Overview


The Baird Mid Cap Growth Fund is a growth-oriented fund and is managed with a strong emphasis on risk control and long-term perspective. The investment objective of the Fund is to provide long-term growth of capital. The primary investment goal is to provide consistent, superior-to-market returns at a risk posture less than that of the market. The team does this by finding companies for inclusion in the portfolio that have better growth prospects and capital structures than peers. The hallmark of this disciplined approach is to maintain a long-term perspective while investing in established companies with proven management.

The Fund has been consistently managed by a dedicated team with extensive knowledge in the mid-cap space and an average of 20 years' investment experience.

Awards


Morningstar Medalist RatingTM

Morningstar Bronze Rating Logo

Analyst-Driven %: 100%
Data Coverage %: 100%

The Baird Mid Cap Growth Fund (Institutional Class) received a Bronze Morningstar Medalist Rating.™  The Fund’s Investor Share Class received a Bronze Morningstar Medalist Rating.™

 

Performance

ALL DATA AS OF 1/31/2024
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
Mid Cap Growth Fund -2.67 18.09 -2.67 6.33 2.01 11.84 9.97 8.27
Russell Midcap Growth Index -0.54 20.06 -0.54 15.14 1.24 11.24 10.75 7.84
  • Disclosure

    Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The funds' current performance may be lower or higher than the performance data quoted.

    The Fund focuses on growth-style stocks and therefore the performance of the Fund will typically be more volatile than the performance of funds that focus on types of stocks that have a broader investment style. The Fund may invest up to 15% of its total assets in U.S. dollar-denominated foreign securities and ADRs. Foreign investments involve additional risks such as currency rate fluctuations, political and economic instability, and different and sometimes less strict financial reporting standards and regulation. The Fund invests a substantial portion of its assets in the stocks of mid-capitalization companies. Mid-capitalization companies often are more volatile and face greater risks than larger, more established companies.

    The Net Expense Ratio is the Gross Expense Ratio minus any reimbursement from the advisor. The advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2024, to the extent necessary to ensure that the total operating expenses do not exceed 1.07% of the Investor Class's average daily net assets and 0.82% of the Institutional Class's average daily net assets. Investor class expense ratios include a 0.25% 12b-1 fee.

    The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. Indices are unmanaged and are not available for direct investment.

    Time periods greater than one year are annualized.

Morningstar Ratings

MORNINGSTAR RATINGS BASED ON RISK ADJUSTED RETURNS AS OF 1/31/2024
Category Overall 3 Year 5 Year 10 Year
Mid Cap Growth Fund Mid-Cap Growth
(523 funds)
(523 funds)
(494 funds)
(396 funds)
  • Disclosure

    The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods.

    © 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

    The Morningstar Medalist RatingTM is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

    The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

Distributions

Time Period
Type Record Date Reinvest Date Payable Date Amount per Share ($) Reinvest Price ($)
This fund pays annual distributions in December

Portfolio Characteristics

ALL DATA AS OF 12/31/2023
Security % of Fund
IDEXX Laboratories, Inc. 3.13%
DexCom, Inc. 3.11%
Globant SA 2.83%
Copart, Inc. 2.77%
PTC Inc. 2.73%
ICON Plc 2.70%
CDW Corporation 2.51%
Watsco, Inc. 2.46%
Pool Corporation 2.44%
HEICO Corporation 2.43%
  • Disclosure

    Profit Margin is a ratio of profitability calculated as net income divided by revenues, or net profits divided by sales. Debt/Capital Ratio is a measurement of a company’s financial leverage. Debt/Capital Ratio does not include outliers defined as companies with Debt/Capital greater than 500%. Revenue Growth is the total of operating revenues less various adjustments to gross sales. Revenue Growth does not include outliers defined as companies with Revenue Growth less than -50% and greater than 300%. P/E Ratio is a valuation of a company’s current share price compared to its expected per-share earnings. The holdings, characteristics and statistical measures used in this fact sheet are not a forecast of the fund’s future performance and subject to change. Specific securities identified do not represent all the securities purchased, sold or held and a reader should not assume these securities were or will be profitable.