Emerging Markets Leaders Fund Class D (USD)

William Blair SICAV – Emerging Markets Leaders Fund

Class D (USD)

Portfolio Review

March 2021

Todd M. McClone, CFA, Partner

Jack Murphy, CFA, Partner ISIN: LU0612817204 Portfolio Managers

FOR PROFESSIONAL INVESTORS ONLY Summary & Outlook March 2021 Market Review on positive economic data, specifically the Eurozone manufacturing purchasing manager’s index (PMI) which Global equities advanced in the first quarter (the MSCI rose to its record high level (62.5) as business activity ACWI IMI gained +5.14% in USD terms) amid increased rebounded in March. optimism of vaccine rollouts and gradual reopening of economies. The prospect of a return to normality coupled Emerging markets underperformed on a relative basis with an improving outlook for a strong economic recovery (MSCI EM IMI +2.86%) primarily driven by weakness in drove a sharp style rotation out of defensive technology Latin America (-5.12%) and China (0.00%). Within Latin names in favor of value-oriented stocks which had America, Brazil weighed on performance primarily due to a underperformed in 2020. This style rotation was evident in resurgence in new Covid infections, higher inflation global sector performance, as Energy (+18.57%) and expectations and currency headwinds (the MSCI Brazil IMI Financials (+11.99%) significantly outperformed, while declined 9.48% in US dollars and 1.65% in local terms). Consumer Staples (-0.13%) and Health Care (+0.30%) Despite strong returns to start the year, Chinese equities underperformed on a relative basis. plunged in mid-February amid dampened investor

sentiment over elevated valuations and concern over US equities gained (+6.18% as measured by the MSCI USA tightening liquidity. IMI) as investors welcomed news of additional federal spending to revive the economy. The $1.9 trillion Covid relief plan introduced by the newly inaugurated Biden Performance administration promised additional stimulus for eligible Underperformance versus the MSCI Emerging Markets individuals as well as increased support for the national (net) was primarily driven by style headwinds resulting in vaccination program. Towards the end of the quarter, negative stock selection within the Financials, Consumer President Biden also introduced a $2 trillion infrastructure Discretionary and Industrials sectors. The Materials plan which emphasized the need to upgrade roads and underweighting and Consumer Staples overweighting also bridges in the US, while also seeking to address climate detracted to relative performance. Stock selection within change. Financials was particularly detrimental, dragged down by Peruvian bank Credicorp and Brazilian diversified European equities advanced (+4.25% as measured by the exchange, B3 SA - Brasil Bolsa Balcao. MSCI Europe IMI) despite a third wave of infections leading to new lockdown measures across several major European In our view, B3 operates an effective monopoly in the countries. The UK has been one of the few exceptions exchange and clearing businesses and it remains uniquely within Europe that has had some success with the vaccine positioned to capitalize on the structural development of rollout, supporting outperformance (the MSCI UK gained capital markets in Brazil and cyclical drivers due to +6.34% in the quarter). Investor sentiment was bolstered

Summary & Outlook March 2021 elevated market volatility and low interest rates. Despite position in new growth areas and mobile market share the strong fundamental results, with 4Q YoY revenue gains enabled by the narrowing technological gap in 5G. growth of 44% and a 79% increase in margins, the share price weakened during the quarter amid deteriorated Positioning Brazil sentiment and Brazil Real depreciation. Credicorp stands out as a leading banking franchise in Peru with During the period, Consumer Staples exposure was reduced strong management, brand, scale and a strong ROE. It has through the liquidations of Uni-President Enterprises, the leading market share in Peru and gained share in nearly all leading food and beverage manufacturing conglomerate in aspects of the business during 2020. While the ongoing China and Taiwan, and Bid Corp, the South African political and regulatory uncertainty amid upcoming foodservice company. Both companies were sold due to elections have weighed on investor sentiment, we remain weaker growth and return profiles relative to other confident on the long-term opportunity for Credicorp given opportunities. Industrials exposure was increased to an Peru’s low household credit penetration and the bank’s overweight position during the period as we purchased continued investment in its digital platform, which should InterGlobe Aviation, the operator of Indigo, the Indian low- drive improved efficiency. cost carrier and largest airline in India, as well as HeadHunter Group, the leader in the Russian online Partially offsetting these effects was positive stock selection recruitment market. within the Communication Services and Information Technology sectors. Within Communication Services, Indigo’s large and efficient fleet drives higher margins and Naver bolstered relative performance. The company has a a stronger cost advantage position versus competitors. The near-monopoly position in online search in Korea, a highly high barriers to entry due to the industry consolidation and profitable business with strong underlying cash flow, which infrastructure constraints at the large Indian airports Naver continues to use to expand into newer areas (e.g., (limited number of slots available) also appear to be key ecommerce, fintech) with significant growth potential given advantages for the company. In addition, we believe the relative penetration and high fragmentation. Over the next company’s operating performance is poised to accelerate five years, we expect mid-teens revenue growth and margin post the Covid crisis, as volume recovery should be expansion back above 25%, driven by ecommerce and augmented by operating leverage and positive pricing. fintech scaling and reduced exposure to unprofitable businesses. MediaTek Inc, the Taiwanese fabless We believe HeadHunter is well positioned to maintain its semiconductor company within the Information market leading position; it has the #1 downloaded mobile Technology sector, also bolstered returns. The company app for jobs in Russia. Their database creates a network continues to execute well and can benefit from a strong effect which attracts more job seekers and thus more employers. We anticipate that this network effect will allow

