Baird Asset Management, which controls Chautauqua Capital Management, a boutique investment firm, 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 BeOne Medicines AG (NASDAQ:ONC). BeOne Medicines AG (NASDAQ:ONC) is an oncology company that focuses on discovering and developing various treatments for cancer patients. The one-month return of BeOne Medicines AG (NASDAQ:ONC) was 7.99%, and its shares gained 47.21% of their value over the last 52 weeks. On September 26, 2025, BeOne Medicines AG (NASDAQ:ONC) stock closed at $326.06 per share, with a market capitalization of $38.54 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding BeOne Medicines AG (NASDAQ:ONC) in its second quarter 2025 investor letter:
“After a 47% appreciation in 1Q25, BeOne Medicines AG (NASDAQ:ONC) fell 11% in 2Q, likely due to profit-taking and potential tariff concerns. BeOne Medicine, previously known as BeiGene, adopted its new name and redomiciled to Switzerland in late May. It achieved first-time GAAP and non-GAAP net profits in 1Q25, beat consensus estimates, and maintained its full year 2025 guidance.”
BeOne Medicines AG (NASDAQ:ONC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 28 hedge fund portfolios held BeOne Medicines AG (NASDAQ:ONC) at the end of the second quarter, down from 37 in the previous quarter. While we acknowledge the potential of BeOne Medicines AG (NASDAQ:ONC) 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.
