Baird Asset Management controlled Chautauqua Capital Management, a boutique investment firm, released the “Baird Chautauqua International and Global Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw a significant rally in global equities markets, driven by robust stock performance from the U.S., international developed, and emerging markets. The Baird Chautauqua International Growth Fund Net Investor Class returned +9.46% in the third quarter, outperforming the MSCI ACWI ex-U.S. Index? ND, which returned +8.06%. The Baird Chautauqua Global Growth Fund Net Investor Class returned +5.25% compared to a +6.61% return for the MSCI ACWI Index? ND. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baird Chautauqua International and Global Growth Fund highlighted stocks like Adyen N.V. (OTC:ADYEY), in the third quarter 2024 investor letter. Adyen N.V. (OTC:ADYEY) is a payment platform company headquartered in Amsterdam, the Netherlands. The one-month return of Adyen N.V. (OTC:ADYEY) was 5.53%, and its shares gained 91.94% of their value over the last 52 weeks. On October 9, 2024, Adyen N.V. (OTC:ADYEY) stock closed at $15.19 per share with a market capitalization of $47.194 billion.

Baird Chautauqua International and Global Growth Fund stated the following regarding Adyen N.V. (OTC:ADYEY) in its Q3 2024 investor letter:

"Adyen N.V. (OTC:ADYEY) reported first-half results that beat consensus estimates for revenues and profits. Importantly, their take rate was flat from the first quarter, and this issue had previously been the main concern following the first quarter trading update, which saw the take rate decline more aggressively than expected. Adyen has also slowed the pace of hiring substantially, which contributed to significant margin expansion and earnings growth."

A modern payment processor with illuminated buttons in a busy financial district.

Adyen N.V. (OTC:ADYEY) is not on our list of 31 Most Popular Stocks Among Hedge Funds. While we acknowledge the potential of Adyen N.V. (OTC:ADYEY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.