Core Viewpoint - The Baird Chautauqua International and Global Growth Fund experienced underperformance in the second quarter of 2025 despite a recovery in global equity markets after initial tariff-related declines [1] Group 1: Market Overview - Global equity markets shifted from notable losses to new highs during the quarter, influenced by the President's announcement of severe tariffs which initially raised recession fears [1] - After a brief pause on tariffs, markets regained confidence, closing the quarter at or near all-time highs [1] Group 2: Fund Performance - The Baird Chautauqua International Growth Fund underperformed its benchmark during the quarter [1] Group 3: Company Focus - Waste Connections, Inc. - Waste Connections, Inc. (NYSE:WCN) reported a strong first quarter in 2025, driven by solid waste pricing, but shares fell 9% in the second quarter after a 14% gain in the first quarter [3] - The stock of Waste Connections, Inc. had a one-month return of -6.71% and a 52-week loss of 3.58%, closing at $172.41 per share with a market capitalization of $44.329 billion on September 26, 2025 [2] - The decline in recycled commodity prices by 10% impacted Waste Connections, Inc., although recycling only represents 2% of total revenues [3] Group 4: Hedge Fund Interest - Waste Connections, Inc. was held by 43 hedge fund portfolios at the end of the second quarter, an increase from 41 in the previous quarter [4] - Despite the potential of Waste Connections, Inc. as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [4]