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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Baird Chautauqua International Growth Fund seeks long-term capital appreciation by investing in high-quality international companies possessing durable competitive advantages, healthy margins, robust balance sheets, and consistent cash generation across full market cycles. In the third quarter of 2026, the fund gained +3.74% net of fees, outpacing the +0.48% return of the MSCI ACWI ex-U.S. Index. Relative outperformance was driven by strong security selection within health care, information technology, real estate, and industrials, with top individual contributors including Recruit Holdings, WuXi Biologics, and BeOne Medicines. Performance was partially dampened by the strategy's lack of direct energy exposure amid surging crude prices and detractors such as Brookfield Renewable, Fanuc, and Ryanair. Macroeconomic conditions remained volatile due to escalating Middle East conflict, renewed central bank tightening from the Federal Reserve, European Central Bank, and Bank of Japan, and elevated interest rates. Portfolio managers rebalanced holdings by trimming AI infrastructure and selected biotech names while initiating a new position in Linde and deploying capital into core compounders such as 3i Group, Adyen, AIA Group, Constellation Software, and Suzuki.
We are long-term investors in businesses with durable competitive advantages, healthy margins, strong balance sheets, and consistent cash generation.
The investment team anticipates that the process of market broadening and multiple re-rating will be uneven, but remains confident in their five-year investment horizon. International equities trade at a substantial valuation discount relative to U.S. equities, providing favorable odds for long-term compounders. With the disparity between company share prices and underlying earnings power still wide across software, digital platforms, health care, and domestic Chinese franchises, patient capital is well positioned as fundamentals reassert themselves.
As of Oct 8, 2026
Haicheng Li
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Growth Outlook
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