William Blair SICAV - Emerging Markets Leaders Fund Class R (EUR)

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William Blair SICAV – Emerging Markets Leaders Fund

                          Class R (EUR)

                              Portfolio Review

                                 June 2021

                                                   Todd M. McClone, CFA, Partner
                                                       Jack Murphy, CFA, Partner
ISIN: LU2001354401                                          Portfolio Managers

                     FOR PROFESSIONAL INVESTORS ONLY
Summary & Outlook                                                                                                  June 2021
                                                                   and business activity. Economic data was also supportive,
                                                                   specifically the Eurozone manufacturing purchasing
Market Review
                                                                   manager’s index (PMI) which rose to a record high level
Global equities continued to advance in the second quarter         (63.4) in June.
(the MSCI ACWI IMI gained +7.18% in the second quarter
                                                                   Strength within Latin America (+15.56% for the quarter
and 12.68% year-to-date in USD terms) amid further
                                                                   and +9.64% year-to-date) was primarily driven by Brazil
success of vaccination rollouts and a healthy rebound in
                                                                   (+23.60% for the quarter and +11.89% year-to-date)
economic activity, especially in developed markets. The
                                                                   bolstered by stronger commodity prices and currency
sharp style rotation in the first quarter which favored value
                                                                   tailwinds. China underperformed on a relative basis
areas subsided in the second quarter with growth stocks
                                                                   (+2.35% for the quarter and +2.36% year-to-date) amid
outperforming. From a global sector perspective,
                                                                   concerns over tightening liquidity and increased regulatory
Information Technology outperformed (+10.22% for the
                                                                   oversight on large cap technology companies.
quarter and +12.39% year-to-date) while Utilities
significantly underperformed (-0.09% for the quarter and           Performance
+0.86% year-to-date). Energy also continued to rally
(+10.08% for the quarter and +30.51% year-to-date) as              Second quarter underperformance versus the MSCI
rising demand drove stronger crude oil prices.                     Emerging Markets (net) was primarily driven by negative
                                                                   stock selection within the Financials and Consumer
US equities advanced (+8.36% for the quarter and +15.05%           Discretionary sectors. Within the Financial sector,
year-to-date) as investors welcomed news of additional             performance was dragged down by Ping An Insurance
federal spending to revive the economy. In addition to the         Group and Credicorp. Tal Education Group hampered
$1.9 trillion Covid relief plan and $2.3 trillion infrastructure   Consumer Discretionary sector results.
plan introduced in the first quarter, the Biden
administration also announced a $1.8 trillion American             Ping An’s share price weakened on slow business activity
Families Plan emphasizing strong support for national              due to the challenging economic backdrop for insurance
                                                                   and the company’s ongoing reform of its distribution and
childcare to ensure an equitable recovery from the
                                                                   product offering. In addition, the write-down of property
pandemic, especially for female workers and mothers.
                                                                   investments and its participation in the Peking University
Significant federal spending drove concerns over rising            Founder Group restructuring transaction also weighed on
inflation. In May, headline inflation rose to 5.0% year on         the stock price. Despite recent headwinds, Ping An
year, above expectations.                                          generated a strong ROE and we believe the current
European equities kept pace with the benchmark (+7.26%             valuation underestimates the company’s growth potential.
                                                                   Credicorp stands out as a leading banking franchise in Peru
for the quarter and +11.81% year-to-date) as several
                                                                   with solid management, brand, scale and a strong
European countries gradually relaxed restrictions on travel        normalized ROE. It has leading market share in Peru and
Summary & Outlook                                                                                                 June 2021
has gained share in nearly all aspects of the business during     While the company remains a leading car manufacturer in
a very challenging year. Credicorp’s stock performance was        India, we sold the position amid a weaker growth outlook
hampered by uncertainty surrounding the Presidential              in a mature, capital intensive and highly competitive
election and heightened economic, political and regulatory        industry. Within Health Care, we sold Jiangsu Hengrui, the
risks as a result of the election outcome. Tal Education is a     leading pharmaceutical company in China, due to concerns
leading tutoring services provider in China with a strong         over regulatory headwinds as its generics business faces
brand and significant growth opportunities. The stock             price pressure from centralized procurement. The overall
declined amid regulatory headwinds as the government              sector weighting was boosted by the purchase of Aier Eye
seeks to enhance standards of after school education and          Hospital Group Co, the leading ophthalmology specialty
tutoring and reduce the tutoring burden for children.             hospital with a strong brand and scalable business model.
                                                                  We believe the company can deliver substantial net profit
                                                                  CAGR until 2030 driven by increased penetration, robust
Partially offsetting these effects was positive stock selection   average sales price growth and scale.
within the Communication Services and Health Care
sectors. Within Communication Services, Kakao Corp and            We also purchased eMemory within the Information
Sea Ltd bolstered relative results. Kakao’s share price           Technology sector. The company is a Taiwanese
rallied in the first half of the year amid strong operating       semiconductor company specializing in embedded non-
performance and a solid growth outlook for its core               volatile memory (eNVM) IP which provides a unique
business and expanding opportunities. It was also boosted         identifier preventing chips from being counterfeited and
by positive sentiment amid the upcoming IPO of its fintech        protecting the data that is stored inside of the chips. We
businesses, Kakao Bank and Kakao Pay. Sea Ltd, the leading        believe the company has a superior competitive advantage
digital platform in ASEAN, continued to outperform on the         from its 'best of breed' IP and over 800 patents, and we
                                                                  expect growth acceleration through new product launches,
back of strong momentum in its gaming business with Free
                                                                  wider adoption of the company’s solutions and higher
Fire leading in Latin America, Southeast Asia and India and
                                                                  average selling prices.
accelerating growth in its ecommerce business amid
increasing penetration and market share gains. Zhangzhou          From a geographic perspective, notable adjustments were
Pientzehuang, a traditional Chinese medicine company,             increases to Russia and South Korea, offset by a decrease to
bolstered results within the Health Care sector. The stock        China.
outperformance was fueled by robust volume growth and
price hikes coupled with a supportive regulatory backdrop.        Outlook

