Brown Financial Advisory

Registered adviser

CIK

1843853

Location

FAIRHOPE, AL

Portfolio Value

Small $238,909,291

Diversification

Highly concentrated

Filing Date

Global Rank

#5,938 / 8,827 ▲ 111 · as of Jun 2026

Top Industry

Insurance - Diversified 20.6%

Period ended 38 days ago

Filed Nov 5, 2026 · 2d

24 quarters · since Dec 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Nov 1, 2026

Form ADV adviser

CRD 155548

Roster of Nov 1, 2026

Regulatory AUM

$468,223,225

Main clients

Individuals and high net worth (96% of AUM)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Apr 2026 to Nov 2026	$468,223,225	Individuals and high net worth (96%)
Apr 2025 to Mar 2026	$344,026,037	Individuals and high net worth (96%)
Apr 2024 to Mar 2025	$300,769,749	Individuals and high net worth (96%)
May 2023 to Mar 2024	$251,053,411	Individuals and high net worth (96%)
Apr 2023	$251,053,411	Individuals and high net worth (96%)
Apr 2022 to Mar 2023	$285,323,337	Individuals and high net worth (95%)

3 earlier changes not shown.

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, the newest measured quarter, never from the firm's own description.

Style

Concentrated

The top 10 positions are 95.1% of the book (60%+)

Turnover

Low turnover

7.5% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 19.4 quarters (12+)

Closest benchmark: every 13F filer's combined book, active share 88.4%; sector active share 82.8% against the combined 13F book's sector weights.

Over time 23 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

47 tracked positions · as of Sep 30, 2026 · Δ vs Jun 30, 2026

Top Position

45.3%

+2.4 pts

Top 5

89.4%

+0.4 pts

Top 10

95.5%

+0.4 pts

HHI

2,665

Highly concentrated+147

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	95.9%	$229,063,967	30
Technology	1.3%	$3,046,686	3
Financial Services	1.1%	$2,620,821	3
Healthcare	0.3%	$783,723	1
Consumer Defensive	0.3%	$753,623	2
Consumer Cyclical	0.3%	$648,333	2
Basic Materials	0.2%	$575,560	1
Communication Services	0.2%	$556,223	2
Industrials	0.1%	$336,477	1
Energy	0.1%	$279,767	1
Utilities	0.1%	$244,111	1

Last Quarter's Activity

Export CSV

Sep 30, 2026 vs Jun 30, 2026

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
SPYM	State Street(R) SPDR(R) Portfolio S&P 500(R) ETF	+31,826	1,183,801	$106,257,977
SPAB	State Street(R) SPDR(R) Portfolio Aggregate Bond ETF	+16,661	32,416	$789,653
SPHY	State Street(R) SPDR(R) Portfolio High Yield Bond ETF	+3,062	49,058	$1,108,220
VB	Vanguard Index Funds	+1,635	149,466	$42,521,582
SPDW	State Street(R) SPDR(R) Portfolio Developed World ex-US ETF	+870	206,932	$10,390,055
GOOGL	Alphabet Inc.	+200	857	$294,876
XOM	ExxonMobil Holdings Corp	+95	1,719	$279,767
NVDA	Nvidia Corp	+9	2,445	$558,389
CAT	Caterpillar Inc	+5	415	$336,477
No positions match the current search.

Trimmed

Positions the filer reduced

22 positions

Ticker	Company	Δ Shares	Shares	Value
FNDX	Schwab Fundamental U.S. Large Company ETF	−4,946	9,787	$307,996
AVDE	Avantis International Equity ETF	−2,245	23,358	$2,104,789
IWB	iShares Russell 1000 ETF	−1,828	25,337	$10,543,485
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX FUND	−1,232	3,842	$596,278
WMT	Walmart Inc.	−862	2,553	$265,307
DEXC	Dimensional Emerging Markets ex China Core Equity ETF	−814	428,815	$34,172,138
USMV	iShares MSCI USA Min Vol Factor ETF	−712	4,342	$423,084
AMZN	Amazon Com Inc	−635	1,683	$419,319
MSFT	Microsoft Corp	−600	2,414	$1,238,140
AAPL	Apple Inc.	−499	3,754	$1,250,157
IWF	iShares Russell 1000 Growth ETF	−345	16,218	$2,031,466
ABBV	AbbVie Inc.	−307	2,996	$783,723
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	−272	1,830	$684,859
—		−238	11,093	$0
HD	Home Depot, Inc.	−181	805	$229,014
SXT	Sensient Technologies Corp	−148	4,403	$575,560
JPM	Jpmorgan Chase & Co	−129	730	$241,505
BRK-B	Berkshire Hathaway Inc	−65	4,070	$2,026,656
VONE	VANGUARD RUSSELL 1000 INDEX FUND	−37	21,135	$7,270,440
IWD	iShares Russell 1000 Value ETF	−35	3,914	$970,398
IVV	iShares Core S&P 500 ETF	−23	2,213	$1,694,826
SPEM	State Street(R) SPDR(R) Portfolio Emerging Markets ETF	−3	28,754	$1,488,307
No positions match the current search.

New Positions

Positions the filer opened this quarter

1 positions

Ticker	Company	Shares	Value	Open
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	25,100	$1,188,736
No positions match the current search.

