{
  "crd_number": 105633,
  "slug": "brown-capital-management-llc-baltimore-md-105633",
  "primary_business_name": "BROWN CAPITAL MANAGEMENT, LLC",
  "legal_name": "BROWN CAPITAL MANAGEMENT, LLC",
  "dbas": [],
  "city": "Baltimore",
  "state": "MD",
  "country": "United States",
  "cbsa_code": "12580",
  "metro": {
    "cbsa_code": "12580",
    "common_name": "Baltimore",
    "msa_name": "Baltimore-Columbia-Towson, MD",
    "path": "/advisors/md/baltimore"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "1983-07-14",
  "years_registered": 43,
  "period": "2026-10-01",
  "filing_date": "2026-07-13",
  "carried_forward": false,
  "raum_total": 4536497889.0,
  "raum_discretionary": 4536497889.0,
  "raum_non_discretionary": 0.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 37,
  "advisory_employees": 13,
  "client_count_bucket": null,
  "clients_by_type": {
    "charitable": {
      "raum": 402259044.0,
      "count": 10
    },
    "state_municipal": {
      "raum": 1165122256.0,
      "count": 11
    },
    "insurance_companies": {
      "raum": 50259477.0,
      "count": 1
    },
    "investment_companies": {
      "raum": 2496911582.0,
      "count": 3
    },
    "pension_profit_sharing": {
      "raum": 63892500.0,
      "count": 2
    },
    "high_net_worth_individuals": {
      "raum": 1994276.0,
      "count": 1
    },
    "corporations_other_businesses": {
      "raum": 356058754.0,
      "count": 5
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_businesses_institutional",
    "portfolio_management_individuals",
    "portfolio_management_investment_companies"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 1,
  "states_registered": [
    "IL",
    "LA",
    "MD",
    "NY",
    "TX"
  ],
  "websites": [
    "https://browncapital.com",
    "https://linkedin.com/company/brown-capital-management"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105633",
  "disclosure_items": [
    {
      "item": "11.G",
      "question": "Is the firm or an advisory affiliate now the subject of a regulatory proceeding that could result in a yes answer to any part of 11.C, 11.D, or 11.E?"
    }
  ],
  "city_as_filed": "BALTIMORE",
  "url": "https://advisorcensus.com/firm/brown-capital-management-llc-baltimore-md-105633",
  "display_name": "Brown Capital Management, LLC",
  "summary": "Brown Capital Management, LLC is an SEC-registered investment advisory firm in Baltimore, MD, registered since 1983, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated July 13, 2026.",
  "citation": "AdvisorCensus. Brown Capital Management, LLC (CRD 105633): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for individuals and/or small businesses",
    "Portfolio management for investment companies (and business development companies)",
    "Portfolio management for businesses (other than small businesses) or institutional clients"
  ],
  "quick_answers": [
    {
      "q": "How is Brown Capital Management, LLC compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Brown Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees."
    },
    {
      "q": "Where is Brown Capital Management, LLC located?",
      "a": "Brown Capital Management, LLC's principal office is in Baltimore, MD, according to its Form ADV."
    },
    {
      "q": "Is Brown Capital Management, LLC registered with the SEC or a state?",
      "a": "Brown Capital Management, LLC is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 105633."
    },
    {
      "q": "How much does Brown Capital Management, LLC manage?",
      "a": "Brown Capital Management, LLC reports $4,536,497,889 in regulatory assets under management in its Form ADV filing dated July 13, 2026 (100% discretionary)."
    },
    {
      "q": "How have Brown Capital Management, LLC's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Brown Capital Management, LLC: Regulatory assets under management: $18,483,780,636 in the October 2021 data and $4,536,497,889 in the October 2026 data, down 75%. Total employees: 36 in October 2021 and 37 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Brown Capital Management, LLC serve?",
      "a": "By number of clients on Form ADV Item 5.D: state or municipal government entities (including government pension plans) (11); charitable organizations (10); corporations or other businesses not listed above (5)."
