Baird Equity Opportunity Fund Q1 2025 Commentary

2025-05-28 09:10:00 ET

Summary

• Equities struggled in the first quarter as the Trump administration proposed significant, broad-based tariffs as the cornerstone of its economic policy.
• The Equity Opportunity Fund modestly underperformed its benchmark, declining -11.0% net of fees.
• While the year got off to a solid start, things turned sour when President Trump began to focus on implementing wide-ranging tariffs.

Portfolio Commentary

Fellow shareholders,

Equities struggled in the first quarter as the Trump administration proposed significant, broad-based tariffs as the cornerstone of its economic policy. This raised concerns over economic growth and renewed fears of rising inflation. The Russell 2000 Index fell -9.5% as smaller-cap stocks again took the brunt of the pain. The Equity Opportunity Fund modestly underperformed its benchmark, declining -11.0% net of fees.*...

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