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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, The Baird Chautauqua Global Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Q2 2026 saw extreme market concentration in AI infrastructure stocks drive 12.18% fund return versus 14.93% benchmark. Portfolio suffered multiple compression despite intact earnings growth across software, healthcare, and China holdings."
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.
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