BBH Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, BBH Income Fund held 386 positions with $2.33B in net assets. Its ten largest holdings made up 40.9% of the fund. The BBNIX share class costs 0.44% a year. Over the 12 months to May 2026, BBNIX returned 5.5%, with dividends reinvested. In 2026 Q3 it added 54 new positions and exited 50.
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.
What you own
| Company | Weight | 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% 05/15/33 3.38% · 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 912810PT9 4.75% · due 2037-02-15 | 3.18% | $74.07M | — |
F/C US ULTRA BOND CBT JUN26 | 3.06% | $71.32M | — |
US TREAS BDS 3.875% 02/15/43 3.88% · due 2043-02-15 | 2.88% | $67.21M | — |
US TREAS NTS 4.25% 08/15/35 4.25% · due 2035-08-15 | 2.47% | $57.64M | — |
US TREAS BDS 1.75% 08/15/41 1.75% · due 2041-08-15 | 2.39% | $55.69M | — |
US TREAS BDS 2.875% 08/15/45 2.88% · due 2045-08-15 | 1.37% | $31.99M | — |
The 200 largest of 386 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
How it has done
BBNIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.42%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
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
- Expense ratio, by class
- 0.44% – 0.70%· BBNIX 0.44%
- Portfolio turnover
- 42.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
54 new· the largest 8
50 exited· the largest 8
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.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — BBNIX, QQQ and the fund in my 401(k)?”
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