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William Blair Our Capabilities Who We Are

William Blair Investment Management is a global manager based in Chicago with resources in London, Zurich, and Sydney. Our investment teams employ disciplined, analytical research processes across a wide range of strategies, including U.S. equity, non-U.S. equity, , multi-asset, and alternatives.

2 The Pillars of Our Culture, Approach, and Structure

Client-Focused Stability and Evolution We build long-term We evolve with you. relationships.

100% Active Employee-Owned Unique Environment Our interests align with yours. Our partnerships endure.

Our Structure Dynamic and Stable Uncompromising Integrity Our investment teams Our interests align maintain continuity. with yours.

Disciplined, Proven Process Unique Voices: Shared Values Avoid surprises in your portfolios. We give you access to high-conviction investors. Curiosity and Conviction We have a passion for investing.

Our Culture Our Approach Our Structure Our Culture Our Approach Our Structure Stability and Evolution Unique Voices: Shared Values Client-Focused Stability and Evolution Unique Voices: Shared Values Client-Focused BuildingBuilding on theon the foundation foundation of of our our Our Ourautonomous autonomous investment investment teams have OurOur broad-based, broad-based, active active ownershipownership firm’sfirm’s stability, stability, we we are are continuously continuously havethe the freedom freedom and and flexibility flexibility to deliver meansmeans we we are build committed client relationships to evolvingevolving the the business business and and our our to deliverhigh-conviction high-conviction active buildingthat last client year relationshipsaer year rather that than investmentinvestment processes processes to to meet meet your managementwhile benefiting while from benefiting a culture fromthat lastquarter year after to quarter. year rather than needs while remaining true to our core promotes a shared foundation of clients’investment needs while tenants. remaining true a cultureprinciples that and promotes values. a shared quarter100% to Active quarter. Employee-Owned to our core investment tenets. foundation of principles and values. Our broad-based ownership structure Unique Environment Curiosity and Conviction 100%aligns Active with Employee-Ownedour clients’ long-term UniqueWe haveEnvironment created an environment in CuriosityA culture and of Convictiondeep curiosity and conviction Ourinterests—we broad-based have ownership no outside We havewhich created investment an environment professionals can A culturepromotes of deep ongoing curiosity investment-process and structureinfluences aligns or constantly with our changing clients’ thrive practicing the profession of improvements while each team stays -term priorities. in whichinvestment investment management professionals and are convictiontrue to its promotes investment ongoing philosophy. long-term interests—we have no can thriveincentivized practicing to seek the long-term profession success investment-process improvements outsideDynamic influences and Stable or constantly of investmentfor clients. management and whileDisciplined, each team Proven stays trueProcess to its changingOur dynamic short-term ownership priorities. helps retain are incentivized to seek long-term investmentOur consistent, philosophy. rigorous, and repeatable top talent, ensuring that our best Uncompromising Integrity process allows strategies to perform as Dynamicinvestment and mindsStable are working on successWe make for clients. decisions based exclusively on clients expect. your behalf. Our ownership and compensation what’s best for you and earn your trust Disciplined, Proven Process Uncompromisingthrough transparency Integrity and an unwaver- Our consistent, rigorous, and structure helps retain top We makeing commitment decisions tobased active investing and repeatable process allows strategies talent, ensuring that our best exclusivelywhat’s in on your what’s best interests.best for to perform as clients expect. investment minds are working clients and earn their trust through on clients’ behalf. transparency and an unwavering commitment to active investing and what is in their best interests. 3 Who We Serve

We work closely with consultants, private and public funds, insurance companies, endowments, foundations, sovereign wealth funds, and financial advisors.

Consultants Healthcare Our senior relationship managers, who average We work hard to understand the unique needs of more than 29 years of industry experience, both for-profit and non-profit health care entities. understand the complex needs of our clients and We have been entrusted from some of the their investment consultants. largest health systems across the country.

