BBH Select Series - Mid Cap Fund

Investor Summary

Timothy F. Harris serves as Portfolio Manager for the BBH Select Series Mid Cap Fund since its inception in May 2021 and brings over 20 years of investment and financial experience to the role. Harris has been Portfolio Manager of the Concentrated Small and Midcap Strategy since April 2024. He graduated summa cum laude from Tufts University and received his MBA from the MIT Sloan School of Management. Harris re-joined BBH in January 2017 as an Equity Analyst after previously working as an investment banker specializing in equity capital markets for European financial institutions at Nomura, covering Nordic, Benelux, and UK markets. He also worked at Lehman Brothers as an investment banker and has earned his CFA designation. His experience combines deep analytical skills with practical market experience across different market cycles.

Fund Strategy

The Fund's investment objective is to provide investors with long-term growth of capital through a disciplined, bottom-up investment process that emphasizes deep due diligence. The strategy focuses on high-quality businesses that demonstrate superior business quality, strong management execution, attractive financial returns, and growth potential. The Fund employs a 'buy and own' approach with a 3-to-5-year investment horizon, avoiding short-term trades in pursuit of small gains. The investment criteria are built on four pillars: Business Quality (loyal customers, essential products, leadership in attractive markets, sustainable competitive advantages), Financial Returns (strong balance sheet and cash flow with high returns on capital), Management (disciplined capital allocation led by strong operators with integrity), and Growth Potential (long-term growth potential with attractive opportunities to reinvest capital). The Fund seeks a margin of safety when there is a significant discount to intrinsic value at the time of purchase.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
2.13%	-2.12%	-2.12%

Executive Summary

The BBH Select Mid Cap ETF declined 2.1% in Q1 2026 versus a 1.3% gain for the Russell Midcap Index, as value strongly outperformed growth amid AI disruption concerns and geopolitical tensions. The Iran War drove oil prices from $67 to $101, benefiting energy companies while pressuring industrials. AI advancements led to steep software declines due to perceived disruption risk, though some incumbents like Guidewire are well-positioned to benefit. Top contributors included Darling Ingredients, up 71.8% on strong renewable diesel prospects and new EPA mandates, and Entegris, up 39.3% as semiconductor recovery accelerates. The manager initiated positions in Hubbell and Broadridge while exiting ICON due to AI concerns. The 27-company portfolio trades at 82% of intrinsic value with 47.7% in top 10 holdings. Industrials comprise 35.6% and technology 20.4% of assets. The strategy focuses on companies with competitive advantages that can deliver strong returns through cycles, looking through short-term volatility while maintaining disciplined valuation approach.

Core Thesis

The fund invests in a concentrated portfolio of 27 mid-cap companies with leadership positions and competitive advantages, focusing on industrials and technology sectors that can deliver strong returns through economic cycles while trading at attractive valuations relative to intrinsic value estimates.

Forward Outlook

The manager expects to look through short-term headwinds and volatility, remaining invested in high performing companies through the cycle as macro variables are inherently unpredictable. The portfolio is positioned at 82% of intrinsic value estimates, suggesting attractive valuations.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 18 2026	2026 Q1	DAR, ENTG, GWRE, HUBB	AI, energy, industrials, mid cap, semiconductors, technology, value	DAR ENTG ICLR GWRE HUBB BR	BBH's mid-cap fund underperformed in Q1 as AI disruption fears hit software while energy surged on Iran War. Darling Ingredients soared 71.8% on renewable diesel tailwinds. Portfolio trades at attractive 82% of intrinsic value across 27 quality companies with competitive advantages in industrials and technology, positioned for long-term outperformance through cycles.
Jan 30 2026	2025 Q4	ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA	AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value	DAR KEYS FOUR GWRE	BBH Select Mid Cap underperformed in Q4 as markets favored unprofitable, high-beta stocks over the fund's quality-focused approach. Despite strong portfolio fundamentals including superior growth and margins versus the index, AI enthusiasm and stimulus drove speculative rallies. Trading at 82% of intrinsic value, the manager expects eventual rotation back to profitable, cash-generating companies.
Oct 28 2025	2025 Q3	ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST	AI, healthcare, mid cap, Quality, tariffs, technology, value	ANET UN WMS UN FOUR UN GLOB UN BRKR UN ITT UN BJ UN ANET UN WMS UN FOUR UN GLOB UN BRKR UN ITT UN BJ UN	BBH's mid-cap fund underperformed in Q3 as low-quality stocks rallied, but portfolio companies showed superior fundamentals with 11% revenue growth versus 3% for the index. Arista Networks drove gains on AI momentum while tariff impacts led to exits from Globant and Bruker. Manager maintains quality focus, confident markets will eventually reward cash flow and profitability over speculation.
Jul 20 2025	2025 Q2	ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO	healthcare, industrials, mid cap, payments, software, tariffs, technology	GWRE FOUR WSO GLOB	BBH Mid Cap Fund returned 5.4% in Q2 2025, underperforming on tariff headwinds affecting technology and healthcare holdings. Guidewire Software and Shift4 Payments drove outperformance while Globant and Watsco detracted. The fund repositioned around tariff impacts, exiting vulnerable names and adding to quality companies trading at attractive valuations following market overreactions.
Mar 31 2025	2025 Q1	ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA	industrials, insurance, mid cap, software, technology, Testing, value	ULS KEYS	BBH's mid-cap fund underperformed in Q1 2025 as policy uncertainty weighed on markets. Insurance holdings Brown & Brown and Guidewire drove positive performance while technology names Globant and Bruker detracted significantly. The manager added testing company UL Solutions and measurement equipment leader Keysight Technologies, maintaining a disciplined approach focused on quality companies trading below intrinsic value.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 18 2026

2026 Q1

DAR, ENTG, GWRE, HUBB

AI, energy, industrials, mid cap, semiconductors, technology, value

DAR
ENTG
ICLR
GWRE
HUBB
BR

BBH's mid-cap fund underperformed in Q1 as AI disruption fears hit software while energy surged on Iran War. Darling Ingredients soared 71.8% on renewable diesel tailwinds. Portfolio trades at attractive 82% of intrinsic value across 27 quality companies with competitive advantages in industrials and technology, positioned for long-term outperformance through cycles.