Sold Out

Positions the filer fully exited

3 positions

Ticker	Company	Shares	Value
VOE	VANGUARD MID-CAP VALUE INDEX FUND	1,277	$252,335
VOO	VANGUARD 500 INDEX FUND	335	$230,081
VEU	Vanguard International Equity Index Funds	2,513	$210,463
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

47 tracked positions · $238,909,291 total · filing declares 47 positions · $240,059,475 · as of Sep 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
SPYM	State Street(R) SPDR(R) Portfolio S&P 500(R) ETF	Added	1,183,801	+31,826	$106,257,977	+5.0%	44.48%
VB	Vanguard Index Funds	Added	149,466	+1,635	$42,521,582	−5.1%	17.80%
DEXC	Dimensional Emerging Markets ex China Core Equity ETF	Reduced	428,815	-814	$34,172,138	−3.7%	14.30%
IWB	iShares Russell 1000 ETF	Reduced	25,337	-1,828	$10,543,485	−5.2%	4.41%
SPDW	State Street(R) SPDR(R) Portfolio Developed World ex-US ETF	Added	206,932	+870	$10,390,055	+0.1%	4.35%
VONE	VANGUARD RUSSELL 1000 INDEX FUND	Reduced	21,135	-37	$7,270,440	+1.4%	3.04%
AVDE	Avantis International Equity ETF	Reduced	23,358	-2,245	$2,104,789	−7.8%	0.88%
IWF	iShares Russell 1000 Growth ETF	Reduced	16,218	-345	$2,031,466	−1.2%	0.85%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	4,070	-65	$2,026,656	−2.1%	0.85%
IVV	iShares Core S&P 500 ETF	Reduced	2,213	-23	$1,694,826	+1.2%	0.71%
SPEM	State Street(R) SPDR(R) Portfolio Emerging Markets ETF	Reduced	28,754	-3	$1,488,307	−0.0%	0.62%
AAPL	Apple Inc. Technology	Reduced	3,754	-499	$1,250,157	+1.6%	0.52%
MSFT	Microsoft Corp Technology	Reduced	2,414	-600	$1,238,140	+10.1%	0.52%
VTEB	VANGUARD TAX-EXEMPT BOND INDEX FUND	NEW	25,100	NEW	$1,188,736	NEW	0.50%
SPHY	State Street(R) SPDR(R) Portfolio High Yield Bond ETF	Added	49,058	+3,062	$1,108,220	+2.8%	0.46%
VEA	Vanguard FTSE Developed Markets ETF	Held	15,092	0	$1,065,646	−0.9%	0.45%
IWD	iShares Russell 1000 Value ETF	Reduced	3,914	-35	$970,398	+1.4%	0.41%
SPAB	State Street(R) SPDR(R) Portfolio Aggregate Bond ETF	Added	32,416	+16,661	$789,653	+96.4%	0.33%
ABBV	AbbVie Inc. Healthcare	Reduced	2,996	-307	$783,723	−5.7%	0.33%
VTI	VANGUARD TOTAL STOCK MARKET INDEX FUND	Reduced	1,830	-272	$684,859	−12.0%	0.29%
VYM	VANGUARD HIGH DIVIDEND YIELD INDEX FUND	Reduced	3,842	-1,232	$596,278	−25.6%	0.25%
SXT	Sensient Technologies Corp Basic Materials	Reduced	4,403	-148	$575,560	+2.6%	0.24%
SPY	Spdr S&P 500 ETF Trust	Held	744	0	$567,396	+2.1%	0.24%
NVDA	Nvidia Corp Technology	Added	2,445	+9	$558,389	+14.6%	0.23%
COKE	Coca-Cola Consolidated, Inc. Consumer Defensive	Held	2,580	0	$488,316	−0.9%	0.20%
IWM	iShares Russell 2000 ETF	Held	1,732	0	$481,305	−7.5%	0.20%
VWO	VANGUARD EMERGING MARKETS STOCK INDEX FUND	Held	7,990	0	$473,886	−0.6%	0.20%
USMV	iShares MSCI USA Min Vol Factor ETF	Reduced	4,342	-712	$423,084	−13.2%	0.18%
BSCR	Invesco BulletShares 2027 Corporate Bond ETF	Held	21,549	0	$421,175	−0.4%	0.18%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	1,683	-635	$419,319	−24.1%	0.18%
BSCS	Invesco BulletShares 2028 Corporate Bond ETF	Held	20,734	0	$417,375	−1.2%	0.17%
BSCT	Invesco BulletShares 2029 Corporate Bond ETF	Held	22,730	0	$413,686	−2.0%	0.17%
L	Loews Corp Financial Services	Held	3,377	0	$352,660	−7.8%	0.15%
AVEM	Avantis Emerging Markets Equity ETF	Held	3,706	0	$348,438	−2.6%	0.15%
CAT	Caterpillar Inc Industrials	Added	415	+5	$336,477	−22.9%	0.14%
VTWO	VANGUARD RUSSELL 2000 INDEX FUND	Held	2,947	0	$330,771	−7.6%	0.14%
FNDX	Schwab Fundamental U.S. Large Company ETF	Reduced	9,787	-4,946	$307,996	−32.8%	0.13%
GOOGL	Alphabet Inc. Communication Services	Added	857	+200	$294,876	+25.6%	0.12%
XOM	ExxonMobil Holdings Corp Energy	Added	1,719	+95	$279,767	+26.0%	0.12%
WMT	Walmart Inc. Consumer Defensive	Reduced	2,553	-862	$265,307	−31.4%	0.11%
GOOG	Alphabet Inc. Communication Services	Held	767	0	$261,347	−3.6%	0.11%
SO	Southern Co Utilities	Held	2,945	0	$244,111	−13.4%	0.10%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	730	-129	$241,505	−14.1%	0.10%
HD	Home Depot, Inc. Consumer Cyclical	Reduced	805	-181	$229,014	−34.1%	0.10%
		Held	1,155	0	$0	−100.0%	0.00%
		Reduced	11,093	-238	$0	−100.0%	0.00%
		Held	1,487	0	$0	−100.0%	0.00%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.