Summary & Outlook March 2021 the company to continue to sustain pricing power. We healthy growth and will likely remain in a manageable believe the market underestimates the company’s potential range of +2%-3%, without much risk of overshooting. for both revenue growth driven by total addressable Think of this as reflation back to normal long-term historic market expansion and margin expansion through levels, rather than overheating to levels of concern. increasing scale and lower marketing and sales costs. Exposure to Communication Services also increased. From In a related manner, interest rates should continue to creep a geographic perspective, notable adjustments were up as well, but again this is a bounce from unusually low increases to India and South Korea, offset by decreases to levels, or what can be characterized as a “reasonable” move Taiwan and China. in rates.

Outlook For corporations, the focus will be on earnings growth and leverage to the economic cycle. While consensus earnings The economy and stock market are behaving as expected estimates have been inching up, we believe analysts largely thus far in 2021. We’ve been referring to the post- under-appreciate the magnitude of profit growth we will pandemic economy as the “Mother of All Recoveries” see this year. (MOFAR), with yearly growth at a level not seen in decades. And we expect this recovery/expansion cycle to ultimately Cyclical areas of the economy—consumer and industrial be measured in years not months or quarters. alike—will likely have the greatest upside potential to Unlike the post-GFC recovery, this cycle will likely be estimates this year. Industrial sectors like machinery and driven by domestic demand, not relying on China’s stimulus building products, and consumer services such as travel to drive the global economy. and leisure are most interesting to us.

As we pass the one-year anniversary of the first several It’s important to put this into context of what the market weeks of the 2020 global lockdowns, we are seeing expects in the form of valuations. In an economic recovery evidence of strong business and consumer activity with the market typically rewards economically-sensitive stocks, PMIs showing significant growth acceleration in the US and with little regard to earnings quality or longevity. These Europe, and consumer spending accelerating in kind. This stocks are typically cheap relative to the rest of the stock continues from the already strong sequential growth market. demonstrated in the latter part of last year. That is precisely what we began to see in the middle of the This economic activity naturally leads to concerns about fourth quarter, post the announcement of vaccine inflation and interest rates. We believe that while inflation approvals and the result of the US presidential election. must increase from depressed levels, it will be driven by The market was collectively relieved enough to start

Summary & Outlook March 2021 pricing in strong economic growth. This has continued apace in 2021, as mentioned previously.

With higher interest rates, the value of future corporate cash flows are reduced as well; and as expected, we are seeing the valuation multiples of long-duration earners contract. The result is a tempering of the multiple gap between classic Growth stocks as compared to Value stocks. Broad-based, abundant growth also reduces the scarcity premium for those special companies who are in greater control of their own destiny regardless of the economic climate. Many observers have commented about the unsustainably wide margin between the two, and it is not surprising to now see a bit of a contraction.

This current relationship between the economy and style performance is consistent with past cycles, and thus we believe it will be a difficult period for our investment style which targets companies with high and sustainable long- term growth. Most of our investment strategies underperformed their broad core benchmarks during the quarter but fared much better compared to growth indices.

As the economy moves from recovery to expansion, these headwinds should become much more manageable. We look forward to the Mother of All Recoveries quickly giving way to what might be the Mother of All Expansions.

