Brown Financial Advisory

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CIK 1843853

13F portfolio (2026-Q1)

$202M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

Open in PORT →

As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2026-Q1)

Holdings

Top 5

82.6%

Top 10

89.5%

Effective N

4.4

HHI

0.227

This quarter

2 new · 0 exit →

By sector

Unclassified95.2%

Information Technology1.5%

Financials1.4%

Consumer Discretionary0.7%

Health Care0.4%

Materials0.3%

Industrials0.1%

Utilities0.1%

Other0.2%

By market cap

Unknown95.2%

Mega (>$200B)4.2%

Large ($10–200B)0.3%

Mid ($2–10B)0.3%

By region

Other95.2%

North America4.8%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	96.18%	35
Specialty Retail	0.75%	3
Technology Hardware & Equipment	0.62%	1
Software	0.60%	1
Pharmaceuticals & Biotechnology	0.40%	1
Chemicals	0.28%	1
Semiconductors & Semiconductor Equipment	0.27%	1
Banks	0.18%	1
Insurance	0.18%	1
Machinery	0.14%	1
Utilities	0.14%	1
Oil, Gas & Consumable Fuels	0.14%	1
Software & IT Services	0.11%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	SPYM	SPDR SERIES TRUST	Unclassified	41.00%
2	VB	VANGUARD INDEX FDS	Unclassified	18.36%
3	DEXC	DIMENSIONAL ETF TRUST	Unclassified	13.75%
4	IWB	ISHARES TR	Unclassified	4.84%
5	SPDW	SPDR INDEX SHS FDS	Unclassified	4.70%
6	VONE	Vanguard Russell 1000 ETF	Unclassified	3.10%
7	AVDE	AMERICAN CENTY ETF TR	Unclassified	1.08%
8	BRK.B	BERKSHIRE HATHAWAY INC	Financials	1.02%
9	IWF	ISHARES TR	Unclassified	0.92%
10	IVV	ISHARES TR	Unclassified	0.74%

15/49 names classified · sector 4.8% of weight · industry 3.8% · mkt cap 4.8%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 22 quarters

FinancialsBRK.B, L, JPM

Information TechnologyAAPL, MSFT, NVDA

Consumer DiscretionaryBBBY, VFC, AMZN, WMT, HD · other

Materials

Health CareABBV, ABT

Consumer Staples

Utilities

Communication ServicesGOOG, META, GOOGL

Industrials

EnergyXOM, CVX

UnclassifiedSPYM, VB, IWB, DEXC, BND · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 4.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2026-Q1), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 4% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (14 classified)Brown Financial Advisory centroid (Large Core)

Information TechnologyConsumer DiscretionaryHealth CareFinancialsMaterialsIndustrialsUtilitiesEnergyCommunication Services

Style box summary for Brown Financial Advisory: centroid Large Core. Heaviest cells: Large Growth 1.5%, Large Core 0.9%, Large Value 0.9%.

Classified: 3.8% of book weight (14/49 names) · unclassified 96.2%: SPYM, VB, DEXC, IWB, SPDW, VONE, AVDE, BRK.B, IWF, IVV +25 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 49 positions (2026-Q1) · largest first · Δ vs 2025-Q4

