In November 2020, BBH Global Core Select Class N (“Global Core Select” or “the Fund”) rose 11.31% while the MSCI World index rose 12.79%. Our top performer in the month was Diageo and our largest detractor was Nestle. We did not initiate or exit any positions during the month.

Many price changes across our holdings this month can be attributed to news that two COVID-19 vaccine trials generated promising results. Diageo, our largest contributor to performance, rose sharply on that news. Diageo’s U.S. business, a key profit center, has demonstrated resiliency during the pandemic as strength in sales for home consumption more than offset declines in sales to restaurants and bars. However, several other markets around the world had experienced steep volume declines due to greater exposure to on-premise consumption, which suffered from various government restrictions. We have seen encouraging signs from several of Diageo’s key emerging markets as subsidiaries in India, Nigeria, and China reported better than expected results recently, demonstrating sequential improvement in the business even before a vaccine. Diageo continues to invest in its business, including a recently announced premium gin acquisition, and we continue to believe the company will leverage its strong brand portfolio and market infrastructure to take advantage of increasing penetration of Western spirits in the developing world and ongoing premiumization across the spirits industry.

Nestle was our largest detractor this month despite the company’s announcement to sell its Yinlu peanut milk and canned rice porridge business in China. The sale of Yinlu is consistent with our investment thesis on Nestle, which includes the continued reshaping of Nestle’s brand portfolio and focus on priority categories such as coffee and pet care. Nestle, like several other large consumer staples companies, was viewed as a “safe haven” during the first several months of the pandemic. We attribute Nestle’s recent relative underperformance to short-term price movements related to the COVID-19 vaccine news as opposed to changes in the company’s long-term strategic position or earnings power.

GCS Fund Mo Nov 20_Chart 1

GCS Fund Mo Nov 20_Chart 2

Holdings are subject to change. Totals may not sum due to rounding. Price/Earnings (P/E) ratio is a company’s current share price divided by earnings per-share. Turnover ratio is the rate of trading in a portfolio; higher values imply more frequent trading.

Opinions, forecasts, and discussions about investment strategies represent the author’s views as of the date of this commentary and are subject to change without notice. References to specific securities, asset classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as recommendations.

Purchase and sale information provided should not be considered as a recommendation to purchase or sell a particular security and that there is no assurance, as of the date of publication, that the securities purchased remain in a fund's portfolio or that securities sold have not been repurchased.

RISKS

Investors in the Fund should be able to withstand short-term fluctuations in the equity markets and fixed income markets in return for potentially higher returns over the long term. The value of portfolios change every day and can be affected by changes in interest rates, general market conditions and other political, social and economic developments.

Foreign investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Prices of emerging market securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets.

Investing in medium sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

For more complete information, visit www.bbhfunds.com for a prospectus. 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.

Shares of the Fund are distributed by ALPS Distributors, Inc. and is located at 1290 Broadway, Suite 1000, Denver, CO 80203.

Brown Brothers Harriman & Co. ("BBH"), a New York limited partnership, was founded in 1818 and provides investment advice to registered mutual funds through a separately identifiable department (the "SID"). The SID 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.

Not FDIC Insured                                  No Bank Guarantee                            May Lose Money

IM-08813-2020-12-11                BBH003107        Exp. Date 01/31/2021