Chautauqua Capital Management, a division of Baird Asset Management, is a boutique investment firm that released its third-quarter 2025 investor letter for the “Baird Chautauqua International and Global Growth Fund”. A copy of the letter can be downloaded here. Global equity markets delivered solid results in the third quarter, driven by the resolution of significant trade conflicts and a shift in U.S. monetary policy toward a more dovish stance. Baird Chautauqua International Growth Fund underperformed the benchmark, MSCI ACWI ex-U.S. Index – ND, in the quarter, driven by stock selection in the information technology, financials, and industrials sectors, which detracted the most from returns. The Baird Chautauqua Global Growth Fund also trailed the benchmark, MSCI ACWI Index – ND, in the quarter as stock selection in the information technology, financials, and industrials sectors detracted the most from returns. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Baird Chautauqua International and Global Growth Fund highlighted stocks such as Novo Nordisk A/S (NYSE:NVO). Novo Nordisk A/S (NYSE:NVO) engages in the research and development, manufacture, and distribution of pharmaceutical products. The one-month return of Novo Nordisk A/S (NYSE:NVO) was 7.99%, and its shares lost 40.46% of their value over the last 52 weeks. On December 30, 2025, Novo Nordisk A/S (NYSE:NVO) stock closed at $51.22 per share, with a market capitalization of $227.595 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding Novo Nordisk A/S (NYSE:NVO) in its third quarter 2025 investor letter:
“Novo Nordisk A/S (NYSE:NVO) reported lower-than-expected revenues and earnings in a pre-earnings press release, cut guidance, and announced a CEO change one week before its quarterly earnings call. The key factors cited are compound supply overhang and a challenging Ozempic prescription trend. A similar combination of CEO change and guidance cut occurred in 2016. We believe Novo’s products and pipeline offer better value than what is accounted for in its current valuation.”
Novo Nordisk A/S (NYSE:NVO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 50 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of the third quarter, which was 45 in the previous quarter. While we acknowledge the potential of Novo Nordisk A/S (NYSE:NVO) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
