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  • 2021
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Baird Advisors
Commentary
November 2021 Bond Market Comments

Treasury Curve Flattening Continues, Omicron Concerns Surface, Volatility Returns

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Baird Advisors
Commentary
November 2021 Municipal Market Comments

Stable Short Rates, Falling Long-Term Yields Leads to Flatter Curve, The Infrastructure Bill (IIJA) Passes Includes $550B of New Spending

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Baird Advisors
Commentary
October 2021 Bond Market Comments

Expectations for Fed Policy Shift, Treasury Curve Flattens, Planned Fiscal Programs Downsized, Credit Wider, Mortgages Tighter in October; Both Tighter YTD, Agg Returns Modestly Negative in October; YTD Remains Negative

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Baird Advisors
Commentary
October 2021 Municipal Market Comments

Municipal Yields Rise, Muni Provisions Out of “Build Back Better” Plan, Weakest Cities/States Show Fiscal Improvement; Puerto Rico Prepares to Exit Bankruptcy, Upward Rate Movements Push October Returns Negative

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Joe Lorbert, Alice Ambrowiak, Warren Pearson and Jay Schwister in a discussion.
Finding Value in Today’s Bond Market

Baird Advisors reflects on the economy and fixed income markets in their latest outlook.

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Baird Equity Asset Management
Commentary
Q3 2021 Mid Cap Growth Strategy Commentary

The Baird Mid Cap Growth portfolios rose 4.7% in the third quarter, gross of fees, despite a slowing economic recovery and trouble in the global supply chain. The Russell MidCap® Growth Index, declined.

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Baird Equity Asset Management
Commentary
Q3 2021 Small/Mid Cap Growth Strategy Commentary

The Baird Small/Mid Cap Growth strategy gained 1.4% in the third quarter, gross of fees, defeating headwinds, like problems in the global supply chain, that drove the Russell 2500 Growth Index to a loss of 3.5%.

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Baird Equity Asset Management
Commentary
Q3 2021 Small/Mid Cap Value and Small Value Commentary

As the market moves from low-quality to high-quality stocks, the Baird Value strategies relied on security selection to outpace its benchmarks.

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Baird Advisors
Commentary
September 2021 Bond Market Comments

Yield Curve Flattens as Yields Rise, Potential Turmoil at the Fed, Increased Volatility Impacts Economic Recovery, Spreads Mostly Widen During Q3; Tighter YTD, Market Returns Negative in Sept; Mixed QTD and YTD

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Commentary
Baird Advisors
September 2021 Municipal Market Comments

Municipal Yields Rise and Curve Steepens in Q3, Key Municipal Revisions Included in Biden’s Infrastructure Draft, Shorter and Lower-Quality Led Performance in Q3

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Baird Equity Asset Management
Commentary
Q3 2021 International & Global Growth Funds Commentary

Global markets were mixed this quarter; Chautauqua’s funds were well positioned and outperformed their benchmarks.

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Baird Advisors
Commentary
August 2021 Bond Market Comments

Yields Rise Modestly as Fed Confirms Tapering Likely to Begin in 2021; Spreads Relatively Unchanged in August; Market Returns Generally Negative in August, Mixed YTD

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Baird Advisors
Commentary
August 2021 Municipal Market Comments

Municipal Yields Rise and Curve Steepens, Municipal Credit Ratings Improving Despite Evident Natural Disaster Risks, Lower-Quality Outperformance Stalls and Long-Term Maturities Lag.

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Baird Advisors
Commentary
July 2021 Bond Market Comments

Yield continue to fall and curve flattens as Fed signals status quo; Delta variant increases COVID-19 cases.

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Commentary
Baird Advisors
July 2021 Municipal Market Comments

Trend of lower rates and flatter curve continues in July.

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Baird Equity Asset Management
Commentary
Q2 2021 Mid Cap Growth Commentary

With supply chains struggling to meet demand, growth stocks continued their volatile ride higher. Increased business and consumer spending helped fuel a strong quarter.

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Commentary
Baird Equity Asset Management
Q2 Small/Mid Cap Growth Equity

With supply chains struggling to meet demand, growth stocks continued their volatile ride higher. For the strategy, healthcare stocks continued to lead our outperformance.

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Commentary
Baird Equity Asset Management
Q2 2021 Small/Mid Value and Small Value Commentary

As we move from economic recovery to expansion, high-quality stocks continue to hold their own. But a handful of so-called “meme” stocks continue to confound the benchmark.

