[SCHEDULE 13G] Strategas Macro Thematic Opportunities ETF SEC Filing

Rhea-AI Filing Summary

Form 4 filing for Luminar Technologies, Inc. (LAZR) dated 07/08/2025 details an equity award to director Katharine A. Martin.

• Transaction: On 07/03/2025 Ms. Martin was granted 61,576 Class A common shares under a time-based restricted stock unit (RSU) award (Transaction Code “A”). No cash was paid (price $0).
• Vesting terms: The RSUs vest in full on the earlier of 07/03/2026 or the next annual stockholders’ meeting, contingent on continued board service.
• Post-transaction holdings: Ms. Martin now directly owns 76,631 Class A shares.
• Share count adjustment: All share amounts reflect Luminar’s 1-for-15 reverse stock split effective 11/20/2024.

The filing records routine director compensation rather than an open-market trade, resulting in a modest increase in insider ownership without immediate cash impact or dilution beyond the previously announced split.

Positive

• Director received 61,576 RSUs, bringing direct ownership to 76,631 shares, which modestly aligns board interests with shareholders.

Negative

• None.

Insights

Senior Securities Analyst

TL;DR Small RSU grant to director; neutral impact, signals continued board alignment but no market-moving data.

Perspective: Equity awards to directors are standard and typically immaterial to valuation. The 61,576-share RSU (post-split basis) raises Ms. Martin’s direct stake to 76,631 shares, a modest holding relative to Luminar’s outstanding share count. Because no shares were sold and the award vests over a year, immediate supply pressure is nil. Investors may view the grant as routine governance practice rather than a bullish insider buy. Overall market impact is minimal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Advisors' Inner Circle Fund III

(Name of Issuer)

Brown Advisory Sustainable Value ETF

(Title of Class of Securities)

00775y272

(CUSIP Number)

06/30/2025

(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 4,845,280.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,967,697.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,967,697.00

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)

100 %

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 19,241.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 19,241.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

19,241.00

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)

0.4 %

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 4,826,039.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,826,039.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,826,039.00

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)

97.1 %

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 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 122,417.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

122,417.00

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)

2.5 %

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.: 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: 4,967,697
(b)	Percent of class: 100 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BROWN ADVISORY INC - 4,845,280 BROWN INVESTMENT ADVISORY & TRUST CO - 19,241 BROWN ADVISORY LLC - 4,826,039 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 - 4,967,697 BROWN INVESTMENT ADVISORY & TRUST CO - 19,241 BROWN ADVISORY LLC - 4,826,039 SIGNATURE FINANCIAL MANAGEMENT, INC. - 122,417
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:	07/08/2025

BROWN INVESTMENT ADVISORY & TRUST CO

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	07/08/2025

BROWN ADVISORY LLC

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	07/08/2025

SIGNATURE FINANCIAL MANAGEMENT, INC.

Signature:	Victor Fernandez
Name/Title:	Chief Compliance Officer
Date:	07/08/2025

FAQ

How many Luminar (LAZR) shares did Director Katharine A. Martin receive?

She was granted 61,576 Class A common shares as an RSU award.

What is the vesting schedule for the new RSUs?

The award vests in full on the earlier of July 3, 2026 or the next annual stockholders’ meeting.

What is Ms. Martin’s total direct ownership after the transaction?

She now directly owns 76,631 Class A shares of Luminar Technologies.

Did the director buy or sell Luminar shares on the open market?

No. The filing reflects a grant (Transaction Code “A”); no open-market purchase or sale occurred.

Why are share numbers different from prior filings?

Amounts were adjusted for Luminar’s 1-for-15 reverse stock split completed on 11/20/2024.