Bailard equity strategies ranked among top performers by Zephyr’s PSN

Industry recognition highlights Bailard during a volatile quarter.

 

SAN FRANCISCO – September 15, 2025: Bailard, Inc. announced that four of its equity strategies—International, Micro Cap Value, Technology, and Technology and Science—were recognized in Zephyr’s quarterly PSN rankings for Q2 2025. The list showcases strategies that delivered notable performance amid rapidly changing market conditions.

“For us, these rankings provide a snapshot of how our approach is designed to deliver over time,” said Dave Harrison Smith, CFA, Chief Investment Officer at Bailard. “They’re a reminder that discipline and patience matter, especially when markets are unpredictable.”

Bailard strategies earning recognition

Using proprietary screens, PSN identifies strategies that have outperformed peers over multiple time periods. Bailard’s strategies earned the following recognition for the period ending June 30, 2025. Among them, the Bailard International Strategy stood out with a 5-Star rating in the EAFE Universe (230 products)—placing it in a select group recognized for both performance and lower volatility compared to peers.

Bailard International Strategy

• • 5 Star: EAFE Universe (230 products)

Bailard Micro Cap Value Strategy

• • 3 Year: Micro Cap Universe (58 products)
  • 4 Star: Micro Cap Universe (58 products)
  • 1 Year: US Equity Socially Responsible Universe (150 products)

Bailard Technology Strategy

• • 3 Year: All Cap Universe (393 products)
  • 3 Year: All Cap Growth Universe (78 products)

Bailard Technology and Science Strategy

• • 3 Year: All Cap Universe (393 products)
  • 3 Year: All Cap Growth Universe (78 products)

Insight from PSN

Zephyr also commented on the challenges managers faced in achieving top recognition:

“Q2 2025 combined unprecedented volatility with surprising resilience, requiring managers to demonstrate conviction and agility,” says PSN Product Manager Nick Williams. “PSN Top Guns managers excelled by navigating significant market leadership shifts, maintaining discipline during turbulence while capitalizing on opportunities. Their performance highlights the distinct value of active management in SMAs as markets responded to evolving economic conditions and policy changes.”*

*This endorsement was provided by the program administrator of Zephyr’s PSN. The program is not a client of Bailard, Inc. No cash or non-cash compensation was provided in exchange for this endorsement. The program administrator has no material conflicts of interest with Bailard, Inc.

Recognition from independent evaluators like Zephyr affirms Bailard’s continued focus on delivering results with consistency. Explore our equity strategies and how they fit into a diversified portfolio at https://bailard.com/equity-strategies/.

 

About Bailard, Inc.:
Founded in 1969, Bailard is an independent, values-driven firm serving individuals, families, and institutions with comprehensive wealth management and investment strategies across public and private markets. Headquartered in the San Francisco Bay Area, the woman-led, majority employee-owned firm manages over $7 billion in assets as of June 30, 2025. A Certified B Corporation™ and signatory to the UN Principles for Responsible Investing, Bailard combines deep expertise with a long-standing commitment to putting clients first.

About the PSN rankings: Zephyr’s PSN database is one of the longest-running resources for investment professionals, covering 2,800 firms, 285 universes, and more than 21,000 products. Its robust 40-year performance database underpins the PSN Top Guns rankings, which highlights strategies that have outperformed peers over multiple time periods. The complete list and an overview of the methodology can be found here https://psn.fi.informais.com/PSNTopGuns/topguns_zephyr.asp

The rankings were announced in August 2025, and apply to the quarter ending June 30, 2025. There was no fee to enter. The recognition is based on PSN’s proprietary database and ranking methodology. PSN and its parent company, Informa Financial Intelligence, are independent of Bailard, Inc. The quote from product manager Nick Williams was provided by the program administrator of PSN, who is not a client of Bailard. Bailard did not provide any cash or non-cash compensation in exchange for this statement, and has no affiliation, ownership interest, or financial arrangement with PSN or its program administrator that would reasonably be considered a material conflict of interest. Rankings are based on gross-of-fee returns, the deduction of fees and expenses could have affected performance ratings.

– 1 Year Category: had one of the top 10 returns for the 1-year period in their respective strategy.

– 3 Year Category: had one of the top 10 returns for the 3-year period in their respective strategy.

– 4 Star Category: had an r-squared of 0.80 or greater relative to the style benchmark for the recent 5-year period. Moreover, the strategy’s returns exceeded the style benchmark for the 3 latest 3-year rolling periods. The top 10 returns for the latest 3-year period then become the 4-Star Top Guns.

– 5 Star Category: had an r-squared of 0.80 or greater relative to the style benchmark for the recent 5-year period. Moreover, the strategy’s returns exceeded the style benchmark for the 3 latest 3-year rolling periods. Products are then selected which have a standard deviation for the 5-year period equal or less than the median standard deviation for the peer group. The top 10 returns for the latest 3-year period then become the 5-Star Top Guns.

Important disclosures and key risks regarding Bailard’s strategies

Bailard International Strategy: In addition to the possible loss of investment value due to general market price movements, international investments might suffer losses due to unfavorable exchange rate movements or economic and/or political instability in foreign countries. In some cases, financial statement information might not be readily available or might not be reliable for certain foreign markets. International accounting standards might be different from U.S. accounting standards, and financial data might be subject to misinterpretation. Trading in international markets can be more expensive than trading in domestic markets. Stock markets of certain foreign countries, particularly emerging and frontier markets, may be illiquid, and settlements can be delayed. Emerging and frontier markets have greater risks and can have higher transaction costs than their developed market counterparts.

Bailard Micro Cap Value Strategy: The Bailard Micro Cap Value Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with micro cap stocks. These companies may face greater economic cycle risk, credit risk, geographic risk, product, and customer concentration risk than that faced by larger companies. Micro cap stocks are more volatile and less liquid than larger cap stocks and may be more difficult to trade. There are times when the micro cap value equity style underperforms other equity investment styles. The market value of an investment will fluctuate as the securities markets fluctuate. There can be no assurance that this or any investment strategy will achieve its investment objectives.

Bailard Technology Strategy: The Bailard Technology Composite is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks and technology stocks. The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate plus the style and sector risks associated with a complete weighting in the technology sector, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards). The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.

Bailard Technology and Science Strategy: The Technology and Science Strategy is not by itself a complete investment program and is best suited for investors who can accept the above average risk generally associated with growth stocks, technology stocks and health care stocks (including emerging life sciences stocks). The strategy is primarily subject to the risk that the market value of investments will fluctuate as stock markets fluctuate, and the style and sector risks associated with a heavy weighting in the technology and health care sectors, which may be more volatile than the overall stock market. The strategy is also subject to the size risks associated with investments in smaller market cap stocks in addition to its predominant tilt toward large cap stocks. The strategy may invest in American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) which are subject to the same risks as the foreign securities that they evidence or into which they may be converted (including political or economic instability, the impact of currency rate fluctuations and different accounting standards). The strategy may invest in derivative securities, which may be volatile and may increase investment leverage.

Non-Financial Information: The use of screens based on non-financial information (NFI) as an input to the strategy may exclude certain investments and result in performance that differs from strategies not using such inputs. NFI assessments are inherently subjective, and investors may disagree on what constitutes favorable NFI characteristics. We rely on third-party NFI data, which may be incomplete or inconsistent, and our application of NFI criteria may not always align with an investor’s values. Our evaluation of NFI criteria may change over time.

There can be no assurance that Bailard will achieve its investment objectives. All investments have the risk of loss.