Foundations and Endowments Taft-Hartley With a long tradition of serving not-for-profit We oversee more than $2.5 billion of organizations and their boards, we provide Taft-Hartley assets via separate accounts a range of investment strategies to 107 and commingled funds. endowments and foundations. Financial Institutions Public Funds Based on a philosophy of building enduring With deep experience serving government- partnerships, we have a long history of working sponsored plans and their consultants, our firm with financial institutions. oversees more than $16.0 billion in assets for public pension plans. Financial Advisors We offer 19 actively managed mutual funds in Corporations a wide range of strategies, including U.S. equity, Through customized investment strategies for non-U.S. equity, fixed income, multi-asset, corporations and their defined-contribution and and alternatives. defined-benefit plans, we oversee more than $11.0 billion in assets for corporations across industries.

Client Breakdown

5% A number of clients who 10% Public Funds invested with us in our early Subadvisory 39% years remain with us decades Corporate later. Our asset base has 28% Non-Profit grown from $30.3 billion* over the past 10 years. Taft-Hartley 18%

All data as of June 30, 2019. Numbers may not equal 100% due to rounding. * Refers to Investment Management as of June 30, 2009

4 Our History

William Blair Investment Management at a Glance 1935 William McCormick Blair founds the firm as Blair, Bonner & Company. $56 billion The firm is renamed William Blair & Company and Total assets under 1941 converted to a private partnership. management1

The Chicago Historical Society becomes our first 314 institutional client, and is still with us today. Employees (1,622 firmwide)

1946 Our first U.S. equity launches. 55 Partners (186 firmwide) We register under the U.S. Investment Advisors Act 1947 of 1940. 97 Investment professionals 1988 Our first U.S. fixed-income fund launches. 25 managers Our first international equity mutual fund launches and 1992 we begin investing in emerging markets through it. 49 Dedicated Investment 1995 We develop a presence in William Blair’s Zurich office. Management analysts 28 years 1998 Pioneered a new asset class with the launch of a small/ mid-cap strategy. Average industry experience of portfolio managers Our first Luxembourg-domiciled SICAV product launches. 2004 37 How many of 75 portfolio 2007 We develop a presence in William Blair’s London office. managers and analysts are partners 2010 We launch our first collective (CIT). 91% 2011 We acquire an alternatives investment group and a Portfolio managers and global macro strategy team. analysts who have earned advanced degrees or are CFA 2012 We open a service office in Sydney. charterholders

All data as of June 30, 2019. 2017 We have 30 institutional strategies, 19 mutual funds, 10 SICAV funds, and $56 billion in AUM.

5 Our Commitment to Active Management

At William Blair, clients turn to us for an enhanced approach to active management. This approach helps us as we seek to deliver consistent, long-term alpha by actively taking compensated and avoiding uncompensated risks.

Our Active Approach ESG Integration No single data point can come close to telling the full story At William Blair, we consider environmental, of William Blair’s approach to active management. social, and governance (ESG) factors to be among the many considerations that inform Our approach to active management consists of our investment decisions. autonomous teams with shared values operating in an environment in which investment professionals can For all of our fundamental equity and fixed-income strategies, ESG factors are thrive. A strong foundation gives each team the freedom inextricably linked with our fundamental and resources to engage in high-conviction investing in assessment of company management and the pursuit of alpha. Each of our five investment teams sustainability of competitive strengths. defines “active” differently within their strategies. From a governance perspective, our key Moreover, at William Blair, active management is much focus is on board composition, minority more than an investment approach. While stability has shareholder treatment, management been at the core of our existence since our founding in incentives, and corporate culture. 1935, our active ownership culture promotes a dynamic Environmental areas of focus include environment in which our business and investment climate change, natural resources processes continuously evolve with a constant focus: stewardship, and pollution and waste Align with clients’ interests and help them achieve management. Social considerations include successful investment outcomes. human capital management, customer well-being, supply chain management, and community relations. The materiality of these issues varies by country, industry, and company. Our research analysts provide a qualitative summary of what they view as each company’s relevant ESG-related exposures. These issues are documented within our company recommendation reports and discussed by the analysts and portfolio managers during our regular team meetings. In addition to our proprietary ESG research, third-party ESG company ratings are systematically incorporated into our research reports to provide additional context. 6 7 Our Strategies

We offer a wide range of strategies across vehicles, including separately managed accounts, collective investment trusts, mutual funds, and Luxembourg-domiciled UCITS funds.