Jan 30 2026

2025 Q4

ANET, ATR, BJ, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, ITT, KEYS, LPLA, MCW, NVR, TTWO, TW, ULS, VMC, WH, WMS, WSC, WSO, WST, ZBRA

AI, fundamentals, Intrinsic Value, mid cap, profitability, Quality, technology, value

DAR
KEYS
FOUR
GWRE

BBH Select Mid Cap underperformed in Q4 as markets favored unprofitable, high-beta stocks over the fund's quality-focused approach. Despite strong portfolio fundamentals including superior growth and margins versus the index, AI enthusiasm and stimulus drove speculative rallies. Trading at 82% of intrinsic value, the manager expects eventual rotation back to profitable, cash-generating companies.

Oct 28 2025

2025 Q3

ANET, BFAM, BJ, BRKR, BRO, CBRE, ENTG, FOUR, GFL, GLOB, GWRE, GXO, ICLR, ITT, LPLA, TTWO, VMC, WMS, WSO, WST

AI, healthcare, mid cap, Quality, tariffs, technology, value

ANET UN
WMS UN
FOUR UN
GLOB UN
BRKR UN
ITT UN
BJ UN
ANET UN
WMS UN
FOUR UN
GLOB UN
BRKR UN
ITT UN
BJ UN

BBH's mid-cap fund underperformed in Q3 as low-quality stocks rallied, but portfolio companies showed superior fundamentals with 11% revenue growth versus 3% for the index. Arista Networks drove gains on AI momentum while tariff impacts led to exits from Globant and Bruker. Manager maintains quality focus, confident markets will eventually reward cash flow and profitability over speculation.

Jul 20 2025

2025 Q2

ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL.TO, GLOB, GWRE, GXO, HEI, ICLR, LPLA, TTWO, ULS, VMC, WH, WMS, WSO

healthcare, industrials, mid cap, payments, software, tariffs, technology

GWRE
FOUR
WSO
GLOB

BBH Mid Cap Fund returned 5.4% in Q2 2025, underperforming on tariff headwinds affecting technology and healthcare holdings. Guidewire Software and Shift4 Payments drove outperformance while Globant and Watsco detracted. The fund repositioned around tariff impacts, exiting vulnerable names and adding to quality companies trading at attractive valuations following market overreactions.

Mar 31 2025

2025 Q1

ANET, ATR, BRKR, BRO, CBRE, DAR, ENTG, FOUR, GFL, GWRE, GXO, HEI.A, ICLR, LPLA, TTWO, VMC, WH, WMS, WSO, ZBRA

industrials, insurance, mid cap, software, technology, Testing, value

ULS
KEYS

BBH's mid-cap fund underperformed in Q1 2025 as policy uncertainty weighed on markets. Insurance holdings Brown & Brown and Guidewire drove positive performance while technology names Globant and Bruker detracted significantly. The manager added testing company UL Solutions and measurement equipment leader Keysight Technologies, maintaining a disciplined approach focused on quality companies trading below intrinsic value.

