BBH Select Series – Large Cap Fund Monthly Update – August 2022

Portfolio Managers, Michael Keller and Nicholas Haffenreffer, discusses how the Select Series-Large Cap Fund portfolio performed over the most recent month-end.
BBH Select Series - Large Cap Fund Monthly Update - August 2022

Uncertainty about the trajectory of inflation, monetary policy, and corporate profits continued to be a source of volatility during the month of August as the benchmark S&P 500 lost -4.08%, giving up almost half of the prior month’s strong gains of 9.22%. The BBH Select Series - Large Cap Fund (“the Fund”) declined -6.03% in August. The primary sources of underperformance were security selection in Health Care and Information Technology, as well as an absence of investment in the Energy sector which gained 2.83% despite a sharp correction in underlying crude prices. At the portfolio level, security selection detracted 207 basis points1 relative to the benchmark, while allocation added 15 basis points. Auto insurer Progressive Corporation (PGR, +6.6%) was the top contributor, while vision care specialist Alcon (ALC, -15.9%) was the largest detractor.

BBH Select Series- Large Cap Equity

BBH Select Series – Large Cap Fund seeks to provide investors with long-term growth of capital and to generate attractive returns over time. The Fund employs a disciplined investment approach focused on a concentrated portfolio of durable, well-managed, high-quality, competitively-advantaged businesses that we aim to own at attractive prices.

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.
The Fund is ‘non-diversified’ and may assume large positions in a small number of issuers which can increase the potential for greater price fluctuation.
International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. 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-11628-2022-09-13    BBH003600    Exp. Date 10/31/2022

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