Overview

• The investor letter says stocks slid after the President announced unexpectedly severe tariffs, then rebounded after a pause to finish the quarter near record highs.
• Against that backdrop, the Baird Chautauqua International and Global Growth Fund underperformed its benchmark in the second quarter of 2025.
• NVIDIA delivered very strong results but recorded a write-down on China-specific datacenter products, and the fund remains underweight given concerns about near-term AI datacenter overcapacity.
• Micron gained 42% on high-bandwidth memory demand tied to AI and reported fiscal fourth-quarter revenue of $11.3 billion, up 22% sequentially and 46% year over year.
• Ryanair cited robust summer demand with peak fares up 5–6% year over year and launched a EUR 750 million share buyback, while KE Holdings faced tariff-related pressure and below-consensus 2Q guidance.