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 Analysis: Ryanair Holdings plc - Ryanair Holdings plc (NASDAQ:RYAAY) experienced a one-month return of -8.95% but has gained 27.91% over the last 52 weeks, with a market capitalization of $33.554 billion as of September 26, 2025 [2] - The company reported a stronger-than-expected outlook for the peak summer travel season, with robust travel demand and peak fares trending up by 5-6% year-over-year [3] - Ryanair is positioned favorably in the medium-term due to industry capacity constraints until 2030, supported by its best-in-class unit cost position and financial strength, highlighted by a EUR 750 million share buyback program [3] Investment Sentiment - Ryanair Holdings plc is not among the top 30 most popular stocks among hedge funds, with 23 hedge fund portfolios holding the stock at the end of the second quarter, up from 22 in the previous quarter [4] - While Ryanair shows potential as an investment, certain AI stocks are considered to offer greater upside potential and lower downside risk [4]