Positioning                                                       The market is experiencing a tug of war between the
                                                                  impressive acceleration of economic growth due to global
During the period, Consumer Discretionary exposure was            re-openings, and fears of a resurgence of COVID virus case
reduced through the liquidation of Maruti Suzuki India Ltd.       counts. We believe economic growth will win out. While
Summary & Outlook                                                                                               June 2021
concerning, the positive view is that the vaccines are         another 3-6 months for the supply catch up to occur across
working, and the delta variant is proving not as harmful.      most industries.

As for recent economic activity, it has been more of the       The global market is up close to 40% over the last twelve
same, with both consumption and production activity            months. While market valuations receive a lot of attention,
strong – in some cases above 2019 levels. While we expect      perhaps unnoticed is that this market appreciation has
a sequential peak in GDP growth likely occurred in 2Q, the     been driven entirely by earnings growth. The market has
remainder of the year should continue to be quite strong.      actually de-rated a bit during this period.
We believe that corporate earnings growth, which has been
impressive thus far in 2021, remains underestimated. In        More economically sensitive sectors of the market (e.g.,
fact, projected bottom-up corporate profit growth lags top-    cyclicals and financials) have re-rated along with a
down GDP estimates by a wider margin than we saw               resurgence of their growth. In contrast, companies with
coming out of the global financial crisis of 2008 (GFC).       stronger structural long-term growth have lagged on a
Thus, we are confident profit growth will continue to          relative basis, and in some cases have seen their stock
surprise to the upside.                                        multiples compress. We view this is a classic period of
                                                               structural winners “growing into” their multiples.
As is the case in almost every economic expansion period,
earnings growth has been the key market driver. We are         Consistent with our growth outlook we believe most of this
now clearly in expansion mode, with the corporate profit       experience is likely behind us but may occur off and on
picture and market leadership following the script.            during the balance of the year while the market digests the
                                                               economic and profit picture. Ultimately as economic
During the second quarter, we saw earnings revisions and       growth reverts to the long-term mean and the market
momentum lead market performance, while valuation              begins to discount peak cyclical earnings, the structural
flipped from dominating in 1Q (typical of recovery periods)    growers will again have their day.
to not much of a factor. Quality and Growth re-asserted
themselves positively. All of these characteristics are very   Corporate Capital Expenditures
typical of performance during an economic expansion and
we believe they are likely to continue.                        Corporate profit margins and cash flows have been
                                                               impressive, and we believe we are entering an era where
Inflation concerns have been a natural topic of debate all     more of that cash flow is likely to be directed to capital
year. We continue to foresee reflation back to long-term,      investment and research and development.
i.e., manageable, levels. In this unique cycle, we are
experiencing price increases driven by the re-opening of       We see two reasons for rapidly ramping capital spending
supply not keeping up with demand fast enough. While in        by corporates: 1) digitalization of businesses is now a
some cases we are already seeing a few industrial              survival imperative; and 2) shortening supply chains has
commodity prices reverting, we expect that it will take        become necessary to improve operational resilience.
Summary & Outlook                                                                                                June 2021
                                                               preservation. Since the early 1980s everything from
We are witnessing it already: After the GFC, it took US        taxation to antitrust to regulatory and labor policies was
private sector non-residential investment nearly four years    geared to improving corporate profitability. Today, there is
to recover to pre-crisis levels. By contrast, capex spending   growing recognition that these policies may have gone too
in Q1 2021 already surpassed the Q4 2019 peak.                 far. The operating environment is changing on the margin:
Intellectual property and software investment recovered        pressure for stronger wage growth, especially at the
by Q4 2020, compared to six quarters post-GFC.                 bottom of the income distribution is rising.

