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 BeiGene, Ltd. (NASDAQ:BGNE) in the third quarter 2024 investor letter. BeiGene, Ltd. (NASDAQ:BGNE) discovers and develops various treatments for cancer patients. The one-month return of BeiGene, Ltd. (NASDAQ:BGNE) was 22.08%, and its shares gained 35.96% of their value over the last 52 weeks. On October 9, 2024, BeiGene, Ltd. (NASDAQ:BGNE) stock closed at $240.40 per share with a market capitalization of $26.533 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding BeiGene, Ltd. (NASDAQ:BGNE) in its Q3 2024 investor letter:
“BeiGene, Ltd. (NASDAQ:BGNE) is expected to have excellent top- and bottom-line growth over the next several years, driven by Brukinsa, their best-in-class product in several hematology cancers, with a global market size of approximately $9 billion in 2023. Even though the company is truly global in nature, incorporated in Switzerland and headquartered in Basal, Beijing, and Cambridge, MA, its valuation was depressed due to negative sentiment towards China, as it does have a large R&D and sales team in China. The recent rally in China stocks has somewhat reduced the extreme pessimism seen earlier in the year.”
A pharmaceutical warehouse with drugs and batches of medicines lined up on racks.
BeiGene, Ltd. (NASDAQ:BGNE) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held BeiGene, Ltd. (NASDAQ:BGNE) at the end of the second quarter which was 22 in the previous quarter. While we acknowledge the potential of BeiGene, Ltd. (NASDAQ:BGNE) 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 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.