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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Baird Chautauqua Global Growth Fund gained +3.67% net of fees in Q3 2026, beating the MSCI ACWI Index (+1.60%) behind strong health care and industrials selection. The manager took advantage of factor rotations to trim AI hardware and redeploy capital into high-conviction software, payment, and industrial compounders trading at wide valuation discounts."
The Baird Chautauqua Global Growth Fund delivered positive absolute and relative performance in the third quarter of 2026, gaining +3.67% net of fees for the Investor Class (+3.72% for the Institutional Class) compared to +1.60% for the MSCI ACWI Index. Relative outperformance was primarily driven by effective bottom-up stock selection in health care, financials, and industrials, as well as an overweight in health care, which offset relative drags from an underweight in information technology and zero allocation to rallying energy producers. Equity markets exhibited sharp intra-quarter rotations away from crowded artificial intelligence infrastructure trades toward de-rated secular growth franchises, before leadership partially narrowed back toward technology late in the quarter. Macro headwinds persisted globally, including elevated crude oil prices exceeding $100 per barrel, resurgent headline inflation, and coordinated monetary tightening by the Federal Reserve, European Central Bank, and Bank of Japan. Management maintained its disciplined long-term focus, actively reallocating capital by trimming AI hardware, semiconductor capital equipment, and selected biotechnology holdings to fund additions to high-conviction compounders like Constellation Software, Adyen, 3i, and a new position in Linde.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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Growth Outlook
Risk Appetite
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