    },
    {
      "q": "Which custodians does Brown Capital Management, LLC use?",
      "a": "Brown Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists BNY Mellon, J.P. Morgan Chase, Northern Trust and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets."
    },
    {
      "q": "Does Brown Capital Management, LLC report any disciplinary disclosures?",
      "a": "Reports 1 disclosure item on Form ADV Item 11: yes answers to 11.G (pending regulatory proceeding). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105633"
    },
    {
      "q": "What changed in Brown Capital Management, LLC's recent Form ADV filings?",
      "a": "In the August 2026 filing data: Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 18483780636.0,
      "total_employees": 36,
      "filing_date": "2021-09-20"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 17575999316.0,
      "total_employees": 38,
      "filing_date": "2022-04-05"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 10614900878.0,
      "total_employees": 38,
      "filing_date": "2023-07-31"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 10743201352.0,
      "total_employees": 37,
      "filing_date": "2024-03-29"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 8098760315.0,
      "total_employees": 36,
      "filing_date": "2025-03-28"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 4536497889.0,
      "total_employees": 37,
      "filing_date": "2026-07-13"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-08-01",
      "period_label": "August 2026",
      "notes": [
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-04-01",
      "period_label": "April 2026",
      "notes": [
        "Employees performing advisory functions went from 14 to 13.",
        "Regulatory assets under management went from $8,098,760,315 to $4,536,497,889 (-44%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    },
    {
      "period": "2026-03-01",
      "period_label": "March 2026",
      "notes": [
        "Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.G)."
      ]
    },
    {
      "period": "2026-01-01",
      "period_label": "January 2026",
      "notes": [
        "No longer registered or notice-filed in DC."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [
    {
      "name": "BNY Mellon",
      "name_as_filed": "BNY MELLON",
      "affiliated": false
    },
    {
      "name": "J.P. Morgan Chase",
      "name_as_filed": "J.P. MORGAN CHASE",
      "affiliated": false
    },
    {
      "name": "Northern Trust",
      "name_as_filed": "NORTHERN TRUST",
      "affiliated": false
    },
    {
      "name": "State Street Bank and Trust Company",
      "name_as_filed": "STATE STREET BANK AND TRUST COMPANY",
      "affiliated": false
    }
  ],
  "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.",
  "markdown_url": "https://advisorcensus.com/firm/brown-capital-management-llc-baltimore-md-105633.md",
  "clients": [
    {
      "type": "high_net_worth_individuals",
      "label": "High net worth individuals",
      "count": 1,
      "fewer_than_5": false,
      "raum": 1994276.0
    },
    {
      "type": "investment_companies",
      "label": "Investment companies",
      "count": 3,
      "fewer_than_5": false,
      "raum": 2496911582.0
    },
    {
      "type": "pension_profit_sharing",
      "label": "Pension and profit sharing plans (but not the plan participants or government pension plans)",
      "count": 2,
      "fewer_than_5": false,
      "raum": 63892500.0
    },
    {
      "type": "charitable",
      "label": "Charitable organizations",
      "count": 10,
      "fewer_than_5": false,
      "raum": 402259044.0
    },
    {
      "type": "state_municipal",
      "label": "State or municipal government entities (including government pension plans)",
      "count": 11,
      "fewer_than_5": false,
      "raum": 1165122256.0
    },
    {
      "type": "insurance_companies",
      "label": "Insurance companies",
      "count": 1,
      "fewer_than_5": false,
      "raum": 50259477.0
    },
    {
      "type": "corporations_other_businesses",
      "label": "Corporations or other businesses not listed above",
      "count": 5,
      "fewer_than_5": false,
      "raum": 356058754.0
    }
  ],
  "disclosure_line": "Reports 1 disclosure item on Form ADV Item 11.",
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/105633",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}