Brown Advisory US Smaller Companies B GBP

  • 2020.00p
    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).

  • 0.94%
    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 29 May 2020

An offshore Dublin listed US small cap fund that aims to deliver long term above average capital appreciation.

Fund summary

Sector North American Smaller Cos
Structure OFFSHORE FUND
Launched July, 2015
Size £301m
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 0.94%

Allocation

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Investment process

The fund will invest at least 80% of its net assets in the equity securities and of small domestic US companies defined as those with a market capitalisation of less the $5bn. The mandate of the fund does, however, allow the manager to assume a defensive position in cash or near cash equivalents. The fund will not use derivatives or similar instruments. The manager attempts to add value through a bottom-up process and typically seeks companies with a good management in a position to exploit a change in the market.

Manager research

Average monthly relative returns

  • 15/16 0.68%
  • 16/17 -0.28%
  • 17/18 0.00%
  • 18/19 0.68%
  • 19/20 1.40%

Bestinvest MRI

  • 3 years 0.00%
  • 5 years 0.00%
  • Career 0.32%
  • 3 years 0.00%
  • 5 years 0.00%
  • Career 96.90%

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

Chris Berrier

Berrier is a Partner of Brown Advisory and has been co-lead portfolio manager of the Small-Cap Growth Strategy since joining the firm in September 2005, taking sole responsibility as of January 2013. Prior to joining the firm, Berrier was a Vice President and senior equity analyst at T. Rowe Price, covering multiple sectors with a primary focus on small and mid-capitalisation growth companies across several mutual funds. He has ten years of investment industry experience.. Berrier earned an A.B. in Economics from Princeton University in 2000.

Track record

Chris Berrier has 7.2 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.32%. During the worst period of relative performance (from June 2016 - December 2017) there was a decline of 10% relative to the index. The worst absolute loss has been 21%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 97%.

Periods of worst performance

Absolute -21.00% (July 2019 - March 2020)
Relative -10.00% (June 2016 - December 2017)

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 30 September 2008

4.7% Millipore Corp.
3.6% Quanta Services Inc.
3.1% Argon St, Inc.
3.0% Esco Technologies.
2.9% Citrix Systems, Inc.
2.7% Factsheet Research Systems Inc.
2.7% Eclipsys Corp.
2.6% Gen-Probe Inc.
2.6% Trimble Navigation
30.6% Total
Source: Brown Advisory.

Portfolio

40 to 60 holdings

Key Investor Information

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