Brown Brothers Harriman, an investment management firm, has issued a Q4 2025 investor letter for the BBH Selection Series – Mid-Cap ETF. A copy of the letter is available for download here. In the quarter, the ETF lost 3.9% on a total return basis, compared to a 0.2% return for the Russell Midcap Index. The year was characterized by the best performance of unprofitable and highly volatile companies. Healthcare and commodities were the top-performing sectors in the fourth quarter, while telecommunications services and real estate were lower. The company is confident that the market will eventually shift its focus to financial fundamentals, such as profitability and cash flow. Please review the fund’s top five holdings for 2025 to gain insight into their key picks.
In an investor letter from the fourth quarter of 2025, BBH Selection Series – mid-cap fund stocks such as Tradeweb Markets Inc. (NASDAQ:TW) highlighted. Tradeweb Markets Inc. (NASDAQ:TW) is a global financial technology company that builds and operates an electronic marketplace and trading platform. Tradeweb Markets Inc. (NASDAQ:TW)’s one-month return was 8.53%, and its shares have lost 6.35% of their value over the past 52 weeks. On March 10, 2026, Tradeweb Markets Inc. (NASDAQ:TW) stock closed at $124.83 per share, with a market capitalization of $27.273 billion.
BBH Selection Series – Mid-Cap Fund announced Tradeweb Markets Inc. in its fourth quarter 2025 investor letter. (NASDAQ:TW) said the following:
“We launched a new position in the fourth quarter Tradeweb Markets Inc. (NASDAQ:TW) and NVR Inc. (NVR) exit from a position. Tradeweb is an electronic market and trading platform for rates, credit, equity and money markets. Instead of communicating over the phone or chat, electronic trading takes place on a centralized digital platform that facilitates price discovery and automates execution and post-trade processing. Tradeweb began electronic trading in US Treasuries and has since expanded to multiple asset classes, connecting more than 2,500 clients across institutional, dealer, and retail networks. U.S. Treasuries are now nearly 70% electronic versus about 40% a decade ago, and many asset classes, including credit and swaps, are moving in the same direction.
