While we are glad to put last year behind us, it was good to us in a few respects. 2020 was process-affirming, and we generated strong investment performance. We have always understood that periods of high volatility present us with unusual opportunity, and last Spring was one of those moments. Read on in our BBH Limited Duration Fund and BBH Income Fund updates.
Now is not the time for complacency, neither about the coronavirus nor the municipal market. We do not find solace in low market volatility and tight credit spreads. In fact, they make us more cautious as valuations provide a slimmer safety margin. Yes, 2020 was full of loss and hardship, but among the pandemic, widespread social unrest, and the contested Presidential election, the year could have easily gone worse. Read on in our BBH Intermediate Municipal Bond Fund update.
The pronounced rotation to traditional value sectors marked a significant shift in market leadership as index returns in the first nine months of the year were driven in large part by a handful of U.S. technology and e-commerce stocks. Read on in our BBH Global Core Select Fund update.
The equity market’s ascendance in 2020 was remarkable not only given the extent of the interim economic contraction, societal disruption and political discord that occurred within the year, but also in light of the fact that the S&P 500 total return has compounded at 18% per annum since its 2009 low and has been positive in 11 of the last 12 years. Read on in our BBH Select Series – Large Cap Fund update.