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Trending ETFs

Name

As of 06/14/2024

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

$10.27

$914 M

3.86%

$0.40

0.45%

Vitals

YTD Return

0.9%

1 yr return

4.9%

3 Yr Avg Return

-0.7%

5 Yr Avg Return

1.1%

Net Assets

$914 M

Holdings in Top 10

13.9%

52 WEEK LOW AND HIGH

$10.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.45%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 45.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$50,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

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

$10.27

$914 M

3.86%

$0.40

0.45%

BBIIX - Profile

Distributions

  • YTD Total Return 0.9%
  • 3 Yr Annualized Total Return -0.7%
  • 5 Yr Annualized Total Return 1.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.38%
DIVIDENDS
  • Dividend Yield 3.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BBH Intermediate Municipal Bond Fund
  • Fund Family Name
    BBH TRUST
  • Inception Date
    Apr 01, 2014
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Gregory Steier

Fund Description

The Fund seeks to achieve its investment objective by applying bottom-up fundamental analysis and investing in a long-term, tax-aware manner. The Fund aims to implement the strategy by investing primarily in a diversified portfolio of investment grade municipal bonds rated in the four highest credit ratings categories (AAA to BBB, or equivalent) at the time of purchase by at least one nationally recognized credit rating agency, or, if unrated, deemed to be of comparable quality by the investment adviser. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in municipal bonds that pay interest that is generally excludable from gross income for federal income tax purposes. However, certain municipal securities may pay interest that is includable as taxable income for purposes of the federal alternative minimum tax. There can be no assurance that the Fund will achieve its investment objective.

The Fund may invest in fixed-, variable- or floating-rate municipal securities issued by states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, authorities thereof, and multi-state agencies, issued

to obtain funds for various public purposes. These may include general obligation bonds, which typically are backed by the issuer’s ability to levy taxes, and revenue bonds, which typically are backed by a stream of revenue from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source. Municipal securities also include auction rate municipal securities. The Fund may invest up to 15% of the market value of its total assets in securities that may be purchased on a when-issued or delayed delivery basis.

The Fund may also invest up to 20% of its total assets in securities that are not municipal securities, if, in the opinion of the Investment Adviser, these securities will enhance after-tax returns for Fund investors. Non-municipal securities investments may include notes and bonds issued by domestic and non-U.S. corporations and financial institutions and the U.S. Government, its agencies and guaranteed issuers. In addition, the Fund may purchase asset-backed securities, mortgage backed securities, auction rate securities and other sovereign debt when the Investment Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Under normal circumstances, the Fund expects the portfolio’s dollar weighted average maturity to be between 3 and 10 years.

The Fund may invest in money market instruments, repurchase agreements and derivative instruments, consisting of futures, swaps and options, to hedge its investments or to seek to enhance returns.

The Fund will not invest 25% or more of total assets in municipal obligations relating to similar types of projects or with other similar economic, business, or political characteristics (such as bonds of airport facilities or healthcare providers). For purposes of this policy, securities of the U.S. Government, its agencies, or instrumentalities and municipal obligations backed by the credit of governmental entities are not subject to this 25% limit. The Fund may invest more than 25% of its total assets in municipal securities whose issuers are located in any one state.

As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) when evaluating investments in municipal bonds and structured products. The Investment Adviser does not evaluate ESG factors for 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.

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BBIIX - Performance

Return Ranking - Trailing

Period BBIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -2.9% 17.0% 42.24%
1 Yr 4.9% -1.4% 29.0% 22.17%
3 Yr -0.7%* -11.1% 2.9% 27.38%
5 Yr 1.1%* -6.3% 1102.2% 27.46%
10 Yr 2.5%* -0.5% 248.4% 16.62%

* Annualized

Return Ranking - Calendar

Period BBIIX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -1.4% 41.0% 49.71%
2022 -7.9% -39.7% 0.3% 19.48%
2021 -1.2% -5.6% 6.9% 80.72%
2020 3.3% -2.6% 310.0% 4.89%
2019 3.9% 0.0% 26.0% 44.76%

Total Return Ranking - Trailing

Period BBIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.9% -2.9% 17.0% 42.24%
1 Yr 4.9% -1.4% 29.0% 22.17%
3 Yr -0.7%* -11.1% 2.9% 27.38%
5 Yr 1.1%* -6.3% 1102.2% 27.46%
10 Yr 2.5%* -0.5% 248.4% 16.62%

