Emerging Markets Growth Fund Class J (USD)

William Blair SICAV - Emerging Markets Growth Fund

Class J (USD)

Portfolio Review

June 2021

Todd M. McClone, CFA, Partner Casey K. Preyss, CFA, Partner ISIN: LU0995405320 Portfolio Managers

FOR PROFESSIONAL INVESTORS ONLY Summary & Outlook June 2021 manager’s index (PMI) which rose to a record high level (63.4) in June. Market Review Strength within Latin America (+15.56% for the quarter Global equities continued to advance in the second quarter and +9.64% year-to-date) was primarily driven by Brazil (the MSCI ACWI IMI gained +7.18% in the second quarter (+23.60% for the quarter and +11.89% year-to-date) and 12.68% year-to-date in USD terms) amid further bolstered by stronger commodity prices and currency success of vaccination rollouts and a healthy rebound in tailwinds. China underperformed on a relative basis economic activity, especially in developed markets. The (+2.35% for the quarter and +2.36% year-to-date) amid sharp style rotation in the first quarter which favored value concerns over tightening liquidity and increased regulatory areas subsided in the second quarter with growth stocks oversight on large cap technology companies. outperforming. From a global sector perspective, Information Technology outperformed (+10.22% for the Performance quarter and +12.39% year-to-date) while Utilities significantly underperformed (-0.09% for the quarter and Second quarter outperformance versus the MSCI Emerging +0.86% year-to-date). Energy also continued to rally Markets IMI (net) was primarily driven by positive stock (+10.08% for the quarter and +30.51% year-to-date) as selection across most sectors. The Communication rising demand drove stronger crude oil prices. Services, Health Care and Information Technology sectors were the most significant sources of relative return. Within US equities advanced (+8.36% for the quarter and +15.05% Communication Services, Kakao Corp aided relative returns year-to-date) as investors welcomed news of additional as the stock rallied on strong operating performance and federal spending to revive the economy. In addition to the the favorable growth outlook for its core business and $1.9 trillion Covid relief plan and $2.3 trillion infrastructure expanding opportunities. Stock performance was also plan introduced in the first quarter, the Biden boosted by positive sentiment amid the upcoming IPO of its administration also announced a $1.8 trillion American fintech businesses, Kakao Bank and Kakao Pay. Wuxi Families Plan emphasizing strong support for national Biologics Cayman Inc, a leading contract development and childcare to ensure an equitable recovery from the manufacturing organization (CDMO) in China within the pandemic, especially for female workers and mothers. Health Care sector was an additional source of Significant federal spending drove concerns over rising outperformance. The company’s strong operating inflation. In May, headline inflation rose to 5.0% year on momentum and robust growth outlook continued to drive year, above expectations. the stock higher as management increased 2021 sales European equities kept pace with the benchmark (+7.26% guidance and the longer-term growth outlook remain well for the quarter and +11.81% year-to-date) as several supported with an accelerating number of projects in its European countries gradually relaxed restrictions on travel pipeline. Within the Information Technology sector, Silergy and business activity. Economic data was also supportive, Corp helped relative performance. The Chinese leading specifically the Eurozone manufacturing purchasing analog semiconductor company continues to benefit from

Summary & Outlook June 2021 structural growth demand from automobile, cloud, and 5G Navin Fluorine International were purchased during the end markets as well as the localization trend. quarter. In our view, UPL, the Indian agrochemical company, is well positioned to benefit from a favorable agrochemical demand outlook driven by higher crop prices. Partially offsetting these effects were the underweight Moreover, it continues to gain market share amid increased allocation to the Materials sector and an underweight product innovation and strong execution. Navin Fluorine allocation to Brazil, coupled with below average stock International is a pure play fluorochemical company in selection within the Industrials sector. Within Industrials, India with a significant focus on research and development. the lack of exposure to marine transportation detracted to We believe the company has positioned itself for relative performance as shipping companies’ share prices exponential growth on the back of industry tailwinds soared on the back of favorable supply-demand dynamics. including increased usage of the fluorine molecule in the Positioning pharmaceutical and agrochemical space.

