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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alphabet and Mastercard into high-conviction holdings like Novo Nordisk and Genmab."
In Q3 2025, global equity markets rallied strongly, supported by a formalization of U.S. trade agreements with key partners (establishing a 15% baseline tariff but avoiding punitive reciprocal rates) and a 25 bps rate cut by the Federal Reserve in September following weak labor reports. The Baird Chautauqua International Growth Fund Net Investor Class returned +5.23%, underperforming the MSCI ACWI ex-U.S. Index ND's +6.89%, while the Baird Chautauqua Global Growth Fund Net Investor Class returned +6.79%, underperforming the MSCI ACWI Index ND's +7.62%. Underperformance was driven by poor stock selection in the information technology, financials, and industrials sectors, particularly through holdings in Constellation Software, Tata Consultancy, and Adyen. Strong performance in holdings like Alibaba, BeOne Medicines, and Genmab partially offset these losses. During the quarter, the management team trimmed exposures in names like Alphabet, Mastercard, Safran, Suzuki, and Fairfax Financial to fund high-conviction positions in Canadian Pacific, Genmab, Lululemon, and Novo Nordisk. Despite tariff-related inflation risks and a weakening U.S. consumer, the fund remains constructive on international equities, citing lower valuations compared to elevated U.S. markets and lasting secular themes in AI, SaaS, cloud computing, and healthcare.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Growth Outlook
Market outlook remains moderate conviction: The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Risk Appetite
Risk appetite posture is above average conviction: The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Forward Guidance
Forward guidance signal: The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Language Signal
Tone analysis indicates moderate conviction language: The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Chautauqua Funds underperformed their benchmarks in Q3 2025 due to weak stock selection in Tech and Financials, leading managers to rotate capital from trimmed giants like Alph...
