Jim Dugan

Provides insurance services

Brown Investment Advisory offers a variety of investment strategies including Large-Cap Growth, Large-Cap Value, Small-Cap Growth and Fixed-Income. In addition, the firm works with other asset management firms to offer clients access to other strategies including US Small-Cap Value Equity, International Equity, hedge funds-of-funds, alternative asset classes, venture capital funds, buy-out private equity funds, real estate funds and a variety of co-investments. Brown's large-cap growth strategy seeks to invest in diversified portfolios of companies with superior fundamentals, strong, sustainable revenue and earnings growth and attractive valuations. They invest in US large-cap growth stocks and typically hold them for several years. Brown employs fundamental research to select securities and sectors that offer highly competitive, tax-efficient returns. They seek to identify market-leading companies or companies with the potential to become market leaders. They look for rich product cycles, large, growing markets, strong cash flow, proprietary products/services and productive new product development efforts. Brown also looks for growth stock development that occurs after the initial phase of growth in which a catalyst causes rejuvenated growth. Brown's Large-Cap Value strategy seeks to identify out-of-favor situations with downside risk of no more than 20% and upside potential of at least 40%. They look for sound, financially strong, growing companies with proven shareholder-sensitive management. Their strategy is multi-cap, with a minimum market-cap of $500 million and no maximum. Companies should have above average earnings growth, above average profitability and below average valuations. Investments are diversified across a wide range of industries. The firm employs a bottom-up portfolio construction process that is based on the specific attractiveness of each holding. The firm's Small-Cap Growth strategy seeks to invest early and hold investments for the long-term. Brown looks for companies with large business opportunities relative to the company's size and proprietary technology, products, services or distribution systems. Management must have a clear, measurable plan to produce sustainable earnings growth of more than 20% a year. At the time of purchase, stocks must have a market-cap of not more than the largest company in the Russell 2000 Growth Index. Brown actively manages fixed-income portfolios. They employ a disciplined investment process that seeks to exploit changes in sector spreads, security valuations, interest rate trends and yield curve dynamics.

Cavanaugh Capital Management (CCM) focuses on the management of fixed-income investments that generate income, provide stability of principal and/or to complement allocations to more volatile investments. The firm's fixed-income management style is based on relative value (sector rotation). Their disciplined, quantitative process is applied to the construction and management of both taxable and tax-exempt fixed-income portfolios. CCM focuses on generating incremental return in terms of both income and total return relative to incremental risk. They seek to optimize fixed-income portfolio returns within each client's risk tolerance. CCM conducts in-house research, utilizing state-of-the-art information and reporting systems. The firm emphasizes balance and diversification in their portfolios and does not rely upon market-timing strategies. CCM structures municipal bond portfolios to meet each client's need for high after-tax returns, while ensuring safety of principal. The firm seeks to limit price volatility in changing interest rate environments. CCM is an active bond manager, continuously evaluating the bonds held in clients' portfolios against new opportunities. Their tax-exempt strategy seeks to exploit opportunities in the primary and secondary markets. The firm relies on rigorous bond analysis that evaluates each bond's underlying credit, the financial condition of the issuer, the status of the regional economy and the specific call and sinking fund provisions under each indenture. CCM diversifies each portfolio's holdings by bond characteristics, geography, sectors and issues. The firm's tax-exempt portfolios include, but are not limited to, intermediate municipals and broad municipals. The firm actively manages taxable bond portfolios to optimize total returns, while striving to limit price volatility and reinvestment risk. CCM's taxable bond strategy is designed to perform regardless of changing interest rate environments and to deliver consistent income while preserving and enhancing principal. The firm uses a variety of taxable fixed-income securities including Treasuries, agencies, MBS, AMS, corporates, taxable municipal bonds and cash equivalents. The firm often uses taxable municipal bonds as an alternative to corporate bond investments. Investment decisions are based on thorough analysis of credit quality and industry conditions for each position. Each issue is reviewed to determine cash flow and fundamental asset values. As conditions change within an industry, a state or local government, or the economy in general, CCM redeploys portfolio assets to enhance performance and avoid risk. Types of taxable portfolios include, but are not limited to, core fixed-income (SRI) composite, limited duration composite and enhanced cash composite. CCM's equity indexing strategy invests in a combination of equity index funds and ETFs, rather than selecting active equity managers. Their passive equity management strategy offers exposure to domestic and international, large-, mid- and small-cap companies. CCM's equity portfolios include, but are not limited to, the multi-asset class (MAC) strategy and the equity-only strategy.

Functions as a College/University

Brown Advisory provides investment management services through various investment vehicles including mutual funds, separate accounts and private funds. The firm employs a bottom-up, fundamental research approach in their security selection process. Their strategies strive to outperform their respective benchmarks over the long term.