BBH Mid Cap Fund Exits Globant and Bruker to Harvest Tax Losses After Q3 Slump

Overview

• BBH’s Mid Cap Fund underperformed in Q3 with a -0.9% return versus the Russell Midcap’s 5.3%, and is down -1.8% year to date against the index’s 10.4%.
• The fund sold Globant and Bruker during the quarter after sustained underperformance to capture tax losses, with any potential re‑entry contingent on a stabilization in performance.
• Globant fell about 37.5% through the date of BBH’s exit, as revenue growth cooled to $617.1 million in Q3 2025, up 0.4% year over year and 0.5% sequentially.
• BBH’s channel checks point to tariffs and regional macro pressure—especially in Latin America and a deceleration in North America—while noting margins, cash flows, and a net leverage ratio near 0.5x support no permanent impairment.
• Recent market data show a one‑month gain of 11.28% but a 52‑week decline of 68.83% for Globant, with a December 9 close at $68.74 and hedge fund holders rising to 32 portfolios from 26 in Q2.