Brown Brothers Harriman & Co. is looking to close the BBH Core Select fund (BBTEX, BBTRX) to new investors when total net assets in the fund reach approximately $3.5 billion. The fund currently manages $3.3 billion in assets and sports a Morningstar 5-star rating.
According to the firm, the BBH Core Select fund has “bucked the trend” of other large-cap core funds in 2012, with more than $1.5 billion in new assets through the end of August. According to Lipper, the large-cap core category has experienced estimated outflows over that same time frame of more than $50 billion.
“Following a disciplined investment strategy and typically holding positions in 30 or fewer companies means that we need to manage our asset base carefully,” stated Tim Hartch, partner of BBH and co-portfolio manager of BBH Core Select. “Closing the fund at a level that will allow existing shareholders to continue to invest in the fund was a big factor in our decision.”
