Brown Advisory US Equity Growth B Hedged GBP

A focused large cap US equity portfolio of 30-40 large- & mid-cap holdings

  • 2911.00p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 0.99%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.40%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 25 May 2020

Fund summary

Sector
Structure OFFSHORE FUND
Launched June, 2011
Size £1,029m
Yield 0.40%
Charging basis
Dividends paid

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.99%

Allocation

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Investment process

The fund is relatively focused and stocks are selected on the basis of extensive fundamental research. Suitable investment opportunities must have over $2bn market capitalisation, at least 14% growth rate and display core competitive advantages. Subsequently more detailed analysis is used to identify the most attractive investments. A growth rate of 14% based on cyclical performance would not be considered suitable. Sell side discipline is also maintained by setting up and downside targets.

Manager research

Average monthly relative returns

  • 15/16 0.73%
  • 16/17 1.33%
  • 17/18 -1.84%
  • 18/19 1.51%
  • 19/20 0.00%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.11%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 87.90%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Ken Stuzin

Kenneth M. Stuzin, CFA, is a Partner of Brown Advisory and co-Manager of the Brown Advisory Growth Equity Fund. He is also the lead manager of the firm’s institutional large-cap growth portfolios. Prior to joining Brown Advisory, Stuzin was a Vice President and Portfolio Manager at JP Morgan Investment Management in Los Angeles, where he was a US Large-Cap Portfolio Manager. Previously he worked as a quantitative Portfolio Strategist in New York, where he advised clients on capital markets issues and strategic asset allocation decisions. Stuzin received his BA and MBA. from Columbia University in 1986 and 1993, respectively.

Track record

Ken Stuzin has 14.3 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.11%. During the worst period of relative performance (from October 2007 - December 2008) there was a decline of 31% relative to the index. The worst absolute loss has been 47%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 88%.

Periods of worst performance

Absolute -47.00% (March 2000 - September 2002)
Relative -31.00% (October 2007 - December 2008)

About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

Allocation

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Top 10 holdings

Data accurate as at 31 August 2010

4.6% Apple, Inc.
4.2% Google, Inc.
4.1% Stericycle, Inc.
4.0% Allergan, Inc.
3.7% Qualcomm, Inc.
3.6% Citrix Systems, Inc.
3.6% DaVita Inc.
3.5% Costco Wholesale Corp.
3.5% Alberto-Culver Company
3.5% MasterCard Inc.
Source. Brown Advisory

Portfolio

Portfolio will typically have 35-40 stocks.

Key Investor Information

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