Intellectual curiosity, accountability, and a strive for excellence are hallmarks of Bailard’s equity teams. Our independence, along with being women-led and our broad employee ownership, allow innovation to flourish among a diversity of ideas and backgrounds. Our long-tenured and highly-skilled teams create and continually refine specialized and differentiated equity strategies where we perceive we have a definable advantage, in both U.S. and international equity markets. Each strategy features a portfolio management team with the support and resources of the broader investment team to harness deep style and sector expertise, and advanced quantitative acumen. As a proud PRI Signatory, Bailard implements a proprietary ESG framework in all our equity strategies.

Seeking to Build Better Portfolios with ESG Capture®

We believe that the inclusion of environmental, social, and governance (ESG) factors into our equity portfolios helps produce better risk-mitigated portfolios suited for the long run. We score companies on their ESG practices using Bailard’s ESG scoring framework called ESG Capture®, which combines proprietary Bailard factor scores alongside a variety of ESG vendor scores. Recognizing the unique characteristics of individual stock universes, our ESG Capture® framework is tailored to a strategy’s respective asset class and/or sector to enable us to best select ESG leaders and avoid ESG laggards. As a values-driven firm, exclusionary criteria may be customized to align with our clients’ values as well as Bailard’s.

U.S. Equity Strategies

Technology

Delivering broad, impactful investment opportunities through a high-conviction portfolio of technology-focused companies.

The Bailard Technology Strategy delivers a high-conviction, durable portfolio of technology-focused companies. We apply fundamental research and systematic methodologies to identify opportunities across two key technology segments: core growth and rising stars. The Strategy captures broad, impactful investment opportunities across the globe, including advances in automobile electrification, factory automation, AI and machine learning, e-commerce, digital payments, wireless services, Internet of Things (IoT), mobile devices, hyperscale data centers and high-performance computing, e-sports, online entertainment, remote work, business intelligence, and workforce optimization. The Strategy integrates ESG considerations as important sources of non-financial risk, such as poor corporate governance, subpar environmental policy management, and discriminatory workplace practices.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 Years5 Years10 Years
Gross of Fees20.11%69.08%69.08%8.61%22.56%18.28%
Net of Fees20.01%68.19%68.19%7.87%21.71%17.45%
Morningstar U.S. Open End Technology 16.48%42.04%42.04%-0.01%16.31%13.83%
Lipper Science and Technology Fund Index16.18%45.80%45.80%3.23%18.27%14.82%
S&P North American Technology Index17.17%61.13%61.13%9.60%22.21%18.71%

Past performance is no indication of future results. All investments involve a risk of loss. Net of fee performance is calculated by netting down the gross return by actual management fees as of the date paid from each account.

The integration of ESG considerations as part of the Strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in lower returns than a similar investment strategy without such considerations. Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.

In evaluating a security or issuer based on ESG considerations, we are dependent upon certain information and data from third-party providers of ESG research, which may be incomplete, inaccurate, or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness, or completeness of such ESG assessment. There may be limited availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.

There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Managers

Headshot of Dave Smith.

Dave Harrison Smith, CFA

Bio >

Chris Moshy

Bio >

Headshot of Sonya Mughal.

Sonya Mughal, CFA

Bio >


Bailard in Pensions & Investments, “GenAI is an accelerant to cybersecurity threats — here’s where the opportunity lies for institutional investors”

Generative Artificial Intelligence, or "GenAI," has captured the world's imagination. We have written extensively on the trend and believe it will catalyze a sharp increase in productivity of knowledge workers. We are already seeing strong evidence of impact in several industries. Unfortunately, we also believe GenAI will serve as an accelerant to cybersecurity threats. Like strong winds in a forest fire, this will further enflame an already roiling threat landscape, enhancing the need for cybersecurity solutions and serving as a tailwind to cybersecurity demand.

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Yahoo Finance, “2024 Tech Outlook: Will AI Plays Still Be All the Rage?”

“The critical aspect is that the threat landscape has accelerated rapidly over the last five years,” shared our head of Technology Investing, Dave Harrison Smith, CFA, shared on the state of cybersecurity today. Read more in Forbes.

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Bailard Technology Strategy Named to Pensions and Investments’ Top Performing Separate Accounts and CITs List

Bailard, Inc. an independent, values-driven asset and wealth manager in the San Francisco Bay Area, is pleased to announce that its Technology Strategy was a top performer in the Morningstar Technology Category for both the 1-year and 5-year periods ending September 30, 2023.

