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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, BBH Select Series - Mid Cap Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose valuations were overly punished by temporary policy and funding headwinds."
During 2Q 2025, the BBH Select Series - Mid Cap Fund increased 5.44%, underperforming the Russell Midcap Index's gain of 8.53%. Performance was driven by top contributors Guidewire Software (+25.7%) and Shift4 Payments (+21.3%), while being dragged down by Watsco (-12.6%) and Globant (-22.8%). The fund took decisive actions to manage macro risks, completely exiting positions in Toro Co. and Crown Holdings due to tariff sensitivities. Profits were also trimmed from highly valued positions. Reinvestments were concentrated in high-conviction compounders like Globant, Shift4, and ICON plc. whose valuations became highly attractive following overdone market reactions to short-term political and funding headwinds. The fund ended the quarter holding 28 companies, trading at an aggregate 87% of estimated intrinsic value, with a 4.4% cash balance.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Growth Outlook
Market outlook remains above average conviction: The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Risk Appetite
Risk appetite posture is above average conviction: The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Forward Guidance
Forward guidance signal: The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Language Signal
Tone analysis indicates above average conviction language: The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
Time Horizon
Investment time horizon reflects a high conviction orientation. The BBH Mid Cap Fund returned 5.44% in Q2 2025, lagging the index. The manager actively rotated capital from tariff-exposed names to double down on high-quality companies whose val...
