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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
BBH Select Mid Cap ETF decreased -5.78% net of fees in the third quarter of 2026, underperforming the Russell Midcap Index decline of -3.00%, bringing year-to-date net performance to 1.17%. Portfolio performance was hindered by an overweight allocation to industrials and an underweight to defensive healthcare, though performance benefitted from an underweight to utilities. The fund maintained an almost fully invested posture, closing the quarter with common equity exposure of 99.2% and a cash allocation of 0.8%, with 45.3% of total assets concentrated within the top ten holdings. The macroeconomic environment was defined by escalating geopolitical unrest and monetary policy tightening. The Iran War propelled WTI crude oil above $105 per barrel, sustaining elevated inflation and inducing the Federal Reserve to implement a September interest rate hike while signaling potential further tightening. Concurrently, long-term Treasury yields reached multiyear highs, exerting pressure on mid-cap valuations and sparking volatility across artificial intelligence trades, where semiconductor hardware experienced sharp pullbacks while enterprise software and networking infrastructure recovered late in the quarter. Portfolio activity centered on recycling capital from mature holdings into new opportunities trading at wide discounts to intrinsic value. The manager initiated new positions in specialty chemical formulator Element Solutions Inc. and renewable infrastructure contractor SOLV Energy Inc. These purchases were funded by trimming positions across technology, healthcare, and industrials, while selectively adding to existing holdings including Broadridge Financial Solutions, Advanced Drainage Systems, and Brown & Brown.
The fund invests in high-quality mid-cap compounders exhibiting superior revenue growth, higher returns on equity, and lower leverage that trade at substantial discounts to estimated intrinsic value.
Management believes the disconnect between resilient company fundamentals and compressed equity valuations creates an attractive entry point, with the portfolio trading at 79% of underlying intrinsic value.
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
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Opportunity Density
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Top Conviction Themes
Key Catalysts
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