Mutual Fund Analysis

Cullen High Dividend Equity Retail        CHDEX        US OE Large Value        35        8/1/2003

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Top 3 Industries:         Financials | Health Care | Consumer Staples

Top 3 Holdings:        JPMorgan Chase | Johnson & Johnson | 3M

Portfolio Structure: Diversification across 30-40 stocks and 15-25 industries.

1 Year Beta: 0.89 | 1 Year SD: 10.16 | Total Return in 12mo: -0.11% / S&P 500 index TR: +7.42%

Investment Philosophy: a) Investing in the lowest P/E and P/B ratios. b) Investing for the long term.

Brown Advisory Growth Equity Inv        BIAGX        US OE Large Growth     33        6/28/1999

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Top 3 Industries: Consumer Discretionary | Consumer Staples | Energy

Top 3 Holdings: Amazon.com | Starbucks | Charles Schwab

Portfolio Structure: Information Technology and Healthcare make up over 50%

34 Stocks

BBH Core Select N                                     BBTEX        US OE Large Blend         32       11/2/1998

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BBH Core Select hasn't exactly set the world on fire during the past few years. Its returns ranked in the bottom quartile of the large-blend Morningstar Category in both 2013 and 2014, despite gains of 27% and 8%, and it landed in the bottom decile in the first half of 2015.