The COVID pandemic has elevated operational efficiencies       The G7 agreeing on a minimum corporate tax rate suggests
of digital business models into a survival imperative for      that the race to the bottom is over. Antitrust authorities in
virtually all companies. Digital businesses were able to       China, Europe and the US are openly exploring ways to
operate relatively unscathed during the pandemic               bring competition standards to industries and businesses
lockdowns, while more traditional, high physical contact       that have been able to behave as monopolies or quasi
businesses were forced to shut down. Within industries,        monopolies. These changes incentivize corporate
those companies who had proactively employed more data         investment, which in turn will likely expand supply and
and digitally- enabled business practices pressed their        enable stronger economic growth without higher inflation.
competitive advantage. We are seeing companies of all          We will have more to say on this topic in the coming
sizes accelerate their investment into cloud-based systems,    months and quarters.
remote work, digitally driven customer service solutions,
and the requisite software applications required to make it    Spotlight: Industrials
all work.
                                                               The confluence of the strong economic cycle and what we
Companies have spent decades rationalizing their supply        expect will be a step up in capital investment spending
chains with the goal of maximum operational efficiency.        suggests a portfolio focus on industrials. In fact, many of
Such extreme efficiency comes with high potential fragility.   our portfolios, especially those that include developed
And this fragility was fully exposed by COVID-related          markets, have had significant overweight exposure to
lockdowns and associated export restrictions. Companies        industrial industries for the last several years.
are looking to shore up their supply chains, in some
instances by reducing or duplicating some parts of the         The key attribute for any of our company investments is a
chain. Some of this was starting to happen in response to      strong and durable competitive advantage, and industrials
chilling economic relations between the U.S. and China         have several advantages in this regard, even compared to
prior to the pandemic. COVID has only added more reasons       the technology and consumer sectors, which may seem
to accelerate the buildout.                                    counter intuitive.

Shifts in the geopolitical environment in which corporates     Many industrial applications are characterized by hard-to-
operate also support investment rather than cash               develop products that require domain knowledge, scale,
Summary & Outlook                                                                                                  June 2021
and manufacturing expertise. Route-to-market, capital            and parts revenue for manufacturers. Strong competitive
allocation, and installed bases are other often powerful and     advantages, high switching costs, and customer risk
durable advantages.                                              aversion allow for pricing power in many cases.

High entry barriers and consolidated markets are also            The increasing focus on environmental and social
powerful attributes. Industry structure is important as it       considerations has strengthened the role of efficiency in the
influences how industrial value creation is distributed and      customer value proposition. For many industrial
the risk of value destruction. Favorable market structures       companies, energy efficiency and safety have been
exist in areas as diverse as North American rails, aircraft      cornerstones of their value proposition from the beginning.
production, airlines, HVAC manufacturing, and other niche        These companies enable the reduction of emissions and
markets.                                                         waste through new, more efficient products and
                                                                 engineering-driven solutions. For example, Spirax-Sarco
Long duration growth                                             recently implemented solutions at a Nestle factory that
                                                                 reduced energy use by 45%, emissions by 43%, and water
Although industrial company growth rates may be more             use by 48%.
modest compared to the fast-moving technology sector,
growth is often more durable and exploitable over long           Potential for strong cash generation and value creating
periods of time. This persistence of growth is what              capital allocation
investors tend to underestimate, and where the market is
less efficient.                                                  Industrial companies often generate strong cash flow that
                                                                 can be used to fund value-creating organic and inorganic
Industrial processes are often complex and have been             growth.
optimized over many years. Combined with a high risk of
failure, this results in strong inertia and risk aversion that   Domain knowledge and customer intimacy provides
slows adoption of new technologies. In contrast, consumer        opportunities to develop innovative new products and
technology is fast moving as consumers adopt new                 solutions. These products add value for customers and long
technologies rapidly in their daily lives. While growth rates    competitive advantage periods may allow for the
are slower for industrial companies, predictability and          realization of strong returns on capital from the investment
durability of growth allows companies to exploit                 to develop these products.
opportunities for years if not decades.
                                                                 Industrial companies often complement organic growth
Once a company has built an installed base it typically          opportunities with value creating M&A. The rationale for
provides an attractive aftermarket opportunity that results      acquisitions may include scale, new technologies, and
from demanding operating conditions, safety, and quality         attractive assets in a multi-industry portfolio of businesses.
considerations. Jet engines are a classic example where the
installed base often provides decades of lucrative services
Summary & Outlook                                              June 2021
The top industrial companies have demonstrated discipline
by returning cash to shareholders after exhausting organic
and inorganic investment opportunities. For example, Atlas
Copco has paid $9 billion in regular dividends over the past
10 years, and on three occasions has paid special dividends
worth a cumulative $3.3 billion.

Strategic use of financial leverage

Long lived assets and strong competitive advantages allows
for the comfortable use of modest leverage to boost
returns. Re-leveraging with debt to maintain a constant
capital structure is often used to enhance cash flows and
returns to equity holders. The strength of business models
and competitive advantages can also provide firepower to
flex debt levels higher to seek to capitalize on inorganic
opportunities. For example, DSV has used leverage to make
highly accretive acquisitions the past several years.

