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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Baird Small/Mid Cap Growth strategy returned 17.7% net in Q2 2026, underperforming the Russell 2500 Growth Index's 24.0% return primarily due to factor exposures as high volatility, high beta, high momentum stocks significantly outperformed. AI remained the dominant investment theme, with hyperscale cloud providers increasing capital spending on data centers and infrastructure, driving historic semiconductor gains. The manager actively repositioned the portfolio, adding data center infrastructure exposure through AAON, Modine, Generac, and Centuri, while increasing software exposure with Agilysys. Consumer discretionary contributed positively with strong performance from Victoria's Secret, Crocs, and Kontoor Brands. The manager added three commercial-stage therapeutics companies to healthcare exposure. While acknowledging that rapidly rising AI expectations and concentrated market leadership suggest building risk, the manager is encouraged by broadening market participation beyond semiconductors. The philosophy remains unchanged: seeking high-quality businesses with durable competitive advantages while maintaining discipline and balancing opportunity against risk to produce better long-term investment outcomes.
The Baird Small/Mid Cap Growth strategy invests in high-quality, small and mid-cap growth companies with durable competitive advantages, attractive long-term growth opportunities, and capable management teams that can create value through changing market environments, maintaining discipline by balancing opportunity against risk rather than attempting to time market tops.
The manager maintains an optimistic but cautious outlook, believing AI has potential to create substantial long-term value across many industries while acknowledging that rapidly rising expectations and concentrated market leadership suggest risk is building in certain areas. The manager is encouraged by broadening market participation beyond semiconductors and data center infrastructure, which typically creates a healthier environment where company fundamentals play a larger role in determining outcomes. The philosophy remains unchanged, continuing to seek high-quality businesses with durable competitive advantages, attractive long-term growth opportunities, and capable management teams, with daily focus on improving portfolio quality and strengthening the risk/return profile.
As of Aug 26, 2026
Jonathan Good serves as Managing Director and Senior Portfolio Manager, bringing 27 years of investment experience to the fund. Good joined Baird in 2006 after working at Gartmore Global Investments as an equity analyst for their Global Health Sciences Fund and at William Blair & Company covering Biotech, Lifesciences, Diagnostics, and Orthopedics sectors. He holds a degree in Applied and Biomedical Sciences from the University of Pennsylvania and an MBA from Northwestern University's Kellogg School of Management.
The fund employs a high-conviction portfolio approach with 45-55 stocks, emphasizing fundamental, bottom-up research to discover unique secular growth stories. Investment decisions are guided by 'PRIME' factors: Durable Profitability, Sustainable Revenue Growth, Favorable Industry Dynamics, Management Quality, and market Expectations. The strategy targets small- and mid-capitalization companies with market capitalizations between $500 million and $15 billion, seeking to provide superior-to-market returns over a 3-5 year time horizon versus the Russell 2500 Growth Index.
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Moderate Conviction Bullish
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