BBH Limited Duration Fund
BBBMX
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ROIC.AI
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- BBH Limited Duration Fund (ticker: BBBMX for Class N shares) is an open-end mutual fund that seeks maximum total return consistent with preservation of capital and prudent investment management through active management of a low-duration portfolio targeting less than two years duration. The fund invests primarily in a diversified portfolio of durable, investment-grade fixed income securities, including U.S. government obligations and agency securities, corporate bonds and notes issued by domestic and foreign corporations and financial institutions, asset-backed securities, commercial paper, bank obligations, repurchase agreements, and U.S. Treasury bills; it maintains significant allocations to U.S. bonds (approximately 63%), non-U.S. bonds (17%), and cash equivalents (17%), with top holdings encompassing U.S. Treasury Bills, Treasury Note Futures, and structured credit instruments. Managed by a team including Andrew Hofer (since 2011), Neil Hohmann (since 2013), and Paul Kunz (since 2023), the fund operates within the ultrashort bond category and is domiciled in the United States with administrative offices in Wilmington, Delaware, under the oversight of BBH Trust and investment advisory from Brown Brothers Harriman & Co. ("BBH & Co."), headquartered at 140 Broadway, New York. Launched on July 20, 2000, with Class N shares commencing December 22, 2000, the fund serves interest rate-sensitive investors seeking broad exposure to U.S. fixed income markets while emphasizing bottom-up credit selection of well-managed, researchable credits that undergo rigorous underwriting to maturity. In recent developments, the fund received the LSEG Lipper Fund Award for the best performance in the Short Investment Grade Debt Funds category over the five-year period ending December 31, 2023, among 90 funds; BBH & Co. contractually capped Class N expenses at 0.35% through March 1, 2026; and as of Q2 2025, portfolio managers adjusted allocations by increasing exposure to corporate bonds, loans, and asset-backed securities while reducing cash reserves from 20% to 5%, maintaining a duration of 0.9 years and yield to maturity of 5.3%.