Current Insights

Investment management can be an intellectually fulfilling business that involves deep thinking and being surrounded by highly capable people. Value investing, in particular, is a uniquely alluring discipline as it provides a tangible framework – i.e., a repeatable model for making decisions based on the intrinsic value concept and common sense fundamental principles – amidst a financial world that otherwise can seem disorderly and fickle.

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BBH Core Select Fund Company Update

Timothy E. Hartch, Michael R. Keller, CFA February 2017

BBH Core Select Co-Managers, Tim Hartch and Michael Keller, provide perspective on the current investment environment and the companies in the portfolio.

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Election Update

November 2016

The United States 2016 election concluded early this morning with Donald Trump securing the Presidency and Republicans maintaining control of Congress. We wanted to share with you our thoughts regarding the impact of yesterday's vote on our fixed income and equity investment strategies and our outlook going forward.

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Wells Fargo

October 2016

We are deeply disappointed by the events involving widespread illegal practices within Wells Fargo’s (WFC) retail bank. The global capital markets are predicated on fair and ethical practices, as well as equitable and transparent information sharing. Any time this trust is violated, especially by a leading financial firm, there is certainly cause for concern. As both quality-oriented investors and a 198 year-old financial services company, we at BBH hold these values sacrosanct, and are therefore particularly disappointed when integrity in our industry is compromised.

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This fund’s strategy isn’t novel. Its managers seek undervalued bonds that offer sufficient income to compensate for their liquidity and/or credit risks, plus an extra margin of safety. There are risks in this portfolio--by some measures more than those of the average ultrashort-bond fund--and its current strategy hasn’t been tested in a major market crisis. But the strength of its process, reasonable price, and healthy record support its Morningstar Analyst Rating of Bronze. 

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