Market Performance March 2021 QTD 2020 2019 2018 AC World (DM+EM) 5.1 16.3 26.4 -10.1 Developed Markets (DM) 5.5 15.9 27.5 -9.4 Japan 1.9 13.1 19.6 -13.5 Europe ex UK 3.6 12.1 25.0 -15.7 UK 6.3 -9.0 23.2 -15.0 USA 6.2 20.5 30.4 -5.7 Emerging Markets (EM) 2.9 18.4 17.6 -15.0 Asia 2.9 28.5 17.8 -15.9 China 0.0 29.4 22.7 -18.7 India 6.9 16.1 5.3 -11.2

Regions Korea 1.8 46.0 9.6 -20.6 Taiwan 10.7 39.1 35.2 -10.1 EMEA 8.1 -5.6 15.8 -16.8 Russia 6.0 -11.6 50.1 -1.4 South Africa 12.5 -4.9 11.2 -24.7 Latin America -5.1 -14.1 19.4 -7.2 Brazil -9.5 -19.1 29.3 -1.1 Mexico 3.7 -1.6 12.9 -15.1 Frontier Markets (FM) 1.8 2.1 13.8 -16.6

Large Cap 2.1 19.6 19.3 -14.9

Size Small Cap 7.7 19.3 11.5 -18.6

Communication Svcs 5.6 27.1 10.9 -15.3 Discretionary -2.2 33.1 31.6 -29.3 Staples -2.0 10.8 9.6 -14.2 Energy 2.9 -14.9 19.4 3.6 Financials 3.8 -7.9 12.0 -9.2 Healthcare -5.0 55.5 2.9 -19.8

Sectors Industrials 4.9 7.7 6.3 -15.1 IT 5.2 58.5 40.8 -19.6 Materials 9.6 26.2 7.7 -13.4 Real Estate 4.5 -15.6 22.2 -16.0 Utilities 3.3-4.99.7-5.8

Quality 0.0 -3.6 13.7 16.6 Valuation 10.7 -18.3 4.5 15.0 Etrend 5.5 19.0 12.5 8.8

Style Momentum 3.7 17.8 16.1 -0.1 Growth -3.5 17.1 6.1 -7.4 Composite 8.3 -4.2 16.8 19.9

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 March 2021

Since Periods ended 31/03/2021 Quarter 1 Year 3 Year 5 Year Inception*

William Blair SICAV - Emerging Markets Leaders (Class D) 0.32% 68.83% 9.84% 13.51% 4.90% MSCI Emerging Markets (net) 2.29% 58.39% 6.48% 12.07% 3.55%

*Inception 14/04/2011

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) March 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) 01/01/2021 to 31/03/2021

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 21.6% 8.4% 1.6% 12.1% 5.6% 0.6% 0.3% 0.5% 0.8% Consumer Discretionary 20.7% -6.5% -1.4% 18.7% -3.1% -0.6% -0.1% -0.8% -0.8% Consumer Staples 9.8% -1.9% -0.2% 5.6% -2.8% -0.2% -0.3% 0.1% -0.2% Energy 3.5% 0.7% 0.0% 4.8% 2.8% 0.1% 0.0% -0.1% -0.1% Financials 15.7% -5.4% -0.9% 17.5% 3.2% 0.6% 0.0% -1.5% -1.5% Health Care 2.3% -4.4% -0.1% 4.5% -4.6% -0.2% 0.1% 0.1% 0.2% Industrials 3.9% -5.1% -0.2% 4.2% 2.7% 0.1% 0.1% -0.3% -0.2% Information Technology 18.6% 7.6% 1.4% 20.9% 4.7% 1.0% 0.0% 0.5% 0.5% Materials 2.8% 19.5% 0.5% 7.7% 9.1% 0.7% -0.3% 0.3% -0.1% Real Estate 0.0% 0.0% 0.0% 2.0% 5.9% 0.1% -0.1% 0.0% -0.1% Utilities 0.0% 0.0% 0.0% 1.9% 1.8% 0.0% 0.0% 0.0% 0.0% Cash 1.1% - 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% Total 100.0% 0.8% 0.8% 100.0% 2.3% 2.3% -0.4% -1.1% -1.5%

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) March 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) 01/01/2021 to 31/03/2021

