William Blair SICAV - US All Cap Growth Fund

Class R

Quarterly Review

March 2021

David C. Fording, CFA, Partner

Portfolio Manager

ISIN: LU1664184618

Summary & Outlook March 2021

Market Overview related), while “COVID beneficiaries” saw a flattening of demand for their products, further indicating progress to a Following a volatile yet robust year in 2020, dominated by more normal business environment. the COVID-19 pandemic, U.S. equity indices generally Despite a recent uptick in new cases of COVID-19, there has advanced further in the first quarter of 2021 as the U.S. been a significant decline in the number of new cases in the economy continued to demonstrate improvement. U.S. relative to late 2020. COVID-19 related hospitalizations Economic data in the quarter trended positively as and deaths continued to trend downwards throughout the manufacturing activity exceeded expectations and quarter as many states and businesses reopened. The rate unemployment rates continued to decline, primarily driven of vaccinations accelerated faster than anticipated across by robust job growth in March. The Federal Open Market the country, driving growing confidence in eventual herd Committee (FOMC) reiterated its commitment to maintain immunity and a return to more normal lifestyles and a low target federal funds rate for an extended period of economic activity. time as the economy continues to recover. President Biden took office with a Democrat-controlled Congress, paving Portfolio Performance the way for higher levels of fiscal stimulus. Accordingly, a $1.9 trillion COVID relief bill was passed late in the quarter, The portfolio outperformed during the first quarter, driven pushing massive stimulus to U.S. households and by positive stock selection as style factors were largely businesses. U.S. Treasury yields moved higher in offsetting. From a stock selection standpoint, Darling anticipation of economic growth and inflation, benefiting Ingredients (Consumer Staples), Energy Recovery certain segments of the market more than others, most (Industrials), Alphabet (Communication Services) and notably traditional value sectors such as Financials, Energy, Horizon Therapeutics (Health Care) were among our and Materials. Conversely, high-growth/high-multiple strongest performing holdings. Darling Ingredients, a stocks broadly came under some pressure, as higher yields producer of sustainable livestock feed, food and fuel compressed valuation multiples. ingredients, delivered robust growth in its core food and While volatility moderated from heightened 2020 levels, fuel businesses, benefiting shares. Outperformance from retail investor activity caused transitory disruptions early Energy Recovery, which develops and manufactures energy in the quarter. Improvements in corporate earnings growth recovery devices, was reflective of the quality and growth buoyed equities as corporations reported fourth quarter of its water desalination business as well as emerging new profits that broadly exceeded Wall Street’s expectations. verticals for its pressure exchange technology. In addition, Within the market, companies that experienced not owning Apple (Information Technology) was the considerable COVID disruption in 2020 saw a largest individual contributor to relative performance. Our strengthening of demand (e.g. travel and entertainment decision not to own the stock, due to the maturity of the

Summary & Outlook March 2021 high-end smart phone, tablet and PC markets, created a growth are likely to accelerate and consumer confidence headwind to relative performance in 2020 given the and spending are expected to increase as states reopen, revaluation of the company’s services business. This began vaccines continue to rollout and fiscal stimulus is to reverse during the first quarter. Stock selection in distributed. An elevated U.S. savings rate, in aggregate, Consumer Discretionary, including our position in Skyline could further augment consumer spending and economic Champion, also added value in the quarter. Top detractors growth. However, some uncertainty remains surrounding included Ball Corp (Materials), Copart (Industrials), Coca- vaccine efficacy against new COVID-19 variants. Cola (Consumer Staples) and Advanced Micro Devices Additionally, President Biden’s proposed legislation (Information Technology). Shares of Ball Corporation, a focused on increased infrastructure spending is likely to be manufacturer of metal packaging for beverages, food and funded in part by corporate tax hikes, which could dampen household products, lagged as the company’s investment in corporate profitability. While bolstering the economy, the capacity expansion (to meet strong demand for its surge in government spending also creates concern around products) created a drag on earnings. Copart, an auction higher levels of inflation, placing further scrutiny on the platform for salvage vehicles, experienced volume Fed’s commitment to maintain an accommodative stance headwinds due to reduced driving activity resulting from on monetary policy. an increase in COVID-19 cases in the U.S. In addition, stock Our investment philosophy leads us to companies with selection in Financials, including our position in Hannon durable businesses that are aligned with, and helping to Armstrong Sustainable Infrastructure Capital, dampened drive, the long term sustainability of the planet, whose relative returns. From a style perspective, our higher stock prices are not reflective of our long-term fundamental valuation exposure was a headwind as stocks with lower expectations. As we continue to navigate through the valuations generally outperformed. This was offset by a COVID-19 disruption and subsequent economic recovery, performance tailwind from our bias toward small and mid we remain focused on bottom-up, fundamental analysis and caps, which outperformed their larger cap peers in the identifying companies with superior management, high quarter. Stock specific contributors and detractors for the barriers to entry and differentiated products or services first quarter are discussed in greater detail at the end of that are underappreciated by the market. this quarterly review.

