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Trending ETFs

Name

As of 06/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.33

$7.25 B

5.31%

$0.55

0.28%

Vitals

YTD Return

2.8%

1 yr return

7.0%

3 Yr Avg Return

2.9%

5 Yr Avg Return

2.8%

Net Assets

$7.25 B

Holdings in Top 10

14.9%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.28%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 34.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$50,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.33

$7.25 B

5.31%

$0.55

0.28%

BBBIX - Profile

Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return 2.9%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.55%
DIVIDENDS
  • Dividend Yield 5.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BBH Limited Duration Fund
  • Fund Family Name
    BBH TRUST
  • Inception Date
    Jan 27, 2003
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Hofer

Fund Description

Brown Brothers Harriman & Co. (“BBH&Co.”), through a separately identifiable department (“Investment Adviser”), serves as the Fund’s investment adviser. The Fund seeks to achieve its investment objective by investing in a well-diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term “performing” indicates that the instrument is making payment of interest

and principal on schedule, while the term “durable” signifies the Investment Adviser’s assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The Investment Adviser considers an instrument to be “attractively valued” when the Investment Adviser believes that the instrument’s potential excess return over a risk-free rate exceeds that which would be normally justified by the instrument’s underlying risks.

The Fund’s investments will be primarily focused in notes and bonds issued by domestic and foreign corporations and financial institutions, including those in emerging markets, and the U.S. Government, government agencies and government guaranteed issuers, as well as asset-backed securities, consisting of consumer loans, property loans/leases, auto-loans and credit card receivables. The Fund may invest in fixed- and floating-rate loan transactions, which investments generally will be in the form of loan participations, delayed funding loans, and revolving credit facilities, or assignments of portions of such loans. The Fund may purchase mortgage-backed securities, including but not limited to residential mortgage-backed securities and commercial mortgage-backed securities, and sovereign debt when the Investment Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Typically, the duration of the Fund will be less than one year. Duration is a measure of the sensitivity of a fixed-income security to a change in interest rate. For every 1% change in interest rate, a fixed income security’s price will change by 1% for every year of duration; therefore, the longer a security’s duration, the more sensitive it is to changes in interest rates.

To meet its investment objective, the Fund may invest in short-term agreements to buy or sell securities in order to buy or sell them back to the dealer at a higher price, known as repurchase agreements and reverse repurchase agreements. The Fund may also invest in money market instruments, commercial paper, and private placement securities, including Rule 144A, Regulation S and Regulation D securities, to meet its investment objective. The Fund is also permitted to invest in derivative instruments, consisting of U.S. Treasury Futures, forwards, credit default swaps and baskets of credit entities, known as a credit default index. The Fund may also invest a portion of its assets

in convertible securities and preferred stock. Subject to applicable statutory and regulatory limitations, the Fund may invest in securities of other investment companies, consisting of shares of exchange-traded funds (“ETFs”) and notes issued by Business Development Companies (“BDCs”). The Fund’s investment in other investment companies may also include shares of money market funds, including funds affiliated with the Investment Adviser. The Fund will invest primarily in investment grade securities but may invest in securities rated below investment grade, and their unrated equivalents, which are commonly referred to as “junk bonds”, when the Investment Adviser believes that the additional income from these securities justifies the higher risk.

As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) factors when evaluating investments in corporate notes and bonds, and in structured products. The Investment Adviser does not evaluate ESG factors for investments in investment companies and securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuer’s instituted governance programs.

When an instrument is no longer trading at an attractive valuation, according to this framework, the Fund aims to sell the investment entirely and invest the proceeds in cash or U.S. Treasury instruments until it identifies another attractively valued investment.

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BBBIX - Performance

Return Ranking - Trailing

Period BBBIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -0.9% 4.3% 51.85%
1 Yr 7.0% 0.7% 11.0% 13.43%
3 Yr 2.9%* -1.8% 6.1% 33.50%
5 Yr 2.8%* -0.9% 4.2% 5.82%
10 Yr 2.4%* -4.4% 27.6% 5.93%

* Annualized

Return Ranking - Calendar

Period BBBIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.0% -2.3% 4.3% 6.02%
2022 -3.2% -6.5% 0.5% 74.16%
2021 -0.3% -2.1% 0.3% 29.06%
2020 0.7% -3.1% 1.8% 24.23%
2019 1.3% -1.2% 6.1% 9.24%

Total Return Ranking - Trailing

Period BBBIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -0.9% 4.3% 51.85%
1 Yr 7.0% 0.7% 11.0% 13.43%
3 Yr 2.9%* -1.8% 6.1% 33.50%
5 Yr 2.8%* -0.9% 4.2% 5.82%
10 Yr 2.4%* -4.4% 27.6% 5.93%

