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Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BBH INCOME FUND

BBNIX | Fund

$8.87

$882 M

5.12%

$0.45

0.46%

Vitals

YTD Return

0.5%

1 yr return

6.5%

3 Yr Avg Return

-0.8%

5 Yr Avg Return

1.3%

Net Assets

$882 M

Holdings in Top 10

39.1%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 69.00%

Redemption Fee 1.00%


Min Investment

Standard (Taxable)

$25,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

BBH INCOME FUND

BBNIX | Fund

$8.87

$882 M

5.12%

$0.45

0.46%

BBNIX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -0.8%
  • 5 Yr Annualized Total Return 1.3%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.19%
DIVIDENDS
  • Dividend Yield 5.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    BBH INCOME FUND
  • Fund Family Name
    BBH TRUST
  • Inception Date
    Jun 27, 2018
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Hofer

Fund Description

Brown Brothers Harriman & Co. (“BBH&Co.”), through a separately identifiable department (“Investment Adviser”), serves as the Fund’s investment adviser. The Fund seeks to achieve its investment objective by investing in a well-diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term “performing” indicates that the instrument is making payment of interest and principal on schedule, while the term “durable” signifies the Investment

Adviser’s assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The Investment Adviser considers an instrument to be “attractively valued” when the Investment Adviser believes that the instrument’s potential total return exceeds that which would be normally justified by the instrument’s underlying risks.

The Fund’s investments will be primarily focused in notes and bonds issued by domestic and non-U.S. corporations, financial institutions, the U.S. Government and government agencies and government guaranteed issuers; asset-backed securities, consisting of consumer and commercial asset-backed securities; commercial mortgage-backed securities and residential mortgage-backed securities and loan transactions. The Fund may purchase select municipal obligations, sovereign debt, and fixed income securities issued by corporations and governments in non-U.S. countries, including in emerging markets, when the Investment Adviser believes that the additional returns available from these securities are attractive. The Fund may invest in money market instruments, repurchase agreements, commercial paper and for hedging purposes, derivative instruments, consisting of futures, swaps and options, to meet its investment objective. The Fund may also invest a portion of its assets in securities that have characteristics of equity securities, including but not limited to convertible securities and preferred stock. Subject to applicable statutory and regulatory limitations, the Fund may invest in shares of other investment companies, consisting of shares of exchange-traded funds (“ETFs”) and notes issued by business development companies (“BDCs”). The Fund’s investment in other investment companies may include shares of money market funds, including funds affiliated with the Investment Adviser. The Fund may invest in fixed- and floating-rate loan transactions, which investments generally will be in the form of loan participations, delayed funding loans, and revolving credit facilities, or assignments of portions of such loans. The Fund may also invest in private placement securities, including Rule 144A, Regulation S and Regulation D securities, to meet its investment objective.

The Fund has no limitations on the range of maturities of the debt securities in which it can invest and may hold securities with short-, medium- or long-term maturities. The Fund will seek to maintain an overall portfolio duration

(sensitivity to changes in yields) that is consistent with the broad investment grade market through the use of securities held and U.S. Treasury futures. Under normal circumstances, the Fund is managed with the intention of maintaining an effective duration of between 80% - 120% of the effective duration of the Bloomberg US Aggregate Index, which as of January 31, 2024 was approximately 6.22 years. The Fund also targets, under normal circumstances, the following exposure limitations at the time of purchase: 95% of the Fund’s assets in instruments denominated in U.S. Dollars including securities issued by corporate or sovereign issuers domiciled outside of the U.S.; 75% or more of the Fund’s assets in instruments with an investment grade rating; 25% or less of the Fund’s assets in instruments rated “BB” (or equivalent) and below and their unrated equivalents, which are commonly referred to as “junk bonds”; 10% or less of the Fund’s assets in corporate or sovereign debt of issuers domiciled in emerging markets (defined as an issuer in the JPMorgan Emerging Market Bond Index (“JPM EMBI”)); and 5% or less of the Fund’s assets in instruments rated “CCC” (or equivalent) and below. These limitations notwithstanding, the Fund will have the flexibility to invest in the sectors, industries, securities and durations that the Investment Adviser identifies as offering attractive risk- adjusted returns consistent with the Fund’s investment objective. The Fund may also buy non-U.S. securities that are denominated in currency other than the U.S. Dollar.

As part of the Fund’s investment process, the Investment Adviser considers environmental, social and governance (“ESG”) factors when evaluating investments in corporate notes and bonds and in structured products. The Investment Adviser does not evaluate ESG factors for investments in

investment companies and securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuer’s instituted governance programs.

When an instrument is no longer trading at an attractive valuation, according to this framework, the Fund aims to sell the investment entirely and invest the proceeds in cash or U.S. Treasury instruments until it identifies another attractively valued investment.

