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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Baird Chautauqua Global Growth Fund returned 12.18% in Q2 2026, underperforming the MSCI ACWI Index which returned 14.93%, as markets rewarded an extremely narrow AI capex trade with concentration not seen since 1999. The portfolio benefited from overweights in TSMC, ASML, Keyence, and Fanuc, but underweight memory stocks and lagging software, healthcare, and Greater China holdings detracted. Portfolio declines were driven by multiple compression rather than earnings deterioration, with revenues, profitability, and cash flow continuing to build even as multiples fell. The manager trimmed appreciated semiconductor and automation positions and added to beaten-down compounders including Adyen, Constellation Software, 3i, and AIA. Key risks include unresolved trade policy with tariffs expiring late July, synchronized hawkish central bank pivot, and questions around AI capex sustainability. The manager views the divergence between rising intrinsic value and falling stock prices as a coiled spring, with the multiple compression creating an attractive entry point for patient capital over the five-year investment horizon.
Concentrated quality portfolio of healthy, growing businesses whose earnings power has advanced while prices have reset through multiple compression rather than earnings deterioration, creating coiled spring as gap between rising intrinsic value and falling stock prices closes over five-year investment horizon.
Manager expects multiple compression of past two quarters has created unusually attractive entry point for patient capital over five-year investment horizon. Underlying earnings power of portfolio remains fully intact and in many cases has advanced while prices have fallen. Divergence between rising intrinsic value and falling stock prices viewed as coiled spring for future returns. Positioning does not rest on single binary outcome, owning indispensable semiconductor picks and shovels alongside de-rated growth franchises that benefit as market leadership broadens. International markets trade at considerably lower valuations than elevated U.S. markets, which paired with intact earnings tilts odds in favor over time.
As of Jul 15, 2026
The fund is managed by a highly credentialed team at Chautauqua Capital Management, including Jesse Flores (CFA, Cornell/Stanford MBA), Haicheng Li (CFA, Harvard/Stanford credentials with healthcare expertise), Nathaniel Velarde (PIMCO/Nuveen background, UC Chicago MBA), and Brian Beitner (Managing Partner since 2016). The team emphasizes collective decision-making and maintains a culture of humility while focusing on long-term value creation. They operate from Boulder, Colorado, and have built their approach on cross-industry generalist expertise rather than sector-specific specialization.
We believe the securities of advantaged, wealth-generating businesses are often mispriced because most investors do not fully comprehend the companies' potential for sustained high growth and improved profitability. To capture the full benefit of stock selection skill, we believe portfolios should be invested for the long-term, on a conviction-weighted basis, in a concentrated set of best idea investments. The management team operates as generalists with specialized skills, drawing upon past investment lessons learned across multiple industries, avoiding biases brought on by a lack of broad market perspective. Humility is our number one cultural value, with collective ownership of performance and backing of every investment in the portfolio.
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Chautauqua Capital Management
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Moderate Conviction Bullish
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