* Annualized

Total Return Ranking - Calendar

Period BBBIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% 0.8% 12.1% 10.65%
2022 -0.8% -5.1% 2.5% 68.90%
2021 1.2% -2.1% 14.5% 6.90%
2020 3.1% -1.0% 3.6% 5.15%
2019 4.1% 0.3% 9.6% 8.15%

NAV & Total Return History


BBBIX - Holdings

Concentration Analysis

BBBIX Category Low Category High BBBIX % Rank
Net Assets 7.25 B 25.6 K 22.6 B 15.28%
Number of Holdings 398 2 1291 27.78%
Net Assets in Top 10 1.08 B 23.7 K 17.3 B 14.35%
Weighting of Top 10 14.87% 5.6% 163.3% 65.28%

Top 10 Holdings

  1. UNITED STATES TREASURY BILL ZCP 0.00000000 1.93%
  2. UNITED STATES TREASURY BILL ZCP 0.00000000 1.85%
  3. UNITED STATES TREASURY BILL ZCP 0.00000000 1.78%
  4. UNITED STATES TREASURY BILL ZCP 0.00000000 1.71%
  5. UNITED STATES TREASURY BILL ZCP 0.00000000 1.48%
  6. UNITED STATES TREASURY BILL ZCP 0.00000000 1.43%
  7. UNITED STATES TREASURY BILL ZCP 0.00000000 1.39%
  8. UNITED STATES TREASURY BILL ZCP 0.00000000 1.16%
  9. TEXAS ST MUNI GAS ACQUISITION REGD N/C V/R B/E 4.41650000 1.13%
  10. NORTHWESTERN MUTUAL GLBL REGD 144A P/P MTN 0.60000000 1.01%

Asset Allocation

Weighting Return Low Return High BBBIX % Rank
Bonds
87.55% 0.00% 128.16% 39.81%
Cash
18.00% 0.00% 109.88% 17.13%
Convertible Bonds
4.32% 0.00% 15.25% 38.14%
Stocks
0.00% 0.00% 95.95% 54.63%
Preferred Stocks
0.00% 0.00% 1.74% 48.15%
Other
-5.55% -7.74% 99.94% 97.22%

Bond Sector Breakdown

Weighting Return Low Return High BBBIX % Rank
Corporate
56.56% 0.00% 99.91% 19.07%
Securitized
33.01% 0.00% 100.00% 39.07%
Cash & Equivalents
12.73% 0.00% 109.88% 22.69%
Municipal
1.68% 0.00% 70.39% 13.95%
Government
1.67% 0.00% 100.00% 53.02%
Derivative
-5.55% -7.49% 21.59% 99.07%

Bond Geographic Breakdown

Weighting Return Low Return High BBBIX % Rank
US
87.55% 0.00% 128.16% 39.81%
Non US
0.00% 0.00% 21.27% 55.56%

BBBIX - Expenses

Operational Fees

BBBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.28% 0.02% 29.63% 82.24%
Management Fee 0.26% 0.00% 1.19% 58.80%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

BBBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

BBBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BBBIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 34.00% 0.00% 369.54% 13.74%

BBBIX - Distributions

Dividend Yield Analysis

BBBIX Category Low Category High BBBIX % Rank
Dividend Yield 5.31% 0.00% 8.76% 69.44%

Dividend Distribution Analysis

BBBIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

BBBIX Category Low Category High BBBIX % Rank
Net Income Ratio 1.55% -1.30% 14.86% 3.85%

Capital Gain Distribution Analysis

BBBIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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BBBIX - Fund Manager Analysis

Managers

Andrew Hofer


Start Date

Tenure

Tenure Rank

Feb 28, 2011

11.26

11.3%

Mr. Hofer is Head of Taxable Fixed Income for BBH. Mr. Hofer joined BBH in 1988 and spent his first 10 years as both a generalist banker and then as a financial institutions specialist. He joined Investment Management in 1998 as Head of Insurance Asset Management, and from 2003-2006 was Investment Management's Chief Operating Officer and Head of Risk Management. Mr. Hofer earned a BA in East Asian studies from Yale, and an MIA (Master of International Affairs) from Columbia University. He is also the Chairman of Learning Ally, a not-for-profit provider and advocate of accessible learning materials.

Neil Hohmann


Start Date

Tenure

Tenure Rank

Feb 28, 2013

9.26

9.3%

Mr. Hohmann has directed BBH’s structured products strategy and credit research since 2007. He is also involved in the management of BBH’s fixed income positions in financial companies. Prior to joining Brown Brothers in 2006, Mr. Hohmann was a director of structured products at Munich Re for four years and prior to that, a director of research in capital markets at Swiss Re. Mr. Hohmann graduated Magna Cum Laude with Distinction from Yale University and earned his PhD in Economics from the University of Chicago.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.56 7.92