During the second quarter, Information Technology Laurus Labs Ltd and Metropolis Healthcare Ltd within the exposure was reduced through the liquidations of Health Care sector were purchased during the period. RichWave Technology Corp, Alchip Technologies Ltd and Laurus Labs is one of the leading active pharmaceutical Hua Hong Semiconductor Ltd. RichWave, the fabless ingredient producers globally, providing ingredients to all semiconductor design company focused on radio frequency the global pharmaceutical companies leveraging its scale (RF) chips, was liquidated amid weaker margins due to a and low-cost operating structure. The company has product mix shift and supply chain concerns. Alchip, a expanded to diversify its revenue streams and now offers a Taiwanese back-end integrated circuit design services one-stop-shop approach enabling them to develop strategic company, was sold after the U.S. Department of Commerce partnerships. The company’s attractive growth profile is added new Chinese companies to the entity list, including underpinned by strong underlying demand, capacity Phytium, which is Alchip’s largest single customer. expansion and portfolio expansion. Consumer Discretionary exposure was also reduced to an underweight position during the period. Midea Group, the Metropolis Healthcare is a leading player in the attractive Chinese home appliance company, was sold in favor of Indian diagnostic testing market. We believe the company better near-term growth opportunities as the company is well-positioned to benefit from increased diagnostic faces increased profit margin pressure on the back of market penetration, higher levels of utilization per patient, soaring raw material prices and a slow uptick in demand. and ongoing consolidation of the highly fragmented We exited Offcn Education Technology Co, the vocational industry. Through its asset-light business model Metropolis training company, amid weakening near term generates very strong returns with a three-year CFROIC fundamentals. average of 30%.

These reductions were offset primarily by increases to Materials and Health Care. Within Materials, UPL Ltd and

Summary & Outlook June 2021 From a geographic perspective, notable adjustments were flipped from dominating in 1Q (typical of recovery periods) an increase to India, offset by decreases to Taiwan and to not much of a factor. Quality and Growth re-asserted China. themselves positively. All of these characteristics are very typical of performance during an economic expansion and we believe they are likely to continue.

Inflation concerns have been a natural topic of debate all Outlook year. We continue to foresee reflation back to long-term, i.e., manageable, levels. In this unique cycle, we are The market is experiencing a tug of war between the experiencing price increases driven by the re-opening of impressive acceleration of economic growth due to global supply not keeping up with demand fast enough. While in re-openings, and fears of a resurgence of COVID virus case some cases we are already seeing a few industrial counts. We believe economic growth will win out. While commodity prices reverting, we expect that it will take 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

Summary & Outlook June 2021 begins to discount peak cyclical earnings, the structural Companies have spent decades rationalizing their supply growers will again have their day. chains with the goal of maximum operational efficiency. Such extreme efficiency comes with high potential fragility. Corporate Capital Expenditures And this fragility was fully exposed by COVID-related lockdowns and associated export restrictions. Companies Corporate profit margins and cash flows have been are looking to shore up their supply chains, in some impressive, and we believe we are entering an era where instances by reducing or duplicating some parts of the more of that cash flow is likely to be directed to capital chain. Some of this was starting to happen in response to investment and research and development. chilling economic relations between the U.S. and China prior to the pandemic. COVID has only added more reasons We see two reasons for rapidly ramping capital spending to accelerate the buildout. by corporates: 1) digitalization of businesses is now a survival imperative; and 2) shortening supply chains has Shifts in the geopolitical environment in which corporates become necessary to improve operational resilience. operate also support investment rather than cash 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 all work.

Summary & Outlook June 2021 investors tend to underestimate, and where the market is Spotlight: Industrials less efficient.

The confluence of the strong economic cycle and what we Industrial processes are often complex and have been expect will be a step up in capital investment spending optimized over many years. Combined with a high risk of suggests a portfolio focus on industrials. In fact, many of failure, this results in strong inertia and risk aversion that our portfolios, especially those that include developed slows adoption of new technologies. In contrast, consumer markets, have had significant overweight exposure to technology is fast moving as consumers adopt new industrial industries for the last several years. technologies rapidly in their daily lives. While growth rates are slower for industrial companies, predictability and The key attribute for any of our company investments is a durability of growth allows companies to exploit strong and durable competitive advantage, and industrials opportunities for years if not decades. have several advantages in this regard, even compared to the technology and consumer sectors, which may seem Once a company has built an installed base it typically counter intuitive. provides an attractive aftermarket opportunity that results from demanding operating conditions, safety, and quality Many industrial applications are characterized by hard-to- considerations. Jet engines are a classic example where the develop products that require domain knowledge, scale, installed base often provides decades of lucrative services 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

