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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The Baird Chautauqua International Growth Fund returned +3.74% net of fees in Q3 2026, outperforming its MSCI ACWI ex-U.S. Index benchmark by 326 basis points. Stock selection in health care, software, and Greater China drove relative gains, while managers actively redeployed capital from AI infrastructure trims into durable quality compounders like Linde, Adyen, and Constellation Software."
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.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
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