June 25, 2018
Clients, Associates and Friends –
At the end of June we will celebrate the twenty fifth anniversary of our Mid Cap Growth strategy. While not being one to dwell on any particular year, I feel it’s important to look back, offer thanks and reflect on what has been a special time in my professional life.
Our strategy started simply, with one institutional client asking us to build a portfolio focused on mid cap stocks. The founding belief, which holds true today, was that we could invest in earlier stage growth companies, capture significant investment performance, and deliver superior risk adjusted results. I want to personally thank my original partner, Bary Morgan, for asking me to join him as we built a team, philosophy and process that has remained consistent and relevant through many market cycles.
We nurtured that single portfolio composite for several years, believing we were on to something, before adding another important piece of the puzzle, that being sector research expertise. My current co-manager, Ken Hemauer, joined us from Baird’s Institutional Equities & Research business 17 years ago. The “Co Pilot,” as he refers to himself, has always been a wonderful partner and a calm and steady influence on our process. The additions of Doug Guffy and Jonathan Good more than a decade ago formed the nucleus of our fundamental investment work, enhanced in recent years by bringing Chaitanya Yaramada and Corbin Weyer to the team. I value their diligence, patience and assistance in identifying special businesses and allocating capital. We have come a long way and I look forward to many more years together.
This industry is filled with managers possessing good results but few clients. We realized early on that the final piece of the puzzle was to add the strategic element on how we come to market. We were lucky to attract Todd Haschker in 2001 to lead our sales and marketing effort. His work has been instrumental in introducing us to referral sources, preparing us for client meetings and producing the timely materials that consistently receive high marks. He and the many current and past associates of our team have been impactful to our success, and I am grateful to you all.
I would be remiss if I did not acknowledge my employer of over 30 years. Baird has been incredibly supportive of our practice and a terrific place to do good work for clients. Personally, the company has allowed me to build a business, attract talent and share in our success. I’m proud to be a “Baird guy” – and plan to be for the rest of my career.
Finally and most importantly, a heartfelt thanks to our many clients, consultants and intermediary relationships. From that single account in 1993 to over $2.5 billion of client assets today, we are honored to work for you. Many of you have entrusted my team with your hard earned assets for a long time and that is not lost on us. My hope is that we continue to deliver the investment results you expect and a service level that earns your trust.
Now on to the next 25!
Charles F. Severson, CFA
Managing Director, Senior Portfolio Manager
Baird's Mid Cap Team Discusses Their Consistent Approach to Investing
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