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 - BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) was highlighted as a key stock in the fund's Q3 2025 investor letter [2] - BJ's Wholesale Club's one-month return was -4.66%, and its shares declined by 9.05% over the past 52 weeks [2] - As of December 10, 2025, BJ's stock closed at $89.61 per share, with a market capitalization of $11.806 billion [2] Investment Actions - The fund initiated new positions in ITT Inc. and BJ's Wholesale Club Holdings, Inc. during Q3 2025 [3] - The fund exited positions in Globant, Bruker, and Bright Horizons Family Solutions Inc. [3]

Group 1: Company Performance - TimesSquare Capital Management reported a gross return of 11.28% and a net return of 11.02% for its "U.S. Small Cap Growth Strategy" in Q2 2025, compared to the Russell 2000 Growth Index return of 11.97% [1] - BJ's Wholesale Club Holdings, Inc. (NYSE:BJ) had a one-month return of -5.27% but gained 20.67% over the last 52 weeks, closing at $97.44 per share with a market capitalization of $12.838 billion on September 10, 2025 [2] - BJ's Wholesale Club reported net sales of approximately $5.3 billion in Q2 2025, reflecting a growth of 3.4% year-over-year [4] Group 2: Investment Insights - The investment strategy for BJ's Wholesale Club focuses on value-oriented or specialty retailers, with strong momentum in consumables despite a slight decline in seasonal big-ticket categories [3] - Management's decision to maintain full-year guidance was viewed as conservative, and the company added to its position in BJ's following a -6% pullback [3] - Although BJ's is not among the 30 most popular stocks among hedge funds, it saw an increase in hedge fund portfolios holding its stock from 43 to 44 in the last quarter [4]