Stock specific drivers

Many industrial companies are cyclical and can be volatile
stocks. While we are long term investors, we believe that
the market tends to overreact to the economic cycles
influencing the best-managed industrial companies. This
creates opportunities for active managers to deploy capital
into mispriced value creators and protect value when the
market is too enthusiastic near term.
Market Performance                                                                                                                                                  June 2021
                                                                QTD                         YTD                         2020                         2019
                        AC World (DM+EM)                                7.2                         12.7                        16.3                        26.4
                          Developed Markets (DM)                        7.4                         13.3                        15.9                         27.5
                               Japan                                    -0.4                        1.5                         13.1                         19.6
                               Europe ex UK                             7.8                         11.6                        12.1                         25.0
                               UK                                       5.7                         12.4                        -9.0                         23.2
                               USA                                      8.4                         15.1                        20.5                         30.4
                          Emerging Markets (EM)                         5.7                         8.7                         18.4                         17.6
                               Asia                                     4.5                         7.5                         28.5                         17.8

              Regions
                                    China                               2.4                         2.4                         29.4                         22.7
                                    India                               8.0                         15.5                        16.1                         5.3
                                    Korea                               6.2                         8.1                         46.0                         9.6
                                    Taiwan                              8.3                         19.9                        39.1                         35.2
                               EMEA                                     7.6                         16.4                        -5.6                         15.8
                                    Russia                             13.6                         20.4                        -11.6                        50.1
                                    South Africa                        0.1                         12.5                        -4.9                         11.2
                               Latin America                           15.6                         9.6                         -14.1                        19.4
                                    Brazil                             23.6                         11.9                        -19.1                        29.3
                                    Mexico                              9.5                         13.5                        -1.6                         12.9
                          Frontier Markets (FM)                        14.1                         16.1                         2.1                         13.8

                          Large Cap                                     4.3                         6.5                         19.6                         19.3
              Size

                          Small Cap                                    11.3                         19.8                        19.3                         11.5

                          Communication Svcs                            2.1                         7.8                         27.1                         10.9
                          Discretionary                                 4.2                         1.9                         33.1                         31.6
                          Staples                                       4.9                         2.9                         10.8                         9.6
                          Energy                                       11.7                         15.0                        -14.9                        19.4
              Sectors

                          Financials                                    4.4                         8.4                         -7.9                         12.0
                          Healthcare                                   14.4                         8.6                         55.5                         2.9
                          Industrials                                  14.9                         20.6                         7.7                         6.3
                          IT                                            4.1                         9.6                         58.5                         40.8
                          Materials                                     9.5                         20.0                        26.2                         7.7
                          Real Estate                                   -3.5                        0.9                         -15.6                        22.2
                          Utilities                                     3.7                         7.2                         -4.9                         9.7

                          Quality                                       -2.5                        -2.4                        -6.8                         13.7
                          Valuation                                     -0.9                        9.6                         -12.4                        4.5
              Style

                          Etrend                                        9.5                         15.7                        14.5                         12.5
                          Momentum                                      8.7                         13.0                         9.7                         16.1
                          Growth                                        -0.2                        -3.6                        12.9                         6.1
                          Composite                                     2.3                         11.0                        -5.3                         16.8

Source: FactSet
Past performance is not a reliable indicator of future results. Regional performance is based on IMI region/country indexes. Sector and style values are based on the
MSCI EM IMI Index. Size values are based on the MSCI EM IMI Index. Style values reflect the Quintile 1 minus Quintile 5 spread of William Blair’s proprietary quantitative
models. Sectors are based on Global Industry Classification (GICS) sectors. Large Cap and Small Cap based on MSCI Global Investable Market Index Methodology. Data in blue
reflects the top 20% (highest) values by region, country, sector, and style. Data in red reflects the bottom 20% (lowest) values by region, country, sector, and style. All index
returns are net of dividends. A direct investment in an unmanaged index is not possible. . Please refer to the ‘Important Disclosures’ section at the end of this document for
further information on investment risks and returns.
Portfolio Performance                                                                                                                      June 2021

                                                                                                                          Since
                        Periods ended 30/06/2021                                            Quarter        YTD         Inception*
                        William Blair SICAV - Emerging Markets Leaders (Class R EUR)         2.96%        7.83%          10.91%
                        MSCI Emerging Markets (net) (EUR)                                    4.11%        10.86%         13.81%

*Inception 21/12/2020

The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the
global emerging markets. This series approximates the minimum possible dividend reinvestment.

Periods greater than one year are annualized. All charges and fees have been included within the performance figures. For the most current month-end
performance information, please visit the SICAV website at sicav.williamblair.com. Please refer to the ‘Important Disclosures’ section at the end of this
document for further information on investment risks and returns.
Performance Analysis (by sector)                                                                                                                                   June 2021
The table below shows the calculated sector attribution of the William Blair SICAV - Emerging Markets Leaders Fund portfolio vs. its
benchmark.

                                      William Blair SICAV - Emerging Markets Leaders Fund vs. MSCI Emerging Markets (net)
                                                                        01/04/2021 to 30/06/2021