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BBNIX - Performance

Return Ranking - Trailing

Period BBNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.0% 3.9% 4.75%
1 Yr 6.5% -10.3% 16.1% 1.59%
3 Yr -0.8%* -10.4% 26.2% 3.66%
5 Yr 1.3%* -6.6% 191.4% 14.84%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Return Ranking - Calendar

Period BBNIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -16.2% 8.1% 6.44%
2022 -17.2% -34.7% 131.9% 80.36%
2021 -1.5% -11.6% 4.4% 2.75%
2020 3.7% -10.1% 946.1% 56.33%
2019 2.6% -1.7% 156.4% 94.08%

Total Return Ranking - Trailing

Period BBNIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -6.0% 3.9% 4.75%
1 Yr 6.5% -10.3% 16.1% 1.59%
3 Yr -0.8%* -10.4% 26.2% 3.66%
5 Yr 1.3%* -6.6% 191.4% 14.84%
10 Yr N/A* -2.4% 73.7% N/A

* Annualized

Total Return Ranking - Calendar

Period BBNIX Return Category Return Low Category Return High Rank in Category (%)
2023 9.6% -11.3% 11.0% 0.89%
2022 -13.5% -32.2% 131.9% 45.65%
2021 1.3% -9.4% 9.2% 6.34%
2020 7.1% -1.9% 1009.0% 77.84%
2019 7.3% 1.1% 21668.0% 83.14%

NAV & Total Return History


BBNIX - Holdings

Concentration Analysis

BBNIX Category Low Category High BBNIX % Rank
Net Assets 882 M 2.73 M 292 B 57.62%
Number of Holdings 315 1 17889 78.57%
Net Assets in Top 10 353 M -106 M 36.5 B 52.94%
Weighting of Top 10 39.13% 4.4% 134.1% 24.31%

Top 10 Holdings

  1. FUTURE CONTRACT ON US 10YR ULTRA FUT MAR24 0.00000000 10.36%
  2. FUTURE CONTRACT ON US 10YR NOTE (CBT)MAR24 0.00000000 8.35%
  3. FUTURE CONTRACT ON US LONG BOND(CBT) MAR24 0.00000000 4.61%
  4. FUTURE CONTRACT ON US ULTRA BOND CBT MAR24 0.00000000 3.37%
  5. UNITED STATES TREASURY BOND 3.62500000 3.06%
  6. UNITED STATES TREASURY NOTE 3.37500000 2.46%
  7. UNITED STATES TREASURY BOND 3.87500000 2.05%
  8. UNITED STATES TREASURY BOND 1.37500000 1.90%
  9. UNITED STATES TREASURY NOTE 5.00000000 1.84%
  10. UNITED STATES TREASURY NOTE 4.37500000 1.13%

Asset Allocation

Weighting Return Low Return High BBNIX % Rank
Bonds
94.74% 0.00% 215.98% 42.29%
Other
21.04% -13.23% 58.65% 5.28%
Preferred Stocks
2.35% 0.00% 74.68% 1.08%
Cash
1.92% -54.51% 88.26% 87.67%
Convertible Bonds
1.44% 0.00% 7.93% 49.66%
Stocks
0.00% 0.00% 99.93% 98.83%

Bond Sector Breakdown

Weighting Return Low Return High BBNIX % Rank
Corporate
49.54% 0.00% 100.00% 11.53%
Government
30.11% 0.00% 86.23% 39.80%
Derivative
21.04% -5.38% 58.65% 1.27%
Securitized
17.42% 0.00% 98.40% 86.70%
Cash & Equivalents
1.92% 0.00% 88.06% 82.68%
Municipal
0.74% 0.00% 100.00% 32.71%

Bond Geographic Breakdown

Weighting Return Low Return High BBNIX % Rank
US
94.74% 0.00% 215.98% 36.69%
Non US
0.00% 0.00% 39.04% 98.04%

BBNIX - Expenses

Operational Fees

BBNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.46% 0.01% 39.10% 78.30%
Management Fee 0.40% 0.00% 1.76% 69.86%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

BBNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

BBNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 100.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

BBNIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 69.00% 2.00% 493.39% 29.49%

BBNIX - Distributions

Dividend Yield Analysis

BBNIX Category Low Category High BBNIX % Rank
Dividend Yield 5.12% 0.00% 9.75% 3.81%

Dividend Distribution Analysis

BBNIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

BBNIX Category Low Category High BBNIX % Rank
Net Income Ratio 3.19% -1.28% 4.79% 2.47%

Capital Gain Distribution Analysis

BBNIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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BBNIX - Fund Manager Analysis

Managers

Andrew Hofer


Start Date

Tenure

Tenure Rank

Jun 25, 2018

3.93

3.9%

Mr. Hofer is Head of Taxable Fixed Income for BBH. Mr. Hofer joined BBH in 1988 and spent his first 10 years as both a generalist banker and then as a financial institutions specialist. He joined Investment Management in 1998 as Head of Insurance Asset Management, and from 2003-2006 was Investment Management's Chief Operating Officer and Head of Risk Management. Mr. Hofer earned a BA in East Asian studies from Yale, and an MIA (Master of International Affairs) from Columbia University. He is also the Chairman of Learning Ally, a not-for-profit provider and advocate of accessible learning materials.

Neil Hohmann


Start Date

Tenure

Tenure Rank

Jun 25, 2018

3.93

3.9%

Mr. Hohmann has directed BBH’s structured products strategy and credit research since 2007. He is also involved in the management of BBH’s fixed income positions in financial companies. Prior to joining Brown Brothers in 2006, Mr. Hohmann was a director of structured products at Munich Re for four years and prior to that, a director of research in capital markets at Swiss Re. Mr. Hohmann graduated Magna Cum Laude with Distinction from Yale University and earned his PhD in Economics from the University of Chicago.

Paul Kunz


Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Kunz is a Senior Vice President of BBH with many years of investment experience. He has earned the right to use the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.82 1.16