BBH Select Series – Mid Cap Fund Sold Bruker Corporation (BRKR) Due to Policy Uncertainty

Core Insights - The BBH Select Series - Mid Cap Fund experienced a total return decrease of -0.9% in Q3 2025, underperforming the Russell Midcap Index which returned 5.3% [1] - Year-to-date, the fund's total return is -1.8%, compared to the Index's 10.4% [1] - The third quarter saw a continuation of the low-quality rally that began late last year, gaining momentum throughout 2025 [1] Company Highlights - Bruker Corporation (NASDAQ:BRKR) was highlighted in the fund's Q3 2025 investor letter, focusing on its development and manufacturing of scientific instruments and analytical solutions [2] - Bruker Corporation's one-month return was 12.28%, but it has lost 19.82% of its value over the last 52 weeks [2] - As of December 10, 2025, Bruker Corporation's stock closed at $46.92 per share, with a market capitalization of $7.129 billion [2] Performance Detractors - The largest detractors to the fund's performance in Q3 2025 included Shift4 Payments Inc., Globant S.A., and Bruker Corporation [3] - The fund exited positions in both Globant and Bruker during the quarter due to sustained underperformance and to opportunistically harvest tax losses [3] - Bruker Corporation was notably impacted by tariffs and cuts in life science and academic funding, with any potential re-entry into the stock contingent on performance stabilization [3]