BBH Select Series – Mid Cap Fund Monthly Update – January 2022

January 31, 2022
Portfolio Manager, Tim Harris, discusses how the Select Series-Mid Cap Fund portfolio performed over the most recent month-end.
BBH Select Series - Mid Cap Fund Monthy Update - January 2022

In January 2022, the BBH Select Series – Mid Cap Fund declined by -9.43%, which compared to a loss of -7.37% for the Russell Midcap Index. Our top contributor was Crown Holdings and our largest detractor was AMN Healthcare.

Author

BBH Select Series- Mid Cap Equity

BBH Select Series – Mid Cap Fund seeks to provide investors with long-term growth of capital by generating strong absolute returns and outperforming over full economic cycles.

The Fund is based on fundamental business analysis and a long-term orientation. We invest in a select number of high-quality mid-cap business franchises, as defined by the four pillars of our investment strategy (Business Quality, Financial Returns, Management and Growth Potential), at an attractive discount to our estimate of intrinsic value.

Portfolio holdings and characteristics are subject to change. Totals may not sum due to rounding. 
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.
Foreign investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Investing in small or medium sized companies typically exhibit greater risk and higher volatility than larger, more established companies.
Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. Asset allocation decisions by a large investor or an investment adviser, particularly large redemptions, may adversely impact remaining Fund shareholders.

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-10690-2022-02-14  BBH003480    Exp. Date 03/31/2022

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1BBH sponsors UCITS Funds registered in Luxembourg, in certain jurisdictions. For information on those funds, please see bbhluxembourgfunds.com


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