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%, significantly lower than the Index's 10.4% return [1] - The third quarter saw a continuation of the low-quality rally that began late last year, gaining momentum throughout 2025 [1] Company Performance - Globant S.A. (NYSE:GLOB) had a one-month return of 11.28%, but its shares have lost 68.83% of their value over the past 52 weeks [2] - As of December 09, 2025, Globant S.A. closed at $68.74 per share, with a market capitalization of $3.028 billion [2] Fund Detractors - The largest detractors to the fund's performance in Q3 2025 included Shift4 Payments Inc., Globant S.A., and Bruker Corp. [3] - The fund exited positions in both Globant and Bruker during the quarter due to sustained underperformance and to opportunistically harvest tax losses [3] - Globant and Bruker were notably impacted by tariffs and cuts in life science and academic funding, with any potential re-entry into these positions dependent on performance stabilization [3]