January 2022

The portfolio had one of the strongest quarters in its history versus its benchmark, the Russell 2500 Growth Index. Stock picking was the key driver of outperformance.

The portfolio outpaced its benchmark, the Russell MidCap® Growth Index, in the fourth quarter. More profitable companies outperformed again, particularly within computer services and software.

Baird Advisors sees a more complex and challenging municipal market environment ahead that will require a multi-faceted strategy—more like chess than checkers—to successfully navigate.

An unpredictable fourth quarter drove extreme gains and losses in stocks. Chautauqua's funds underperformed their benchmarks; though in an exceptionally volatile 2021 calendar year, they appreciated in value.

Key Municipal Events of 2021, Solid Q4 Adds to Strong Municipal Returns in 2021, 2022 Outlook and Opportunities

Pandemic Persists Yet Yields and Inflation Rise on Strong Growth in 2021, Fed Policy Pivot Driven by Labor and Supply Chain, 2022 Outlook