Fund Evaluator:
BBH Limited Duration N (BBBMX)
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Fund Details
BBH Limited Duration N Overview
BBH Limited Duration N (BBBMX) is an actively managed Taxable Bond Ultrashort Bond fund. BBH launched the fund in 2000.
The investment seeks maximum total return, consistent with preservation of capital and prudent investment management. The fund seeks to achieve its investment objective by investing in a well-diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Advisor intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation.
About BBH Limited Duration N (BBBMX)
There are 3 members of the management team with an average tenure of 10.76 years: Andrew Hofer (2011), Neil Hohmann (2013), Paul Kunz (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Treasury 1-3 Yr TR USD index with a weighting of 100%. BBH Limited Duration N has 495 securities in its portfolio. The top 10 holdings constitute 19.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
BBH Limited Duration N is part of the Fixed Income global asset class and is within the Taxable Bond fund group. BBH Limited Duration N has 13.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 78.6% (65.1% domestic bond, 13.5% foreign bond and 0.0% convertible bond). BBH Limited Duration N has 21.0% of the portfolio in cash.
Assets Under Management
The fund has $524 million in total assets, which is below the $950 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BBBMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The BBH Limited Duration N expense ratio is below average compared to funds in the Ultrashort Bond category. BBH Limited Duration N has an expense ratio of 0.35%, which is 22% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. BBH Limited Duration N has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, BBH Limited Duration N returned 0.3%, which earned it a grade of D, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
BBH Limited Duration N has a trailing yield of 4.50%, which is above the 4.21% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
BBH Limited Duration N Grades
Year to date, the fund has returned 2.0%, 0.1 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.4% over the past year (grade of B), 6.0% over the past three years (grade of A) and 4.1% per year over the past five years (grade of A) and 3.5% per year over the past 10 years (grade of A).
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BBBMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BBBMX Return (NAV) | 0.3% | 0.9% | 4.4% | 6.0% | 4.1% | 3.5% |
| BBBMX Grade | D | C | B | A | A | A |
| +/- Category | -0.0% | 0.0% | 0.2% | 0.8% | 0.5% | 0.8% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| BBBMX Tax Cost Ratio | na | na | 1.8% | 1.9% | 1.5% | 1.2% |
BBBMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BBBMX Return (NAV) | 2.0% | 5.5% | 6.8% | 7.4% | -1.0% | 1.2% | 3.0% | 4.3% | 2.0% | 2.3% | 2.6% |
| BBBMX Grade | D | A | A | A | D | A | A | A | A | A | A |
| +/- Category | -0.1% | 0.7% | 0.9% | 1.5% | -0.8% | 1.1% | 1.4% | 1.2% | 0.3% | 0.7% | 1.1% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.9% |
| Total Risk Index: | 0.07 - Low |
| Category Risk Index: | 1.59 - High |
| Category Risk Grade: | F (96% Rank) |
| Beta: | 0.12 |
| R-Squared: | 69% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $11374 Mil |
| Fund Total Assets: | $ 525 Mil |
| Share Class Type: | N |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 10.8 years | |||
| Managers (Year): Hofer Andrew (2011), Hohmann Neil (2013), Kunz Paul (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 495 |
| % in Top 10 Holdings: | 19.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 13.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.4% |
| Domestic Bond: | 65.1% |
| Foreign Bond: | 13.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 21.0% |
Purchase Information
| Fund Family: | BBH |
| Phone Number: | 800-575-1265 |
| Website: | www.bbhfunds.com |
| Status: | Open |
| Inception Date: | July 20, 2000 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.35% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | BBH Limited Duration I |
| Min. Subsequent Purchase: | $1,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
