Credit index spreads and risk-free rates were little changed in August. The re-openings of state economies were sluggish and uneven, and further federal government stimulus did not materialize. These factors were counterbalanced by better than expected economic reports and potentially expedited vaccine development timetables. Read on in our BBH Limited Duration Fund and BBH Income Fund updates.
After a persistent summer rally that dissolved much of the negative impact from earlier this year, performance for municipal bonds declined in August. While net flows were still positive during the month, they were down in volume from previous weeks. Municipals outperformed Treasuries for the month as investor risk appetite increased. Read on in our BBH Intermediate Municipal Bond Fund update.