QUARTER	THEMES	TAGS
2026 Q1	AI Rapid AI advancements including Anthropic's Claude Cowork release led to steep declines in software companies due to perceived disruption risk. AI is driving customers to accelerate cloud deployments with longer terms and larger deals. Some incumbents like Guidewire are well positioned to benefit through lower costs and expanded addressable markets.	Software Disruption Cloud Automation Innovation
	Semiconductors Semiconductor companies benefited from growing capital expenditures supporting AI adoption. Entegris reported strong results as gross margins troughed and revenue growth is poised to reaccelerate in 2026. The company should benefit from recovery in wafer volumes and new fabrication construction.	Chip Equipment Wafer Fabrication Capital Expenditure Recovery AI Infrastructure
	Energy Iran War resulted in sharp oil price increases from $67 to $101 at quarter end. Energy was the best performing sector up 37.7%. The fund has no direct energy exposure which was a headwind during the quarter.	Oil Prices Geopolitical Risk Sector Performance War Premium Commodity Shock
	Renewable Energy Darling Ingredients' renewable diesel segment benefited from increased energy prices and new mandatory minimums for renewable fuels announced by the White House and EPA. These renewable volume obligations should drive strong demand alongside higher prices and margins through 2026.	Renewable Diesel Regulatory Support Biofuels Environmental Policy Mandates
2025 Q4	AI Manager believes AI revolution is fundamentally different from dot-com bubble due to current compute capacity constraints versus future demand. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. Expects volatility but remains committed to AI thesis despite circular financing concerns around some players.	Artificial Intelligence Data Centers Compute Infrastructure GPUs
	Trade Policy Manager notes 2025 saw global trade order rewritten through executive orders and tweets. Expects Supreme Court ruling on Trump tariff legality could invalidate IEEPA-imposed tariffs, though similar tariffs would likely be reimposed under other legal frameworks. Views tariffs as potential central topic for early 2026 but prefers they fade as investment concern.	Tariffs Trade IEEPA Supreme Court
	Rates Federal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes within 25-50 basis points of neutral rate. Disagrees with Trump's advocacy for rates near zero, arguing it would steepen yield curve rather than reduce rates across all durations uniformly.	Federal Reserve Interest Rates Monetary Policy
	Enterprise Software Manager consolidated enterprise software exposure into platform companies ServiceNow and Salesforce while eliminating Adobe. Views platforms as better positioned than best-of-breed apps against AI disintermediation threats. Expects platform companies to deliver accelerating performance as AI solutions gain critical mass across enterprise.	SaaS Platforms AI Integration
2025 Q3	AI The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments.	Data Centers Infrastructure Cloud Semiconductors Growth
	Quality The fund focuses on high quality, profitable companies with superior fundamentals. Current portfolio companies have grown revenues and EBITDA by 11% and 14% over the last twelve months respectively, compared to 3% and 4% for the Index. The portfolio enjoys superior operating margins and returns on equity of 20% and 18%, compared to 12% and 12% for the Index, with much lower leverage profile.	Profitability Margins Cash Flow Returns Fundamentals
	Trade Policy Several technology and healthcare companies continue to be impacted by tariffs and policy uncertainty. The fund reduced exposure to some affected companies including exiting Globant and Bruker due to tariff impacts on Latin American customers and academic/life science funding cuts. Policy uncertainty includes restrictions on federal research funding, efforts to cut NIH and NSF budgets, and tariffs on China, EU, and Switzerland.	Tariffs Policy Regulation Government Uncertainty
2025 Q2	Trade Policy Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks.	Tariffs Trade Policy Uncertainty Impact
	Software Guidewire Software was the largest positive contributor, returning 25.7% during the quarter as the leading provider of core systems software to the P&C insurance industry. The company announced record fiscal Q3 results with acceleration in annual recurring revenue driven by high close rates and record-low attrition. Guidewire continues to benefit from insurance companies prioritizing modernization of their core systems.	SaaS Insurance Cloud Modernization ARR
	Payments Shift4 Payments returned 21.3% during the quarter as an integrated payments processor specializing in hospitality. The company reported strong results with volumes, net revenue, EBITDA, and earnings above consensus. End-to-end volumes of $45.0 billion increased 35% and organic net revenue growth is expected to be over 20% in 2025.	Processing Hospitality Volumes Growth Fintech
2025 Q1	Insurance The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity.	P&C Insurance Insurance Brokers Premium Rates Hard Market Inflation
	Software The fund holds multiple software positions including Guidewire as the leading provider of core systems software to P&C insurance industry. Guidewire reported strong results exceeding expectations and raised full-year guidance as it wins new customers and migrates existing customers to the cloud. The company set a new long-term target for more than 50% of P&C insurance industry premiums to run on their software.	SaaS Cloud Enterprise Software Insurance Software Migration
	Testing The fund initiated a new position in UL Solutions, a leading testing, inspection, and certification company verifying products meet global safety standards. ULS serves 80,000 customers with 99% retention and benefits from new product introductions, expansion into growing categories like batteries and electrification, and regular price increases. The company will also benefit if customers adjust manufacturing in response to tariffs.	Testing & Inspection Certification Safety Standards Regulatory Tariffs

QUARTER

THEMES

AI

Rapid AI advancements including Anthropic's Claude Cowork release led to steep declines in software companies due to perceived disruption risk. AI is driving customers to accelerate cloud deployments with longer terms and larger deals. Some incumbents like Guidewire are well positioned to benefit through lower costs and expanded addressable markets.

Software Disruption Cloud Automation Innovation

Semiconductors

Semiconductor companies benefited from growing capital expenditures supporting AI adoption. Entegris reported strong results as gross margins troughed and revenue growth is poised to reaccelerate in 2026. The company should benefit from recovery in wafer volumes and new fabrication construction.

Chip Equipment Wafer Fabrication Capital Expenditure Recovery AI Infrastructure

Energy

Iran War resulted in sharp oil price increases from $67 to $101 at quarter end. Energy was the best performing sector up 37.7%. The fund has no direct energy exposure which was a headwind during the quarter.

Oil Prices Geopolitical Risk Sector Performance War Premium Commodity Shock

Renewable Energy

Darling Ingredients' renewable diesel segment benefited from increased energy prices and new mandatory minimums for renewable fuels announced by the White House and EPA. These renewable volume obligations should drive strong demand alongside higher prices and margins through 2026.

Renewable Diesel Regulatory Support Biofuels Environmental Policy Mandates

2025 Q4

AI

Manager believes AI revolution is fundamentally different from dot-com bubble due to current compute capacity constraints versus future demand. Views infrastructure buildout as most secure part of AI food chain, explaining continued investment in Nvidia, ASML, and new Micron position. Expects volatility but remains committed to AI thesis despite circular financing concerns around some players.

Artificial Intelligence Data Centers Compute Infrastructure GPUs

Trade Policy

Manager notes 2025 saw global trade order rewritten through executive orders and tweets. Expects Supreme Court ruling on Trump tariff legality could invalidate IEEPA-imposed tariffs, though similar tariffs would likely be reimposed under other legal frameworks. Views tariffs as potential central topic for early 2026 but prefers they fade as investment concern.

Tariffs Trade IEEPA Supreme Court

Rates

Federal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes within 25-50 basis points of neutral rate. Disagrees with Trump's advocacy for rates near zero, arguing it would steepen yield curve rather than reduce rates across all durations uniformly.

Federal Reserve Interest Rates Monetary Policy

Enterprise Software

Manager consolidated enterprise software exposure into platform companies ServiceNow and Salesforce while eliminating Adobe. Views platforms as better positioned than best-of-breed apps against AI disintermediation threats. Expects platform companies to deliver accelerating performance as AI solutions gain critical mass across enterprise.

SaaS Platforms AI Integration

2025 Q3

AI

The fund has exposure to AI through companies like Arista Networks, which provides data center switches to cloud network and AI customers. Arista's AI revenue is targeted at $1.5 billion this year and expected to reach $2.75 billion next year, growing 60-70% and representing about 25% of revenue. The manager acknowledges enthusiasm for AI driving enormous capital expenditures in associated infrastructure while being cognizant of bubble-like behavior in certain segments.