An important aspect of William Blair’s positive reputation within the investment community is its approach to new business and asset flows. We diligently monitor the capacity of our strategies and act proactively to address potential capacity issues before they affect the integrity of portfolios and long-term performance–and we have proactively closed certain flagship strategies to maintain the integrity of portfolios and avoid any resulting impact on long-term performance.

As of June 30, 2019, William Blair manages $56 billion in client assets.

8 Strategies AUM U.S. Equity Strategies $16.5 billion All Cap Growth $598 million Large Cap Growth $1.2 billion Mid Cap Growth $1.1 million Small-Mid Cap Growth (closed 3/2018) $10.4 billion Small Cap Growth $1.3 billion Small-Mid Cap Core $359 million Small-Mid Cap Value $2 million Small Cap Value $1.6 billion Global/International Equity Strategies $36.9 billion China A-Shares Growth $17 million Emerging Markets Growth $4.7 billion Emerging Markets Leaders $4.6 billion Emerging Markets Small Cap Growth (closed 10/2013) $1.2 billion Global Leaders $2.9 billion Global Leaders SRI $54 million International Developed Plus $322 million International Growth (closed 6/2012) $13.8 billion International Leaders $6.3 billion International Leaders ADR $210 million International Small Cap Growth (closed 3/2011) $2.8 billion Systematic Strategies $16.0 million Systematic Emerging Markets All Cap Core $6 million Systematic International All Cap Core $5 million Systematic International Core $5 million Fixed Income Strategies $1.2 billion Core $650 million Intermediate Core $72 million Low Duration $409 million Sustainable Fixed Income $85 million Dynamic Allocation Strategies $1.7 billion Macro Allocation $1.6 billion Dynamic Diversified Allocation $68 million Global Diversified Return $22 million Absolute Return Currency $7 million

Assets are as of June 30, 2019, and shown in U.S. dollars. Strategy availability may be limited to certain investment vehicles; not all investment vehicles may be available to all investors.

9 Good Citizenship

Since our founding in 1935, we have continued to focus on founder William McCormick Blair’s vision—of sound financial advice, but also of civic responsibility. We consider civic responsibility to be multifaceted. At the broadest level, it is a commitment to our world and the communities in which we live and work, and how we support them. And within the walls of our offices, we aspire to be a model employer.

A Recognized Workplace •  & named William Blair • In 2016, included William one of the Best Places to Work in Money Blair as one of the “Top Global Investment Management in 2012, 2013, 2015, 2016, 2017, Managers” in its ranking of transaction costs.1 and 2018. • In 2016, for the second year in a row, • In 2018, for the ninth year in a row, the William Blair Investment Management Chicago Tribune named William Blair a won Institutional Investor’s U.S. Investment top workplace. Management Award in the Small-Cap Growth Equity category.2 • Fortune named William Blair to its “30 Best Workplaces in and Insurance” list for 2016, the second time in two years.

1 William Blair was ranked sixth out of the top 10 global investment managers based on transaction cost difference against full-day volume-weighted average price for the 12 months ended June 30, 2016. 2 To determine winners, a short-list of top performing managers in each category is identified byInstitutional Investor magazine’s editorial and research teams in consultation with eVestment’s research team. They analyze investment strategies based on factors such as one-, three- and five-year performance, , information ratio, standard deviation, and upside market capture. More than 1,000 leading U.S. pension plans, foundations, endowments, and other institutional investors are then asked to vote for up to three of the top-performing managers in each strategy in which they invested during the past year. Institutional Investor’s editorial team analyzes the results of the survey to determine the investment manager winners. The rating is not indicative of the adviser’s future performance.

The Crain’s 2019 Notable Women in list includes Stephanie Braming CFA, partner, globular head of investment management, and Vivian Lin Thurston, CFA, partner, portfolio manager.