Outlook

Looking forward, there is a continued sense of optimism around U.S. economic potential as the economy recovers. Gross domestic product (GDP), job growth and earnings

Market Performance March 2021

Market Performance • The U.S. economy continued to show signs of substantial improvement Value Core Growth and stabilization in the first quarter as manufacturing activity exceeded Month to Date expectations and the unemployment rate continued to decline. Russell 3000 5.84 3.58 1.37 • Vaccine distribution accelerated faster than anticipated across the U.S., Russell 1000 5.88 3.78 1.72 with millions of Americans receiving vaccinations in the first quarter, Russell Midcap 5.16 2.71 -1.91 continuing to pave the way to a return to normalcy and increased Russell 2500 4.96 1.64 -3.34 economic activity. There continue to be numerous risks, which could Russell 2000 5.23 1.00 -3.15 alter the trajectory of the economy including inflationary pressures, further deterioration in virus trends, and potential vaccine-related Quarter to Date distribution challenges. Russell 3000 11.89 6.35 1.19 Style Performance Russell 1000 11.26 5.91 0.94 • Value benchmarks once again strongly outperformed growth Russell Midcap 13.05 8.14 -0.57 benchmarks for the month, extending their leadership over growth Russell 2500 16.83 10.93 2.49 during the quarter. Russell 2000 21.17 12.70 4.88 • Year-to-date, value benchmarks outperformed growth benchmarks with Year to Date the dispersion between the style benchmarks slightly wider in small cap. Russell 3000 11.89 6.35 1.19 Market Cap Performance Russell 1000 11.26 5.91 0.94 • Large caps outperformed small caps for the month with the dispersion of Russell Midcap 13.05 8.14 -0.57 returns widest within the growth benchmarks. Performance across the Russell 2500 16.83 10.93 2.49 size spectrum during the period was narrow within the value benchmarks. Russell 2000 21.17 12.70 4.88 • For the year, smaller caps outperformed larger caps. Performance was linear across the market capitalization spectrum within the value benchmarks year to date.

Source: FactSet; Eagle Past Performance is not a guarantee of future results. A direct investment is an index is not possible.

The Russell 3000 Index measures the performance of the all-cap segment of the U.S. equity universe. The Russell 1000 Index measures the performance of the large- cap segment of the U.S. equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell Midcap Index measures the performance of the mid cap segment of the U.S. equity universe. It includes approximately 800 of the smallest securities in the Russell 1000 Index based on a combination of their market cap and current index membership. The Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe. It includes approximately 2500 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership. The Russell 2000 Index measures the performance of the small cap segment of the U.S. equity universe. It includes approximately 2000 of the smallest securities in the Russell 3000 Index based on a combination of their market cap and current index membership. Core returns represent the Total Return indices. The value segments of these indices include companies with lower price-to-book ratios and lower forecasted growth values. The growth segments of these indices include companies with higher price-to-book ratios and higher forecasted growth values.

