XML 37 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Brown Advisory Sustainable Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Brown Advisory Sustainable Growth Fund (the “Fund”) seeks capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.  During the most recent fiscal year, the portfolio turnover rate for the Fund was 30% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 30.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  This example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of each period.  The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Brown Advisory Sustainable Growth Fund seeks to achieve capital appreciation. To achieve its objective, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of environmentally sustainable domestic companies.  The Fund invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the “Adviser”) believes (1) have prospects for above average earnings growth in the future, and (2) effectively implement environmentally sustainable business strategies to drive their earnings growth.  Medium and large capitalization companies are, according to the Adviser, those companies with market capitalizations generally greater than $2 billion at time of purchase.  The Fund may also invest a portion of the portfolio in equity securities of small market capitalization companies. The equity securities in which the Fund principally invests are common stocks.  Furthermore, the Fund may invest up to 15% of assets in foreign securities (including American Depositary Receipts (“ADRs”)), which may include emerging markets securities. ADRs may be either sponsored or unsponsored.

The Adviser defines environmentally sustainable companies as:

(1)      Companies whose internal environmental strategies are driving tangible business benefits, such as revenue growth, cost improvements, enhanced franchise value, or risk mitigation;

(2)      Companies whose products have a competitive advantage as a result of environmentally-efficient design or manufacturing; or

(3)      Companies whose products or services offer solutions to environmental problems.

The Adviser may sell a security or reduce its position for a number of reasons, including:

     ●
The fundamental investment or environmental thesis is violated;

     ●
A more attractively priced security is found; or

     ●
The security becomes overvalued relative to the Adviser’s long-term expectations.

In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.  A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance.  The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.
Risk [Heading] rr_RiskHeading Principal Investment Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.  An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  The following are the principal risks that could affect the value of your investment:

  
American Depositary Receipts (“ADRs”) Risk.   ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees.  Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders.  Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through.

  
Environmental Policy Risk.   The Fund’s investment focus on environmental factors could cause it to make or avoid investments that could result in the Fund underperforming similar funds that do not have an environmental focus.

Equity and General Market Risk .  Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value.  The stock market may experience declines or stocks in the Fund’s portfolio may not increase their earnings at the rate anticipated.  The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities.

Foreign Securities Risk. The Fund may invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments, accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject, limited information about foreign companies, less liquidity in foreign markets and less protection to the shareholders in foreign markets.

Emerging Markets Risk.   The Fund may invest in emerging markets, which may carry more risk than investing in developed foreign markets.  Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector.

Growth Company Risk. Securities of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general.

Management Risk.   The Fund may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.

Small and Medium Company Risk.   The Fund may invest in small and medium capitalization companies that may not have the size, resources and other assets of large capitalization companies.  As a result, the securities of small and medium capitalization companies held by the Fund may be subject to greater market risks and fluctuations in value than large capitalization companies or may not correspond to changes in the stock market in general.
Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance Information
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following performance information provides some indication of the risks of investing in the Fund.  The bar chart shows the Fund’s performance of Investor Shares.  The table shows how the average annual returns of the Investor Shares, Advisor Shares and Institutional Shares for one year and since inception compare to a broad-based market index.  Advisor Shares and Institutional Shares have not  yet commenced operations.

Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.  Updated performance information is available online at www.brownadvisoryfunds.com or by calling 800-540-6807 (toll free).
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information provides some indication of the risks of investing in the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-540-6807
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.brownadvisoryfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.
Bar Chart [Heading] rr_BarChartHeading Brown Advisory Sustainable Growth Fund - Investor Shares Calendar Year Total Return
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
The Fund’s calendar year-to-date total return as of September 30, 2014 was 1.22%.  During the period shown in the chart, the highest quarterly return was 11.79% (for the quarter ended September 30, 2013) and the lowest quarterly return was 0.43% (for the quarter ended June 30, 2013).
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2014
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.22%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest quarterly return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2013
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.79%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest quarterly return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.43%
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deduction for fees, expenses and taxes)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown for Investor Shares only. After-tax returns for Advisor Shares and Institutional Shares will vary.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.  After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.  After-tax returns are shown for Investor Shares only.  After-tax returns for Advisor Shares and Institutional Shares will vary.
Caption rr_AverageAnnualReturnCaption Brown Advisory Sustainable Growth Fund Average Annual Total Returns
Russell 1000® Growth Index (reflects no deduction for fees, expenses and taxes)
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Russell 1000 ® Growth Index (reflects no deduction for fees, expenses and taxes)
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.48%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 24.88%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 29, 2012
Institutional Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a % of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) imposed on Redemptions (as a % of the sale price) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Exchange Fee (as a % of amount exchanged on shares held for 14 days or less) rr_ExchangeFeeOverRedemption 1.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.77%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 79
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 246
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 428
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 954
Label rr_AverageAnnualReturnLabel Institutional Shares - Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.55%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 26.07%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 29, 2012
Investor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a % of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) imposed on Redemptions (as a % of the sale price) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Exchange Fee (as a % of amount exchanged on shares held for 14 days or less) rr_ExchangeFeeOverRedemption 1.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.92%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 94
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 293
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 509
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,131
Annual Return 2013 rr_AnnualReturn2013 33.30%
Label rr_AverageAnnualReturnLabel Investor Shares - Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 33.30%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 25.84%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 29, 2012
Investor Shares | After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Shares - Return After Taxes on Distributions
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.96%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 25.61%
Investor Shares | After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel Investor Shares - Return After Taxes on Distributions and Sale of Fund Shares
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 19.11%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 19.93%
Advisor Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a % of the offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) imposed on Redemptions (as a % of the sale price) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Exchange Fee (as a % of amount exchanged on shares held for 14 days or less) rr_ExchangeFeeOverRedemption 1.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Servicing Fees rr_Component1OtherExpensesOverAssets 0.15%
Other Expenses rr_OtherExpensesOverAssets 0.17%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.17%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 119
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 372
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 644
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 $ 1,420
Label rr_AverageAnnualReturnLabel Advisor Shares - Return Before Taxes
Average Annual Returns, 1 Year rr_AverageAnnualReturnYear01 32.95%
Average Annual Returns, Since Inception rr_AverageAnnualReturnSinceInception 25.54%
Average Annual Returns, Inception Date rr_AverageAnnualReturnInceptionDate Jun. 29, 2012