Summary

• The Brown Advisory Small-Cap Growth Strategy declined during the first quarter of 2026, but outperformed the Russell 2000 Growth Index, the portfolio's primary benchmark.
• The portfolio benefited from strong stock selection in the Information Technology and Energy sectors, while Health Care and Materials weighed on relative results.
• After a challenging backdrop for higher quality last year, we have seen a pause in the low-quality rally that weighed on many active managers last year.

The Brown Advisory Small-Cap Growth Strategy declined during the first quarter of 2026, but outperformed the Russell 2000® Growth Index, the portfolio's primary benchmark. The portfolio benefited from strong stock selection in the Information Technology and Energy sectors, while Health

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