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Baird Equity Asset Management
Commentary
Q2 2021 International and Global Growth Equity Commentary

Nearly all sectors and regions performed strongly in the second quarter, with the U.S. continuing to lead relative to international developed and emerging markets.

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Baird Advisors
Commentary
June 2021 Municipal Market Comments

Curve flattens on both record demand and supply, fiscal support and record tax revenues lead an impressive recovery for municipal credit.

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Baird Advisors
Commentary
June 2021 Bond Market Comments

Yield curve flattens as Fed signals tapering and liftoff may begin earlier than previously anticipated.

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Baird Advisors
Commentary
May 2021 Bond Market Comments

Rates decline modestly despite inflation concerns; demand outpaces supply as economy reopening continues, spreads tighter across most market segments in May and sector returns mostly positive, but mixed YTD.

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Baird Advisors
Commentary
May 2021 Municipal Market Comments

Light supply and positive demand support prices, infrastructure negotiations continue, state/local aid distributions begin to enhance recovery and lower quality municipals continue their trend of outperformance.

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Baird Advisors
Thought Leadership
Baby Boomers Face the Wrong Rates at the Wrong Time

Baird Advisors provides timely insights about the current interest rate environment for the baby boom generation.

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Baird Advisors
Commentary
April 2021 Municipal Market Comments

Municipal curve flattens as demand overwhelms even rising levels of supply, municipal investors digest tax and infrastructure plan implications and longer maturities and lower-quality outperformed in April.

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Baird Advisors
Commentary
April 2021 Bond Market Comments

Rates decline and curve flattens as Fed maintains extremely accommodative policies, spreads tighter across most market segments in April and sector returns positive for April, but mixed YTD.

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Baird Equity Asset Management
Commentary
Q1 2021 Mid Cap Growth Commentary

Robinhood trading and short squeezes commanded headlines early in the quarter, but progress on the vaccine front, a lower turn in Covid-19 cases, and the passage of a very large fiscal stimulus bill also impacted markets.

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Baird Equity Asset Management
Commentary
Q1 2021 International and Global Growth Equity Commentary

The coronavirus vaccine rollout began worldwide giving line of sight to the economic reopening and recovery.

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Commentary
Baird Equity Asset Management
Q1 2021 Small/Mid Value and Small Value Commentary

Consistent with past economic and market cycles, low quality/high beta stocks led out of the bear market of 2020.

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Baird Advisors
Commentary
March 2021 Bond Market Comments

Rates rise quickly as fiscal stimulus and vaccine rollout lead to higher growth and inflation expectations.

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Baird Advisors
Commentary
March 2021 Municipal Market Comments

Municipal curve steepens on growth/inflation concerns, ARPA, AJP, AFP and taxes and solid March returns provide mixed returns for the quarter.

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There Are Benefits to Rising Rates

The Advantages of Higher Interest Rates for Fixed Income Investors

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Baird Advisors
Commentary
February 2021 Municipal Market Comments

Municipals yield rise on inflation concerns, winter storm Uri cripples Texas at great economic impact and rising rates produce negative February returns.

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Baird Advisors
Commentary
February 2021 Bond Market Comments

Longer yields rise as curve steepens, COVID-19 cases plateau, House passes pandemic relief package.

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Baird Advisors
Commentary
January 2021 Bond Market Comments

Curve steepens modestly, Biden sworn in as U.S. President, vaccination efforts continue, spreads mixed across market segments in January and sector returns mixed though indices generally negative.

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Baird Advisors
Commentary
January 2021 Municipal Market Comments

Strong rally in lower-rated municipals, Democrats take control in Washington DC, and vaccinations and reopening become visible.

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Baird Equity Asset Management
Commentary
Q4 2020 Small/Mid Value and Small Value Commentary

Historically, deep value/low quality stocks have led out of bear markets.

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Baird Equity Asset Management
Commentary
Q4 2020 Mid Cap Growth Commentary

The storyline remained the same for much of 2020’s final three months – difficult trends in COVID-19 cases and deaths, a heated political environment, and an accommodative fiscal and monetary backdrop.

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Baird Equity Asset Management
Commentary
Q4 2020 International and Global Growth Equity Commentary

Stimulus measures throughout the year have helped valuation multiples grow richer, despite a collapse in corporate earnings and economic fundamentals.

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