BBH Select Series – Large Cap Fund Monthly Update – July 2023

July 31, 2023
Portfolio Manager, Nicholas Haffenreffer, discusses how the Select Series-Large Cap Fund performed over the most recent month-end.
BBH Select Series - Large Cap Fund Monthly Update - July 2023

Equity markets continued a strong recovery in July as earnings exceeded lowered expectations and fears of a recession faded. The BBH Select Series – Large Cap Fund (“the Fund”) gained 2.01% for the month, modestly underperforming the benchmark S&P 500’s gain of 3.21%. Communication Services was the Fund’s best performing sector for the month driven by healthy ad spending and continued enthusiasm around Artificial Intelligence (AI). Industrials was the weakest sector as labor pressures and slowed growth in China weighed on returns. At the security level, Alphabet (GOOG), Zoetis (ZTS), and Booking Holdings (BKNG) were the Fund’s best performers, and Waste Management (WM), Graco (GGG), and Progressive (PGR) were the weakest performers.

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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.

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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-13269-2023-08-10    BBH003785    Exp. Date 09/30/2023

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