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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"BBH Select Mid Cap returned 9.7% in Q2 2026, underperforming the 13.8% benchmark as AI infrastructure drove extreme outperformance in high-beta technology hardware. Entegris and Arista Networks led gains on semiconductor cycle strength and data center buildout."
The BBH Select Mid Cap ETF returned 9.7% in Q2 2026, underperforming the Russell Midcap Index's 13.8% return. The quarter was defined by two competing forces: the Iran War and its inflationary consequences, and a powerful resurgence in the AI infrastructure trade. Information technology was the best performing sector, up 54.4%, led by technology hardware up 135.7% driven by AI buildout and memory chip shortages. Energy was the worst performer at -7.2% as a late-quarter peace deal reversed oil prices. Top contributors were Entegris and Arista Networks, both benefiting from AI infrastructure demand and semiconductor cycle strength. Detractors included Guidewire Software, which declined despite strong results due to deal timing, and Darling Ingredients, which pulled back after strong performance despite improving fundamentals in renewable diesel. The portfolio holds 27 positions trading at 90% of intrinsic value with 0.8% cash. The manager maintains a three to five year investment horizon focused on durability and differentiated views across a range of valuations, avoiding concentration in the highest valuation quintile despite the momentum-driven market environment.
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