Data Centers Infrastructure Cloud Semiconductors Growth

Quality

The fund focuses on high quality, profitable companies with superior fundamentals. Current portfolio companies have grown revenues and EBITDA by 11% and 14% over the last twelve months respectively, compared to 3% and 4% for the Index. The portfolio enjoys superior operating margins and returns on equity of 20% and 18%, compared to 12% and 12% for the Index, with much lower leverage profile.

Profitability Margins Cash Flow Returns Fundamentals

Trade Policy

Several technology and healthcare companies continue to be impacted by tariffs and policy uncertainty. The fund reduced exposure to some affected companies including exiting Globant and Bruker due to tariff impacts on Latin American customers and academic/life science funding cuts. Policy uncertainty includes restrictions on federal research funding, efforts to cut NIH and NSF budgets, and tariffs on China, EU, and Switzerland.

Tariffs Policy Regulation Government Uncertainty

2025 Q2

Trade Policy

Several technology and healthcare companies were impacted by tariffs and academic and life science funding cuts. The magnitude of proposed tariffs and funding cuts have been greater than anticipated, with companies like Globant seeing Latin American clients pause projects due to tariff uncertainty. The fund exited positions in Toro and Crown Holdings due to heightened tariff risks.

Tariffs Trade Policy Uncertainty Impact

Software

Guidewire Software was the largest positive contributor, returning 25.7% during the quarter as the leading provider of core systems software to the P&C insurance industry. The company announced record fiscal Q3 results with acceleration in annual recurring revenue driven by high close rates and record-low attrition. Guidewire continues to benefit from insurance companies prioritizing modernization of their core systems.

SaaS Insurance Cloud Modernization ARR

Payments

Shift4 Payments returned 21.3% during the quarter as an integrated payments processor specializing in hospitality. The company reported strong results with volumes, net revenue, EBITDA, and earnings above consensus. End-to-end volumes of $45.0 billion increased 35% and organic net revenue growth is expected to be over 20% in 2025.

Processing Hospitality Volumes Growth Fintech

2025 Q1

Insurance

The fund benefits from exposure to property & casualty insurance through Brown & Brown and Guidewire Software. Brown & Brown delivered strong organic growth of 13.8% and continues to benefit from the current inflationary environment and hard insurance premium rate cycle. Guidewire benefits from increasing gross written premiums as insurance rates rise due to inflation and limited capacity.

P&C Insurance Insurance Brokers Premium Rates Hard Market Inflation

Software

The fund holds multiple software positions including Guidewire as the leading provider of core systems software to P&C insurance industry. Guidewire reported strong results exceeding expectations and raised full-year guidance as it wins new customers and migrates existing customers to the cloud. The company set a new long-term target for more than 50% of P&C insurance industry premiums to run on their software.

SaaS Cloud Enterprise Software Insurance Software Migration

Testing

The fund initiated a new position in UL Solutions, a leading testing, inspection, and certification company verifying products meet global safety standards. ULS serves 80,000 customers with 99% retention and benefits from new product introductions, expansion into growing categories like batteries and electrification, and regular price increases. The company will also benefit if customers adjust manufacturing in response to tariffs.

