Brown Advisory - Somerset Emerging Markets (BIAQX) Fund Profile

Somerset Emerging Markets Fund Fact Sheet


The Brown Advisory - Somerset Emerging Markets Equity Fund seeks to achieve total return by investing principally in equity securities issued by companies established or operating in emerging markets.


The Fund invests primarily in the common stock of large-cap equity securities, issued by companies established or operating in emerging markets. Stock selection is driven by bottom-up primary research. Typically, stocks are purchased with the intent of owning them for a multi-year period.


The Fund invests in what, in our opinion, are well-capitalized, large-cap companies that have paid consistent, above-average dividends and demonstrate the potential for long-term growth. The managers prioritize dividend growth as a factor in stock selection. They believe that stocks with consistent dividend growth have the potential to produce attractive compounded returns over time. They also believe that a company's commitment to shareholder-friendly dividend policies may be an indicator of strong corporate governance relative to the emerging market universe. Using this approach, the managers believe the strategy offers investors the potential for attractive risk-adjusted returns within an inherently volatile market.



(As of March 31, 2017) 3-month 1-year 3-year 5-year 10-year Since Inception
Somerset Emerging Markets
Fund (Inv.)
9.39% 8.14% 0.42% NA N/A -0.55%
MSCI Emerging Markets Index 11.45% 17.22% 1.18% NA N/A 0.43%


Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Click here for the monthly and quarterly performance information.

Performance data does not reflect the 1.00% fee on shares redeemed or exchanged within 14 days of purchase, and if it had, returns would be lower.


Top 10 Holdings

(As of December 31, 2016)
1. Otp Bank Plc 5.8%
2. Cash 5.1%
3. SK Hynix Inc 4.9%
4. Samsung Fire and Marine INS 4.3%
5. HCL Technologies 4.1%
6. HSBC Holdings PLC (HK) 3.9%
7. MOL Hungarian Oil and Gas PLC 3.3%
8. Porto Seguro Sa 3.3%
9. Shoprite Holdings Ltd 3.2%
10. Pou Chen 3.0%



(As of December 31, 2016)
Dividend Yield   2.6%
P/E (Historical)   14.8x
Weighted Average Market Cap   $27.8 B
Unsubsidized 30 Day SEC Yield   1.5%


Sector Exposure

(As of December 31, 2016)
Energy   6.0%
Materials   0.2%
Health Care   0.0%
Consumer Discretionary   7.9%
Consumer Staples   20.2%
Industrials   0.0%
Financials   34.6%
Information Technology   18.8%
Real Estate   0.0%
Telecom Services   7.1%
Utilities   5.3%
Total   100.0%


*The minimum investment requirements are waived for qualified retirement plans under Section 401(a) of the Internal Revenue Code ("IRC"), and plans operating consistent with 403(a), 403(b), 408, 408(A), 457, 501(c) and 223(d) of the IRC.

Diversification does not assume a profit nor protect against loss in a declining market.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Click here for index and financial term definitions.

Edward Lam is the Lead Manager of the Dividend Growth Fund at Somerset Capital Management, the sub-adviser of the Brown Advisory Emerging Markets Fund. Edward joined the sub-adviser in November 2007 as Head of EMEA and in 2008 became responsible for managing the research process. Prior to joining the firm, Edward was a senior analyst at Lloyd George Management covering Asia for GEM mandates with a special focus on Taiwan. Edward is a graduate of Downing College, Cambridge.

Mr. Robertson is a co-manager of the Brown Advisory - Somerset Emerging Markets Fund, lead manager of the Somerset Large-Cap Fund and co-manager for all other Somerset products. He originally worked in Hong Kong and London before joining Lloyd George Management in 1999 where he built the firm's emerging markets products. He managed a well-regarded Russia-focused fund, the Russian Fund - SIBINCo and co-founded Somerset Capital in April 2007. Mr. Robertson is a graduate of the University of East Anglia.

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