Q2 2026 Baird Chautauqua International and Global Growth Fund Commentary
Published on July 10, 2026
Assessing the year so far, much of the portfolios’ declines have been a compression of valuations, not a deterioration of earnings. For many of our holdings, the two have moved in opposite directions. Revenues, profitability, and cash flow have continued to build, even as the multiples placed against them have fallen.