Baird Asset Management 26 Followers

Summary

The Baird Mid Cap Growth portfolio declined -7.4%, net of fees, during the quarter.

July rewarded our traditional emphasis on quality, resulting in the strongest monthly relative performance in five years.

The industrials sector also detracted, reversing the powerful relative performance generated earlier in the year.

Technology was the largest relative headwind despite producing a modestly positive absolute return.

Healthcare provided the portfolio's strongest relative contribution, with broad-based strength across industries.

AlexSecret/E+ via Getty Images

Market Update

U.S. equity market returns were mixed during the third quarter, with a meaningful divergence between large-cap stocks and those down the capitalization spectrum.…