BBH INCOME FUND
Name
As of 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.5%
1 yr return
3.4%
3 Yr Avg Return
-1.8%
5 Yr Avg Return
1.0%
Net Assets
$882 M
Holdings in Top 10
39.1%
52 WEEK LOW AND HIGH
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 04/18/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
BBNIX - Profile
Distributions
- YTD Total Return -1.5%
- 3 Yr Annualized Total Return -1.8%
- 5 Yr Annualized Total Return 1.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.19%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameBBH INCOME FUND
-
Fund Family NameBBH TRUST
-
Inception DateJun 27, 2018
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAndrew 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.
BBNIX - Performance
Return Ranking - Trailing
Period | BBNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -12.9% | 2.8% | 5.65% |
1 Yr | 3.4% | -10.7% | 10.3% | 2.69% |
3 Yr | -1.8%* | -11.2% | 24.8% | 4.41% |
5 Yr | 1.0%* | -7.0% | 190.6% | 12.37% |
10 Yr | N/A* | -2.6% | 73.4% | 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% | 6.47% |
2022 | -17.2% | -34.7% | 131.9% | 80.47% |
2021 | -1.5% | -11.6% | 4.4% | 2.76% |
2020 | 3.7% | -10.1% | 946.1% | 56.09% |
2019 | 2.6% | -1.7% | 16.9% | 94.04% |
Total Return Ranking - Trailing
Period | BBNIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.5% | -12.9% | 2.8% | 5.65% |
1 Yr | 3.4% | -10.7% | 10.3% | 2.69% |
3 Yr | -1.8%* | -11.2% | 24.8% | 4.41% |
5 Yr | 1.0%* | -7.0% | 190.6% | 12.37% |
10 Yr | N/A* | -2.6% | 73.4% | 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% | 0.90% |
2022 | -13.5% | -32.2% | 131.9% | 45.78% |
2021 | 1.3% | -9.4% | 9.2% | 6.37% |
2020 | 7.1% | -1.9% | 1009.0% | 77.72% |
2019 | 7.3% | 1.1% | 21668.0% | 83.16% |
NAV & Total Return History
BBNIX - Holdings
Concentration Analysis
BBNIX | Category Low | Category High | BBNIX % Rank | |
---|---|---|---|---|
Net Assets | 882 M | 2.9 M | 314 B | 56.33% |
Number of Holdings | 315 | 1 | 17889 | 78.47% |
Net Assets in Top 10 | 353 M | -106 M | 36.5 B | 49.56% |
Weighting of Top 10 | 39.13% | 4.4% | 134.1% | 18.79% |
Top 10 Holdings
- FUTURE CONTRACT ON US 10YR ULTRA FUT MAR24 0.00000000 10.36%
- FUTURE CONTRACT ON US 10YR NOTE (CBT)MAR24 0.00000000 8.35%
- FUTURE CONTRACT ON US LONG BOND(CBT) MAR24 0.00000000 4.61%
- FUTURE CONTRACT ON US ULTRA BOND CBT MAR24 0.00000000 3.37%
- UNITED STATES TREASURY BOND 3.62500000 3.06%
- UNITED STATES TREASURY NOTE 3.37500000 2.46%
- UNITED STATES TREASURY BOND 3.87500000 2.05%
- UNITED STATES TREASURY BOND 1.37500000 1.90%
- UNITED STATES TREASURY NOTE 5.00000000 1.84%
- UNITED STATES TREASURY NOTE 4.37500000 1.13%
Asset Allocation
Weighting | Return Low | Return High | BBNIX % Rank | |
---|---|---|---|---|
Bonds | 94.74% | 0.00% | 215.98% | 49.07% |
Other | 21.04% | -13.23% | 50.66% | 5.21% |
Preferred Stocks | 2.35% | 0.00% | 74.68% | 1.08% |
Cash | 1.92% | -54.51% | 79.52% | 62.24% |
Convertible Bonds | 1.44% | 0.00% | 7.93% | 50.00% |
Stocks | 0.00% | 0.00% | 99.93% | 95.49% |
Bond Sector Breakdown
Weighting | Return Low | Return High | BBNIX % Rank | |
---|---|---|---|---|
Corporate | 49.54% | 0.00% | 100.00% | 11.58% |
Government | 30.11% | 0.00% | 86.23% | 39.60% |
Derivative | 21.04% | -3.37% | 50.66% | 1.08% |
Securitized | 17.42% | 0.00% | 98.40% | 86.63% |
Cash & Equivalents | 1.92% | 0.00% | 76.23% | 57.42% |
Municipal | 0.74% | 0.00% | 100.00% | 32.87% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | BBNIX % Rank | |
