Brown Advisory Files 13G/A Showing 6.46M Shares (94.2%) of ETF

Rhea-AI Filing Summary

Brown Advisory entities filed an amended Schedule 13G reporting combined beneficial ownership of 6,455,729 shares of the Brown Advisory Sustainable Value ETF (CUSIP 00775Y264), representing 94.2% of the class. The filing lists four reporting persons—Brown Advisory Inc., Brown Advisory LLC, Brown Investment Advisory & Trust Co. and Signature Financial Management, Inc.—with detailed voting and dispositive power amounts for each. Brown Advisory Inc. reports 6,194,666 shares of sole voting power and 6,443,622 shares of shared dispositive power; Brown Advisory LLC reports 5,959,402 shares of sole voting power and shared dispositive power. The filing states these shares are held by investment companies and managed accounts of direct/indirect subsidiaries of Brown Advisory Inc.

Positive

• Clear disclosure of ownership: The filing provides detailed, itemized ownership, voting and dispositive power figures for each reporting person.
• Parent/subsidiary reporting: Brown Advisory Inc. explicitly files on behalf of subsidiaries, clarifying the reporting structure and basis for aggregated ownership.

Negative

• Extremely concentrated ownership: The reporting persons collectively hold 94.2% of the class, indicating very low public float and potential liquidity constraints.
• Control concentration risk: A small set of related entities holds the vast majority of voting and dispositive power, which may centralize decision-making.

Insights

Financial Analyst

TL;DR: Reporting persons control an overwhelming majority (94.2%) of the ETF shares, a materially significant ownership concentration.

The filing documents that Brown Advisory-related entities collectively beneficially own 6,455,729 shares, equal to 94.2% of the Brown Advisory Sustainable Value ETF. Such a high ownership percentage is unusually concentrated for an ETF share class and is material because it effectively centralizes voting and disposition influence among the reporting parties. The breakdown shows most voting power concentrated with Brown Advisory Inc. and Brown Advisory LLC. This concentration could affect shareholder votes, liquidity of the free float, and potential corporate actions because a small group holds near-total economic and voting exposure reported here.

Corporate Governance Expert

TL;DR: Governance implications are significant: a few related entities exercise dominant voting and disposition influence over the ETF.

The Schedule 13G/A indicates that related Brown Advisory entities collectively exercise substantial control over the Brown Advisory Sustainable Value ETF, with line-item details on sole and shared voting and dispositive powers. The filing also clarifies the holdings are on behalf of investment companies and managed accounts of subsidiaries, and that Brown Advisory Inc. is filing for those subsidiaries under parent/holding company rules. From a governance perspective, this concentration warrants attention to how votes are coordinated and disclosed, and suggests related-party alignment across managed accounts.

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 Value ETF

(Title of Class of Securities)

00775Y264

(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. 00775Y264

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 6,194,666.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,443,622.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,455,729.00

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)

94.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 00775Y264

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 235,264.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 223,157.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

235,264.00

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)

3.4 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. 00775Y264

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 5,959,402.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,959,402.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,959,404.00

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)

87 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 00775Y264

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 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 261,063.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

261,063.00

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)

3.8 %

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 Value ETF
(e)	CUSIP No.: 00775Y264
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: 6,455,729
(b)	Percent of class: 94.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 6,194,666 BROWN INVESTMENT ADVISORY & TRUST CO - 235,264 BROWN ADVISORY LLC - 5,959,402 SIGNATURE FINANCIAL MANAGEMENT, INC. - 0
	(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 - 6,443,622 BROWN INVESTMENT ADVISORY & TRUST CO - 223,157 BROWN ADVISORY LLC - 5,959,402 SIGNATURE FINANCIAL MANAGEMENT, INC. - 261,063
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:	09/08/2025

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/08/2025

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/08/2025

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	09/08/2025

FAQ

Who filed the Schedule 13G/A for the Brown Advisory Sustainable Value ETF (SAMT)?

The filing was made by Brown Advisory Inc., Brown Advisory LLC, Brown Investment Advisory & Trust Co., and Signature Financial Management, Inc..

How many shares and what percent of the class do the reporting persons beneficially own?

They beneficially own 6,455,729 shares, representing 94.2% of the class.

Which entity reports the largest sole voting power?

Brown Advisory Inc. reports the largest sole voting power with 6,194,666 shares.

Are these holdings held directly or on behalf of other accounts?

The filing states the reported securities are beneficially owned by investment companies and managed accounts of direct/indirect subsidiaries of Brown Advisory Inc..

What CUSIP is associated with this filing?

The CUSIP listed in the filing is 00775Y264 for the Brown Advisory Sustainable Value ETF.