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Technology Opportunities

In the technology space where relatively unknown players can become the next market leaders, this strategy provides a concentrated long biased equity portfolio of emerging, disruptive, and high-growth technology companies.

The Bailard Technology Opportunities Strategy is a concentrated portfolio of our highest conviction ideas in disruptive, high-growth technology companies deploying next generation products and services with the capacity to revolutionize industries worldwide. Target investments are companies that we believe demonstrate rapid product adoption and have large addressable markets and expertise in management and operational efficiency. The Strategy additionally seeks to exploit alpha opportunities by selling short positions in disrupted and maturing technology companies.

Capturing broad, impactful investment opportunities across the globe, the Strategy integrates ESG considerations to limit important sources of non-financial risk. Our aim is to better protect investors from the risks associated with poor corporate governance, subpar environmental policy management, and discriminatory workplace practices.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 YearsSince Inception
(June 2019)
Gross of Fees24.51%46.47%46.47%-5.83%7.40%
Net of Fees & Incentive Allocation19.77%37.04%37.04%-8.52%3.47%
Russell 2000 Growth Index12.73%18.63%18.63%-3.53%7.30%
Russell 2000 Growth Technology Index14.00%30.95%30.95%-3.86%7.59%

Past performance is no indication of future results. All investments involve a risk of loss. Net performance is calculated using a 1% model annual investment management fee deducted monthly, and a 20% incentive allocation (subject to a 5% hurdle rate) accrued monthly and deducted annually. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Manager

Headshot of Dave Smith.

Dave Harrison Smith, CFA

Bio >


Bailard in Pensions & Investments, “GenAI is an accelerant to cybersecurity threats — here’s where the opportunity lies for institutional investors”

Generative Artificial Intelligence, or "GenAI," has captured the world's imagination. We have written extensively on the trend and believe it will catalyze a sharp increase in productivity of knowledge workers. We are already seeing strong evidence of impact in several industries. Unfortunately, we also believe GenAI will serve as an accelerant to cybersecurity threats. Like strong winds in a forest fire, this will further enflame an already roiling threat landscape, enhancing the need for cybersecurity solutions and serving as a tailwind to cybersecurity demand.

Read More

Yahoo Finance, “2024 Tech Outlook: Will AI Plays Still Be All the Rage?”

“The critical aspect is that the threat landscape has accelerated rapidly over the last five years,” shared our head of Technology Investing, Dave Harrison Smith, CFA, shared on the state of cybersecurity today. Read more in Forbes.

Read More

Small Cap Value ESG

Behavioral anomalies meet proprietary ESG and other factors to take advantage of untapped opportunities in the underfollowed – and ESG score biased – small and micro cap space.

A dedicated ESG portfolio, Bailard’s Small Cap Value ESG Strategy uses proprietary behavioral finance techniques and our ESG Capture® framework to identify investment opportunities and avoid pitfalls. We use a disciplined, repeatable process specifically designed for the unique nature of the small cap stock universe, with thousands of companies and little concentration. Bailard enhanced the investment team and process in 2019 by adding ESG expertise and adopting ESG Capture® scoring methodology tailored to the small and micro cap stock universe, where there is limited ESG data and vendor score coverage.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 Years5 Years10 Years
Gross of Fees15.90%16.68%16.68%12.12%13.53%8.26%
Net of Fees15.79%16.26%16.26%11.70%13.11%7.85%
Russell 2000 Value Index15.25%14.64%14.64%7.92%9.97%6.74%

Past performance is no indication of future results. All investments involve a risk of loss. Net of fee performance is calculated by netting down the gross return by actual management fees as of the date paid from each account. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Managers

Thomas J. Mudge III, CFA

Bio >

Blaine Townsend, CIMC®, CIMA®

Bio >

Headshot of Osman Akgun.

Osman Akgun, PhD, CFA

Bio >


Thought Series: Busting Value Stock Myths

An investigation of what creates skepticism around value stocks, and six of the many myths that reappear time and again.

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Does Company Size Bias in ESG Scores Impact Small Cap Investors?

While it is well known that ESG scores tend to have a size bias which favors the larger companies among the universe of large capitalization stocks – does this bias exist in the small cap space?

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Predatory Lending: An Important but Often Overlooked ESG Investment Consideration

More than a year into the COVID-19 public health crisis, it is clear that while lifestyle disruptions were universal, the economic upheavals caused by the virus fell largely on the less financially secure members of society.

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Broad Impact

True to its impact namesake, this strategy offers a portfolio of companies we believe will have a net positive impact on society and the planet while providing a return on capital.