Testing & Inspection Certification Safety Standards Regulatory Tariffs

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	DAR	Darling Ingredients Inc	Packaged Foods	Food Products	Bull	New York Stock Exchange	Animal-Byproducts, Biofuels, EPA Mandate, Feed Ingredients, Joint venture, Rendering, Renewable diesel, Specialty Health Products	Login
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	ENTG	Entegris Inc	Semiconductor Equipment & Materials	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Cost Restructuring, Filtration Products, Logic Chips, memory chips, Production Nodes, Semiconductor Recovery, semiconductors, Wafer Fabrication	Login
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	ICLR	ICON plc	Diagnostics & Research	Life Sciences Tools & Services	Bear	NASDAQ	AI Disintermediation, Biotechnology Services, contract research organization, Cro, drug development, Pharmaceutical Services, revenue recognition	Login
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	GWRE	Guidewire Software Inc	Software - Application	Software	Bull	New York Stock Exchange	AI integration, Annual Recurring Revenue, cloud migration, Core Systems, Insurance-software, Property & Casualty Insurance, SaaS, subscription model	Login
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	HUBB	Hubbell Inc	Electrical Equipment & Parts	Electrical Equipment	Bull	New York Stock Exchange	data centers, electrical equipment, Electrification, Grid Hardening, Industrial Nearshoring, Mission-Critical Products, Transmission Distribution, Utility Infrastructure	Login
Apr 18, 2026	Fund Letters	BBH Select Series - Mid Cap Fund	BR	Broadridge Financial Solutions	Information Technology Services	IT Services	Bull	New York Stock Exchange	Direct Indexing, Distributed Ledger, Financial infrastructure, Governance Solutions, Post-Trade Processing, Proxy Services, Separately Managed Accounts, Tokenization	Login
Jan 30, 2026	Fund Letters	Tim Harris	DAR	Darling Ingredients Inc.	Consumer Staples	Agricultural Products	Bull	New York Stock Exchange	Animal-Byproducts, Free Cash Flow, Rendering, Renewable diesel, Sustainability	Login
Jan 30, 2026	Fund Letters	Tim Harris	KEYS	Keysight Technologies Inc.	Information Technology	Electronic Equipment & Instruments	Bull	New York Stock Exchange	AI infrastructure, Instrumentation, margin expansion, semiconductors, Test-And-Measurement	Login
Jan 30, 2026	Fund Letters	Tim Harris	FOUR	Shift4 Payments Inc.	Financials	Transaction & Payment Processing Services	Neutral	New York Stock Exchange	buybacks, consumer spending, hospitality, Payments, Sentiment	Login
Jan 30, 2026	Fund Letters	Tim Harris	GWRE	Guidewire Software Inc.	Information Technology	Application Software	Neutral	New York Stock Exchange	AI adoption, ARR growth, cloud migration, Insurance-software, vertical software	Login
Oct 28, 2025	Fund Letters	Tim Harris	WMS UN	Advanced Drainage Systems Inc.	Industrials	Building Products	Bull	NYSE	construction, Stormwater, Sustainability, Water infrastructure	Login
Oct 28, 2025	Fund Letters	Tim Harris	BRKR UN	Bruker Corp.	Health Care	Life Sciences Tools & Services	Bear	NASDAQ	Funding cuts, instruments, life sciences, R&D	Login
Oct 28, 2025	Fund Letters	Tim Harris	FOUR UN	Shift4 Payments Inc.	Information Technology	IT Services	Bull	NYSE	Fintech, hospitality, organic growth, Payments	Login
Oct 28, 2025	Fund Letters	Tim Harris	GLOB UN	Globant S.A.	Information Technology	IT Consulting & Services	Bear	NYSE	AI services, Digital transformation, It consulting, Software	Login
Oct 28, 2025	Fund Letters	Tim Harris	BRKR UN	Bruker Corp.	Health Care	Life Sciences Tools & Services	Bear	NASDAQ	Funding cuts, instruments, life sciences, R&D	Login
Oct 28, 2025	Fund Letters	Tim Harris	ANET UN	Arista Networks Inc.	Information Technology	Communications Equipment	Bull	NYSE	AI, cloud, data centers, hyperscalers, Networking	Login
Oct 28, 2025	Fund Letters	Tim Harris	ITT UN	ITT Inc.	Industrials	Machinery	Bull	NYSE	Aerospace, capital allocation, EVs, Industrials, machinery	Login
Oct 28, 2025	Fund Letters	Tim Harris	ITT UN	ITT Inc.	Industrials	Machinery	Bull	NYSE	Aerospace, capital allocation, EVs, Industrials, machinery	Login
Oct 28, 2025	Fund Letters	Tim Harris	BJ UN	BJ’s Wholesale Club Holdings Inc.	Consumer Discretionary	Food Retail	Bull	NYSE	consumer staples, Membership, Pricing power, retail, Warehouse	Login
Oct 28, 2025	Fund Letters	Tim Harris	WMS UN	Advanced Drainage Systems Inc.	Industrials	Building Products	Bull	NYSE	construction, Stormwater, Sustainability, Water infrastructure	Login
Oct 28, 2025	Fund Letters	Tim Harris	BJ UN	BJ’s Wholesale Club Holdings Inc.	Consumer Discretionary	Food Retail	Bull	NYSE	consumer staples, Membership, Pricing power, retail, Warehouse	Login
Oct 28, 2025	Fund Letters	Tim Harris	FOUR UN	Shift4 Payments Inc.	Information Technology	IT Services	Bull	NYSE	Fintech, hospitality, organic growth, Payments	Login
Oct 28, 2025	Fund Letters	Tim Harris	GLOB UN	Globant S.A.	Information Technology	IT Consulting & Services	Bear	NYSE	AI services, Digital transformation, It consulting, Software	Login
Oct 28, 2025	Fund Letters	Tim Harris	ANET UN	Arista Networks Inc.	Information Technology	Communications Equipment	Bull	NYSE	AI, cloud, data centers, hyperscalers, Networking	Login
Jun 30, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	FOUR	Shift4 Payments Inc	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Cross-sell, Free Cash Flow, hospitality, international expansion, Payments processing, tax-free shopping, volume growth	Login
Jun 30, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	GWRE	Guidewire Software Inc	Information Technology	Application Software	Bull	NYSE	ARR growth, cloud migration, Core Systems, Insurance Technology, operating leverage, P&C insurance, SaaS	Login
Jun 30, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	WSO	Watsco Inc	Industrials	Trading Companies & Distributors	Neutral	NYSE	gross margin expansion, HVAC Distribution, industry transition, Mix shift, Refrigerant Technology, Residential Replacement, technology leadership	Login
Jun 30, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	GLOB	Globant SA	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI Studios, Digital Engineering, Latin America, Mission Critical Applications, Software Development, tariff impact, Variable Cost Structure	Login
Mar 31, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	ULS	UL Solutions Inc	Industrials	Professional Services	Bull	NYSE	Certification, defensive, Inspection, IPO, Pricing power, professional services, Regulatory, Safety Standards, Testing, Tic	Login
Mar 31, 2025	Fund Letters	BBH Select Series - Mid Cap Fund	KEYS	Keysight Technologies Inc	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	5G, 6G, Aerospace, AI, data center, Defense, Electric Vehicles, Measurement, R&D, recurring revenue, semiconductors, Test Equipment	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

DAR

Darling Ingredients Inc

Packaged Foods

Food Products

Bull

New York Stock Exchange

Animal-Byproducts, Biofuels, EPA Mandate, Feed Ingredients, Joint venture, Rendering, Renewable diesel, Specialty Health Products

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

ENTG

Entegris Inc

Semiconductor Equipment & Materials

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Cost Restructuring, Filtration Products, Logic Chips, memory chips, Production Nodes, Semiconductor Recovery, semiconductors, Wafer Fabrication

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

ICLR

ICON plc

Diagnostics & Research

Life Sciences Tools & Services

Bear

NASDAQ

AI Disintermediation, Biotechnology Services, contract research organization, Cro, drug development, Pharmaceutical Services, revenue recognition

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

GWRE

Guidewire Software Inc

Software - Application

Software

Bull

New York Stock Exchange

AI integration, Annual Recurring Revenue, cloud migration, Core Systems, Insurance-software, Property & Casualty Insurance, SaaS, subscription model

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

HUBB

Hubbell Inc

Electrical Equipment & Parts

Electrical Equipment

Bull

New York Stock Exchange

data centers, electrical equipment, Electrification, Grid Hardening, Industrial Nearshoring, Mission-Critical Products, Transmission Distribution, Utility Infrastructure

Apr 18, 2026

Fund Letters

BBH Select Series - Mid Cap Fund

Broadridge Financial Solutions

Information Technology Services

IT Services

Bull

New York Stock Exchange

Direct Indexing, Distributed Ledger, Financial infrastructure, Governance Solutions, Post-Trade Processing, Proxy Services, Separately Managed Accounts, Tokenization

Jan 30, 2026

Fund Letters

Tim Harris

DAR

Darling Ingredients Inc.