Market Performance March 2021

Russell 3000 Growth Total Return Q1 2021

Communication 8.35 Services Consumer 0.05 Discretionary

Consumer Staples -0.20

Energy 22.11

Financials 2.66

Health Care 0.75

Industrials 5.01

Information -0.63 Technology

Materials 3.06

Real Estate 6.79

Utilities -0.36

Data calculated in our proprietary attribution system. Past returns are no guarantee of future performance. A direct investment in an index is not possible. The Russell 3000 Growth Index measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

Portfolio Performance March 2021

Since Periods ended 31/03/2021 Quarter 1 Year Inception* William Blair SICAV - US All Cap Growth Fund (Class R) 7.48% 70.43% 33.08%

Russell 3000 Growth 1.19% 64.31% 32.69%

*Inception 19/12/2018

The Russell 3000 Growth Index measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values.

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.

Portfolio Analysis March 2021

The charts below show the average sector weights and relative performance, by sector, for the portfolio vs. its benchmark.

Q1 2021 Average Weights Q1 2021 Relative Performance Communication Services 0.48 8.01 Communication Services 10.80 11.48 Consumer Discretionary 1.57 Consumer Discretionary 16.58 8.43 Consumer Staples 0.75 Consumer Staples 4.22 0.00 Energy -0.02 Energy 0.09 9.04 Financials 1.98 Financials 0.45 16.66 Health Care 15.09 Health Care 0.77 Industrials 10.02 5.20 Industrials 1.11 Information Technology 27.46 43.27 Information Technology 1.94 2.80 Materials 0.90 WILLIAM BLAIR ALL CAP Materials -0.32 0.00 GROWTH SICAV Real Estate 1.74 2.25 Real Estate -0.10 Utilities 0.12 Russell 3000 Growth 1.62 Utilities -0.09 Cash 0.00 Cash -0.03

Source: Proprietary attribution system.

The Russell 3000 Growth Index measures the performance of those Russell 3000 companies with higher price-to book ratios and higher forecasted growth values. It is a capitalization-weighted index as calculated by Russell on a total return basis with dividends reinvested. This benchmark is a comparable market proxy. Performance shown assumes reinvestment of dividends and capital gains and is gross of investment management fees. Deduction of fees would reduce the returns shown. Please refer to the ‘Important Disclosures’ section at the end of this document for further information on investment risks and returns.

Significant Contributors to Return March 2021

The securities listed below are significant contributors to performance for the quarter ended 31/03/2021.

Darling Ingredients (DAR) is a leading global developer and producer of sustainable livestock feed, food and fuel ingredients from edible and inedible bio-nutrients. Darling Ingredients is a Sustainability Enabler given its role as a critical supplier of cleaner, low carbon fuels for the transportation sector and as an enabler of a safer and more circular economy as it relates to the food supply chain. The company reported strong earnings results during the quarter, driven by robust growth in its core food and fuel businesses, and released strong earnings guidance for 2021. Additionally, management indicated that the company is set to continue expanding its renewable diesel business through its Diamond Green Diesel partnership, an important growth driver for Darling Ingredients. We trimmed our position on a rising valuation but continue to believe the company’s global presence, strong competitive position and Diamond Green Diesel partnership will drive growth in the long term.

Energy Recovery (ERII) develops and manufactures energy recovery devices. Energy Recovery is a Sustainability Enabler in that the company’s patented pressure exchange (PX) technology dramatically reduces energy consumption for certain industrial processes by recovering wasted energy. During the quarter, the company gave an encouraging update on its new emerging verticals, generating renewed investor enthusiasm. While the stock is probably reflecting the quality of the water desalination business as well as its growth potential, the new verticals emerging for Energy Recovery’s pressure exchange technology and the large addressable market should add to the company’s long runway for growth. We trimmed our position on a rising valuation, but continue to own the stock given outstanding margins in the water business, the roll its technology plays in enabling ESG efforts around the globe, its dominant market share and strong secular topline growth.

