Baird Q4 2024 Equity Opportunity Fund Commentary

2025-03-28 15:33:00 ET

Summary

• Equities in 2024 were buoyed by strength in the U.S. economy and the start of a Federal Reserve easing cycle.
• Key among the Fund’s winners this year were a diverse set of positions including Clear Secure, Chefs’ Warehouse, and Toast.
• Key detractors to performance included one of last year’s bigger contributors, Universal Display, along with Clarus Corp, and Mister Car Wash.

Fellow shareholders,

Equities in 2024 were buoyed by strength in the U.S. economy and the start of a Federal Reserve easing cycle. Smaller-cap stocks performed decently, as the Russell 2000 Index posted an +11.5% total return for the year. The Equity Opportunity Fund delivered a +24.0% net return for the 2024 calendar year, outpacing the index by over 1,200 basis points. For the fourth quarter, the Fund delivered a net return of +14.2%, compared to a +0.3% return for the benchmark.*...

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