The second quarter of 2020 was extraordinary. Not only did credit solidly outperform, but we saw record issuance of new credit across the rating spectrum despite the unfolding recession that no doubt began in Q2, followed by rebounding Coronavirus incidence and civil unrest in cities across the country. Read on in our BBH Limited Duration Fund and BBH Income Fund updates.
Financial markets recovered dramatically during the second quarter with riskier assets leading the way, as winners and losers from the first quarter switched places. Read on in our BBH Intermediate Municipal Bond Fund update.
While the economic impact of COVID-19 has yet to be fully evident, many are speculating as to the shape of recovery, and we sense a growing complacency in equity markets that massive monetary stimulus coupled with fiscal stimulus will support asset prices for the foreseeable future irrespective of underlying business and economic conditions. Read on in our BBH Global Core Select Fund update.
The gradual easing of lockdown restrictions and the concurrent impact of public assistance in the form of stimulus programs and direct transfers appeared to support market sentiment, even as many risk factors related to the shape of recovery and the path of the pandemic itself remained unknowable. Read on in our BBH Select Series – Large Cap Fund update.