Bailard’s Broad Impact Strategy seeks long-term capital appreciation with a portfolio best positioned for the world into which we are heading. Through targeted investment in public companies, this benchmark agnostic portfolio is intended to have a net positive impact on society over the short-, medium-, and/or long-term. We invest in companies we believe are leaders on inclusion and sustainability through business practices, products, and/or services. The Strategy includes companies identified by Bailard’s investment research team in the macro-themes of Inclusion and Sustainability, and 21 underlying micro-themes.

Portfolio Managers

Blaine Townsend, CIMC®, CIMA®

Bio >

Headshot of Osman Akgun.

Osman Akgun, PhD, CFA

Bio >

Thomas J. Mudge III, CFA

Bio >


The Bailard Broad Impact Strategy is only suitable for clients that can handle the risk of investing in large, small, and micro cap equities, and may include companies in disruptive and transformative industries. Small and micro companies may face greater economic cycle risk, credit risk, geographic risk, product, and customer concentration risk than that faced by larger companies. Small cap and—to a greater extent—micro cap stocks are more volatile and less liquid than larger cap stocks and may be more difficult to trade.

The application of various environmental, social and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in lower returns than a similar investment strategy without such screens or other strategies that use a different methodology to exclude issuers or evaluate ESG criteria.

Investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, the strategy may invest in issuers that do not reflect the ESG beliefs and values of any particular investor.

In evaluating a security or issuer based on ESG criteria, we are dependent upon certain information and data from third party providers of ESG research, which may be incomplete, inaccurate or unavailable. As a result, there is a risk that we may incorrectly assess a security or issuer. There is also a risk that we may not apply the relevant ESG criteria correctly or that the strategy could have indirect exposure to issuers that do not meet the relevant ESG criteria used by the strategy. We do not make any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such ESG assessment. There may be limitations with respect to availability of ESG data in certain sectors, as well as limited availability of investments with positive ESG assessments in certain sectors. Our evaluation of ESG criteria is subjective and may change over time.

The market value of an investment will fluctuate as securities markets fluctuate. There can be no assurance that this or any investment strategy will achieve its investment objectives. All investments have the risk of loss.

The U.S. spends twice as much per capita relative to other high-income nations

Value-Based Care: Aligning Interests for Patients, Providers & Payors

There’s an alternative to the traditional fee-for-service healthcare model. Ryan Vasilik, CFA, Equity Analyst, sheds light on the opportunities that abound with value-based care.

Read More

Light Blue Box with Corporate Engagement Written on It

Corporate Engagement Update Q3 2023

Bailard’s approach to corporate engagement focuses on both the shareholder process and supporting other stakeholders working to improve disclosures on important environmental, social, and governance (ESG) issues.

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COP 15: The Historic United Nations Biodiversity Conference

McKenzie Fulkerson-Jones, ESG Analyst, explains the key facets of the landmark agreement that emerged from the United Nations Biodiversity Conference.

Read More

Smart ESG™ US All Cap

Designed to have a low tracking error to the Russell 3000 Index, this Smart ESG™ strategy utilizes our proprietary process of scoring ESG attributes and optimization software to provide a dedicated ESG portfolio.

Bailard’s Smart ESG™ US All Cap Strategy is a dedicated ESG strategy seeking a low tracking error to a broad market benchmark, the Russell 3000 Index. Utilizing Bailard’s proprietary ESG Capture® scoring methodology, the portfolio is tilted toward ESG leaders and away from ESG laggards to help mitigate long-term portfolio risks. The Strategy also avoids investments in fossil fuels, controversial weapons, and a number of products that adversely affect women, girls, and disadvantaged communities. Exclusionary criteria may be customized to align with our clients’ values.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 Year5 YearSince Inception
(6/30/2018)
Gross of Fees13.11%21.25%21.25%7.20%14.60%10.77%
Net of Fees13.01%20.80%20.80%6.74%14.00%10.20%
Russell 3000 Index12.06%25.94%25.94%8.54%15.16%11.46%

Past performance is no indication of future results. All investments involve a risk of loss. Net of fee performance is calculated by netting down the gross return by actual management fees as of the date paid from each account. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Managers

Blaine Townsend, CIMC®, CIMA®

Bio >

Headshot of Osman Akgun.

Osman Akgun, PhD, CFA

Bio >

Jon Manchester, CFA, CFP®

Bio >


International Equity Strategies

International Equity

Backed by more than 25 years navigating the non-US markets, this strategy taps three sources of uncorrelated alpha while providing broad developed and emerging market exposure.