Skyline Champion (SKY) is a Sustainability Enabler of more affordable housing with a lower carbon footprint compared to other homebuilders. Skyline is one of the largest producers of manufactured homes in the U.S. Manufactured homes are more affordable, create less waste, and require less energy to be habitable than traditional site-built homes. Company results during the quarter were indicative of a robust demand backdrop and the company suggested the buyer demographic is evolving given the increasing cost of site-built homes and increasing consumer focus on environmental impact. We believe the company is well positioned to gain share of this large and underpenetrated market given its scale, flexible cost structure and strong balance sheet.

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. Significant Detractors to Return March 2021

The securities listed below are significant detractors to performance for the quarter ended 31/03/2021.

Ball Corporation (BLL) provides metal packaging for beverages, food and household products. Ball Corporation is a Sustainability Leader as it relates to its commitments in the area of climate change and reducing the carbon footprint of the aluminum can, as well as a Sustainability Enabler as it relates to its alignment with and pursuit of a more circular economy. Despite strong revenue growth, the company missed earning expectations due to its investment in capacity expansion. Given demand strength, Ball’s capacity utilization will likely remain tight for several years despite the significant capacity growth. The company has meaningful opportunities to continue to deploy capital at very attractive returns and the contracting terms on existing capacity are only getting more favorable. Given that this is a stable, defensive business growing expected earnings at a high-teens to 20% rate over the next 3-5 year period, we added to our position.

Copart Inc (CPRT) is the leading online auction platform for salvage vehicles. The company is a Sustainability Enabler that facilitates substitution of recycled parts and vehicles for new vehicle production thereby limiting carbon emissions associated with new vehicle manufacturing. While the company reported solid earnings results during the quarter, driven by robust average selling prices (ASPs) and margin expansion, unit volumes were below expectations. Volumes declined as Copart experienced headwinds due to reduced driving activity resulting from an increase in COVID-19 cases in the U.S. Despite these near-term headwinds, our long-term thesis remains intact and we added to our position. Copart continues to benefit as increasing auto part complexity and rising labor costs are driving up the cost to repair cars and compelling insurers to forego repairs and scrap more cars. In addition, opportunities in non-insurance markets and Western Europe add to our long-term growth outlook.

Coca-Cola Company (KO) is the world's largest beverage company and a Sustainability Leader in the areas of water stewardship, sustainable packaging and customer well-being. The company reported earnings that were better than expectations driven by an improvement in organic growth and effective cost controls. However, shares lagged as the business experienced continued pressure in away-from-home channels due to ongoing pandemic-related lockdowns. The company has reduced the number of brands by 50% and has completed the formal restructuring of the organization, positioning the company to better leverage its scale. We added to our position on the belief that these initiatives will yield structural benefits as the economy re-opens and away-from-home demand recovers.

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. Portfolio Positioning March 2021

Top 10 Holdings by Weight

William Blair SICAV - US All Russell 3000 Growth Cap Growth Fund

% in Portfolio % in Index

Alphabet Inc 8.39 4.76 Microsoft Corp 7.09 8.88 UnitedHealth Group Inc 4.57 1.47 Coca-Cola Co/The 4.49 0.60 Mastercard Inc - A 4.10 1.58

Starbucks Corp 3.34 0.37

Advance Auto Parts Inc 2.95 0.00

Paypal Holdings Inc 2.81 1.43 Ball Corp 2.81 0.13

Owens Corning 2.74 0.00

Total: 43.28 19.22 Source: Eagle. As of Date: 31/03/2021.

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.

