# Brown Capital Management, LLC

> 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.

- CRD: 105633
- Filed as: BROWN CAPITAL MANAGEMENT, LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Baltimore, MD
- Filing period: October 2026
- Form ADV filing dated: July 13, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/105633
- AdvisorCensus page: https://advisorcensus.com/firm/brown-capital-management-llc-baltimore-md-105633

## Quick answers

**How is Brown Capital Management, LLC compensated?**
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. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Brown Capital Management, LLC located?**
Brown Capital Management, LLC's principal office is in Baltimore, MD, according to its Form ADV.

**Is Brown Capital Management, LLC registered with the SEC or a state?**
Brown Capital Management, LLC is an SEC-registered investment advisory firm, registered since 1983. Status as filed: Approved. CRD 105633.

**How much does Brown Capital Management, LLC manage?**
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).

**How have Brown Capital Management, LLC's assets and staff changed since 2021?**
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.

**What types of clients does Brown Capital Management, LLC serve?**
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).

**Which custodians does Brown Capital Management, LLC use?**
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.

**Does Brown Capital Management, LLC report any disciplinary disclosures?**
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

**What changed in Brown Capital Management, LLC's recent Form ADV filings?**
In the August 2026 filing data: Updated its list of owners and control persons (Schedule A).

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- BNY Mellon
- J.P. Morgan Chase
- Northern Trust
- State Street Bank and Trust Company

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.

### Regulatory assets under management (Item 5.F)
- Total: $4,536,497,889
- Discretionary: $4,536,497,889
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| High net worth individuals | 1 | $1,994,276 |
| Investment companies | 3 | $2,496,911,582 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 2 | $63,892,500 |
| Charitable organizations | 10 | $402,259,044 |
| State or municipal government entities (including government pension plans) | 11 | $1,165,122,256 |
| Insurance companies | 1 | $50,259,477 |
| Corporations or other businesses not listed above | 5 | $356,058,754 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 1983 (43 years)
- Employees: 37 total, 13 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: IL, LA, MD, NY, TX
- Disclosures (Item 11): Reports 1 disclosure item on Form ADV Item 11.

### Item 11 questions answered yes
- 11.G: 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?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/105633

### Websites listed on Form ADV (Item 1.I)
- browncapital.com
- LinkedIn @brown-capital-management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $18,483,780,636 | 36 | September 20, 2021 |
| October 2022 | $17,575,999,316 | 38 | April 5, 2022 |
| October 2023 | $10,614,900,878 | 38 | July 31, 2023 |
| October 2024 | $10,743,201,352 | 37 | March 29, 2024 |
| October 2025 | $8,098,760,315 | 36 | March 28, 2025 |
| October 2026 | $4,536,497,889 | 37 | July 13, 2026 |

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.

## Changes in the filing (last 12 months)

### August 2026
- Updated its list of owners and control persons (Schedule A).

### April 2026
- 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).

### March 2026
- Item 11 disclosure answers changed: 1 yes answer, previously 0 (now yes: 11.G).

### January 2026
- No longer registered or notice-filed in DC.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Brown Capital Management, LLC (CRD 105633): Form ADV filing data as of October 2026.