BBH Intermediate Municipal Bond Fund
BBH Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BBH Intermediate Municipal Bond 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
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the BBH Intermediate Municipal Bond Fund (the Fund) is to protect investors capital and generate attractive risk -adjusted returns.
The fund applies bottom-up fundamental analysis to build a diversified portfolio of investment-grade municipal bonds rated AAA to BBB, with a dollar-weighted average maturity between 3 and 10 years, and may allocate up to 20% of assets to non-municipal securities including corporate bonds and U.S. government debt when the adviser believes they enhance after-tax returns. The fund considers environmental, social and governance factors when evaluating municipal bond issuers. Because security selection depends on the adviser's credit assessments and after-tax return judgments, fund holdings and performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| BBINX | 0.73% | 0.65% |
| BBIIX | 0.44% | 0.44% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 187.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 101.37% |
| Cash & short-term | 0.19% |
Latest quarter
What changed since the fund's previous filing
Largest new: FEDERAL HOME LOAN V/R 08/25/41, NEW YORK CITY NY V/R 06/15/45, TEXAS ST V/R 10/01/41, BLOUNT CNTY TN PU V/R 06/01/34, TEXAS ST MUNI GAS 5% 04/01/36, ILLINOIS ST HSG 6.5% 10/01/56, TARRANT CNTY TX C V/R 10/01/41, ILLINOIS ST HSG DE 6% 10/01/55
Largest exited: OHIO ST HOSP FAC V/R 01/01/52, ALLEN CNTY OH HOS V/R 11/01/50, CONNECTICUT ST HL V/R 07/01/36, CONNECTICUT ST HL V/R 07/01/49, PHILADELPHIA PA A V/R 07/01/54, OHIO ST HGR EDUCT V/R 01/01/39, ILLINOIS ST FIN A V/R 08/15/49, CONNECTICUT ST HL V/R 07/01/48
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +6.11% | +12.44% | +8.02% | 3.05% | -3.53% | |
| +6.31% | +13.13% | +9.13% | 3.03% | -3.40% |
These classes hold the same portfolio, so the 1.11pp spread over 5 years is the cost difference between them — roughly 0.22pp a year — not a difference in what they own.
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 | 65.4% |
| Floating rate | 34.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.5% |
| 1-3y | 2.9% |
| 3-5y | 3.2% |
| 5-10y | 11.6% |
| 10y+ | 81.8% |
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
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 55% |
| Interest rates | 45% |
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 | +6.38 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 | 0.27 yr | 5% |
| 5 yr | 1.33 yr | 26% |
| 10 yr | 2.88 yr | 56% |
| 30 yr | 0.65 yr | 12% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.38 yr | 6% |
| 5 yr | 1.64 yr | 26% |
| 10 yr | 3.47 yr | 54% |
| 30 yr | 0.86 yr | 14% |
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 | +0.00 | $5.0k | $0 |
| 1 yr | +0.27 | +0.38 | +0.00 | $91.8k | $0 |
| 5 yr | +1.33 | +1.64 | +0.00 | $392.3k | $0 |
| 10 yr | +2.88 | +3.47 | +0.00 | $826.6k | $0 |
| 30 yr | +0.65 | +0.86 | +0.00 | $206.3k | $0 |
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 |
|---|---|---|---|---|
| — | SOUTHEAST ENERGY A 5% 10/01/305.00% · due 2030-10-01 | 2.11% | $50.23M | — |
| — | UNIV OF NORTH CAR V/R 12/01/413.49% floating · due 2041-12-01 | 1.62% | $38.69M | — |
| — | FEDERAL HOME LOAN V/R 08/25/414.02% floating · due 2041-08-25 | 1.56% | $37.25M | — |
| — | CALIFORNIA CMNTY V/R 02/01/523.54% floating · due 2052-02-01 | 1.53% | $36.51M | — |
| — | S MIAMI FL HLTH FA 5% 08/15/425.00% · due 2042-08-15 | 1.10% | $26.18M | — |
| — | NEW YORK CITY NY V/R 06/15/452.40% floating · due 2045-06-15 | 1.06% | $25.30M | — |
| — | MET TRANSPRTN A 4.75% 11/15/454.75% · due 2045-11-15 | 0.99% | $23.68M | — |
| — | CENTRL PLAINS ENE V/R 05/01/535.00% floating · due 2053-05-01 | 0.98% | $23.41M | — |
| — | SALT VERDE AZ FINA 5% 12/01/375.00% · due 2037-12-01 | 0.98% | $23.32M | — |
| — | TEXAS ST V/R 10/01/412.80% floating · due 2041-10-01 | 0.90% | $21.38M | — |
Top 10 positions are 12.83% of net assets, top 25 24.01%, across 483 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free