Consumer Staples

Agricultural Products

Bull

New York Stock Exchange

Animal-Byproducts, Free Cash Flow, Rendering, Renewable diesel, Sustainability

Jan 30, 2026

Fund Letters

Tim Harris

KEYS

Keysight Technologies Inc.

Information Technology

Electronic Equipment & Instruments

Bull

New York Stock Exchange

AI infrastructure, Instrumentation, margin expansion, semiconductors, Test-And-Measurement

Jan 30, 2026

Fund Letters

Tim Harris

FOUR

Shift4 Payments Inc.

Financials

Transaction & Payment Processing Services

Neutral

New York Stock Exchange

buybacks, consumer spending, hospitality, Payments, Sentiment

Jan 30, 2026

Fund Letters

Tim Harris

GWRE

Guidewire Software Inc.

Information Technology

Application Software

Neutral

New York Stock Exchange

AI adoption, ARR growth, cloud migration, Insurance-software, vertical software

Oct 28, 2025

Fund Letters

Tim Harris

WMS UN

Advanced Drainage Systems Inc.

Industrials

Building Products

Bull

NYSE

construction, Stormwater, Sustainability, Water infrastructure

Oct 28, 2025

Fund Letters

Tim Harris

BRKR UN

Bruker Corp.

Health Care

Life Sciences Tools & Services

Bear

NASDAQ

Funding cuts, instruments, life sciences, R&D

Oct 28, 2025

Fund Letters

Tim Harris

FOUR UN

Shift4 Payments Inc.

Information Technology

IT Services

Bull

NYSE

Fintech, hospitality, organic growth, Payments

Oct 28, 2025

Fund Letters

Tim Harris

GLOB UN

Globant S.A.

Information Technology

IT Consulting & Services

Bear

NYSE

AI services, Digital transformation, It consulting, Software

Oct 28, 2025

Fund Letters

Tim Harris

BRKR UN

Bruker Corp.

Health Care

Life Sciences Tools & Services

Bear

NASDAQ

Funding cuts, instruments, life sciences, R&D

Oct 28, 2025

Fund Letters

Tim Harris

ANET UN

Arista Networks Inc.

Information Technology

Communications Equipment

Bull

NYSE

AI, cloud, data centers, hyperscalers, Networking

Oct 28, 2025

Fund Letters

Tim Harris

ITT UN

ITT Inc.

Industrials

Machinery

Bull

NYSE

Aerospace, capital allocation, EVs, Industrials, machinery

Oct 28, 2025

Fund Letters

Tim Harris

ITT UN

ITT Inc.

Industrials

Machinery

Bull

NYSE

Aerospace, capital allocation, EVs, Industrials, machinery

Oct 28, 2025

Fund Letters

Tim Harris

BJ UN

BJ’s Wholesale Club Holdings Inc.

Consumer Discretionary

Food Retail

Bull

NYSE

consumer staples, Membership, Pricing power, retail, Warehouse

Oct 28, 2025

Fund Letters

Tim Harris

WMS UN

Advanced Drainage Systems Inc.

Industrials

Building Products

Bull

NYSE

construction, Stormwater, Sustainability, Water infrastructure

Oct 28, 2025

Fund Letters

Tim Harris

BJ UN

BJ’s Wholesale Club Holdings Inc.

Consumer Discretionary

Food Retail

Bull

NYSE

consumer staples, Membership, Pricing power, retail, Warehouse

Oct 28, 2025

Fund Letters

Tim Harris

FOUR UN

Shift4 Payments Inc.

Information Technology

IT Services

Bull

NYSE

Fintech, hospitality, organic growth, Payments

Oct 28, 2025

Fund Letters

Tim Harris

GLOB UN

Globant S.A.

Information Technology

IT Consulting & Services

Bear

NYSE

AI services, Digital transformation, It consulting, Software

Oct 28, 2025

Fund Letters

Tim Harris

ANET UN

Arista Networks Inc.

Information Technology

Communications Equipment

Bull

NYSE

AI, cloud, data centers, hyperscalers, Networking

Jun 30, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

FOUR

Shift4 Payments Inc

Information Technology

Data Processing & Outsourced Services

Bull

NYSE

Cross-sell, Free Cash Flow, hospitality, international expansion, Payments processing, tax-free shopping, volume growth

Jun 30, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

GWRE

Guidewire Software Inc

Information Technology

Application Software

Bull

NYSE

ARR growth, cloud migration, Core Systems, Insurance Technology, operating leverage, P&C insurance, SaaS

Jun 30, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

WSO

Watsco Inc

Industrials

Trading Companies & Distributors

Neutral

NYSE

gross margin expansion, HVAC Distribution, industry transition, Mix shift, Refrigerant Technology, Residential Replacement, technology leadership

Jun 30, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

GLOB

Globant SA

Information Technology

IT Consulting & Other Services

Bull

NYSE

AI Studios, Digital Engineering, Latin America, Mission Critical Applications, Software Development, tariff impact, Variable Cost Structure

Mar 31, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

ULS

UL Solutions Inc

Industrials

Professional Services

Bull

NYSE

Certification, defensive, Inspection, IPO, Pricing power, professional services, Regulatory, Safety Standards, Testing, Tic

Mar 31, 2025

Fund Letters

BBH Select Series - Mid Cap Fund

KEYS

Keysight Technologies Inc

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

5G, 6G, Aerospace, AI, data center, Defense, Electric Vehicles, Measurement, R&D, recurring revenue, semiconductors, Test Equipment