EM Asia 78.3% 3.2% 2.5% 80.6% 2.2% 1.7% 0.0% 0.8% 0.8% EMEA 6.8% -6.4% -0.5% 12.1% 8.1% 1.0% -0.4% -1.0% -1.4% Latin America 13.8% -7.7% -1.2% 7.2% -5.3% -0.4% -0.5% -0.4% -0.8% Cash 1.1% - 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% Total 100.0% 0.8% 0.8% 100.0% 2.3% 2.3% -0.9% -0.6% -1.5%

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 March 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: 01/01/2021 to 31/03/2021 Issuer Sector Country Contribution To Relative Return UPL Ltd Materials India 0.57 MediaTek Inc Information Technology Taiwan 0.46 Motherson Sumi Systems Ltd Consumer Discretionary India 0.35 NAVER Corp Communication Services South Korea 0.32 China Tourism Group Duty Free Consumer Discretionary China 0.19

Top Five Detractors (%) for the Period: 01/01/2021 to 31/03/2021 Issuer Sector Country Contribution To Relative Return Midea Group Co Ltd Consumer Discretionary China -0.47 Allegro.eu SA Consumer Discretionary Poland -0.46 MercadoLibre Inc Consumer Discretionary Argentina -0.37 Alibaba Group Holding Ltd Consumer Discretionary China -0.34 Credicorp Ltd Financials Peru -0.33

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 March 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

77.6 21.3 EM Asia Total 0.8 Communication Services 1.9 79.8 11.7 36.7 20.0 -1.3 China -0.9 Consumer Discretionary 38.0 17.7 8.4 18.9 Consumer Staples -2.6 India 2.0 5.6 9.7 3.7 0.0 7.5 Energy South Korea 1.0 4.8 13.3 16.2 Financials -0.3 11.3 18.2 Taiwan -1.3 13.8 2.0 Health Care -0.4 6.8 4.5 EMEA Total -0.7 5.5 12.9 Industrials 2.1 4.3 2.7 Russia 0.5 18.3 3.0 Information Technology -0.1 20.9 2.8 3.2 South Africa -0.8 Materials 0.5 3.8 8.1 14.1 -- Latin America Total -0.5 Real Estate 0.0 7.3 2.1 5.4 -- Brazil 0.0 Utilities 0.0 4.5 2.0 3.3 -- 0.0 Mexico 0.2 Other 1.7 -- 1.4 1.4 Cash & Equivalents 0.4 Cash & Equivalents 0.4 -- --

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

Source: William Blair. As of Date: 31/03/2021 Cash & Equivalents includes: cash and dividend accruals.

Top Holdings by Market Cap March 2021 The table below shows the William Blair SICAV - Emerging Markets Leaders Fund portfolio’s largest holdings as of 31/03/2021 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) 60.9% 49.7% Tencent Holdings Ltd China Communication Services 8.5% 5.6% Taiwan Semiconductor Manufactu Taiwan Information Technology 8.1% 6.3% Alibaba Group Holding Ltd China Consumer Discretionary 7.6% 5.3% Ping An Insurance Group Co of China Financials 3.8% 1.0% Reliance Industries Ltd India Energy 3.7% 1.0%

Mid Cap($5-20b) 23.1% 29.2% Tencent Music Entertainment Gr China Communication Services 2.5% 0.1% LG Household & Health Care Ltd South Korea Consumer Staples 2.1% 0.2% Yandex NV Russia Communication Services 2.1% 0.2% B3 SA - Brasil Bolsa Balcao Brazil Financials 2.0% 0.2% Capitec Bank Holdings Ltd South Africa Financials 1.7% 0.1%

Small Cap(<$5b) 16.1% 21.1% UPL Ltd India Materials 2.3% 0.1% Motherson Sumi Systems Ltd India Consumer Discretionary 2.2% 0.0% Grupo Aeroportuario del Pacifi Mexico Industrials 1.9% 0.0% Rumo SA Brazil Industrials 1.9% 0.1% TravelSky Technology Ltd China Information Technology 1.3% 0.0%

*Index: MSCI Emerging Markets (net) Source: Eagle Individual securities listed in this report are for informational purposes only, and are not intended to be a recommendation or solicitation for the purchase or sale of securities. Market cap calculations are based on the free float adjusted market cap. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed. 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. Sectors are based on Global Industry Classification (GICS) Sectors.

