Summary

• The Brown Advisory Small-Cap Fundamental Value Strategy was up for the quarter on an absolute basis but trailed its benchmark, the Russell 2000 Value Index.
• Small-caps rallied sharply to start the year but gave back some of those gains following the start of the conflict in the Middle East.
• The Strategy trailed significantly during the early part of the quarter, but our relative performance improved throughout the period.

Small-cap Fundamental Value Review And Outlook

The Brown Advisory Small-Cap Fundamental Value Strategy was up for the quarter on an absolute basis but trailed its benchmark, the Russell 2000® Value Index. Small-caps rallied sharply to start the

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