Investment Criteria

Corporate Bonds
  • Corporate bond holdings will be analyzed and approved by the Fund’s Adviser.
  • The Adviser will seek to purchase debt that it believes is unlikely to be subject to material price decline due to real or perceived deterioration in credit quality.
  • The Fund seeks to invest primarily in companies with:
    • Durable business models that produce stable cash flows under a variety of economic scenarios.
    • Balance sheets characterized by appropriate leverage and assets that can be monetized.
    • Management that takes a long-term, balanced view of protecting their company’s access to all capital markets.
    • Securities that are attractively priced relative to instruments of comparable quality.

Asset-backed securities

  • The Fund will invest in asset-backed securities (“ABS”), for which the Adviser is able to analyze the fundamental value and performance of the financial assets (typically loans) underlying the security. The Adviser will consider:
    • the trends and timing of defaults and recoveries;
    • the contractual terms of issue; and
    • the financial strength of the sponsor.
  • The Adviser will seek to buy issues where the sponsor has a meaningful interest in the health of the securitization and continued access to the ABS markets, and could incur a financial loss along with the bond holders if the underlying assets are of poor quality.
  • The Fund seeks to purchase ABS with relatively predictable average lives and avoid those presenting excessive risk of maturity extension.
  • The Adviser seeks ABS with a margin of safety, such that the underlying assets of securities purchased will be able to withstand a multiple of our loss estimates without impairing the value of the bond.


© 2009 - Brown Brothers Harriman & Co.

Consult your prospectus for more information. To obtain a recent prospectus, please contact the BBH Fund Information Service, Brown Brothers Harriman ("BBH"), 140 Broadway, New York, NY 10005. (800) 575-1265, or email us a literature request (bbhfunds@bbh.com). You should consider the fund's investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus, which you should read carefully before investing.

Investments in the BBH's Proprietary Mutual Funds (collectively, "BBH Funds") are neither insured nor guaranteed by the U.S. Government. Securities products are subject to investment risks, including possible loss of the principal invested. Shares of the BBH Funds are not deposits or obligations of, or guaranteed by, Brown Brothers Harriman & Co. ("BBH"), or any other bank or depository institution. Shares of the BBH Funds are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other federal, state or government agency.

BBH provides investment advice and portfolio management to the BBH Funds through a separately identifiable department (the "Investment Adviser"). The Investment Advisor is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005. Shares of the Fund are distributed by ALPS Distributors, Inc. and is located at 1290 Broadway, Suite 1100, Denver, CO 80203.

Effective October 5, 2012, BBH Broad Market Fund has been renamed to BBH Limited Duration Fund.

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