E Mar 202552 pos · $160.1M
Jan 24, 202513F HOLDINGS REPORTQ/E Dec 202435 pos · $140.8M
Oct 25, 202413F HOLDINGS REPORTQ/E Sep 202436 pos · $141.3M
Jul 25, 202413F HOLDINGS REPORTQ/E Jun 202432 pos · $130.1M
Apr 25, 202413F HOLDINGS REPORTQ/E Mar 202432 pos · $128.7M
Oct 25, 202313F HOLDINGS REPORTQ/E Dec 202329 pos · $112.8M

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	SPDR SERIES TRUST	78464A854	1,056,203	$84.7M	43.12%
2	VANGUARD INDEX FDS	922908751	124,007	$32.0M	16.28%
3	DIMENSIONAL ETF TRUST	25434V534	369,748	$22.4M	11.39%
4	ISHARES TR	464287622	28,058	$10.5M	5.33%
5	SPDR INDEX SHS FDS	78463X889	206,217	$9.2M	4.66%
6	VANGUARD SCOTTSDALE FDS	92206C730	11,810	$3.6M	1.86%
7	DIMENSIONAL ETF TRUST	25434V823	119,825	$2.7M	1.40%
8	BERKSHIRE HATHAWAY INC DEL	BRK-A	4,336	$2.2M	1.11%
9	AMERICAN CENTY ETF TR	025072703	25,603	$2.1M	1.07%
10	ISHARES TR	464287614	4,367	$2.1M	1.05%
11	SPDR INDEX SHS FDS	78463X509	37,742	$1.8M	0.90%
12	MICROSOFT CORP	MSFT	3,330	$1.6M	0.82%
13	ISHARES TR	464287200	2,336	$1.6M	0.81%
14	APPLE INC	AAPL	5,587	$1.5M	0.77%
15	VANGUARD WHITEHALL FDS	921946406	8,250	$1.2M	0.60%
16	SPDR SERIES TRUST	78468R606	42,978	$1.0M	0.52%
17	ABBVIE INC	ABBV	3,713	$848,332	0.43%
18	ISHARES TR	464287598	3,970	$834,948	0.42%
19	ISHARES TR	46429B697	8,412	$792,113	0.40%
20	VANGUARD INDEX FDS	922908769	2,009	$673,558	0.34%