Fixed Income

We offer taxable and tax-exempt strategies where we seek to deliver excellent results


About BBH Fixed Income

Our value proposition is to grow and preserve our client’s capital by opportunistically managing credit exposure, and by investing in durable credits when they are available at attractive yields.
Our approach is grounded in three key insights:
  • Credit valuations offer compensation well in excess of historic default-driven losses.
  • Credit spreads are often more volatile than underlying fundamentals, providing a fertile environment for active management.
  • Understanding the durability of a credit before economic challenges arise allows for disciplined decision making throughout cycles.

Our Approach to Fixed Income Investing

Our three fixed income investment pillars – Heritage, Valuation, and Durability – combine to provide clients a smoother, more adaptive journey. We keep these pillars at the center of everything we do, and they drive us to make the best decisions for our clients as we partner in their success. Explore the deeper meaning behind each pillar below.

Greg Steier, Head of Municipal Fixed Income discusses BBH’s Heritage of fixed income investing, what the partnership means to him, and the direct link between our analysts’ research and the impact to client portfolios.

Greg Steier, Head of Municipal Fixed Income discusses Valuation – one of three key components to BBH’s fixed income investment strategies.

Greg Steier, Head of Municipal Fixed Income discusses Durability and what that means to BBH’s fixed income investment strategies.

We buy durable credits when they are available at attractive yields.

We are guided by a set of core principles that are applied across all fixed income strategies:

  • Active Management: We believe in a bottom up, value-based approach to active management.

  • Durability: We only invest in securities we believe are built to withstand a variety of economic conditions.

  • High Conviction: We work to balance ample diversification while ensuring meaningful concentration in our highest conviction ideas.

  • Long-term Perspective: We underwrite our investments to perform through market cycles.

  • Discipline and Patience: We let valuation drive our investment process and will hold reserves when the opportunity set is limited.

1. Identify the Opportunity Set: Narrow and rank the broad universe to the most qualified investments that meet our demanding set of qualitative and quantitative criteria.


2. Conduct Deep Fundamental Research: Analyze the durability, management excellence, leverage, ESG risks/opportunities, and transparency of targeted investments.


3. Let Valuation Drive Portfolio Construction: Opportunities that meet our stringent credit criteria are added to client portfolios and sized commensurate with their expected returns.

  • We strive to identify strong absolute-value, not relative-value, opportunities.
  • We are entirely bottom-up with a team-based approach emphasizing security selection.
  • Our portfolio sector exposures take shape through a strict adherence to our valuation and credit criteria.
  • We avoid large macroeconomic and directional positions that add volatility, but not return.

Fixed Income Strategies

How to Invest

Our investment strategies can be accessed through separately managed accounts (SMAs), mutual funds, UCITS funds, and private funds.  To learn more please contact a member of our institutional relationship management team.

Visit the BBH Funds website and the BBH Luxembourg Funds website for more information about our public fund offerings.

Fixed Income Portfolio Managers

Our Latest Insights

The BBH Core Plus Fixed Income Strategy was previously called the BBH Core Fixed Income Strategy.

The BBH Multisector Fixed Income Strategy was previously called the Unconstrained Credit Fixed Income strategy.

This communication is for informational purposes only and does not constitute an offer or a solicitation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor’s circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. Any views and opinions are subject to change at any time.

This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.

There is no assurance that the strategies will achieve their investment objective or that the strategies will work under all market conditions. The value of the portfolio can be affected by changes in interest rates, general market conditions and other political, social and economic developments. Each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

Investing in the bond market is subject to certain risks including market, interest-rate, issuer, credit, maturity, call and inflation risk; investments may be worth more or less than the original cost when redeemed.


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