Core Insights - Baird Chautauqua International and Global Growth Fund's second quarter 2025 investor letter highlights a significant recovery in global equity markets after initial losses due to tariff announcements, with markets closing near all-time highs [1] - The fund underperformed its benchmark during the quarter, indicating challenges in its investment strategy [1] Company Overview - KE Holdings Inc. (NYSE:BEKE) operates an integrated online and offline platform for housing transactions and services, with a one-month return of 14.33% and a 52-week gain of 0.95% [2] - As of September 26, 2025, KE Holdings Inc. had a stock price of $19.45 and a market capitalization of $23.455 billion [2] Financial Performance - KE Holdings Inc. reported a solid first quarter 2025, but its stock was affected by tariff announcements and their potential impact on the Chinese economy and real estate prices [3] - The company's guidance for the second quarter 2025 was below consensus, with management indicating a focus on continuous cost optimization [3] Market Position - KE Holdings Inc. was held by 33 hedge fund portfolios at the end of the second quarter, a decrease from 39 in the previous quarter, suggesting a decline in popularity among hedge funds [4] - While KE Holdings is recognized for its potential, certain AI stocks are viewed as offering greater upside potential with less downside risk [4]