The Bailard International Equity Strategy applies a quantitative approach to investing, where we utilize a disciplined, consistent, and repeatable investment methodology. The Strategy combines a top-down, country-focused approach with bottom-up stock selection that seeks to uncover opportunities within our best-ranked markets. This durable strategy combines country selection, stock selection, and tactical currency hedging in periods of perceived U.S. dollar strength to harness three uncorrelated sources of alpha.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 Years5 Years10 Years
Gross of Fees10.29%23.74%23.74%5.05%9.22%4.67%
Net of Fees10.18%23.28%23.28%4.66%8.80%4.28%
MSCI EAFE Index10.42%18.24%18.24%4.02%8.16%4.28%

Past performance is no indication of future results. All investments involve a risk of loss. Performance is annualized for periods grater than one year. Net of fee performance is calculated by netting down the gross return by actual management fees as of the date paid from each account. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. International and emerging market equities are subject to increased risks due to economic or political instability, differences in accounting principles, and fluctuating exchange rates, with heightened risks for emerging markets. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Managers

Headshot of Eric Leve.

Eric Leve, CFA

Bio >

Daniel McKellar, CFA

Bio >


Smart ESG™ ADR

Designed to have a low tracking error to the MSCI EAFE Index, this Smart ESG™ strategy utilizes our proprietary process of scoring ESG attributes and optimization software to provide a dedicated international ESG ADR portfolio.

Bailard’s Smart ESG™ ADR Equity Strategy is a dedicated ESG strategy seeking a low tracking error to a broad market benchmark, the MSCI EAFE Index, through American depository receipts (ADRs). Utilizing Bailard’s proprietary ESG Capture® framework, this portfolio seeks ESG leaders and avoids ESG laggards to help mitigate long-term portfolio risk. Similar to its Smart ESG™ U.S. counterpart, the Strategy avoids investments in fossil fuels, controversial weapons, and a number of products that adversely affect women, girls, and disadvantaged communities. Exclusionary criteria may be customized to align with our clients’ values.

Performance

Total Return, As of 12/31/23QuarterYTD1 Year3 Year5 YearSince Inception
(6/30/2018)
Gross of Fees14.13%23.99%23.99%6.67%10.71%7.13%
Net of Fees13.98%23.35%23.35%6.11%10.08%6.53%
MSCI EAFE INDEX10.42%18.24%18.24%4.02%8.16%4.68%

Past performance is no indication of future results. All investments involve a risk of loss. Performance is annualized for periods grater than one year. Net of fee performance is calculated by netting down the gross return by actual management fees as of the date paid from each account. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. International and emerging market equities are subject to increased risks due to economic or political instability, differences in accounting principles, and fluctuating exchange rates, with heightened risks for emerging markets. Investments in a particular style may underperform other styles of investing or the overall market. Please see the respective strategy’s fact sheet above for additional important risk and performance disclosures, as well as at the bottom of this page.

Portfolio Managers

Blaine Townsend, CIMC®, CIMA®

Bio >

Headshot of Dan McKellar.

Daniel McKellar, CFA

Bio >

Headshot of Eric Leve.

Eric Leve, CFA

Bio >


Let's Connect

Learn more or schedule a meeting with one of our equity teams.

Color headshot of Diana Dessonville.Diana L. Dessonville
Executive Vice President | Director, Institutional Client Services
diana.dessonville@bailard.com
(650) 571-5800
CONTACT US

Past performance is no indication of future results. All investments involve a risk of loss. There are risks involved in investing, including the risk of loss and the risk that the market value of your investments will fluctuate as the stock market fluctuates. Investments in a particular style may underperform other styles of investing or the overall market. Exposure to these types of investments can lead to underperformance. 

U.S. equity strategies are subject to style, size, and sector risks. International and emerging market equities are subject to increased risks due to economic or political instability, differences in accounting principles, and fluctuating exchange rates, with heightened risks for emerging markets.  The application of various environmental, social and governance screens as part of a socially responsible investment strategy may result in the exclusion of securities that might otherwise merit investment, potentially resulting in higher or lower returns than a similar investment strategy without such screens. Exchange-traded funds (ETFs) incur fund management fees and expenses that will be in addition to Bailard’s management fees. The price at which an ETF trades on the exchange may sometimes differ significantly from its net asset value. There is no guarantee Bailard or any of the strategies presented will achieve their investment objectives. Please see each strategy’s fact sheet above on its respective strategy tab for additional important disclosures.