Chautauqua Capital Management, a division of Baird Asset Management, is a boutique investment firm that released its second 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 experienced a significant shift during the quarter, moving from notable losses to reaching new highs. Markets fell following the President’s announcement of unexpectedly severe tariffs, which raised recession fears. After a brief pause on tariffs, markets regained confidence, closing the quarter at or near all-time highs. In this environment, the Baird Chautauqua International Growth Fund underperformed its benchmark during the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its second-quarter 2025 investor letter, Baird Chautauqua International and Global Growth Fund highlighted stocks such as Micron Technology, Inc. (NASDAQ:MU). Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and distributes memory and storage products globally. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was 38.55%, and its shares gained 58.99% of their value over the last 52 weeks. On September 26, 2025, Micron Technology, Inc. (NASDAQ:MU) stock closed at $157.27 per share with a market capitalization of $184.493 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its second quarter 2025 investor letter:
Micron Technology, Inc. (NASDAQ:MU): U.S. semiconductor companies performed well in 2Q25, with the Philadelphia Semiconductor Sector Index (SOX) up 29% in the quarter. Micron gained 42% thanks to strong sales growth in high-bandwidth memory (HBM) DRAM, which is essential for AI computing.
Micron Technology, Inc. (NASDAQ:MU) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 94 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:MU) at the end of the second quarter, compared to 96 in the previous quarter. In the fiscal Q4 Micron Technology, Inc. (NASDAQ:MU) reported revenue of $11.3 billion, up 22% sequentially and up 46% year over year. While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) 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.
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