                                        William Blair SICAV - Emerging
                                                                                         MSCI Emerging Markets (net)                            Attribution Analysis
                                            Markets Leaders Fund
                                                                                                                                                        Issue
                                       Average           Total       Contrib to       Average           Total        Contrib to      Allocation       Selection           Total
GICS Sector                            Weight           Return        Return          Weight           Return         Return           Effect           Effect            Effect
Communication Services                   21.1%           5.2%            1.1%           11.5%           1.9%            0.2%            -0.3%            0.7%             0.4%
Consumer Discretionary                   19.6%           0.4%            0.0%           17.2%           3.6%            0.6%            -0.1%            -0.6%            -0.7%
Consumer Staples                         8.6%            7.0%            0.6%            5.7%           4.5%            0.3%            0.0%             0.2%             0.2%
Energy                                   3.6%            4.0%            0.1%            4.9%           12.1%           0.6%            -0.1%            -0.3%            -0.4%
Financials                               15.8%           -1.2%          -0.2%           18.2%           4.2%            0.8%            0.0%             -0.9%            -0.9%
Health Care                              2.4%           38.3%            0.8%            4.7%           14.1%           0.6%            -0.2%            0.5%             0.3%
Industrials                              5.9%            9.7%            0.5%            4.5%           13.2%           0.6%            0.1%             -0.2%            -0.1%
Information Technology                   18.2%           4.0%            0.8%           20.7%           3.8%            0.8%            0.0%             0.0%             0.1%
Materials                                3.4%           19.9%            0.7%            8.5%           8.4%            0.7%            -0.2%            0.5%             0.2%
Real Estate                              0.0%            0.0%            0.0%            2.1%           -6.0%           -0.1%           0.2%             0.0%             0.2%
Utilities                                0.0%            0.0%            0.0%            2.0%           2.0%            0.0%            0.1%             0.0%             0.1%
Cash                                     1.2%               -           -0.1%            0.0%           0.0%            0.0%            -0.1%            0.0%             -0.1%
Total                                   100.0%           4.3%            4.3%          100.0%           5.0%            5.0%            -0.6%            -0.1%            -0.7%

Past performance does not guarantee future results. Performance cited represents past performance and current performance may be lower or higher than the
data quoted. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment management fees and net of transaction costs.
Attribution by segment is based on estimated returns of equities held within the segments listed. All stocks held during a measurement period, including purchases and sales,
are included. Cash is not allocated among segments. Calculations are for attribution analysis only, and are not intended to represent simulated performance history. The
actual returns may be higher or lower. We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based
attribution, taking into account all trading activity. Interaction effect is reallocated into Selection effect. Sectors are based on Global Industry Classification (GICS) Sectors.
Performance Analysis (by region)                                                                                                                              June 2021
The table below shows the calculated regional attribution of the William Blair SICAV - Emerging Markets Leaders Fund portfolio vs. its
benchmark.

                                 William Blair SICAV - Emerging Markets Leaders Fund vs. MSCI Emerging Markets (net)
                                                                     01/04/2021 to 30/06/2021

                                William Blair SICAV - Emerging
                                                                                 MSCI Emerging Markets (net)                             Attribution Analysis
                                    Markets Leaders Fund
                                                                                                                                                  Issue
                              Average           Total       Contrib to       Average           Total         Contrib to       Allocation        Selection          Total
Region                        Weight           Return        Return          Weight           Return          Return            Effect            Effect           Effect

   EM Asia                      76.8%           3.2%            2.4%           79.3%            3.8%             3.0%             0.0%            -0.5%            -0.5%
   EMEA                         7.5%           14.6%            1.0%           13.1%            7.4%             0.9%            -0.1%            0.5%              0.4%
   Latin America                14.5%           6.7%            0.9%           7.6%            15.0%             1.1%             0.7%            -1.1%            -0.5%
   Cash                         1.2%              -            -0.1%           0.0%             0.0%             0.0%            -0.1%            0.0%             -0.1%
Total                          100.0%           4.3%            4.3%          100.0%            5.0%             5.0%             0.4%            -1.1%            -0.7%

Past performance does not guarantee future results. Performance cited represents past performance and current performance may be lower or higher than the
data quoted. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment management fees and net of transaction costs.
Attribution by segment is based on estimated returns of equities held within the segments listed. All stocks held during a measurement period, including purchases and sales,
are included. Cash is not allocated among segments. Calculations are for attribution analysis only and are not intended to represent simulated performance history. The
actual returns may be higher or lower. We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based
attribution, taking into account all trading activity. Interaction effect is reallocated into Selection effect. International investing involves special risk considerations,
including currency fluctuations, lower liquidity, economic and political risk.
Top Contributors/Detractors                                                                                                                                June 2021
The tables below show the top contributors and detractors for the William Blair SICAV - Emerging Markets Leaders Fund portfolio vs. its
benchmark.

Top Five Contributors (%) for the Period: 01/04/2021 to 30/06/2021
Issuer                                                                    Sector                                  Country                            Contribution To
                                                                                                                                                     Relative Return
Zhangzhou Pientzehuang Pharmac                                           Health Care                              China                                    0.69
Kakao Corp                                                               Communication Services                   South Korea                              0.53
TOTVS SA                                                                 Information Technology                   Brazil                                   0.41
UPL Ltd                                                                  Materials                                India                                    0.38
Sea Ltd                                                                  Communication Services                   Thailand                                 0.31

Top Five Detractors (%) for the Period:                     01/04/2021 to 30/06/2021
Issuer                                                                    Sector                                  Country                            Contribution To
                                                                                                                                                     Relative Return
Tencent Music Entertainment Gr                                            Communication Services                  China                                   -0.70
Ping An Insurance Group Co of                                             Financials                              China                                   -0.58
TAL Education Group                                                       Consumer Discretionary                  China                                   -0.40
Midea Group Co Ltd                                                        Consumer Discretionary                  China                                   -0.31
Tencent Holdings Ltd                                                      Communication Services                  China                                   -0.25

