Brown Advisory Flexible Equity ETF
BAFE
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- Brown Advisory Flexible Equity ETF (BAFE) is an actively managed exchange-traded fund that seeks long-term growth of capital by investing primarily in a diversified portfolio of equity securities issued by large-, mid-, and small-cap companies exhibiting favorable business economics, enduring competitive advantages, capable management, positive industry dynamics, and sensible capital allocation; the fund employs a flexible investment approach blending growth and value stocks across market capitalizations, with at least 80% of net assets allocated to equities, supplemented by limited holdings in cash, non-U.S. stocks, and other instruments. BAFE focuses on undervalued or improving businesses trading below their perceived fundamental value, targeting outperformance relative to the S&P 500 Index through fundamental and quantitative analysis in a moderately concentrated portfolio spanning sectors such as technology, financial services, communication services, consumer cyclical, and industrials. The fund features a net expense ratio of 0.54%, with a contractual waiver until January 31, 2026, and is distributed by SEI Investments Distribution Co. through the Advisors' Inner Circle Fund III. Launched on November 18, 2024, as Brown Advisory's inaugural active ETF, BAFE debuted with approximately $913 million in seed capital from the firm's separately managed private client accounts, mirroring the investment philosophy of its 40-plus-year Flexible Equity strategy managed by Maneesh Bajaj, CFA, alongside co-managers Rafael Zayas and Austin Wen. The ETF represents a strategic expansion into the ETF market to meet institutional and private client demand for tax-efficient, transparent, liquid vehicles amid market volatility, with plans for additional ETF offerings; it quickly grew assets under management to around $1.39-$1.49 billion. The fund operates within the large blend category, primarily targeting U.S. equities (approximately 89%) with minor exposure to developed Asia, Canada, the Eurozone, and the United Kingdom, serving institutional investors, private clients, and charities through the U.S.-domiciled vehicle listed on Nasdaq. Brown Advisory LLC, headquartered in Baltimore, Maryland, and founded in 1993 as an independent firm tracing roots to Alex. Brown & Sons (established 1800), serves as investment adviser with Vident Asset Management as sub-adviser, overseeing about $170 billion in global client assets across 18 offices worldwide.