Current Publications

Title Author(s) Summary Date
Hayley Xuereb, Ph.D Over five years after the Affordable Care Act (ACA), also known as “Obamacare,” went into effect, it still remains a highly controversial topic and will likely surface as an explosive issue in the 2016 elections. August 2015
Morningstar, David Kathman, CFA BBH Core Select hasn't exactly set the world on fire during the past few years. Its returns ranked in the bottom quartile of the large-blend Morningstar Category in both 2013 and 2014, despite gains of 27% and 8%, and it landed in the bottom decile in the first half of 2015. July 2015
Michael Keller, Marla Sims and Sercan Ozcan The computer is not a new invention, but after a multi-decade wave of technological innovation that has occurred at an exponential rate, digital technologies have become both powerful and pervasive. Not only are they making many of the former dreams of futurists come true, as the quotation above so eloquently alludes to, but digital technologies have infiltrated business across virtually every industry and the everyday lives of most humans to a degree that was unfathomable just fifteen  years ago. From mobile phones to video streaming to peer-to-peer lending to e-health, digital advances continue to meaningfully affect business and proliferate at a rapid pace. Three of the most prominent sectors in which digital innovation is having a dramatic effect are the retail, payments and media sectors. May 2015
Litman Gregory | Jack Chee and Alistair Savides, CFA BBH currently views equity valuations, in aggregate, as stretched, making it difficult to find companies trading at meaningful discounts to the team’s estimates of intrinsic value. In fact, the team has stated that they believe many public companies are now trading near or above their intrinsic values. For this reason, cash remains at elevated levels of around 10% in Core Select, compared to the average level in the low- to mid-single digits, and the team remains patient and committed to their valuation framework. Holding above-average cash levels may benefit the portfolio if and when the market declines and the set of investment opportunities expands. February 2015

Archive Publications

This information is historic in nature and should not be relied on in making an investment decision.

Title Author(s) Summary Date
Timothy E. Hartch and Michael R. Keller BBH Core Select Co-Managers, Tim Hartch and Michael Keller, provide perspective on the current investment environment and the companies in the portfolio. January 2015
BBH Core Select N BBTEX
Morningstar (David Kathman, CFA) A team led by Tim Hartch has run this fund since 2005 with a disciplined strategy that’s focused on buying high-quality companies at reasonable prices. The team’s research-driven, bottom-up process seeks firms that combine market leadership and sustainable competitive advantages with strong balance sheets and high returns on capital and cash flow. December 2014
Strategy Insight - Does G.O. Spell Go?
Gregory Steier and Dora Lee In this article, we look broadly at the local government sector and ask ourselves whether it deserves its gilded status. June 2014
Strategy Insight - Value Investing Five Years After the Great Financial Crisis
Tim Hartch The S&P 500 index closed on March 9, 2009 at 676. Five years later, the index stands at over 1,800. On a total return basis with dividends reinvested, U.S. equities are up more than 200%. While the rebound elsewhere has not been as spectacular as in the U.S., European and Japanese equities are still up 130%-150% on a total return basis over the past five years. The surge in developed market equity prices has been accompanied by a dramatic change in sentiment: whereas in March 2009 most investors were extremely pessimistic and fearful of a systemic collapse, many investors today see equities as likely to march higher boosted by perpetually easy monetary policies and technological innovation. April 2014
Margins of Safety
ValueInvestor Insight Value investors can err by lowering their business-quality standards in order to get a bargain price. That’s not a mistake Tim Hartch, Regina Lombardi and Michael Keller is likely to make. December 2013
Consuelo Mack WealthTrack Featuring Tim Hartch
WealthTrack In a wide ranging interview, host Consuelo Mack and Tim discuss why we think the market has become more challenging from a valuation perspective, BBH Core Select and BBH Global Core Select’s bottom up approach, and why we believe a concentrated portfolio works best for our investors. Bill Priest, CEO and portfolio manager of Epoch Investment Partners, is featured as well. May 2013
Boring is likely better
Value Investor Insight "Boring is likely better" High Quality companies that best weathered the crisis weren't the biggest stock-market winners over the past year. Brown Brothers' Tim Hartch and Michael Keller dont' expect that to be the case in the coming one. February 2010