Summary & Outlook June 2021 Stock specific drivers Industrial companies often generate strong cash flow that can be used to fund value-creating organic and inorganic Many industrial companies are cyclical and can be volatile growth. stocks. While we are long term investors, we believe that the market tends to overreact to the economic cycles Domain knowledge and customer intimacy provides influencing the best-managed industrial companies. This opportunities to develop innovative new products and creates opportunities for active managers to deploy capital solutions. These products add value for customers and long into mispriced value creators and protect value when the competitive advantage periods may allow for the market is too enthusiastic near term. realization of strong returns on capital from the investment to develop these products.

Industrial companies often complement organic growth opportunities with value creating M&A. The rationale for acquisitions may include scale, new technologies, and attractive assets in a multi-industry portfolio of businesses.

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.

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 China 2.4 2.4 29.4 22.7 India 8.0 15.5 16.1 5.3

Regions 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 Financials 4.4 8.4 -7.9 12.0 Healthcare 14.4 8.6 55.5 2.9

Sectors 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 Etrend 9.5 15.7 14.5 12.5

Style 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. Name change from Telecommunication Services to Communication Services effective after close of business on 28/9/18; industry and subindustry reclassifications effective 1/10/18.

Performance June 2021

Since Periods ended 30/06/2021 Quarter YTD 1 Year 3 Year 5 Year Inception* William Blair SICAV - Emerging Markets Growth 9.79% 10.21% 48.17% 18.32% 17.22% 9.97% Fund (Class J) MSCI Emerging Markets IMI (net) 5.73% 8.75% 43.21% 11.38% 12.86% 6.73%

*Inception 03/12/2013

The MSCI Emerging Markets IMI Index (net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The 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 our 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 Growth Fund portfolio vs. its benchmark.

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

William Blair SICAV - Emerging MSCI Emerging Markets IMI (net) Attribution Analysis Markets Growth 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 15.5% 12.8% 1.9% 10.7% 2.1% 0.2% -0.2% 1.7% 1.5% Consumer Discretionary 15.3% 7.5% 1.2% 16.6% 4.2% 0.7% 0.0% 0.5% 0.5% Consumer Staples 6.0% 6.7% 0.4% 5.7% 4.9% 0.3% 0.0% 0.1% 0.1% Energy 1.7% 4.0% 0.1% 4.6% 11.7% 0.5% -0.2% -0.1% -0.3% Financials 9.8% 7.9% 0.8% 17.3% 4.5% 0.8% 0.1% 0.4% 0.5% Health Care 6.5% 32.2% 1.9% 5.3% 14.4% 0.7% 0.1% 1.0% 1.1% Industrials 7.6% 12.2% 0.9% 5.7% 14.9% 0.8% 0.2% -0.2% 0.0% Information Technology 31.3% 7.1% 2.2% 20.3% 4.1% 0.9% -0.2% 0.9% 0.7% Materials 4.8% 15.5% 0.7% 9.0% 9.5% 0.8% -0.2% 0.3% 0.1% Real Estate 0.0% 0.0% 0.0% 2.6% -3.5% -0.1% 0.3% 0.0% 0.3% Utilities 0.2% 7.1% 0.0% 2.2% 3.7% 0.1% 0.0% 0.0% 0.0% Cash 1.3% - 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% Total 100.0% 10.1% 10.1% 100.0% 5.7% 5.7% -0.3% 4.6% 4.3%

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 Growth Fund portfolio vs. its benchmark.

