Brown Brothers Harriman & Co. ("BBH") oversees approximately $62 billion in assets (as of Q2 2018) as an investment manager for individuals and institutions. BBH is currently the investment advisor for six registered mutual funds. We invite you to learn more about Brown Brothers Harriman's family of funds: BBH Core Select, BBH Global Core Select, BBH IncomeBBH Limited Duration, BBH Intermediate Municipal, BBH Partner Fund—International Equity and BBH U.S. Government Money Market Fund.


BBH Core Select Principles of Equity Investing

Investment objective
The investment objective of the fund is to provide investors with long term growth of capital. The fund seeks to generate attractive returns over time and does not attempt to mirror any benchmark or index.

Ownership perspective
We approach equity investing with the perspective of owning fractional shares of strong businesses for relatively long periods of time. We base our investment decisions on fundamental analysis of the underlying businesses.

Emphasis on capital preservation
We view risk not as the price volatility of an investment, but instead as the likelihood of a permanent capital loss. To mitigate this risk, we apply rigorous selection criteria and invest only in companies we believe have a significant margin of safety1 as measured between the purchase price and our estimate of intrinsic value.

Long-term perspective
Many investment strategies are built around short-term expectations, momentum-following and frequent trading. We believe that a longer-term view of both companies and investments leads to stronger results and risk control over market cycles.

Minimize trading costs and taxes
High portfolio turnover often generates taxable short-term gains and substantial trading costs, both of which can significantly erode the long-term compounding of returns. Our targeted holding period of 3-5 years helps us reduce these costs.

Invest alongside clients
Key principals of BBH have invested personally in the BBH Core Select mutual fund, as well as in similarly managed separate accounts, signifying a high level of shared conviction in the investment strategy and a clear alignment of interests with the Fund's shareholders.

Research-focused process
We believe that the strong research and analysis is the primary driver of investment success. Prior to any investment we strive to have a deep understanding of the long-term fundamental characteristics of the business. It is also important to control business risk through domain knowledge, carefully selected investment criteria, and a thoughtful investment process.



Craig Schwalb  212.493.7217



About BBH

BBH Core Select Fund

BBH Global Core Select Fund

BBH Income Fund

BBH Limited Duration Fund

BBH Intermediate Municipal Fund

BBH Partner Fund - International Equity

BBH U.S. Government Money Market Fund

Publications & White Papers

Contact BBH

1With respect to equity investments, a margin of safety exists when we believe there is a significant discount to intrinsic value at the time of purchase, we aim to purchase at 75% of our estimate to intrinsic value or less. Intrinsic value represents what we believe to be the value of a security based on our analysis of both tangible and intangible factors. For fixed income a margin of safety exists when the additional yield offers, in BBH's view, compensation for the potential credit, liquidity and inherent price volatility of that type of security and it is therefore more likely to outperform an equivalent maturity Treasury instrument over a 3-5 year horizon.


© 2009–2018 Brown Brothers Harriman & Co.

For more complete information, visit www.bbhfunds.com for a prospectus. You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. Information about these and other important subjects is in the fund's prospectus, which you should read carefully before investing.


Securities products are subject to investment risks, including possible loss of the principal invested.

Shares of the Fund are distributed by ALPS Distributors, Inc. and is located at 1290 Broadway, Suite 1100, Denver, CO 80203. Other products are offered by Brown Brothers Harriman.

Brown Brothers Harriman & Co. ("BBH"), a New York limited partnership, was founded in 1818 and provides investment advice to registered mutual funds through a separately identifiable department (the "SID"). The SID is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005.

BBH provides investment advice and portfolio management to the BBH Funds through a separately identifiable department (the "Investment Adviser"). The Investment Advisor is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. BBH acts as the Fund Administrator and is located at 140 Broadway, New York, NY 10005.
In order to view profiles, literature, and other linked documentation, you will need Adobe Acrobat Reader installed on your computer. If you currently do not have it, please visit Adobe's web site for a free download.


IM-05430-2018-08-21           BBH002340



Take the complexity out of navigating the investment landscape for your clients. Sign up below to receive free Litman Gregory research.