David Kathman: This week's Medalist is BBH Core Select (BBTRX). It's a large-blend core stock fund that's run by a team at Brown Brothers Harriman. They look for big, stable, blue-chip companies that are profitable, and they try to buy them at no more than 75% of their estimated intrinsic value. They estimate [intrinsic value] using a discounted cash flow model.
It's very much like Warren Buffett's approach to stock investing. In fact, Berkshire Hathaway (BRK.A) is the fund's largest holding right now. They also own big companies like Comcast (CMCSA) and Wells Fargo (WFC); those are among their top holdings.
Now, this strategy has done very well over time, but in bull markets it tends to trail. So, that's why they had a tough time in 2013; then, also in 2014, they've been trailing the large-blend category and the S&P 500. But over the long period of time--over the nine years that the current team has been in charge--they have a really good track record and we have them rated Silver.