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

EM Asia 85.8% 9.9% 8.4% 78.9% 4.5% 3.6% -0.1% 4.6% 4.5% EMEA 6.5% 12.6% 0.8% 13.1% 7.6% 1.0% -0.1% 0.4% 0.2% Latin America 6.4% 12.4% 0.8% 7.9% 15.6% 1.2% -0.2% -0.1% -0.3% Cash 1.3% - 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% -0.1% Total 100.0% 10.1% 10.1% 100.0% 5.7% 5.7% -0.5% 4.8% 4.3%

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 Growth 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 Kakao Corp Communication Services South Korea 1.09 Silergy Corp Information Technology China 0.61 Li Ning Co Ltd Consumer Discretionary China 0.44 TCS Group Holding PLC Financials Russia 0.42 momo.com Inc Consumer Discretionary Taiwan 0.30

Top Five Detractors (%) for the Period: 01/04/2021 to 30/06/2021 Issuer Sector Country Contribution To Relative Return Taiwan Semiconductor Manufactu Information Technology Taiwan -0.21 Alchip Technologies Ltd Information Technology Taiwan -0.16 Kumho Petrochemical Co Ltd Materials South Korea -0.14 Samsung Electronics Co Ltd Information Technology South Korea -0.14 MediaTek Inc Information Technology Taiwan -0.12

Index: MSCI Emerging Markets IMI (net) 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 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 Growth Fund vs. its benchmark.

Regional Exposure Sectoral Exposure

84.8 -1.1 14.7 -1.0 EM Asia Total Communication Services 78.8 0.3 10.4 -0.2 29.1 -2.0 15.0 -2.2 China Consumer Discretionary -5.7 34.4 -9.2 16.9 6.2 0.4 17.9 2.8 Consumer Staples India 5.7 -2.3 10.8 6.1 1.7 -0.1 14.3 0.0 Energy South Korea 4.7 -0.9 13.8 1.3 10.1 1.1 Financials 20.1 -2.2 16.9 4.3 Taiwan 14.7 1.4 7.5 1.7 Health Care 7.0 0.6 5.6 1.0 EMEA Total 13.0 1.1 7.8 0.4 Industrials 6.1 0.3 3.2 0.7 Russia 29.8 -2.1 3.0 1.2 Information Technology 20.2 0.2 2.2 0.1 South Africa 5.7 2.0 3.5 0.4 Materials 8.9 3.0 6.8 0.6 -- 0.0 Latin America Total Real Estate 8.1 -1.4 2.5 0.0 4.4 0.6 0.2 0.0 Brazil Utilities 5.4 -0.5 2.2 0.2 0.5 0.1 -- 0.0 Mexico Other 1.7 0.1 -- 0.0 1.4 -0.2 1.4 -0.2 Cash & Equivalents Cash & Equivalents -- 0.1 -- 0.1

William Blair Sicav - Emerging Markets Growth Fund Portfolio Diff Previous QTR William Blair Sicav - Emerging Markets Growth Fund Portfolio Diff Previous QTR MSCI Emerging Markets IMI (net) Portfolio Diff YTD MSCI Emerging Markets IMI (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 Growth 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) 54.6% 45.5% Taiwan Semiconductor Manufactu Taiwan Information Technology 7.9% 5.4% Samsung Electronics Co Ltd South Korea Information Technology 5.8% 4.1% Tencent Holdings Ltd China Communication Services 4.6% 4.4% MediaTek Inc Taiwan Information Technology 3.3% 0.5% Kakao Corp South Korea Communication Services 3.1% 0.5%

Mid Cap($5-20b) 22.1% 25.3% Silergy Corp China Information Technology 1.6% 0.1% TCS Group Holding PLC Russia Financials 1.4% 0.1% Country Garden Services Holdin China Industrials 1.0% 0.2% Capitec Bank Holdings Ltd South Africa Financials 0.9% 0.1% WuXi AppTec Co Ltd China Health Care 0.9% 0.1%

Small Cap(<$5b) 23.3% 29.2% Airtac International Group Taiwan Industrials 1.1% 0.1% ASPEED Technology Inc Taiwan Information Technology 0.7% 0.0% Zhongsheng Group Holdings Ltd China Consumer Discretionary 0.7% 0.0% Parade Technologies Ltd Taiwan Information Technology 0.6% 0.0% momo.com Inc Taiwan Consumer Discretionary 0.6% 0.0%

*Index: MSCI Emerging Markets IMI (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 Holdings June 2021

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

Security Name Country Sector Anta Sports Products Ltd China Consumer Discretionary Shenzhou International Group China Consumer Discretionary Kumho Petrochemical Co Ltd South Korea Materials New Upl Ltd India Materials Purchases Raia Drogasil Sa Brazil Consumer Staples Midea Group Co Ltd-A China Consumer Discretionary Kumho Petrochemical Co Ltd South Korea Materials Alibaba Health Information T China Health Care Richwave Technology Corp Taiwan Information Technology