Index: MSCI Emerging Markets (net)
Past performance is not indicative of future returns. Gross investment performance assumes reinvestment of dividends and capital gains, is gross of investment
management fees and net of transaction costsAttribution is based on estimated returns of all equities held during a measurement period, including purchases and
sales. Calculations are for attribution analysis only and are not intended to represent simulated performance history. The actual returns may be higher or lower.
We calculate attribution using our proprietary attribution system. Our proprietary attribution system runs transactions-based attribution, taking into account all
trading activity. Sectors are based on Global Industry Classification (GICS) Sectors. International investing involves special risk considerations, including currency
fluctuations, lower liquidity, economic and political risk. Individual securities listed in this report are for informational purposes only. Holdings are subject to change
at any time. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.
Portfolio Positioning                                                                                                                                                       June 2021
   The chart below shows the region and sector positioning of the William Blair SICAV - Emerging Markets Leaders Fund vs. its benchmark.

                                               Regional Exposure                                                                        Sectoral Exposure

                                                      75.8     -1.9                                                                           21.1      -0.1
     EM Asia Total                                                                          Communication Services                                                 1.7
                                                       79.1     -1.1                                                                   11.3
                                       34.3                    -2.4                                                                       18.3         -1.8
             China                                                                          Consumer Discretionary                                    -3.1
                                        37.6                  -3.2                                                                        17.6
                                                                                                                                   8.6                           0.2
                               18.0                             -0.9                              Consumer Staples                                    -2.4
              India                                                                                                              5.6
                            9.9                                            1.1
                                                                                                                                3.7                              0.0
                           8.4                                            0.9                                  Energy                                    0.0
       South Korea                                                                                                               5.0
                             13.2                                          1.9                                                                         -1.0
                                                                                                                                         15.2
                                                                                                           Financials                                  -1.3
                               11.6                                       0.3                                                             17.8
           Taiwan
                                13.8                            -1.0                                                            3.1                              1.0
                                                                                                         Health Care                                             0.6
                           8.4                                             1.6                                                   5.0
       EMEA Total
                             13.0                                         0.9                                                    6.3                              0.8
                                                                                                          Industrials                                               2.9
                         3.6                                                                                                    4.9
                                                                          0.9
            Russia                                                                                                                        19.1                    0.9
                         3.2                                              1.4               Information Technology
                                                                                                                                           20.4                   0.7
                         3.1                                              0.3
       South Africa                                                                                                             3.2                      0.0
                         3.5                                    -0.5                                        Materials
                                                                                                                                   8.4                           0.5
                             14.4                                         0.3                                                                                    0.0
Latin America Total                                                                                       Real Estate
                                                                                                                           --
                           7.8                                   -0.3                                                       2.0                                  0.0
                          5.9                                             0.5                                              --                                    0.0
             Brazil                                                                                           Utilities
                          5.2                                             0.5                                               1.9                                  0.0
                         3.2                                      0.0                                                      --                                    0.0
            Mexico                                                                                              Other                                            0.0
                         1.7                                              0.2                                              --
                         1.4                                             0.0                                                1.4                                  0.0
Cash & Equivalents                                                                               Cash & Equivalents                                              0.4
                        --                                               0.4                                               --

         William Blair Sicav - Emerging Leaders Growth Fund                                  William Blair Sicav - Emerging Leaders Growth Fund          Portfolio Diff Previous QTR
                                                              Portfolio Diff Previous QTR
                                                                                             MSCI Emerging Markets (net)                                 Portfolio Diff YTD
         MSCI Emerging Markets (net)                          Portfolio Diff YTD

   Source: William Blair.
   As of Date: 30/06/2021
   Cash & Equivalents includes: cash and dividend accruals.
Top Holdings by Market Cap                                                                                                                                       June 2021
The table below shows the William Blair SICAV - Emerging Markets Leaders Fund portfolio’s largest holdings as of 30/06/2021 by market cap
as well as the sub-totals by market cap for the portfolio and index. The stocks are listed by country and by the sector that defines each one’s role
in the portfolio.

                                                                                                                          % of Total          % of Total
                                                                                                                         Net Assets in       Net Assets in
                                                                  Country                        Sector                   Portfolio             Index*
                  Large Cap(>$20b)                                                                                          64.0%               51.7%
                  Taiwan Semiconductor Manufactu                   Taiwan             Information Technology                 7.9%                6.1%
                  Tencent Holdings Ltd                              China             Communication Services                 7.6%                5.0%
                  Alibaba Group Holding Ltd                         China             Consumer Discretionary                 7.3%                5.0%
                  Reliance Industries Ltd                           India                     Energy                         3.7%                0.9%
                  NetEase Inc                                       China             Communication Services                 3.6%                0.5%

                  Mid Cap($5-20b)                                                                                            20.8%               28.7%
                  LG Household & Health Care Ltd                South Korea             Consumer Staples                      2.3%                0.2%
                  UPL Ltd                                          India                   Materials                          2.2%                0.1%
                  Capitec Bank Holdings Ltd                     South Africa               Financials                         2.0%                0.1%
                  Zhangzhou Pientzehuang Pharmac                   China                  Health Care                         2.0%                0.0%
                  Tencent Music Entertainment Gr                   China              Communication Services                  1.8%                0.1%

