Overview


The Baird MidCap 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


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The Baird MidCap Fund (Institutional Class) received a Bronze Morningstar Analyst Rating.™ The Fund’s Investor Share Class received a Bronze Morningstar Analyst Rating.™

Performance

ALL DATA AS OF 11/30/2021
1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years Since Inception
MidCap Fund -2.15 -0.74 19.70 28.85 25.88 22.14 16.13 9.92
Russell Midcap Growth Index -4.23 -2.47 12.33 17.72 23.33 19.83 16.41 9.11
  • 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, 2022, to the extent necessary to ensure that the total operating expenses do not exceed 1.20% of the Investor Class's average daily net assets and 0.95% 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 Rankings

ALL DATA AS OF 10/31/2021
Category Overall 3 Year 5 Year 10 Year
MidCap Fund Mid-Cap Growth
(550 funds)
(550 funds)
(495 funds)
(384 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.

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    The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers.  

    The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds.  Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.  

    For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx. 

    The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

Distributions

Time Period Toggle
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 9/30/2021
Security % of Fund
DexCom, Inc. 2.75%
Paycom Software, Inc. 2.73%
Monolithic Power Systems, Inc. 2.64%
Generac Holdings Inc. 2.48%
Pool Corporation 2.40%
Tractor Supply Company 2.39%
CDW Corp. 2.31%
Five Below, Inc. 2.31%
Chipotle Mexican Grill, Inc. 2.28%
Repligen Corporation 2.26%
  • 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.