TICKER	COMMENTARY
DAR	Darling returned 71.8% during the quarter, ending with a weight of 5.4% after trimming the position on strength. Darling is the global leader in rendering animal byproducts and used cooking oil into fats and proteins for a variety of end uses, including animal feed, specialty health products, and renewable diesel. Darling reported better than expected fourth quarter 2025 results, supported by strong pricing and demand in the feed and food ingredients segments. Increased energy prices also benefitted the renewable diesel segment, a joint venture with the refiner Valero called Diamond Green Diesel. This segment was further supported by the announcement of much increased mandatory minimums for renewable fuels by the White House and Environmental Protection Agency. These new renewable volume obligations should drive strong demand alongside higher prices and margins through the rest of 2026.
ENTG	Entegris returned 39.3% during the quarter, ending with a weight of 5.0%. Entegris is a key supplier to the semiconductor industry of essential filtration products, materials, and related delivery equipment that enable the high-precision fabrication of semiconductor chips. Entegris reported fourth quarter 2025 results and provided forward guidance above expectations across all major categories. After three challenging years of a mainstream semiconductor downturn that pressured margins, gross margin troughed in the third quarter and revenue growth is poised to reaccelerate in 2026. The new CEO David Reeder has taken quick action to improve the cost structure, exiting one production facility in the fourth quarter with plans to exit at least one more in the first half of 2026. Management was deliberately conservative on full-year guidance, but Entegris should benefit from a recovery in both semiconductor industry wafer volumes and new fabrication construction, while further gaining share from new chip production nodes across both logic and memory.
GWRE	Guidewire declined -25.6% during the quarter, ending with a weight of 4.2%. Guidewire is the leading provider of core systems software to the property and casualty (P&C) insurance industry. The decline in the share price was driven by concern that AI could potentially disintermediate existing software companies, driving increased competition as software code is commoditized. While we recognize the disruptive force of AI for many companies, we believe that some incumbents are well positioned to benefit from AI innovation through lower costs, more rapid new product development, and accelerating revenues driven by faster client adoption and expanded addressable markets. Guidewire is particularly well positioned in this regard as the core system of record with deep vertical expertise serving the insurance industry, supported by a scaled distribution and partner ecosystem. Guidewire's fundamental performance supports this view as it has continued to exceed expectations. Guidewire reported another strong quarter with annual recurring revenue (ARR), revenue, and operating income all above guidance and expectations. ARR growth was 21% over last year in constant currency, sustaining the record-high growth rate from last quarter. Subscription revenue growth of 38% delivered 92% incremental margins as Guidewire continues to demonstrate excellent cost efficiency. Full-year guidance was raised across the board. Management reiterated that AI is driving customers to speed up the pace of cloud deployments on Guidewire with longer terms and larger deals.
HUBB	We initiated two new positions in the first quarter in Hubbell Inc. (Hubbell) and Broadridge Financial Solutions (Broadridge). Hubbell manufactures electrical and electronic products for the utility, telecom, commercial, and industrial end markets. The Utility Solutions segment holds the #1 market share position in transmission and distribution products. For example, Hubbell has products that cover 85% of the content on a typical distribution pole, such as arrestors, insulators, and connectors. The Electrical Solutions segment serves more diversified end markets and includes products like wiring systems, enclosures, industrial fittings, resistors, and industrial controls. 90% of Hubbell's sales are to U.S. customers and are evenly split between new product sales and maintenance. Gerben Bakker became CEO in 2021 and has positioned the portfolio to end markets that grow at approximately twice the rate of GDP. Hubbell has a well-diversified portfolio of strong brands supported by secular trends such as grid hardening, aging infrastructure, electrification, industrial near shoring, and electrical load growth associated with data centers. Hubbell's organic growth of 4-6% is further enhanced by mergers and acquisitions (M&A), which accounted for 65% of capital allocation and delivered an average low-teens return on investment. Hubbell products are typically purchased by an engineer and are a small percentage of the overall project cost where there is a high cost of failure, creating a focus on quality and service. Further, its products are generally a fraction of the labor cost to install the products, which helps with pricing. Hubbell has worked with many of its customers for decades and is embedded in the purchasing process. Between organic growth, M&A, and operational efficiencies, there is a strong case for long-term double-digit earnings per share (EPS) growth.
BR	Broadridge is a critical service provider to the financial services industry, with a near-monopoly position of circa 95% market share for proxy distribution and collection of voting results for U.S. stocks held through brokerages. This is the core business within the Investor Communications Segment (ICS), which Broadridge has complemented with data offerings for funds and asset managers, shareholder engagement services for corporate issuers, and digital and physical communications solutions. Broadridge's other segment, Global Technology and Operations (GTO), is built around core post-trade processing engines that handle $15 trillion of daily fixed income and equity trade volume for seven of the 10 largest global investment banks and 21 of the top 25 fixed income primary dealers. Under the leadership of CEO Tim Gokey, Broadridge has delivered consistent 10%+ annual EPS growth for the past decade. Broadridge's proxy business is driven by growth in total equity positions, as it earns revenue from every position in every account with more than five shares held. In addition to steady increases in investor participation, the transition from funds to separately managed accounts (SMAs) and direct indexing is a secular tailwind for sustained position growth. Broadridge has also introduced new products to address governance concerns that supplement position growth, such as pass-through voting and a new AI-driven policy engine offers an alternative to the controversial proxy advisors. In the GTO segment, Broadridge benefits from growing trading volumes with further opportunities as regulatory demands increase. Broadridge has also developed a leading tokenization product, with the company's Distributed Ledger Repo (DLR) solution already handling $400 billion per day of customer transactions. Broadridge is well positioned to sustain the company's consistent low-double-digit EPS growth in the years ahead.

