BBH Core Select Buys Businesses, Not Stocks

The managers of this Kiplinger 25 fund focus on finding and holding good companies that will gain value over the long haul.

At their regular Monday morning meetings in New York City, the managers of BBH Core Select (symbol BBTEX) -- Michael Keller, Tim Hartch and Rick Witmer -- recently talked about their fund’s holdings. In particular, they discussed whether to trim or add to any positions and whether any stock’s price had surpassed their estimate of the company’s worth.

What they didn’t discuss -- and rarely do -- was the fund’s recent performance. That’s because the managers tend to invest for the long haul and, if necessary, will wait “indefinitely” for the market to recognize what they think a company is worth, says Keller.

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Nellie S. Huang
Senior Associate Editor, Kiplinger's Personal Finance

Nellie joined Kiplinger in August 2011 after a seven-year stint in Hong Kong. There, she worked for the Wall Street Journal Asia, where as lifestyle editor, she launched and edited Scene Asia, an online guide to food, wine, entertainment and the arts in Asia. Prior to that, she was an editor at Weekend Journal, the Friday lifestyle section of the Wall Street Journal Asia. Kiplinger isn't Nellie's first foray into personal finance: She has also worked at SmartMoney (rising from fact-checker to senior writer), and she was a senior editor at Money.