BBH Limited Duration Fund
BBH Trust · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
BBH Limited Duration 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
- Short duration
Fund profile
As filed in the prospectus · 2026 Q1
The investment objective of the BBH Limited Duration Fund (the Fund) is to provide maximum total return, 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, asset-backed securities, loans, and mortgage-backed securities, typically maintaining a duration under one year. The fund concentrates primarily in investment-grade debt but may hold up to a significant portion in below-investment-grade securities when the adviser judges the additional income justified. Because security selection depends on the adviser's assessment of valuation, durability, and ESG factors in corporate debt, fund returns will diverge from any benchmark based on those judgments.
| Share class | Gross | Net |
|---|---|---|
| BBBMX | 0.49% | 0.35% |
| BBBIX | 0.27% | 0.27% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 38.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 55.63% |
| Securitized | 26.19% |
| Cash & short-term | 11.62% |
| Loans | 6.41% |
| Derivatives | -9.32% |
These positions come to 90.53% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 39.6% |
| Securitized | 26.2% |
| Cash | 11.6% |
| International | 6.6% |
| 11 smaller | 15.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: F/C US 5YR NOTE (CBT) JUN26, F/C US 2YR NOTE (CBT) JUN26, FHLB D/N 05/01/26, US T BILL ZCP 05/12/26, US T BILL ZCP 05/26/26, US T BILL ZCP 06/02/26, US T BILL ZCP 07/02/26, US T BILL ZCP 06/18/26
Largest exited: F/C US 5YR NOTE (CBT) MAR26, US T BILL ZCP 02/17/26, US T BILL ZCP 02/26/26, US T BILL ZCP 03/05/26, F/C US 2YR NOTE (CBT) MAR26, US T BILL ZCP 02/10/26, US T BILL ZCP 04/09/26, FHLB D/N 02/02/26
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 |
|---|---|---|---|---|---|
| +4.84% | +19.71% | +21.74% | 0.62% | -0.02% | |
| +4.92% | +19.94% | +22.01% | 0.70% | -0.11% |
These classes hold the same portfolio, so the 0.28pp spread over 5 years is the cost difference between them — roughly 0.06pp 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 | 72.4% |
| Floating rate | 27.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 18.8% |
| 1-3y | 40.8% |
| 3-5y | 17.4% |
| 5-10y | 12.7% |
| 10y+ | 10.4% |
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
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 | 57% |
| Interest rates | 43% |
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 | +1.24 yr |
| High yield | +0.36 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 | 0.09 yr | 7% |
| 1 yr | 0.65 yr | 53% |
| 5 yr | 0.48 yr | 39% |
| 10 yr | 0.00 yr | 0% |
30 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.06 yr | 4% |
| 1 yr | 0.75 yr | 47% |
| 5 yr | 0.63 yr | 39% |
| 10 yr | 0.06 yr | 4% |
| 30 yr | 0.10 yr | 6% |
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 | +0.09 | +0.06 | +0.01 | $58.9k | $5.5k |
| 1 yr | +0.65 | +0.66 | +0.09 | $690.6k | $99.0k |
| 5 yr | +0.48 | +0.52 | +0.11 | $549.0k | $111.1k |
| 10 yr | +0.00 | +0.01 | +0.05 | $10.2k | $57.4k |
| 30 yr | -0.00 | +0.00 | +0.10 | $0 | $108.1k |
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 |
|---|---|---|---|---|
| — | FHLB D/N 05/01/26 | 1.43% | $150.28M | — |
| — | US T BILL ZCP 05/12/26 | 1.22% | $127.93M | — |
| — | US T BILL ZCP 05/05/26 | 1.19% | $124.95M | — |
| — | US T BILL ZCP 05/26/26 | 1.17% | $122.84M | — |
| — | US T BILL ZCP 05/19/26 | 1.15% | $120.58M | — |
| — | US T BILL ZCP 06/02/26 | 1.13% | $118.62M | — |
| — | US T BILL ZCP 07/02/26 | 1.11% | $116.27M | — |
| — | US T BILL ZCP 06/18/26 | 1.10% | $115.29M | — |
| — | US T BILL ZCP 06/11/26 | 1.10% | $115.26M | — |
| — | US T BILL ZCP 07/16/26 | 0.94% | $99.24M | — |
Top 10 positions are 11.52% of net assets, top 25 21.47%, across 488 issuers.
See more of this fund's book
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