Core Insights - Brown Brothers Harriman's Q3 2025 investor letter indicates that the BBH Select Series - Mid Cap Fund decreased by -0.9% on a total return basis, underperforming the Russell Midcap Index which returned 5.3% during the same period [1] - Year-to-date, the fund has a total return of -1.8%, significantly lower than the Index's 10.4% return [1] Group 1: Fund Performance - The third quarter saw a continuation of the low-quality rally that began late last year, gaining momentum throughout 2025 [1] - The fund's performance is highlighted by its exit from several positions, including Bright Horizons Family Solutions Inc. [3] Group 2: Bright Horizons Family Solutions Inc. - Bright Horizons Family Solutions Inc. has a market capitalization of $5.572 billion and provides early education and childcare services [2] - The stock experienced a one-month return of -2.21% and a 52-week loss of 11.10%, closing at $97.98 per share on December 10, 2025 [2] - The fund exited its position in Bright Horizons close to its intrinsic value following positive performance during the year [3] Group 3: Hedge Fund Interest - Bright Horizons Family Solutions Inc. is not among the 30 most popular stocks among hedge funds, with 34 hedge fund portfolios holding the stock at the end of Q3, unchanged from the previous quarter [4] - The potential of Bright Horizons is acknowledged, but the company is viewed as having less upside compared to certain AI stocks [4]