                  Small Cap(
Top Portfolio Changes                                                                                                                         June 2021

                                           Top Portfolio Changes During the Period: 01/04/2021 to 30/06/2021

                                Security Name                    Country                         Sector
                                Aier Eye Hospital Group Co-A     China                           Health Care

               Purchases
                                Ememory Technology Inc           Taiwan                          Information Technology

                 New

                                Maruti Suzuki India Ltd          India                           Consumer Discretionary
                 Liquidations

                                Jiangsu Hengrui Medicine C-A     China                           Health Care

Individual securities listed in this report are for informational purposes only. Holdings are subject to change at any time. This information does not
constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed. Sectors are based on Global Industry
Classification (GICS) Sectors.
Portfolio Characteristics                                                                                                                          June 2021

                                                                      William Blair SICAV - Emerging
                                                                          Markets Leaders Fund                     MSCI Emerging Markets (net)   Difference
    Quality
    WB Quality Model (Percentile)                                                       32                                        39
    Return on Equity (%)                                                               18.3                                      16.1               14%
    Cash Flow ROIC (%)                                                                 21.9                                      19.7               11%
    Debt/Equity (%)                                                                    60.7                                      71.2              -15%
    Growth
    WB Growth Model (Percentile)                                                        38                                        45
    Long-Term Growth (%)                                                               21.4                                      21.6              -1%
    5-Year Historic EPS Growth (%)                                                     13.4                                      11.4              18%
    Reinvestment Rate (%)                                                              14.7                                      12.2              20%
    Earnings Trend
    WB Earnings Trend Model (Percentile)                                                60                                        56
    EPS Revision Breadth (%)                                                            0.0                                       2.1               -2.1
    Valuation
    WB Valuation Model (Percentile)                                                     72                                        54
    P/E (next 12 months)                                                               24.9                                      14.0              78%
    Dividend Yield (%)                                                                  0.9                                       2.0              -52%
    Other
    WB Composite Model (Percentile)                                                    57                                         48
    Float Adjusted Weighted Average Market Cap ($m)                                  129,528                                    109,126            19%
    Number of Holdings                                                                 52                                        1,412
    Active Share (%)                                                                   75                                          --

Characteristics have been calculated by William Blair.

Please refer to the ‘Important Disclosures’ section of this document for further information on investment risks and returns.
Holdings                                                                                                                                                   June 2021

                                              Portfolio                                              Portfolio                                              Portfolio
                                                Weight                                                Weight                                                  Weight
    EM Asia                                      75.76 EM Asia (continued)                                     Latin America (continued)
     China                                       34.35  Indonesia                                         1.44  Argentina (continued)
       Tencent Holdings Ltd                       7.48    Bank Central Asia Tbk Pt                        1.44    Globant SA                                     1.62
       Alibaba Group Holding Ltd                  7.19  South Korea                                       8.37  Brazil                                           5.92
       Netease Inc                                3.58    Lg Household & Health Care                      2.27    B3 Sa-Brasil Bolsa Balcao                      1.91
       Ping An Insurance Group Co-H               2.94    Naver Corp                                      2.20    Rumo SA                                        1.91
       Zhangzhou Pientzehuang Pha-A               1.97    Kakao Corp                                      1.91    Totvs SA                                       1.43
       Tencent Music Entertainm-Adr               1.80    Coupang Inc                                     1.14    Raia Drogasil SA                               0.68
       Midea Group Co Ltd-A                       1.75    Douzone Bizon Co Ltd                            0.85  Mexico                                           3.25
       China Tourism Group Duty F-A               1.70  Taiwan                                           11.61    Grupo Aeroport Del Pacific-B                   1.89
       Kweichow Moutai Co Ltd-A                   1.47    Taiwan Semiconductor-Sp Adr                     7.81    Walmart De Mexico Sab De Cv                    1.36
       Travelsky Technology Ltd-H                 1.13    Mediatek Inc                                    2.31  Peru                                             1.34
       Aier Eye Hospital Group Co-A               1.09    E.Sun Financial Holding Co                      0.92    Credicorp Ltd                                  1.34
       Shenzhou International Group               0.93    Ememory Technology Inc                          0.57 Cash                                              1.40
       Foshan Haitian Flavouring -A               0.90  Thailand                                          2.01 Total                                           100.00
       Tal Education Group- Adr                   0.43    Sea Ltd-Adr                                     2.01
     India                                       17.99 EMEA                                               8.44
       Reliance Industries Ltd                    3.54  Poland                                            0.87
       Infosys Ltd                                2.56    Allegro.Eu SA                                   0.87
       Hdfc Bank Limited                          2.34  Russia                                            3.63
       Upl Ltd                                    2.13    Yandex Nv-A                                     2.16
       Motherson Sumi Systems Ltd                 1.98    Headhunter Group Plc-Adr                        1.47
       Housing Development Finance                1.35  South Africa                                      3.07
       Asian Paints Ltd                           1.08    Capitec Bank Holdings Ltd                       1.98
       Interglobe Aviation Ltd                    1.02    Clicks Group Ltd                                1.09
       Bajaj Finance Ltd                          1.00  United Arab Emirates                              0.87
       Britannia Industries Ltd                   0.85    Network International Holdin                    0.87
       Reliance Industries-Partly P               0.13 Latin America                                     14.40
       Britannia Indus Fixed Coupon               0.01  Argentina                                         3.89
                                                          Mercadolibre Inc                                2.28

