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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Baird Chautauqua Global Growth Fund delivered positive absolute and relative performance in the third quarter of 2026, gaining +3.67% net of fees for the Investor Class (+3.72% for the Institutional Class) compared to +1.60% for the MSCI ACWI Index. Relative outperformance was primarily driven by effective bottom-up stock selection in health care, financials, and industrials, as well as an overweight in health care, which offset relative drags from an underweight in information technology and zero allocation to rallying energy producers. Equity markets exhibited sharp intra-quarter rotations away from crowded artificial intelligence infrastructure trades toward de-rated secular growth franchises, before leadership partially narrowed back toward technology late in the quarter. Macro headwinds persisted globally, including elevated crude oil prices exceeding $100 per barrel, resurgent headline inflation, and coordinated monetary tightening by the Federal Reserve, European Central Bank, and Bank of Japan. Management maintained its disciplined long-term focus, actively reallocating capital by trimming AI hardware, semiconductor capital equipment, and selected biotechnology holdings to fund additions to high-conviction compounders like Constellation Software, Adyen, 3i, and a new position in Linde.
Investing with a five-year horizon in businesses possessing durable competitive advantages, healthy margins, strong balance sheets, and consistent cash generation whose intrinsic terminal values are underappreciated by short-term market rotations.
The team believes the setup for patient capital over a five-year investment horizon remains attractive, as international markets trade at significant discounts to the U.S. and wide valuation gaps between stock prices and underlying corporate earnings power begin to close. However, market progress is expected to remain uneven in the fourth quarter amid pressures from unresolved Middle East conflicts, elevated energy prices, central bank tightening, and upcoming U.S. elections.
As of Oct 8, 2026
Haicheng Li
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
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