10 A Community Partner A legacy we inherited from our founder more than 80 years ago is a commitment to being a long-term partner to the communities in which we live and work. William Blair and its foundation provide financial support to hundreds of charities through grants, sponsorships, and an employee matching-gifts program. Through our “community partners” program, we have supported college preparation and graduation initiatives, established mentoring relationships, provided new computer labs for after-school and summer programs, supported arts education in public schools, and brought nutritious food to school children and their families. Our current community partners are MAPSCorps and MetroSquash. Our employees also contribute to their communities through their time and leadership, and to support their engagement, we offer paid time off to volunteer.

11 Business Development Contacts

Robert Duwa, CFA, Partner Institutional Canada Head of North America Distribution +1 312 364 8218 Jason Stefanelli [email protected] Consultant Relations and Business Development +1 312 364 5191 Institutional United States [email protected] Western Region Financial Institutions Wally Fikri, CFA, Partner Daniel Zelazny Consultant Relations and Business Development Head of William Blair Financial Institutions +1 312 364 8089 National Accounts (FINA) [email protected] +1 312 801 7752 Midwest and Southeast Regions [email protected]

Jim White, Partner Heather Gardner, CIMA, AIF Consultant Relations and Business Development Relationship Manager, DCIO/Subadvised +1 312 364 8896 +1 312 364 8818 [email protected] [email protected]

Kelly Allison Eileen Sebold Consultant Relations and Business Development Relationship Manager, Wirehouses +1 312 364 5145 +1 312 364 5292 [email protected] [email protected]

Northeast Region Jason Lloyd Relationshiop Manager, Financial Institutions Madelyn Schiller, CFA +1 312 364 8526 Consultant Relations and Business Development [email protected] +1 312 364 8572 [email protected] Lynn Brens Associate Kevin Fetzer, CFA, Partner +1 312 364 8217 Consultant Relations and Business Development [email protected] +1 312 364 8863 [email protected] Europe/United Kingdom

Taft-Hartley Tom Ross, Partner Head of European Distribution Don Courtright +44 20 7297 4706 Consultant Relations and Business Development [email protected] +1 312 364 8958 [email protected] Reto Baruffol, Partner Institutional Business Development +41 44 287 9020 [email protected]

12 Australia Adam O’Connor Alex Rolfe Regional Director Head of Australia and New Zealand Distribution +1 312 364 5428 +61 2 8226 8571 [email protected] [email protected] Martin Meenaghan Regional Director Advisor Solutions +312 364 8802 Please contact a William Blair representative at [email protected] +1 877 962 5247 or find your regional representative below. Nick Nowak Regional Director Ryan Airola, Partner + 312 801 7858 Head of Advisor Solutions [email protected] +1 312 364 8084 [email protected] Mike Nelson Senior Regional Associate Sales Management +1 312 364 7830 Seema Outarsingh [email protected] Manager, Sales and Service Team James Foege +1 312 364 8001 Senior Regional Associate [email protected] +1 312 364 5430 West [email protected] Frank Bass Regional Director +1 847 331 0813 [email protected]

Louis Fetch Senior Regional Associate +1 312 364 8846 [email protected]

Matt Kelly Regional Associate +312 364 8121 [email protected]

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This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any . Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions. This material is not intended for distribution, publications or use in any jurisdiction where such distribution or publication would be unlawful. This document is distributed in Australia by William Blair & Company, L.L.C. (“William Blair”), which is exempt from the requirement to hold an Australian financial services license under Australia’s Corporations Act 2001 (Cth) pursuant to ASIC Class Order 03/1100. William Blair is registered as an investment advisor with the U.S. Securities and Exchange Commission (“SEC”) and regulated by the SEC under the U.S. Investment Advisers Act of 1940, which differs from Australian laws. This document is distributed only to wholesale clients as that term is defined under Australia’s Corporations Act 2001 (Cth).

Copyright © 2019 William Blair. “William Blair” refers to William Blair & Company, L.L.C., William Blair Investment Management, LLC, and affiliates.William Blair is a registered trademark of William Blair & Company, L.L.C. 5819211 (07/19)