---|---|---|---|---|
US | 94.74% | 0.00% | 215.98% | 43.76% |
Non US | 0.00% | 0.00% | 39.04% | 95.87% |
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% | 77.90% |
Management Fee | 0.40% | 0.00% | 1.76% | 69.41% |
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% | 89.47% |
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% | 29.21% |
BBNIX - Distributions
Dividend Yield Analysis
BBNIX | Category Low | Category High | BBNIX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 9.89% | 4.22% |
Dividend Distribution Analysis
BBNIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
BBNIX | Category Low | Category High | BBNIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.19% | -1.28% | 4.79% | 2.48% |
Capital Gain Distribution Analysis
BBNIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.042 | OrdinaryDividend |
Feb 29, 2024 | $0.039 | OrdinaryDividend |
Jan 31, 2024 | $0.040 | OrdinaryDividend |
Dec 29, 2023 | $0.044 | OrdinaryDividend |
Nov 30, 2023 | $0.040 | OrdinaryDividend |
Oct 31, 2023 | $0.038 | OrdinaryDividend |
Sep 29, 2023 | $0.041 | OrdinaryDividend |
Aug 31, 2023 | $0.040 | OrdinaryDividend |
Jul 31, 2023 | $0.037 | OrdinaryDividend |
Jun 30, 2023 | $0.043 | OrdinaryDividend |
May 31, 2023 | $0.040 | OrdinaryDividend |
Apr 28, 2023 | $0.036 | OrdinaryDividend |
Mar 31, 2023 | $0.042 | OrdinaryDividend |
Feb 28, 2023 | $0.035 | OrdinaryDividend |
Jan 31, 2023 | $0.036 | OrdinaryDividend |
Dec 30, 2022 | $0.039 | OrdinaryDividend |
Nov 30, 2022 | $0.035 | OrdinaryDividend |
Oct 31, 2022 | $0.033 | OrdinaryDividend |
Sep 30, 2022 | $0.037 | OrdinaryDividend |
Aug 31, 2022 | $0.033 | OrdinaryDividend |
Jul 29, 2022 | $0.031 | OrdinaryDividend |
Jun 30, 2022 | $0.031 | OrdinaryDividend |
May 31, 2022 | $0.028 | OrdinaryDividend |
Apr 29, 2022 | $0.029 | OrdinaryDividend |
Mar 31, 2022 | $0.030 | OrdinaryDividend |
Feb 28, 2022 | $0.025 | OrdinaryDividend |
Jan 31, 2022 | $0.027 | OrdinaryDividend |
Dec 31, 2021 | $0.031 | OrdinaryDividend |
Nov 30, 2021 | $0.026 | OrdinaryDividend |
Oct 29, 2021 | $0.026 | OrdinaryDividend |
Sep 30, 2021 | $0.027 | OrdinaryDividend |
Aug 31, 2021 | $0.025 | OrdinaryDividend |
Jun 30, 2021 | $0.029 | OrdinaryDividend |
May 28, 2021 | $0.029 | OrdinaryDividend |
Apr 30, 2021 | $0.028 | OrdinaryDividend |
Mar 31, 2021 | $0.029 | OrdinaryDividend |
Feb 26, 2021 | $0.025 | OrdinaryDividend |
Jan 29, 2021 | $0.025 | OrdinaryDividend |
Dec 29, 2020 | $0.028 | OrdinaryDividend |
Nov 30, 2020 | $0.030 | OrdinaryDividend |
Oct 30, 2020 | $0.032 | OrdinaryDividend |
Sep 30, 2020 | $0.032 | OrdinaryDividend |
Aug 31, 2020 | $0.031 | OrdinaryDividend |
Jul 31, 2020 | $0.031 | OrdinaryDividend |
Jun 30, 2020 | $0.028 | OrdinaryDividend |
May 29, 2020 | $0.029 | OrdinaryDividend |
Apr 30, 2020 | $0.000 | OrdinaryDividend |
Mar 31, 2020 | $0.027 | OrdinaryDividend |
Feb 28, 2020 | $0.024 | OrdinaryDividend |
Jan 31, 2020 | $0.025 | OrdinaryDividend |
Dec 31, 2019 | $0.300 | OrdinaryDividend |
Nov 29, 2019 | $0.025 | DailyAccrualFund |
Oct 31, 2019 | $0.029 | DailyAccrualFund |
Sep 30, 2019 | $0.029 | DailyAccrualFund |
Aug 30, 2019 | $0.029 | DailyAccrualFund |
Jul 31, 2019 | $0.032 | DailyAccrualFund |
Jun 28, 2019 | $0.031 | OrdinaryDividend |
May 31, 2019 | $0.031 | OrdinaryDividend |
Apr 30, 2019 | $0.031 | OrdinaryDividend |
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 | 6.81 | 1.16 |