Past performance is no guarantee of future results.
Gross of fee performance results for the composites do not reflect the deduction of investment advisory fees. Actual returns will be reduced by such fees. Net of fees performance reflects the deduction of the maximum investment advisory fees. Performance is calculated in U.S. dollars.
Returns include all dividends and interest, other income, realized and unrealized gain, are net of all brokerage commissions, execution costs, and without provision for federal or state income taxes. Results will vary among client accounts.
The Core Fixed Income Representative Account is managed with the same investment objectives, employs substantially the same investment philosophy as the strategy and is the account whose investment guidelines allow the greatest flexibility to express active management positions.
* Returns are not annualized
On 10/1/2020, the BBH Credit Value Composite was renamed the BBH Unconstrained Credit - Fixed Income Composite, the BBH U.S. TIPS Composite was renamed the BBH Inflation-Indexed Fixed Income Composite, and the BBH Intermediate Municipal Composite was renamed the BBH Municipal Fixed Income Composite.
BBH Limited Duration Fixed Income Composite inception date is 1/1/1990, BBH Unconstrained Credit – Fixed Income composite inception date is 5/15/2014, BBH Structured Fixed Income Composite inception date is 1/1/2016, BBH Intermediate Duration Fixed Income Composite inception date is 7/1/1985, BBH Municipal Fixed Income Composite inception date is 5/1/2002, BBH Core Fixed Income Composite inception date is 1/1/1986, BBH Inflation-Indexed Securities Composite inception date is 4/1/1997.
The BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market.
Bloomberg Barclays US Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $300 million par amount outstanding and with at least one year to final maturity.
Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index is an index of fixed rate obligations of the U.S. Treasury with maturities ranging from 1 to 3 years.
Bloomberg Barclays 1-10 Year Municipal Bond Index is a component of the Barclays Municipal Bond index, including bonds with maturity dates between one and 17 years. The Bloomberg Barclays Municipal Bond Index is considered representative of the broad market for investment grade, tax-exempt bonds with a maturity of at least one year.
Bloomberg Barclays Intermediate Gov/Credit Index is a broad-based flagship benchmark that measures the non-securitized component of the US Aggregate Index with less than 10 years to maturity. The index includes investment grade, US dollar-denominated, fixed-rate treasuries, government-related, and corporate securities.
Bloomberg Barclays U.S. TIPS Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.
Bloomberg Barclays US ABS Index is the asset backed securities component of the Bloomberg Barclays U.S. Aggregate Bond Index. The index includes pass-through, bullet, and controlled amortization structures. The ABS Index includes only the senior class of each ABS issue and the ERISA-eligible B and C tranche.
The Indexes are not available for direct investment.
The BBH Limited Duration Fixed Income Composite is composed of all fully discretionary, fee-paying accounts over $10 million that are managed in the Limited Duration strategy. Under normal market conditions, the target duration may range from approximately 1 to 3 years. May invest in a broad range of taxable fixed income securities, including futures.
The BBH Unconstrained Credit - Fixed Income Composite is composed of all fully discretionary, fee-paying accounts over $10 million that are managed using the Unconstrained Credit - Fixed Income strategy. Under normal market conditions, the target duration is approximately 2 to 6 years. Invests in a broad range of taxable fixed income sectors. Holdings may include investment grade and non-investment grade securities. Futures, options, derivatives, and non-dollar fixed income may be held. Futures, options, and derivatives may be used on a regular basis for risk management and portfolio adjustment. These instruments may be considered leveraged when exposure to the underlying asset is gained with little or no initial cash outlay.
The BBH Structure Fixed Income Composite is composed of all fully discretionary, fee-paying accounts over $10 million that are managed in the Structured Fixed Income strategy. The target duration may range from 2 to 6 years. Investments are focused on asset-backed and related structured fixed income securities. Holdings are primarily investment grade but non-investment grade securities may be held. Investments may include non-dollar fixed income.
The BBH Intermediate Duration Fixed Income Composite is composed of all fully discretionary, fee-paying fixed income accounts over $5 million that are invested in governments and corporates, with a duration of approximately 3 years.
The BBH Municipal Fixed Income Composite is composed of all fully discretionary fee paying municipal fixed income accounts over $5 million that are managed to an average duration of approximately 4.5 years.
The BBH Core Fixed Income Composite is comprised of fully discretionary, fee-paying core fixed income accounts over $10 million that are managed to a duration of approximately 4.5 years and are invested in a broad range of taxable bonds. Historically to December 31, 2000 the account minimum was $5 million.
The BBH Inflation-Indexed Fixed Income Composite is composed of all discretionary, fee-paying domestic accounts over $10 million with an emphasis on U.S. inflation indexed securities. May invest up to approximately 25% outside of U.S. inflation indexed securities, and a duration of approximately 7-9 years.