BBH Limited Duration Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, BBH Limited Duration Fund held 488 positions with $10.51B in net assets. Its ten largest holdings made up 11.5% of the fund. The BBBMX share class costs 0.35% a year. Over the 12 months to May 2026, BBBMX returned 4.7%, with dividends reinvested. In 2026 Q3 it added 67 new positions and exited 61.
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.
What you own
| Company | Weight | 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 | — |
The 200 largest of 488 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 | 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.
By sector
- Other
- 37.5%
- Securitized
- 23.2%
- Cash
- 15.5%
- Financials
- 7.0%
- 11 other sectors
- 16.8%
- Other
- 37.5%
- Securitized
- 23.2%
- Cash
- 15.5%
- Financials
- 7.0%
- International
- 6.4%
- Information Technology
- 3.5%
- Health Care
- 2.4%
- Consumer Discretionary
- 1.2%
- Communication Services
- 0.8%
- Utilities
- 0.6%
- Real Estate
- 0.6%
- Government
- 0.4%
- Consumer Staples
- 0.3%
- Industrials
- 0.3%
- Energy
- 0.3%
How it has done
BBBMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.62%. 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 |
|---|---|---|---|---|---|
| 0.35% | +4.72% | +19.96% | +21.92% | -0.02% | |
| 0.27% | +4.79% | +20.07% | +22.21% | -0.11% |
These classes hold the same portfolio, so the 0.29pp spread over 5 years is the cost difference between them — roughly 0.06pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.27% – 0.35%· BBBMX 0.35%
- Portfolio turnover
- 38.00% 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.
67 new· the largest 8
61 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 | 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.
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.
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