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 Atlassian Corporation (NASDAQ:TEAM), in the third quarter 2024 investor letter. Atlassian Corporation (NASDAQ:TEAM) is a company that designs, develops, licenses, and maintains various software products. The one-month return of Atlassian Corporation (NASDAQ:TEAM) was 10.27%, and its shares lost 1.98% of their value over the last 52 weeks. On October 9, 2024, Atlassian Corporation (NASDAQ:TEAM) stock closed at $177.10 per share with a market capitalization of $47.049 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding Atlassian Corporation (NASDAQ:TEAM) in its Q3 2024 investor letter:
“Atlassian Corporation’s (NASDAQ:TEAM) cloud revenues were the focus again this quarter as its cloud revenue growth was lower than guided. Cloud migration was slower due to the complexity of migrations. We remain positive on the long-term opportunity for the company from continued migration, paid seat expansion, pricing, and new customer acquisition.”
A modern software engineering team, huddled around their desks, discussing a software solution.
Atlassian Corporation (NASDAQ:TEAM) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Atlassian Corporation (NASDAQ:TEAM) at the end of the second quarter which was 51 in the previous quarter. While we acknowledge the potential of Atlassian Corporation (NASDAQ:TEAM) 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 Atlassian Corporation (NASDAQ:TEAM) and shared ClearBridge Large Cap Growth Strategy’s views on the company. 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.