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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 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (The Baird Chautauqua International Growth Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

The Baird Chautauqua International Growth Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, The Baird Chautauqua International Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-13%

YTD-13%

Annualized+14.19%

Positioning StanceNEUTRAL

Market CapLarge Cap

GeographyAsia, Europe, Global

Digest Analysis

Quick Take

"Baird's international growth funds suffered significant underperformance as AI disruption fears triggered severe software repricing while energy surged on Iran conflict."

Executive Summary

Baird's international growth funds suffered significant underperformance as AI disruption fears triggered severe software repricing while energy surged on Iran conflict. Managers executed decisive portfolio triage, exiting AI-vulnerable positions while concentrating in Taiwan Semiconductor and mission-critical software. Despite macro uncertainties including Hormuz closure and tariff cliffs, the valuation reset creates compelling entry points for patient capital.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The manager demonstrates high conviction through decisive portfolio actions including full exits of multiple positions, meaningful concentration increases in Taiwan Semiconductor (already their largest holding), and explicit statements of maintaining conviction in specific names like Constellation Software and Temenos. The concentrated approach and willingness to make significant position changes during volatility indicates strong conviction, though the diversified nature of the portfolio prevents a higher score.

Growth Outlook

38%

BearishBullish

Neutral (38%)

The manager describes navigating a more uncertain environment than at any point since the pandemic, with multiple unresolved macro risks including the Strait of Hormuz situation, stagflationary pressures, and policy uncertainties. However, they also see the valuation reset as providing compelling entry points, creating a cautiously negative but not deeply pessimistic outlook.

Risk Appetite

25%

DefensiveAggressive

Defensive (25%)

The fund executed decisive portfolio triage by exiting vulnerable positions and concentrating capital in highest conviction names like Taiwan Semiconductor. They maintained positions through volatility and used the drawdown to trade up in quality, indicating a selective risk-on approach despite the challenging environment.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The letter describes rotation rather than net deployment, with proceeds from exits being used to initiate new positions and increase existing holdings. While there was significant trading activity including exits and additions, this represents capital rotation rather than net cash deployment or withdrawal.

Forward Guidance

CautiousExpansionary

Cautious (0%)

The manager expresses confidence in their portfolio companies' ability to compound value over their five-year horizon and views the valuation reset as attractive, but also acknowledges significant uncertainties requiring patience. The guidance is balanced between opportunity recognition and cautious monitoring.

Language Signal

45%

BearishBullish

Balanced (45%)

The letter contains significant risk language including uncertain environment, macro shocks, violent rotation, severe repricing, and multiple policy cliffs. However, this is balanced by opportunity language around compelling entry points, attractive valuations, and confidence in long-term value creation.

Perceived Risk

75%

Low RiskElevated

Elevated Risk (75%)

The manager identifies multiple significant macro risks including the Strait of Hormuz situation as a key variable determining stagflationary outcomes, Fed policy constraints with potential rate hikes, tariff policy cliffs, European energy vulnerability, and Fed leadership transition uncertainty. The detailed discussion of systemic risks and their potential impacts indicates high perceived risk in the environment.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

The manager sees selective opportunities created by the valuation reset, describing it as a compelling entry point for their five-year horizon. They initiated new positions in AIA Group and 3i Group while concentrating in existing high-conviction names. The opportunity set is characterized as requiring intense selectivity rather than being broadly abundant.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The manager explicitly references their five-year investment horizon multiple times and emphasizes their commitment to long-term value creation. They maintained positions through short-term volatility and focused on companies positioned to compound shareholder value over the long term, indicating a patient, multi-year approach to thesis realization.