BBH Income Fund
BBH Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BBH Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the BBH Income Fund (the Fund) is to provide maximum total return, with an emphasis on current income, consistent with preservation of capital and prudent investment management.
The fund invests in a diversified portfolio of performing, durable fixed-income securities purchased at attractive valuations, including corporate and government bonds, mortgage-backed and asset-backed securities, and loan participations, with targets of at least 75% investment-grade rated debt and no more than 25% high-yield rated debt. The fund maintains effective duration between 80% and 120% of the Bloomberg US Aggregate Index to manage interest-rate sensitivity. Because the fund's returns depend on the Investment Adviser's assessment of which securities offer attractive risk-adjusted returns, performance will diverge from any benchmark.
| Share class | Expense ratio | As of |
|---|---|---|
| BBNIX | 0.44% | 2026 Q1 |
| BBNNX | 0.70% | 2025 Q1 |
Portfolio turnover 42.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 62.52% |
| Securitized | 23.15% |
| Derivatives | 22.83% |
| Loans | 11.49% |
| 2 smaller | 4.14% |
These positions come to 124.14% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: F/C US 10YR ULTRA FUT JUN26, F/C US 10YR NOTE (CBT)JUN26, F/C US 5YR NOTE (CBT) JUN26, F/C US ULTRA BOND CBT JUN26, US TREAS NTS 4.25% 08/15/35, F/C US LONG BOND(CBT) JUN26, US T BILL ZCP 05/12/26, FHLB D/N 05/01/26
Largest exited: F/C US 10YR NOTE (CBT)MAR26, F/C US 10YR ULTRA FUT MAR26, F/C US ULTRA BOND CBT MAR26, F/C US LONG BOND(CBT) MAR26, F/C US 5YR NOTE (CBT) MAR26, US T BILL ZCP 02/05/26, US TREAS NTS 4.125% 03/31/29, US T BILL ZCP 02/17/26
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 69.8% |
| Floating rate | 30.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.3% |
| 1-3y | 17.4% |
| 3-5y | 16.3% |
| 5-10y | 27.6% |
| 10y+ | 34.4% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.32 yr |
| High yield | +1.09 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 1% |
| 1 yr | 0.54 yr | 13% |
| 5 yr | 1.30 yr | 32% |
| 10 yr | 1.57 yr | 39% |
| 30 yr | 0.59 yr | 15% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.60 yr | 25% |
| 5 yr | 1.18 yr | 49% |
| 10 yr | 0.37 yr | 15% |
| 30 yr | 0.23 yr | 10% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.02 | +0.01 | $4.2k | $2.5k |
| 1 yr | +0.54 | +0.38 | +0.22 | $89.4k | $51.1k |
| 5 yr | +1.30 | +0.69 | +0.49 | $160.5k | $114.0k |
| 10 yr | +1.57 | +0.20 | +0.17 | $47.5k | $39.1k |
| 30 yr | +0.59 | +0.03 | +0.20 | $6.9k | $46.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | F/C US 10YR ULTRA FUT JUN26 | 7.41% | $172.67M | — |
| — | F/C US 10YR NOTE (CBT)JUN26 | 7.12% | $165.89M | — |
| — | US TREAS NTS 3.375% 05/15/333.38% · due 2033-05-15 | 7.06% | $164.49M | — |
| — | F/C US 5YR NOTE (CBT) JUN26 | 3.93% | $91.66M | — |
| — | UST BDS 4.75% 2/15/37 912810PT94.75% · due 2037-02-15 | 3.18% | $74.07M | — |
| — | F/C US ULTRA BOND CBT JUN26 | 3.06% | $71.32M | — |
| — | US TREAS BDS 3.875% 02/15/433.88% · due 2043-02-15 | 2.88% | $67.21M | — |
| — | US TREAS NTS 4.25% 08/15/354.25% · due 2035-08-15 | 2.47% | $57.64M | — |
| — | US TREAS BDS 1.75% 08/15/411.75% · due 2041-08-15 | 2.39% | $55.69M | — |
| — | US TREAS BDS 2.875% 08/15/452.88% · due 2045-08-15 | 1.37% | $31.99M | — |
Top 10 positions are 40.88% of net assets, top 25 52.57%, across 385 issuers.
See more of this fund's book
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