As U.S. valuations normalize, international equities could emerge as the next market leaders.
Treasury Yields Lower on Renewed China Trade Tension; Fed Eases but adds Hawkish Perspective
Municipal Curve Flattens as Pace of New Supply Slows
Following a few years of relative calm since the animal-spirited 2021, the market casino reopened for business.
Broad measures of the equity market delivered a solid quarter, with major U.S. indexes finishing at or near record highs with September proving resilient.
Global equities rose in Q3 amid trade deals and Fed rate cuts; outlook cautious as inflation and growth diverge.
Treasury Yields Decline in Q3 as Fed Cuts Rates Amid Revised Slower Labor Data
Municipal Yields Fall in Q3 Amid Strong Demand
Our municipal bond team experts weigh in on what make this an opportune time to consider muni bonds.
Curve Steepens as Short Treasury Yields Decline Sharply on Expectations of a September Rate Cut
Municipal Curve Steepens as Yields Fall, Record Level of New Supply Continues
Equities proved resilient during the second quarter despite numerous uncertainties.
Municipal Curve Further Steepens as Record Pace of Supply Continues
Treasury Yields Rise on Solid Economic Data and Additional Fiscal Stimulus
Despite a strong start to the year on a relative basis, our holdings did not keep pace with the strong market rally that started mid-April and continued through the end of the quarter.
The annual Russell Index reconstitution took place at the end of June. Several important shifts took place, including removal of a few sizable companies from the portfolio’s benchmark.
In this volatile, risk-on quarter, the International Growth and Global Growth Funds underperformed their benchmarks.
Treasury Yields Decline in June but Mixed in Q2, Fed Remains on Hold, US Fiscal and Trade Policies Take Center Stage
Municipal Yields Mixed in Q2 Amid Record Supply and Strong YTD Curve Steepening Trend
Long-term investors should consider the potential benefits of maintaining an allocation to international equities.
As global markets become more attractive, consider an international investment.
The Municipal Curve Steepened in May as Heavy Supply Continues
Yields Rise, US Treasury Downgraded and Fed Holds as Trade Tensions Persist
Equities struggled in the first quarter as the Trump administration proposed significant, broad-based tariffs as the cornerstone of its economic policy.
Municipal Yields Rise - Extreme Intra-Month Volatility in April
Treasury Curve Steepens Amid Elevated Volatility Following Significant Tariff Announcements
Other than modest underperformance in technology and financials, all other major sectors drove positive relative returns in the first quarter.
Underperformance was concentrated in the first half of the quarter as the portfolio lagged during the sharp market advance.
Volatility disrupted global markets in the quarter amidst U.S. tariff policies and geopolitical tensions.
Treasury Yields Decline in Q1 Amid Policy Uncertainty and Lower Economic Growth Forecasts
Municipal Yields Rise in Q1 Amid Heavy Supply
Chautauqua Capital shares insights on how DeepSeek has disrupted the AI market.
Treasury Yields Fall on Softer Economic Data and Policy Uncertainty
Tax-exempt Yields Fall and Supply Remains Robust
Treasury Yields Decline, Fed Holds Policy Rate Steady as Attention Turns to the Trump Administration’s Policy Agenda
Curve Steepens and Tax-exempt Yields Fall Despite Strong January Supply
The market moved through three distinct phases in the fourth quarter, defined almost exactly by the monthly turn of the calendar.
Equities in 2024 were buoyed by strength in the U.S. economy and the start of a Federal Reserve easing cycle. The Fund delivered a net return of +14.2% in Q4, compared to a +0.3% return for the benchmark.
U.S. equities outperformed international equities amid a backdrop of monetary policy easing and U.S. election hype.
2024 Bond Market Review
2024 Municipal Market Review
Tax-exempt Yields Fall in November
Treasury Yields Volatile as Election Concludes and Fed Cuts Rates as Expected
Treasury Yields Climb Sharply on Resilient Data and Reduced Expectations of Fed Easing
Municipal Yields Rise in October
Equities posted a strong quarter on the back of encouraging economic data and the anticipation of a series of interest rate cuts by the Federal Reserve.
Factors were not a major headwind or tailwind as the strategy kept pace with a solid benchmark return in the quarter.
The Strategy’s strong absolute returns were spurred by the market’s embrace of easing inflation data, and the prospect that lower interest rates will allow the U.S. economy to avoid recession.
Equity markets continued to rally throughout the third quarter, with strong positive strock returns, globally.
Fed Cuts 50 bps, Positive 2s10s Curve Slope Returns as Short Rates Fall the Most
Municipal Yields Fall through Q3 Even as Supply Soars
Municipal Curve Returns to Positive Slope
Fed Chair Powell Signals First Rate Cut in September, Helping to Normalize the Yield Curve
Municipal Yields Fall in July on Strong Demand and Still Robust Supply
Treasury Yields Decline as Inflation Cools and Fed Signals Forthcoming Cuts
While larger-cap equities reached new heights, smaller-cap stocks continued to struggle during the quarter.
The well-known S&P 500 advanced in the quarter, a stark contrast to declines in the broader small and mid-cap equity indices.
Appreciation in global equity markets continued in the quarter and the Funds outperformed their indices.
Municipal Yields Fall in June, Rise in Q2 and Supply Booms
Treasury Yields Fall in June but End Higher for Q2, Resilient Economy Likely Delays Fed Rate Cuts
Municipal Yields Mixed in May on Supply Surge
Yields Fall as Labor Market and Inflation Cools after Q1 Upside Surprise
Equities continued their ascent to the start of the year, bolstered by hopes of easing monetary policy.
Municipal Yields Continued to Rise in April
Yields Rise on Stubborn Inflation, Firm Labor Market and Reduced Fed Rate Cut Expectations
The Baird SMID Growth portfolio produced a positive return, with mixed performance across the portfolio, but the net result trailed the sharp increase in the benchmark.
The Baird Mid Cap Growth portfolio produced a positive return with all sectors advancing, but the net result trailed the sharp increase in the Russell Mid Cap Growth Index.
Global equity markets staged another broad rally for the first quarter, with the Funds outperforming their benchmarks.
Treasury Yields Rise in Q1 as Markets Reduce Fed Rate Cut Expectations on Stronger than Expected Growth and Inflation
Municipal Yields Rise in Q1 and Demand Returns
Strong Economic Data and Reduced Fed Rate Cut Expectations Lift Treasury Yields
Strong Demand Meets Increased Supply
Tax-exempt Yields Rise as Supply Returns to the Market
Rangebound Treasury Yields with a Steepening Bias, Inflation Cooling Alongside Resilient US Economy
Fixed income team provides insights on bond market and outlook for investors.
Chautauqua addresses China-specific risks and how we select companies in our international and global portfolios.
Worldwide investing offers an expanded opportunity set.
Baird Advisors reflects on the economy and fixed income markets in their latest outlook.
The Advantages of Higher Interest Rates for Fixed Income Investors
