Q1 2026 Baird Chautauqua International and Global Growth Fund Commentary

Published on April 15, 2026

The first quarter was defined by overlapping macro shocks and a violent shift in market leadership, punctuated by the war in Iran and the closure of the Strait of Hormuz. As capital surged into physical assets such as energy, materials, and defense, software and other digital businesses faced a historic repricing.

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