BBH Partner Fund - International Equity* (the "Fund") aims to provide investors with long-term maximization of total return, primarily through capital appreciation.
Brown Brothers Harriman & Co., through a separately identifiable department (“BBH”), employs a "manager of managers" approach, whereby the Fund's assets are allocated to an investment sub-adviser, currently Select Equity Group, L.P. (“Select Equity Group”). Select Equity Group employs an investment philosophy and process that are broadly aligned with BBH's investment principles. BBH monitors and oversees the sub-adviser by reviewing its portfolio performance and characteristics as well as organizational activity.
Select Equity Group, L.P.
Select Equity’s investment philosophy is grounded in the belief that rigorous, independent research and disciplined investing can generate attractive long-term returns. Select Equity seeks to identify great businesses with enduring franchise value —those with steady predictable growth, high returns on capital and well-established barriers to competition. The sub-adviser believes these companies are both well positioned for long-term growth and resilient in difficult economic environments. The Fund will be concentrated in a relatively small number of the team’s highest-conviction ideas, and the team takes a long-term investment approach. Select Equity employs 45 investment professionals and is headquartered in New York.
Select Equity is registered as an “investment adviser” with the Securities and Exchange Commission under the Investment Advisers Act of 1940.
*On February 24, 2017, Select Equity Group, L.P. replaced Mondrian Investment Partners Limited and Walter Scott & Partners Limited as the Fund's sub-adviser and assumed the day to day management of the Fund's portfolio. Additionally, the name of the BBH International Equity Fund was changed to BBH Partner Fund - International Equity. The change in the Fund's sub-adviser was preceded by a substantial change to the Fund's underlying portfolio of holdings. The tax impact of these changes, on a stand alone basis, resulted in a net capital gain realization for the Fund in the mid single digits as a percent of the Fund's total net assets as of February 24, 2017. The Fund's overall tax position changes continuously, and distributions, if any, are expected to be made later in 2017.