Ansys 14 5 Calc Exelon5/5/2021
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.
Ansys 14 5 Calc Exelon Code Date OfChurchill Principal Executive Officer Brown Advisory Funds 901 South Bond Street Suite 400 Baltimore, MD 21231 (Name and address of agent for service) (410) 537-5400 Registrants telephone number, including area code Date of fiscal year end: June 30 Date of reporting period: June 30, 2018 Item 1.ANNUAL REPORT June 30, 2018 Brown Advisory Growth Equity Fund Brown Advisory Flexible Equity Fund Brown Advisory Equity Income Fund Brown Advisory Sustainable Growth Fund Brown Advisory Mid-Cap Growth Fund Brown Advisory Small-Cap Growth Fund Brown Advisory Small-Cap Fundamental Value Fund Brown Advisory Global Leaders Fund Brown Advisory Intermediate Income Fund Brown Advisory Total Return Fund Brown Advisory Strategic Bond Fund Brown Advisory Sustainable Bond Fund Brown Advisory Maryland Bond Fund Brown Advisory Tax Exempt Bond Fund Brown Advisory Mortgage Securities Fund Brown Advisory WMC Strategic European Equity Fund Brown Advisory WMC Japan Alpha Opportunities Fund Brown Advisory Somerset Emerging Markets Fund Brown Advisory Macquarie Asia New Stars Fund Brown Advisory Beutel Goodman Large-Cap Value Fund TABLE OF CONTENTS Brown Advisory Growth Equity Fund 1 Brown Advisory Flexible Equity Fund 5 Brown Advisory Equity Income Fund 9 Brown Advisory Sustainable Growth Fund 13 Brown Advisory Mid-Cap Growth Fund 17 Brown Advisory Small-Cap Growth Fund 21 Brown Advisory Small-Cap Fundamental Value Fund 27 Brown Advisory Global Leaders Fund 31 Brown Advisory Intermediate Income Fund 35 Brown Advisory Total Return Fund 40 Brown Advisory Strategic Bond Fund 47 Brown Advisory Sustainable Bond Fund 56 Brown Advisory Maryland Bond Fund 61 Brown Advisory Tax Exempt Bond Fund 67 Brown Advisory Mortgage Securities Fund 73 Brown Advisory WMC Strategic European Equity Fund 84 Brown Advisory WMC Japan Alpha Opportunities Fund 88 Brown Advisory Somerset Emerging Markets Fund 94 Brown Advisory Macquarie Asia New Stars Fund 97 Brown Advisory Beutel Goodman Large-Cap Value Fund 101 Statements of Assets and Liabilities 105 Statements of Operations 110 Statements of Changes in Net Assets 115 Financial Highlights 125 Notes to Financial Statements 132 Report of Independent Registered Public Accounting Firm 148 Additional Information 149 The views in the report contained herein were those of the Funds investment adviser, Brown Advisory LLC, or, for the sub-advised funds, of the respective sub-adviser, as of June 30, 2018 and may not reflect their views on the date this report is first published or anytime thereafter. All current and future holdings are subject to risk and are subject to change. While these views are intended to assist shareholders in understanding their investment in each Fund, they do not constitute investment advice, are not a guarantee of future performance and are not intended as an offer or solicitation with respect to the purchase or sale of any security. Performance figures include the reinvestment of dividend and capital gain distributions. The Global Industry Classification Standard (GICS ) was developed by and is the exclusive property of MSCI, Inc. TOPIX Index Values and TOPIX Marks are subject to the proprietary rights owned by the Tokyo Stock Exchange, Inc. GLOSSARY OF TERMS Alpha refers to the abnormal rate of return on a security or portfolio in excess of what would be predicted by an equilibrium model like the capital asset pricing model (CAPM). Bloomberg Barclays 1-10 Year Blended Municipal Bond Index is a market index of high quality, domestic fixed income securities with maturities of less than 10 years. Bloomberg Barclays Intermediate US Aggregate Bond Index represents domestic taxable investment-grade bonds with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities with average maturities and durations in the intermediate range. This index represents a sector of the Bloomberg Barclays US Aggregate Bond Index. Bloomberg Barclays Mortgage Backed Securities Index is a market value-weighted index which covers the mortgage-backed securities component of the Bloomberg Barclays US Aggregate Bond Index. The index is composed of agency mortgage-backed passthrough securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum 150 million par amount outstanding and a weighted-average maturity of at least 1 year. Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS, ABS and CMBS. Bloomberg Barclays US Corporate High Yield Index measures the US Dollar denominated, high-yield, fixed-rate corporate bond market. Basis point(s) (bps) is a unit that is equal to 1100th of 1, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Book value is the net asset value of a company, calculated by total assets minus intangible assets (patents, goodwill) and liabilities. Ansys 14 5 Calc Exelon Upgrade Physical AssetsCAPEX, or capital expenditures, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. It is often used to undertake new projects or investments by the firm. This type of outlay is also made by companies to maintain or increase the scope of their operations. Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g.
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