9AT: BROWN CAPITAL MANAGEMENT, LLC

Adviser Profile

As of Date	07/13/2026
Registration	SEC, Approved, 07/14/1983
ADV Location	BALTIMORE, MD, United States
Contact Info	410 xxxxxxx
Websites

AUM^*	4,536,497,889 -58%
of that, discretionary	4,536,497,889 -58%
Number of Employees	37
of those in investment advisory functions	13 -19%
Private Fund GAV^*	0
Avg Account Size	137,469,633 56%
% High Net Worth	3.03% -87%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- High net worth individuals
- Investment companies
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser THE EDGAR LOMAX COMPANY	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.4b	#Funds-
Adviser LIQUID STRATEGIES, LLC	Hedge Fund73.3m	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV73.3m	AUM1.4b	#Funds2
Adviser AGINCOURT CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM10.0b	#Funds-
Adviser PROFIT INVESTMENTS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM26.8m	#Funds-
Adviser PITON INVESTMENT MANAGEMENT, LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM927.9m	#Funds-
Adviser KAISER WEALTH MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM36.6m	#Funds-
Adviser NICHOLAS CO INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM6.1b	#Funds-
Adviser BRIDGEWAY CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund29.0m	Total Private Fund GAV29.0m	AUM4.3b	#Funds3
Adviser ETHIC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM7.8b	#Funds-
Adviser STRATEGAS ASSET MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM458.4m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck TickerM20791105	Stock NameCAMTEK LTD	$ Position$94,013,058	% Position13.00%	$ Change-18.00%	# Change-42.00%
Stck TickerM5216V106	Stock NameGLOBAL E ONLINE LTD	$ Position$43,155,633	% Position6.00%	$ Change-54.00%	# Change-42.00%
Stck TickerM2197Q107	Stock NameCELLEBRITE DI LTD	$ Position$37,238,783	% Position5.00%	$ Change	# Change
Stck Ticker377322102	Stock NameGLAUKOS CORP	$ Position$24,764,814	% Position4.00%	$ Change-33.00%	# Change-30.00%
Stck Ticker759916109	Stock NameREPLIGEN CORP	$ Position$20,028,929	% Position3.00%	$ Change-55.00%	# Change-38.00%
Stck Ticker82509L107	Stock NameSHOPIFY INC	$ Position$23,928,382	% Position3.00%	$ Change-40.00%	# Change-19.00%
Stck Ticker902252105	Stock NameTYLER TECHNOLOGIES INC	$ Position$18,120,804	% Position3.00%	$ Change-46.00%	# Change-29.00%
Stck Ticker922475108	Stock NameVEEVA SYS INC	$ Position$20,189,482	% Position3.00%	$ Change-44.00%	# Change-28.00%
Stck Ticker92346J108	Stock NameVERICEL CORP	$ Position$19,060,532	% Position3.00%	$ Change-36.00%	# Change-29.00%
Stck Ticker192422103	Stock NameCOGNEX CORP	$ Position$20,313,116	% Position3.00%	$ Change-12.00%	# Change-35.00%

Brochure Summary

Overview

4. A. Advisory Firm Description Brown Capital Management, LLC (“BCM”) is an independent investment management firm founded in 1983 by Eddie C. Brown. Under Mr. Brown’s leadership, BCM provides professional investment management services to institutions and individuals. BCM’s sole member is Brown Capital Management Holdings, Inc. (“BCM Holdings”). BCM is wholly owned by an Employee Stock Ownership Plan ("ESOP") Trust that allocates shares to all eligible firm employees, making BCM 100% employee owned. Minorities represent at least 73% of the firm’s workforce. BCM’s management implemented the ESOP structure in 2016 to facilitate ownership by employees serving BCM. 4.B. Types of Advisory Services Brown Capital Management offers five distinct investment strategies: 1) U.S. Large Cap, 2) U.S. Mid Company, 3) U.S. Small Company, which includes a Medical/Healthcare All Cap Equity Sector offering, 4) International All Company, and 5) International Small Company. Clients invest in these strategies through

two vehicles, separately managed accounts and mutual funds, with the exception that U.S. Large Cap is only offered as a separately managed account. BCM also serves as a sub-adviser to other managers. 4.C. Client Investment Objectives/Restrictions BCM provides investment services to clients on an individual basis, taking into consideration each client's investment objectives, goals, circumstances, and investment needs. BCM assists clients in understanding their individual risk tolerances and establishing written investment guidelines and objectives appropriate for each client. When selecting securities and determining the total amount to be purchased or sold, BCM observes the investment policies, limitations, and restrictions of the client accounts for which it advises. 4.D. Wrap-Fee Programs BCM does not currently participate in any wrap-fee programs. 4 5 4.E. Assets Under Management as of 12/31/2023: Discretionary basis: $10,743,201,352.00 Non-Discretionary basis: $0

BROWN CAPITAL MANAGEMENT, LLC

BROWN CAPITAL MANAGEMENT, LLC

BROWN CAPITAL MANAGEMENT INC

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BROWN CAPITAL MANAGEMENT, LLC BROWN CAPITAL MANAGEMENT, LLC BROWN CAPITAL MANAGEMENT INC

Related Companies

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

BROWN CAPITAL MANAGEMENT, LLC

BROWN CAPITAL MANAGEMENT, LLC

BROWN CAPITAL MANAGEMENT INC