Portfolio Characteristics March 2021

William Blair Russell 3000 SICAV - US All Cap Growth Growth Fund Growth EPS Growth Rate (LT forecast) 16.7% 19.1% Quality

Return on Assets (5-year average) 8.7% 9.6%

Free Cash Flow Margin 13.3% 16.0%

Debt to Total Capital 40.6% 46.2%

Valuation

PE Ratio (1 year forecast) 27.5x 30.7x Dividend Yield 0.8% 0.8% Capitalization ($M) Weighted Average Market Cap $334,307 $653,254 Weighted Median Market Cap $85,065 $202,338 Portfolio Positions Number of Securities 42 1,611 Cash % Cash in portfolio 2.5% 0.0%

Active Share % Active Share 78%

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.

Portfolio Positioning March 2021 Sector Weights as of 31/03/2021

Communication Services 8.39 11.22

Consumer Discretionary 11.56 16.39

Consumer Staples 9.15 4.38

Energy 0.00 0.10

Financials 9.02 2.04

Health Care 16.68 15.01

Industrials 10.90 5.42

Information Technology 26.50 42.56

Materials 2.81 0.93

Real Estate 0.00 WILLIAM BLAIR ALL CAP 1.83 GROWTH SICAV Utilities 2.52 0.12 Russell 3000 Growth Cash 2.48 0.00

Source: William Blair; Eagle Based on Global Industry Classification Sectors (GICS). Concentration of assets in one or a few sectors may entail greater risk than a fully diversified stock portfolio and should be considered as only part of a diversified portfolio.

Holdings March 2021

Portfolio Benchmark Portfolio Benchmark Weight Weight Weight Weight COMMUNICATION SERVICES 8.39 11.22 HEALTH CARE (continued) Alphabet Inc-Cl A 8.39 2.42 Certara Inc 0.90 0.00 CONSUMER DISCRETIONARY 11.56 16.39 INDUSTRIALS 10.90 5.42 Starbucks Corp 3.34 0.37 Owens Corning 2.74 0.00 Advance Auto Parts Inc 2.95 0.00 Fortive Corp 2.57 0.00 Skyline Champion Corp 1.46 0.01 Energy Recovery Inc 1.94 0.00 Bright Horizons Family Solut 1.29 0.04 Copart Inc 1.68 0.11 Aptiv PLC 1.28 0.00 Generac Holdings Inc 1.07 0.09 Etsy Inc 1.24 0.12 Trex Company Inc 0.91 0.05 CONSUMER STAPLES 9.15 4.38 INFORMATION TECHNOLOGY 26.50 42.56 Coca-Cola Co/The 4.49 0.60 Microsoft Corp 7.09 8.88 Estee Lauder Companies-Cl A 2.37 0.30 Mastercard Inc - A 4.10 1.58 Darling Ingredients Inc 2.30 0.00 Paypal Holdings Inc 2.81 1.43 ENERGY 0.00 0.10 Accenture Plc-Cl A 2.73 0.89 FINANCIALS 9.02 2.04 National Instruments Corp 1.98 0.00 Voya Financial Inc 2.54 0.00 Lam Research Corp 1.87 0.43 Blackrock Inc 2.41 0.00 Workday Inc-Class A 1.45 0.22 Intercontinental Exchange In 1.96 0.11 Adobe Inc 1.42 1.15 Svb Financial Group 1.13 0.00 Advanced Micro Devices 1.12 0.44 Hannon Armstrong Sustainable 0.98 0.00 Cree Inc 0.98 0.00 HEALTH CARE 16.68 15.01 Star Peak Energy Transit- A 0.94 0.00 Unitedhealth Group Inc 4.57 1.47 MATERIALS 2.81 0.93 Zoetis Inc 2.22 0.34 Ball Corp 2.81 0.13 Horizon Therapeutics PLC 2.21 0.08 REAL ESTATE 0.00 1.83 Encompass Health Corp 2.18 0.02 UTILITIES 2.52 0.12 Agilent Technologies Inc 2.09 0.02 Nextera Energy Inc 2.52 0.00 Steris PLC 1.56 0.00 Cash 2.48 0.00 Hanger Inc 0.94 0.00 Total 100.00 100.00

As of Date: 31/03/2021. 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

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.

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").

Important Disclosures

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.

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