TICKER

COMMENTARY

DAR

Darling returned 71.8% during the quarter, ending with a weight of 5.4% after trimming the position on strength. Darling is the global leader in rendering animal byproducts and used cooking oil into fats and proteins for a variety of end uses, including animal feed, specialty health products, and renewable diesel. Darling reported better than expected fourth quarter 2025 results, supported by strong pricing and demand in the feed and food ingredients segments. Increased energy prices also benefitted the renewable diesel segment, a joint venture with the refiner Valero called Diamond Green Diesel. This segment was further supported by the announcement of much increased mandatory minimums for renewable fuels by the White House and Environmental Protection Agency. These new renewable volume obligations should drive strong demand alongside higher prices and margins through the rest of 2026.

ENTG

Entegris returned 39.3% during the quarter, ending with a weight of 5.0%. Entegris is a key supplier to the semiconductor industry of essential filtration products, materials, and related delivery equipment that enable the high-precision fabrication of semiconductor chips. Entegris reported fourth quarter 2025 results and provided forward guidance above expectations across all major categories. After three challenging years of a mainstream semiconductor downturn that pressured margins, gross margin troughed in the third quarter and revenue growth is poised to reaccelerate in 2026. The new CEO David Reeder has taken quick action to improve the cost structure, exiting one production facility in the fourth quarter with plans to exit at least one more in the first half of 2026. Management was deliberately conservative on full-year guidance, but Entegris should benefit from a recovery in both semiconductor industry wafer volumes and new fabrication construction, while further gaining share from new chip production nodes across both logic and memory.

GWRE

Guidewire declined -25.6% during the quarter, ending with a weight of 4.2%. Guidewire is the leading provider of core systems software to the property and casualty (P&C) insurance industry. The decline in the share price was driven by concern that AI could potentially disintermediate existing software companies, driving increased competition as software code is commoditized. While we recognize the disruptive force of AI for many companies, we believe that some incumbents are well positioned to benefit from AI innovation through lower costs, more rapid new product development, and accelerating revenues driven by faster client adoption and expanded addressable markets. Guidewire is particularly well positioned in this regard as the core system of record with deep vertical expertise serving the insurance industry, supported by a scaled distribution and partner ecosystem. Guidewire's fundamental performance supports this view as it has continued to exceed expectations. Guidewire reported another strong quarter with annual recurring revenue (ARR), revenue, and operating income all above guidance and expectations. ARR growth was 21% over last year in constant currency, sustaining the record-high growth rate from last quarter. Subscription revenue growth of 38% delivered 92% incremental margins as Guidewire continues to demonstrate excellent cost efficiency. Full-year guidance was raised across the board. Management reiterated that AI is driving customers to speed up the pace of cloud deployments on Guidewire with longer terms and larger deals.

HUBB

We initiated two new positions in the first quarter in Hubbell Inc. (Hubbell) and Broadridge Financial Solutions (Broadridge). Hubbell manufactures electrical and electronic products for the utility, telecom, commercial, and industrial end markets. The Utility Solutions segment holds the #1 market share position in transmission and distribution products. For example, Hubbell has products that cover 85% of the content on a typical distribution pole, such as arrestors, insulators, and connectors. The Electrical Solutions segment serves more diversified end markets and includes products like wiring systems, enclosures, industrial fittings, resistors, and industrial controls. 90% of Hubbell's sales are to U.S. customers and are evenly split between new product sales and maintenance. Gerben Bakker became CEO in 2021 and has positioned the portfolio to end markets that grow at approximately twice the rate of GDP. Hubbell has a well-diversified portfolio of strong brands supported by secular trends such as grid hardening, aging infrastructure, electrification, industrial near shoring, and electrical load growth associated with data centers. Hubbell's organic growth of 4-6% is further enhanced by mergers and acquisitions (M&A), which accounted for 65% of capital allocation and delivered an average low-teens return on investment. Hubbell products are typically purchased by an engineer and are a small percentage of the overall project cost where there is a high cost of failure, creating a focus on quality and service. Further, its products are generally a fraction of the labor cost to install the products, which helps with pricing. Hubbell has worked with many of its customers for decades and is embedded in the purchasing process. Between organic growth, M&A, and operational efficiencies, there is a strong case for long-term double-digit earnings per share (EPS) growth.

Broadridge is a critical service provider to the financial services industry, with a near-monopoly position of circa 95% market share for proxy distribution and collection of voting results for U.S. stocks held through brokerages. This is the core business within the Investor Communications Segment (ICS), which Broadridge has complemented with data offerings for funds and asset managers, shareholder engagement services for corporate issuers, and digital and physical communications solutions. Broadridge's other segment, Global Technology and Operations (GTO), is built around core post-trade processing engines that handle $15 trillion of daily fixed income and equity trade volume for seven of the 10 largest global investment banks and 21 of the top 25 fixed income primary dealers. Under the leadership of CEO Tim Gokey, Broadridge has delivered consistent 10%+ annual EPS growth for the past decade. Broadridge's proxy business is driven by growth in total equity positions, as it earns revenue from every position in every account with more than five shares held. In addition to steady increases in investor participation, the transition from funds to separately managed accounts (SMAs) and direct indexing is a secular tailwind for sustained position growth. Broadridge has also introduced new products to address governance concerns that supplement position growth, such as pass-through voting and a new AI-driven policy engine offers an alternative to the controversial proxy advisors. In the GTO segment, Broadridge benefits from growing trading volumes with further opportunities as regulatory demands increase. Broadridge has also developed a leading tokenization product, with the company's Distributed Ledger Repo (DLR) solution already handling $400 billion per day of customer transactions. Broadridge is well positioned to sustain the company's consistent low-double-digit EPS growth in the years ahead.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductors

Energy

Renewable Energy

AI

Trade Policy

Rates

Enterprise Software

AI

Quality

Trade Policy

Trade Policy

Software

Payments

Insurance

Software

Testing

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Tim Harris Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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BBH Select Series – Mid Cap Fund