BBH Select Mid Cap ETF on Darling Ingredients Inc.

BBH owns Darling as the global leader in rendering animal byproducts and used cooking oil into fats and proteins for feed, specialty health products and renewable diesel. First-quarter results were stronger than expected across the core Feed and Food segments and at the Diamond Green Diesel joint venture. BBH believes newly finalized government mandates should improve renewable-diesel margins and support higher feedstock pricing, materially improving profitability. The position was trimmed on strength, but the investment thesis remains intact despite lower oil prices at quarter-end.