Brown Financial Advisors

CIK 0002035548 · Q1 2026

13F Equity AUM

$264.0M

-3.4% QoQ

Positions

209

+57 QoQ

AUM Rank

#6,338

Top 51%

Skill Alpha (FF)

—

Building track record (6q)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 16.9%Top 10: 26.8%Top 20: 41.4%

SPYM6.0%

DMBS3.8%

AMZN2.4%

AVDE2.4%

NVDA2.3%

MSFT2.2%

GOOG2.0%

AAPL2.0%

SPDW1.9%

XFIV1.9%

Others (199)73.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services54.5%

Technology11.2%

Healthcare5.6%

Consumer Cyclical5.4%

Consumer Defensive4.7%

Communication Services4.5%

Industrials4.2%

Energy3.4%

Other6.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 209Median: 0.19%Avg: 0.48%

0–0.5%

144(25.5%)

0.5–1%

38(25.8%)

1–3%

25(38.8%)

3–5%

1(3.8%)

5%+

1(6.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 190Unique: 19vs 20 funds

2.6%Low

209

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

BANK OF AMERICA CORP /DE/

3.9%

3.5%

3.7%

5.7%

VANGUARD CAPITAL MANAGEMENT LLC

3.7%

GEODE CAPITAL MANAGEMENT, LLC

3.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New63Increased53Decreased93Exited6

New Positions

AZN0.3%

+4K

EQNR0.2%

+10K

SU0.1%

+6K

PNFP0.1%

+4K

SHEL0.1%

+4K

RJF0.1%

+2K

JD0.1%

+11K

HUM0.1%

+2K

NVSN0.1%

+2K

VOD0.1%

+19K

Increased

DMBS3.8%

+40K(+25%)

XFIV1.9%

+23K(+30%)

BBBS1.4%

+17K(+31%)

XSVN1.3%

+17K(+31%)

XTRE1.1%

+15K(+31%)

PCMM1.0%

+13K(+32%)

PRIV0.6%

+12K(+26%)

XTEN1.0%

+12K(+26%)

DABS1.4%

+12K(+19%)

JAAA1.5%

+11K(+17%)

Decreased

SPYI0.7%

-82,896(-69%)

IGTR0.1%

-61,326(-88%)

GSY0.8%

-34,394(-44%)

UYLD0.8%

-33,811(-44%)

SPAB0.5%

-29,745(-37%)

BKR0.4%

-6,450(-27%)

LUV0.3%

-5,481(-21%)

NVDA2.3%

-4,338(-11%)

DYH0.8%

-3,409(-16%)

CHV1.0%

-3,272(-20%)

Exited

-113,115

-101,273

-24,312

-5,714

-7,609

-10,372

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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