Baird Advisors reflects on the economy and fixed income markets in their latest outlook.
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.
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%.
As the market moves from low-quality to high-quality stocks, the Baird Value strategies relied on security selection to outpace its benchmarks.
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
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