They build the BBH Luxembourg Funds – BBH Short Duration Fund’s (the “Fund”) portfolio bond-by-bond based on fundamental analysis and our unique valuation framework that allows them to filter the market for potentially compelling values. They also require a Margin of Safety when purchasing credits. The margin of safety varies by the type and rating of the bond. It sets a price cushion that they believe will be likely to define an attractive price for the bond over the longer term, allowing for the cyclicality of credit markets. Repetition of their investment process builds a portfolio of risk exposures consisting of durable credits trading at attractive yields.