Schedule 13G/A: Brown Advisory Discloses 91.9% Stake in ETF (CUSIP 00775Y272)

Rhea-AI Filing Summary

Schedule 13G/A filed for Advisors' Inner Circle Fund III reports that Brown Advisory Inc and affiliated entities disclose collective beneficial ownership of the Brown Advisory Sustainable Growth ETF (CUSIP 00775Y272). The filing shows Brown Advisory Inc beneficially owns 19,035,751 shares, representing 91.9% of the class. Subsidiaries listed include Brown Investment Advisory & Trust Co (1,200,146 shares, 5.8%) and Brown Advisory LLC (17,492,867 shares, 84.5%), with Signature Financial Management, Inc. holding 342,738 shares (1.7%). Voting and dispositive power breakdowns are provided: Brown Advisory Inc reports 18,755,315 shares of sole voting power and 18,883,753 shares of shared dispositive power. The filing states these securities are held by investment companies and managed accounts of Brown Advisory subsidiaries and were acquired in the ordinary course of business.

Positive

• The filing discloses clear, specific ownership figures for each reporting entity, improving transparency
• Brown Advisory entities report holdings were acquired and are held in the ordinary course of business, per certification

Negative

• Extremely high ownership concentration: reporting persons collectively hold 91.9% of the class, leaving limited public float
• Centralized voting power: Brown Advisory Inc reports 18,755,315 shares of sole voting power, indicating limited independent shareholder influence

Insights

Financial Analyst

TL;DR Ownership is highly concentrated: a single advisory group controls the vast majority of ETF shares, reducing public float and liquidity.

The filing documents that Brown Advisory Inc and its subsidiaries collectively hold 91.9% of the Brown Advisory Sustainable Growth ETF by beneficial ownership. From an investor-liquidity perspective, this level of concentration materially reduces the free float available to other market participants and can increase price sensitivity to transactions by the group. The breakdown shows most voting power resides with Brown Advisory entities, indicating centralized decision-making over votes tied to the ETF shares. The filing also clarifies holdings are in managed accounts and investment companies, and that positions were acquired in the ordinary course of business.

Corporate Governance Expert

TL;DR Governance influence is concentrated within Brown Advisory group, which may affect shareholder representation and voting dynamics.

The report shows Brown Advisory Inc (and its subsidiaries) controlling 91.9% of the class, with explicit sole voting power figures for each reporting entity. Such concentration implies the reporting group effectively controls shareholder votes tied to this ETF class, reducing the influence of unaffiliated holders. The filing asserts holdings arise from managed accounts and investment companies, not from an intent to change control, and includes the required certification attesting ordinary-course acquisition.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Advisors' Inner Circle Fund III

(Name of Issuer)

Brown Advisory Sustainable Growth ETF

(Title of Class of Securities)

00775Y272

(CUSIP Number)

08/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00775Y272

1

Names of Reporting Persons

BROWN ADVISORY INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 18,755,315.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 18,883,753.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,035,751.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

91.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 00775Y272

1

Names of Reporting Persons

BROWN INVESTMENT ADVISORY & TRUST CO

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,200,146.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,103,999.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,200,146.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 00775Y272

1

Names of Reporting Persons

BROWN ADVISORY LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,385,639.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 17,437,016.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,492,867.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

84.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 00775Y272

1

Names of Reporting Persons

SIGNATURE FINANCIAL MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGINIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 169,530.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 342,738.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

342,738.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Advisors' Inner Circle Fund III
(b)	Address of issuer's principal executive offices: ONE FREEDOM VALLEY DRIVE, OAKS, PENNSYLVANIA 19456
Item 2.
(a)	Name of person filing: BROWN ADVISORY INC BROWN INVESTMENT ADVISORY & TRUST CO BROWN ADVISORY LLC SIGNATURE FINANCIAL MANAGEMENT, INC.
(b)	Address or principal business office or, if none, residence: 901 SOUTH BOND STREET SUITE #400 Baltimore, Maryland 21231
(c)	Citizenship: BROWN ADVISORY INC - MARYLAND BROWN INVESTMENT ADVISORY & TRUST CO - MARYLAND BROWN ADVISORY LLC - MARYLAND SIGNATURE FINANCIAL MANAGEMENT, INC. - VIRGINIA
(d)	Title of class of securities: Brown Advisory Sustainable Growth ETF
(e)	CUSIP No.: 00775Y272
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 19,035,751
(b)	Percent of class: 91.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 18,755,315 BROWN INVESTMENT ADVISORY & TRUST CO - 1,200,146 BROWN ADVISORY LLC - 17,385,639 SIGNATURE FINANCIAL MANAGEMENT, INC. - 169,530
	(ii) Shared power to vote or to direct the vote: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iii) Sole power to dispose or to direct the disposition of: BROWN ADVISORY INC - 0 BROWN INVESTMENT ADVISORY & TRUST CO - 0 BROWN ADVISORY LLC - 0 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(iv) Shared power to dispose or to direct the disposition of: BROWN ADVISORY INC - 18,883,753 BROWN INVESTMENT ADVISORY & TRUST CO - 1,103,999 BROWN ADVISORY LLC - 17,437,016 SIGNATURE FINANCIAL MANAGEMENT, INC. - 342,738
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The total securities being reported are beneficially owned by investment companies and other managed accounts of direct/indirect subsidiaries of BROWN ADVISORY INC (listed above). These subsidiaries may be deemed to be beneficial owners of the reported securities because applicable investment advisory contracts provide voting and/or investment power over securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. BROWN ADVISORY INC is a parent holding company filing this schedule on behalf of the following subsidiaries pursuant to Rule 13d-1(b)(1)(ii)(G) under the Securities Exchange Act of 1934: BROWN INVESTMENT ADVISORY & TRUST CO - BK (Bank) BROWN ADVISORY LLC - IA (Investment Adviser) SIGNATURE FINANCIAL MANAGEMENT, INC. - IA (Investment Adviser)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BROWN ADVISORY INC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/09/2025

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/09/2025

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/09/2025

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/09/2025

FAQ

Who filed this Schedule 13G/A and which issuer is affected?

The filers are Brown Advisory Inc, Brown Investment Advisory & Trust Co, Brown Advisory LLC, and Signature Financial Management, Inc. The issuer is Advisors' Inner Circle Fund III for the Brown Advisory Sustainable Growth ETF (CUSIP 00775Y272).

How many shares and what percentage of the ETF does Brown Advisory Inc report owning?

Brown Advisory Inc reports beneficial ownership of 19,035,751 shares, representing 91.9% of the class.

How are voting and dispositive powers allocated among the reporting persons?

Reported sole voting power includes 18,755,315 (Brown Advisory Inc), 1,200,146 (Brown Investment Advisory & Trust Co), 17,385,639 (Brown Advisory LLC), and 169,530 (Signature Financial Management). Shared dispositive power totals are also reported for each entity.

Are these holdings held for control or in the ordinary course of business?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

When were the signatures provided certifying the filing?

Each reporting entity's signature was executed by Victor Fernandez, Chief Compliance Officer, dated 09/09/2025.