* Annualized

Total Return Ranking - Calendar

Period BBIIX Return Category Return Low Category Return High Rank in Category (%)
2023 6.1% -1.3% 41.0% 39.09%
2022 -7.7% -39.7% 1.1% 34.08%
2021 0.0% -4.8% 23761504.0% 86.17%
2020 5.2% -1.5% 17057.9% 12.92%
2019 6.4% 0.2% 3514.6% 53.28%

NAV & Total Return History


BBIIX - Holdings

Concentration Analysis

BBIIX Category Low Category High BBIIX % Rank
Net Assets 914 M 3.22 M 71.9 B 30.82%
Number of Holdings 268 2 13067 44.70%
Net Assets in Top 10 120 M -317 M 3.56 B 37.49%
Weighting of Top 10 13.91% 2.0% 100.2% 68.99%

Top 10 Holdings

  1. ILLINOIS ST FIN AUTH REVENUE REGD V/R B/E 3.10000000 1.96%
  2. CENTRL PLAINS ENERGY PROJ NE G REGD V/R B/E 5.00000000 1.72%
  3. WISCONSIN ST HLTH EDUCTNL FA REGD V/R B/E 3.60000000 1.44%
  4. SALT VERDE AZ FINANCIAL CORP S REGD N/C OID B/E 5.00000000 1.38%
  5. MODESTO CA IRR DIST FING AUTH REGD V/R B/E NATL 4.40790000 1.31%
  6. CALIFORNIA ST HLTH FACS FING A REGD V/R B/E 3.50000000 1.28%
  7. TEXAS ST MUNI GAS ACQUISITION REGD N/C V/R B/E 4.41650000 1.24%
  8. PENNSYLVANIA ST ECON DEV FING REGD V/R B/E AMT 0.58000000 1.21%
  9. CONNECTICUT ST HLTH EDUCTNL REGD V/R B/E 1.10000000 1.20%
  10. HOUSTON TX UTILITY SYS REVENUE REGD V/R B/E 4.83000000 1.16%

Asset Allocation

Weighting Return Low Return High BBIIX % Rank
Bonds
102.39% 0.00% 150.86% 4.87%
Stocks
0.00% 0.00% 99.81% 94.22%
Preferred Stocks
0.00% 0.00% 0.56% 91.68%
Other
0.00% -3.18% 33.35% 86.16%
Convertible Bonds
0.00% 0.00% 0.93% 91.32%
Cash
0.00% -50.86% 46.80% 98.12%

Bond Sector Breakdown

Weighting Return Low Return High BBIIX % Rank
Municipal
98.86% 44.39% 100.00% 42.01%
Derivative
0.00% -3.18% 19.67% 85.12%
Cash & Equivalents
0.00% 0.00% 46.24% 96.36%
Securitized
0.00% 0.00% 5.93% 91.00%
Corporate
0.00% 0.00% 9.41% 91.91%
Government
0.00% 0.00% 52.02% 91.45%

Bond Geographic Breakdown

Weighting Return Low Return High BBIIX % Rank
US
102.39% 0.00% 142.23% 4.87%
Non US
0.00% 0.00% 23.89% 91.81%

BBIIX - Expenses

Operational Fees

BBIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.45% 0.01% 20.65% 87.84%
Management Fee 0.40% 0.00% 1.20% 44.55%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.44% N/A

Sales Fees

BBIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

BBIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 1.00% 83.33%

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.

BBIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 45.00% 0.00% 283.00% 90.88%

BBIIX - Distributions

Dividend Yield Analysis

BBIIX Category Low Category High BBIIX % Rank
Dividend Yield 3.86% 0.00% 14.51% 16.30%

Dividend Distribution Analysis

BBIIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

BBIIX Category Low Category High BBIIX % Rank
Net Income Ratio 1.38% -0.53% 5.33% 76.40%

Capital Gain Distribution Analysis

BBIIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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BBIIX - Fund Manager Analysis

Managers

Gregory Steier


Start Date

Tenure

Tenure Rank

Apr 01, 2014

8.17

8.2%

Mr. Steier joined BBH in 1992 and became a Managing Director of the firm in 2006. Prior to his existing responsibilities, Mr. Steier managed taxable portfolios and traded corporate, mortgage, and asset-backed securities. Mr. Steier also served as a senior member of the fixed income quantitative research team with a focus on valuation work and performance attribution. In addition to his fixed income responsibilities, Mr. Steier serves on BBH's Asset-Liability and Asset Allocation Committees. Mr. Steier holds a BS in Accounting and an MBA in Finance from New York University’s Stern School of Business.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58