Baird Asset Management controlled Chautauqua Capital Management, a boutique investment firm, released the “Baird Chautauqua International and Global Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw a significant rally in global equities markets, driven by robust stock performance from the U.S., international developed, and emerging markets. The Baird Chautauqua International Growth Fund Net Investor Class returned +9.46% in the third quarter, outperforming the MSCI ACWI ex-U.S. Index® ND, which returned +8.06%. The Baird Chautauqua Global Growth Fund Net Investor Class returned +5.25% compared to a +6.61% return for the MSCI ACWI Index® ND. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baird Chautauqua International and Global Growth Fund highlighted stocks like ASML Holding N.V. (NASDAQ:ASML) in the third quarter 2024 investor letter. ASML Holding N.V. (NASDAQ:ASML) is an advanced semiconductor equipment systems manufacturer for chipmakers. The one-month return of ASML Holding N.V. (NASDAQ:ASML) was 3.82%, and its shares gained 34.69% of their value over the last 52 weeks. On October 9, 2024, ASML Holding N.V. (NASDAQ:ASML) stock closed at $845.90 per share with a market capitalization of $326.643 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding ASML Holding N.V. (NASDAQ:ASML) in its Q3 2024 investor letter:
“ASML Holding N.V. (NASDAQ:ASML): After a 35% price appreciation in 1H24 and a beat in 2Q24 numbers, investors are apprehensive about Intel capex cuts, potential memory weakness, and a less clear cyclical recovery pace in 3Q24 and potentially 2025. We remain positive on long-term demand for ASML’s products due to industry supply/demand factors for computing power.”
A technician in a clean room working on a semiconductor device, illuminated by the machines.
ASML Holding N.V. (NASDAQ:ASML) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 81 hedge fund portfolios held ASML Holding N.V. (NASDAQ:ASML) at the end of the second quarter which was 75 in the previous quarter. While we acknowledge the potential of ASML Holding N.V. (NASDAQ:ASML) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed ASML Holding N.V. (NASDAQ:ASML) and shared the list of best stocks to buy and hold for the next decade. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.