#	Security	Shares	Value	Weight	Δ QoQ
1	SPYMSPDR SERIES TRUST	1,080,020	$83M	41.0%	ADD 2%
2	VBVANGUARD INDEX FDS	141,352	$37M	18.4%	ADD 14%
3	DEXCDIMENSIONAL ETF TRUST	427,341	$28M	13.7%	ADD 16%
4	IWBISHARES TR	27,359	$10M	4.8%	TRIM −2%
5	SPDWSPDR INDEX SHS FDS	207,722	$9M	4.7%	HOLD
6	VONEVanguard Russell 1000 ETF	21,190	$6M	3.1%	ADD 79%
7	AVDEAMERICAN CENTY ETF TR	25,603	$2M	1.1%	HOLD
8	BRK.BBERKSHIRE HATHAWAY INC DEL	4,281	$2M	1.0%	HOLD
9	IWFISHARES TR	4,367	$2M	0.9%	HOLD
10	IVVISHARES TR	2,274	$1M	0.7%	TRIM −3%
11	SPEMSPDR INDEX SHS FDS	28,757	$1M	0.7%	TRIM −24%
12	AAPLAPPLE INC	4,957	$1M	0.6%	TRIM −11%
13	MSFTMICROSOFT CORP	3,271	$1M	0.6%	HOLD
14	SPHYSPDR SERIES TRUST	42,842	$999,076	0.5%	HOLD
15	VEAVANGUARD TAX-MANAGED FDS	15,092	$967,096	0.5%	ADD 91%
16	VYMVANGUARD WHITEHALL FDS	6,296	$932,373	0.5%	TRIM −24%
17	IWDISHARES TR	3,949	$843,679	0.4%	HOLD
18	ABBVABBVIE INC	3,722	$809,589	0.4%	HOLD
19	VTIVANGUARD INDEX FDS	2,102	$674,343	0.3%	ADD 5%
20	USMVISHARES TR	6,452	$598,394	0.3%	TRIM −23%
21	WMTWALMART INC	4,730	$587,832	0.3%	TRIM −9%
22	SXTSENSIENT TECHNOLOGIES CORP	6,579	$568,689	0.3%	HOLD
23	FNDXSCHWAB STRATEGIC TR	20,147	$561,108	0.3%	TRIM −15%
24	SPSMSPDR SERIES TRUST	11,331	$547,514	0.3%	TRIM −16%
25	NVDANVIDIA CORPORATION	3,102	$540,987	0.3%	TRIM −6%
26	AMZNAMAZON COM INC	2,528	$526,507	0.3%	HOLD
27	FBNDFIDELITY TOTAL BOND ETF	11,473	$523,410	0.3%	TRIM −20%
28	SPYSTATE STR SPDR S&P 500 ETF T	765	$497,405	0.2%	HOLD
29	IWMISHARES TR	1,811	$449,128	0.2%	HOLD
30	VWOVANGUARD INTL EQUITY INDEX F	7,990	$431,860	0.2%	NEW
31	BSCTINVESCO EXCH TRD SLF IDX FD	22,730	$424,151	0.2%	HOLD
32	BSCSINVESCO EXCH TRD SLF IDX FD	20,734	$423,451	0.2%	HOLD
33	BSCRINVESCO EXCH TRD SLF IDX FD	21,549	$422,900	0.2%	HOLD
34	SPABSPDR SERIES TRUST	15,755	$403,644	0.2%	HOLD
35	HDHOME DEPOT INC	1,209	$397,735	0.2%	TRIM −8%
36	XMHQINVESCO EXCHANGE TRADED FD T	3,798	$392,563	0.2%	HOLD
37	JPMJPMORGAN CHASE & CO	1,231	$362,051	0.2%	HOLD
38	LLOEWS CORP	3,377	$360,461	0.2%	HOLD
39	IQLTISHARES TR	7,401	$342,140	0.2%	TRIM −10%
40	VXFVANGUARD INDEX FDS	1,487	$306,108	0.2%	HOLD
41	AVEMAMERICAN CENTY ETF TR	3,706	$298,630	0.1%	TRIM −33%
42	VTWOVANGUARD SCOTTSDALE FDS	2,947	$295,201	0.1%	HOLD
43	VGSHVANGUARD SHORT-TERM TREASURY ETF	5,029	$294,393	0.1%	TRIM −16%
44	CATCATERPILLAR INC	410	$290,498	0.1%	TRIM −10%
45	SOSOUTHERN CO	2,953	$284,987	0.1%	TRIM −3%
46	VOEVANGUARD INDEX FDS	1,527	$281,425	0.1%	HOLD
47	XOMEXXON MOBIL CORP	1,623	$275,310	0.1%	NEW
48	QUSSPDR SERIES TRUST	1,308	$224,433	0.1%	TRIM −13%
49	GOOGALPHABET INC	767	$220,002	0.1%	TRIM −4%

Position trends· top 15 holdings · shares held over 6 quarters

green added · red trimmed

Security

2024-Q4

2025-Q1

2025-Q2

2025-Q3

2025-Q4

2026-Q1

Latest value

SPYMSPDR SERIES TRUST

911K

964K

1.0M

1.1M

$83M

VBVANGUARD INDEX FDS

84K

101K

117K

119K

124K

141K

$37M

DEXCDIMENSIONAL ETF TRUST

—

335K

349K

360K

370K

427K

$28M

IWBISHARES TR

32K

30K

29K

28K

27K

$10M

SPDWSPDR INDEX SHS FDS

219K

232K

223K

220K

206K

208K

$9M

VONEVanguard Russell 1000 ETF

12K

21K

$6M

AVDEAMERICAN CENTY ETF TR

28K

26K

$2M

BRK.BBERKSHIRE HATHAWAY INC DEL

$2M

IWFISHARES TR

$2M

IVVISHARES TR

$1M

SPEMSPDR INDEX SHS FDS

140K

47K

42K

38K

29K

$1M

AAPLAPPLE INC

$1M

MSFTMICROSOFT CORP

648

$1M

SPHYSPDR SERIES TRUST

39K

42K

43K

$999,076

VEAVANGUARD TAX-MANAGED FDS

15K

$967,096

Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.

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