Top Portfolio Changes March 2021

Top Portfolio Changes During the Period: 01/01/2021 to 31/03/2021

Security Name Country Sector Coupang Inc South Korea Consumer Discretionary Interglobe Aviation Ltd India Industrials Headhunter Group Plc-Adr Russian Federation Industrials New Purchases Uni-President Enterprises Co Taiwan Consumer Staples Bid Corp Ltd South Africa Consumer Staples Odontoprev S.A. Brazil Health Care

Liquidations

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 March 2021

William Blair SICAV - Emerging Markets Leaders Fund MSCI Emerging Markets (net) Difference Quality WB Quality Model (Percentile) 26 36 Return on Equity (%) 17.4 14.3 22% Cash Flow ROIC (%) 22.8 20.0 14% Debt/Equity (%) 65.5 74.7 -12% Growth WB Growth Model (Percentile) 35 42 Long-Term Growth (%) 19.9 20.9 -5% 5-Year Historic EPS Growth (%) 13.3 10.1 32% Reinvestment Rate (%) 11.1 10.0 11% Earnings Trend WB Earnings Trend Model (Percentile) 57 52 EPS Revision Breadth (%) -8.2 0.8 -9.0 Valuation WB Valuation Model (Percentile) 73 57 P/E (next 12 months) 25.8 14.8 74% Dividend Yield (%) 0.9 1.9 -51% Other WB Composite Model (Percentile) 49 44 Float Adjusted Weighted Average Market Cap ($m) 122,404 103,753 18% Number of Holdings 51 1,392 Active Share (%) 74 --

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 March 2021

Portfolio Portfolio Portfolio Weight Weight Weight EM Asia 77.58 EM Asia (continued) Latin America (continued) China 36.66 Indonesia 1.54 Brazil 5.43 Tencent Holdings Ltd 8.41 Bank Central Asia Tbk Pt 1.54 B3 Sa-Brasil Bolsa Balcao 1.92 Alibaba Group Holding Ltd 7.47 South Korea 7.51 Rumo SA 1.85 Ping An Insurance Group Co-H 3.72 Lg Household & Health Care 2.10 Totvs SA 1.03 Netease Inc 3.35 Naver Corp 2.06 Raia Drogasil SA 0.63 Tencent Music Entertainm-Adr 2.47 Kakao Corp 1.21 Mexico 3.28 Midea Group Co Ltd-A 2.07 Coupang Inc 1.11 Grupo Aeroport Del Pacific-B 1.91 China Tourism Group Duty F-A 1.78 Douzone Bizon Co Ltd 1.04 Walmart De Mexico Sab De Cv 1.37 Kweichow Moutai Co Ltd-A 1.47 Taiwan 11.29 Peru 1.57 Zhangzhou Pientzehuang Pha-A 1.29 Taiwan Semiconductor-Sp Adr 8.00 Credicorp Ltd 1.57 Travelsky Technology Ltd-H 1.27 Mediatek Inc 2.36 Cash 1.43 Tal Education Group- Adr 0.94 E.Sun Financial Holding Co 0.92 Total 100.00 Foshan Haitian Flavouring -A 0.89 Thailand 1.70 Shenzhou International Group 0.79 Sea Ltd-Adr 1.70 Jiangsu Hengrui Medicine C-A 0.73 EMEA 6.89 India 18.87 Poland 0.74 Reliance Industries Ltd 3.55 Allegro.Eu SA 0.74 Hdfc Bank Limited 2.47 Russia 2.77 Infosys Ltd 2.35 Yandex Nv-A 2.04 Upl Ltd 2.27 Headhunter Group Plc-Adr 0.73 Motherson Sumi Systems Ltd 2.18 South Africa 2.75 Housing Development Finance 1.45 Capitec Bank Holdings Ltd 1.68 Interglobe Aviation Ltd 1.03 Clicks Group Ltd 1.07 Asian Paints Ltd 0.97 United Arab Emirates 0.62 Bajaj Finance Ltd 0.90 Network International Holdin 0.62 Britannia Industries Ltd 0.89 Latin America 14.11 Maruti Suzuki India Ltd 0.72 Argentina 3.83 Reliance Industries-Partly P 0.09 Mercadolibre Inc 2.24 Globant SA 1.59

As of Date: 31/03/2021 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 March 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 March 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.