Consuelo Mack WealthTrack Featuring Tim Hartch
May 2013

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.

The views expressed are as of May 24, 2013 and are a general guide to the views of BBH. The opinions expressed are a reflection of BBH’s best judgment at the time this broadcast was recorded, and any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise is disclaimed. Neither BBH nor its affiliates provide legal or tax advice. Nothing contained herein is intended as a recommendation to buy or sell any security, or to invest in any particular country, sector or asset class. Shares of the Fund are distributed by ALPS Distributors, Inc. (ALPS). BBH is not affiliated with Consuelo Mack WealthTrack or PBS. BBH and ALPS are not affiliated with Bill Priest and Mainstay Funds and do not adopt or endorse their views or opinions.

Index performance is not illustrative of the performance of BBH Core Select Fund or BBH Global Core Select Fund.

Stocks for the study: For example: Stocks as represented by the S&P 500. The S&P 500 is an unmanaged weighted index of 500 stocks providing a broad indicator of price movement.

Bonds for the study: For example Bonds are represented by the Barclays Aggregate Bond Index. This is a market value-weighted index that includes U.S. Government, corporate, mortgage-backed securities, and asset-backed securities. Investors cannot invest directly in an index.

Gross Domestic Product (GDP): The monetary value of all the finished goods and services produced within a country's borders in a specific time period. GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.

PE Ratio: Price/Earnings is a valuation ratio of a company's current share price compared to its per-share earnings.

Margin of safety: We believe a margin of safety exists when we are able to mitigate both business risk (our business, financial, and management criteria have been met; sustainable competitive advantages exist) AND price risk (when we believe there is a significant discount to intrinsic value at the time of purchase – we aim to purchase at 75% of our estimate to intrinsic value or less).

Intrinsic value: What one estimates to be the value of a company’s common stock based on analysis of both tangible and intangible factors.

There is no assurance the fund's goals and objectives will be achieved.