BBH Intermediate Municipal Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, BBH Intermediate Municipal Bond Fund held 503 positions with $2.39B in net assets. Its ten largest holdings made up 12.8% of the fund. The BBINX share class costs 0.65% a year. Over the 12 months to May 2026, BBINX returned 6.2%, with dividends reinvested. In 2026 Q3 it added 63 new positions and exited 42.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
SOUTHEAST ENERGY A 5% 10/01/30 5.00% · due 2030-10-01 | 2.11% | $50.23M | — |
UNIV OF NORTH CAR V/R 12/01/41 3.49% floating · due 2041-12-01 | 1.62% | $38.69M | — |
FEDERAL HOME LOAN V/R 08/25/41 4.02% floating · due 2041-08-25 | 1.56% | $37.25M | — |
CALIFORNIA CMNTY V/R 02/01/52 3.54% floating · due 2052-02-01 | 1.53% | $36.51M | — |
S MIAMI FL HLTH FA 5% 08/15/42 5.00% · due 2042-08-15 | 1.10% | $26.18M | — |
NEW YORK CITY NY V/R 06/15/45 2.40% floating · due 2045-06-15 | 1.06% | $25.30M | — |
MET TRANSPRTN A 4.75% 11/15/45 4.75% · due 2045-11-15 | 0.99% | $23.68M | — |
CENTRL PLAINS ENE V/R 05/01/53 5.00% floating · due 2053-05-01 | 0.98% | $23.41M | — |
SALT VERDE AZ FINA 5% 12/01/37 5.00% · due 2037-12-01 | 0.98% | $23.32M | — |
TEXAS ST V/R 10/01/41 2.80% floating · due 2041-10-01 | 0.90% | $21.38M | — |
The 200 largest of 503 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 | 101.37% |
| Cash & short-term | 0.19% |
How it has done
BBINX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.05%. 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.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.65% | +6.19% | +13.81% | +8.31% | -3.53% | |
| 0.44% | +6.50% | +14.51% | +9.43% | -3.40% |
These classes hold the same portfolio, so the 1.12pp spread over 5 years is the cost difference between them — roughly 0.22pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.44% – 0.65%· BBINX 0.65%
- Portfolio turnover
- 187.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
63 new· the largest 8
42 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 | 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.
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.
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