International & Global Growth Investing with Chautauqua Capital

Chautauqua Capital manages concentrated international and global growth equity portfolios built through fundamental, bottom-up research. Since launching the Chautauqua International Growth and Baird Global Growth Funds in 2016, the team has applied a consistent investment philosophy and repeatable process across changing market environments focused on long-term business quality, durability, and compounding. Explore the team, the strategies, and how Chautauqua approaches investing in high-quality growth companies around the world.

Explore the Funds

A colorful variation and collection of international currency

International Growth Fund

The fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations.

Fund overview, holdings, and performance

Global Growth Fund

The fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations.

Fund overview, holdings, and performance

Investment Philosophy

Markets are emotional and short-term oriented. As a result, the securities of advantaged, wealth-generating businesses are often mispriced because we believe most investors do not fully comprehend the companies’ potential for sustained high growth and improved profitability. We believe the best way to exploit this phenomenon is to find these businesses and to invest with a long time horizon. To do this, we seek advantaged companies that:

Stand to benefit from durable, long-term trends

Possess competitive advantages that position them to capture the lion's share of the profits created by those trends

Can be purchased at reasonable valuations

Companies that meet all these criteria are rare, which is why our portfolios are concentrated. Turnover is low because when we identify a company with a strong growth runway, we hold onto them and seek to reinvest profits at a higher rate of return.

Investment Team and Culture

The Chautauqua investment team is grounded in humility, accountability, and continuous learning. As generalists with specialized skills, they draw on past investment lessons learned across multiple industries, avoiding biases brought on by a lack of broad market perspective.

The team maintains independence in research and portfolio management while benefiting from the resources and stability of Baird.

A long-term ownership mindset and firm stability
Client-first values and a focus on decision quality
Infrastructure and support that reinforce disciplined investing not asset gathering

This alignment helps keep the team focused on long-term outcomes for clients.

Frequently Asked Questions

What is the difference between international and global growth investing?

International strategies invest primarily in companies outside the United States. Global strategies can invest both in the U.S. and internationally, potentially expanding the opportunity set while maintaining a growth equity focus.
What makes Chautauqua’s active approach different from an index fund or ETF?

Unlike index funds or ETFs, Chautauqua takes an active, high‑conviction approach focused on a concentrated selection of companies chosen through fundamental research. The portfolios are designed around long‑term business quality and valuation rather than index composition.
How do international equities fit within a diversified portfolio?

International equities can help diversify a portfolio by providing exposure to different markets, currencies, industries, and growth drivers. When combined with U.S. equities, they may help reduce reliance on any single economy or market environment.
Why should U.S. investors consider non-U.S. stocks?

Non‑U.S. stocks can provide access to different economic cycles, broader opportunity sets, and companies benefiting from long‑term global trends that may be underrepresented in U.S. markets. They can also play a complementary role within a diversified equity allocation
How does Chautauqua define a “high-quality” growth business?

The team looks for durable competitive advantages, attractive long-term industry dynamics, strong balance sheets, and management teams with the ability to reinvest at high returns over time.
How concentrated are the portfolios?

The strategies are typically constructed as concentrated portfolios, reflecting a best-ideas approach. Position sizing is driven by relative conviction and the team's assessment of long-term risk and return.
What would cause the team to reduce or sell a holding?

Common sell disciplines include a deterioration in fundamentals, a change in competitive positioning, a material shift in management execution, or valuation moving beyond the team's view of long-term risk/reward.
How does the team think about risk management?

Risk management is embedded throughout the investment process and considered at the company, position, and portfolio level through thesis monitoring, disciplined position sizing, and ongoing assessment of downside risk and portfolio concentration.