As of Date: 30/06/2021
Brittania Indus Fixed Coupon is a special dividend with the tradeable date not yet established.
Information about the Fund’s holdings should not be considered investment advice. There is no guarantee that the Fund will continue to hold any one particular security or
stay invested in any one particular sector. Holdings are subject to change at any time. Please refer to the ‘Important Disclosures’ section at the end of this document for
further information on investment risks and returns.
Important Disclosures                                                                                                          June 2021

GENERAL INFORMATION

Recipients of this document should be aware of the risks detailed in this paragraph. Please be advised that any return estimates or indications of
past performance on this document are for information purposes only. Both past performance and yield may not be a reliable guide to future
performance. The value of investments and income from them may fall as well as rise and investors may not get back the full amount invested. The
value of shares and any income from them can increase or decrease. An investor may not get back the amount originally invested. Where investment
is made in currencies other than the investor's base currency, the value of those investments, and any income from them, will be affected by
movements in exchange rates. This effect could be unfavourable as well as favourable. Levels and bases for taxation may change.

Specific securities identified and described to do not represent all of the securities purchased or sold and you should not assume that investments in
the securities identified and discussed were or will be profitable. Holdings are subject to change at any time. References to specific securities and
their issuers are for illustrative purposes only and are not intended and should not be interpreted as investment advice, offer or a recommendation
to buy or sell any particular security or product.

Any discussion of particular topics is not meant to be complete, accurate, comprehensive or up-to-date and may be subject to change. Factual
information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed.
Information and opinions expressed are those of the author and may not reflect the opinions of other investment teams within William Blair.
Information is current as of the date appearing in this material only and subject to change without notice.

Further specific risks may arise in relation to specific investments and you should review the risk factors very carefully before investing. Intended
risk profile of the Fund may change overtime. The Fund is designed for long-term investors. The most current month-end performance information
is available on sicav.williamblair.com.

FUND INFORMATION

The SICAV has appointed FUNDROCK MANAGEMENT COMPANY S.A., a "société anonyme" incorporated under the laws of the Grand Duchy of
Luxembourg and having its registered office at 33, rue de Gasperich, L-5826 Hesperange as its management company (the "Management
Company").The Management Company is authorised and regulated by the Luxembourg Supervisory Authority of the Financial Sector (the "CSSF") as
the management company of UCITS (defined below) under the EU directive 2009/65/EC, as amended.
Important Disclosures                                                                                                            June 2021

The Management Company has been appointed as the management company of WILLIAM BLAIR SICAV, a "société d'investissement á capital
variable", incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 31, Z.A.I. Bourmicht, Bertrange, registered in
the R.C.S. Luxembourg under n° 98806 and approved by the CSSF as an undertaking for collective investment in transferable securities (UCITS) in
accordance with the EU directive 2009/65/EC, as amended (the "Fund").

The Management Company has appointed WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC, having its registered office at 150 North Riverside
Plaza Chicago, IL 60606-1598, USA ("William Blair Group") as the investment manager for the Fund (the "Investment Manager").

The Articles of Incorporation, the Prospectus, the Key Investor Information Documents (KIID), the Annual and Half-yearly Reports of the Fund and
the Subscription Form are available free of charge in English and German from our website SICAV.williamblair.com or at the registered office of the
Management Company (33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg), at the registered office of the Fund (William Blair
SICAV, 31, Z.A. Bourmicht, L-8070 Bertrange, Grand Duchy of Luxembourg) or from the Swiss representative, First Independent Fund Services
Limited, Klausstrasse 33, CH-8008 Zurich, and in German language at Marcard, Stein & Co., Ballindamm 36, 20095 Hamburg, Germany, and at Bank
of Austria Creditanstalt AG, Am Hof 2, 1010 Vienna, Austria.

This is a marketing document and does not contain personalized recommendations or investment advice. Recipients of this document should make
their own investment decisions based upon the Fund Documents listed above (which can be obtained free of charge) and in accordance with their
own financial objectives and financial resources and, if in any doubt, should seek advice from independent professional advice as to risks and
consequences of any investment.

William Blair makes no representations that this document or any contents contained on it are appropriate or available for use in any jurisdiction.
This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of
any laws or regulations applicable to the user. The SICAV Fund is currently registered for marketing in: Austria, Denmark, Finland, France, Germany,
Ireland, Luxembourg, Norway, Singapore, Spain, Sweden, Switzerland and the UK. Therefore the SICAV Fund is either not registered to be marketed
in your jurisdiction or may only be marketed or offered to professional investors in your jurisdiction.

To the extent permitted by applicable law, William Blair will accept no liability for any direct or consequential loss, damages, costs or prejudices
whatsoever arising from the use of this document or its contents.

Copyright © 2021 William Blair. "William Blair" refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.
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