Liquidations Hua Hong Semiconductor Ltd China Information Technology

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 MSCI Emerging Markets IMI Markets Growth Fund (net) Difference Quality WB Quality Model (Percentile) 31 40 Return on Equity (%) 20.9 15.5 35% Cash Flow ROIC (%) 22.7 19.0 20% Debt/Equity (%) 41.3 70.7 -42% Growth WB Growth Model (Percentile) 34 45 Long-Term Growth (%) 25.4 21.5 18% 5-Year Historic EPS Growth (%) 17.3 11.6 49% Reinvestment Rate (%) 16.2 11.9 36% Earnings Trend WB Earnings Trend Model (Percentile) 50 56 EPS Revision Breadth (%) 2.8 2.2 0.6 Valuation WB Valuation Model (Percentile) 76 53 P/E (next 12 months) 27.2 14.1 93% Dividend Yield (%) 1.0 2.0 -51% Other WB Composite Model (Percentile) 52 48 Float Adjusted Weighted Average Market Cap ($m) 109,532 96,291 14% Number of Holdings 143 3,234 Active Share (%) 69 --

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 84.82 EM Asia (continued) EM Asia (continued) China 29.14 China (continued) India (continued) Tencent Holdings Ltd 4.50 Topchoice Medical Corporat-A 0.35 Balkrishna Industries Ltd 0.33 Alibaba Group Holding Ltd 2.10 Chongqing Zhifei Biologica-A 0.31 Coforge Limited 0.32 Silergy Corp 1.61 China Education Group Holdin 0.27 Dr Lal Pathlabs Ltd 0.31 Wuxi Biologics Cayman Inc 1.59 Beigene Ltd 0.25 Apl Apollo Tubes Ltd 0.31 China Merchants Bank-H 1.44 By-Health Co Ltd-A 0.24 Astral Ltd 0.31 Netease Inc 1.35 Kingdee International Sftwr 0.19 Nestle India Ltd 0.26 Li Ning Co Ltd 1.27 India 17.87 Navin Fluorine International 0.26 Country Garden Services Hold 0.97 Reliance Industries Ltd 1.55 Varun Beverages Ltd 0.25 Wuxi Apptec Co Ltd-H 0.86 Hdfc Bank Limited 1.45 Indraprastha Gas Ltd 0.24 Meituan-Class B 0.86 Housing Development Finance 1.12 Metropolis Healthcare Ltd 0.24 Contemporary Amperex Techn-A 0.85 Tata Consultancy Svcs Ltd 0.98 Kajaria Ceramics Ltd 0.24 Anta Sports Products Ltd 0.81 Asian Paints Ltd 0.62 Voltas Ltd 0.24 Jd.Com Inc - Cl A 0.81 Srf Ltd 0.52 Atul Ltd 0.24 Zhangzhou Pientzehuang Pha-A 0.76 Pidilite Industries Ltd 0.50 Aarti Industries Limited 0.23 Wuliangye Yibin Co Ltd-A 0.75 Bajaj Finance Ltd 0.47 Larsen & Toubro Infotech Ltd 0.22 Shenzhou International Group 0.72 Upl Ltd 0.45 Amber Enterprises India Ltd 0.22 Kweichow Moutai Co Ltd-A 0.72 Divi's Laboratories Ltd 0.45 Jk Cement Ltd 0.21 Zhongsheng Group Holdings 0.65 Info Edge India Ltd 0.44 Indiamart Intermesh Ltd 0.21 Shenzhen Mindray Bio-Medic-A 0.64 Apollo Hospitals Enterprise 0.42 Hdfc Life Insurance Co Ltd 0.20 China Tourism Group Duty F-A 0.63 Pi Industries Ltd 0.41 Escorts Ltd 0.20 Shenzhen Inovance Technolo-A 0.60 Dixon Technologies India Ltd 0.41 Makemytrip Ltd 0.19 Hangzhou Tigermed Consulti-A 0.52 Tata Elxsi Ltd 0.40 Affle India Ltd 0.18 China Meidong Auto Holdings 0.47 Havells India Ltd 0.38 Reliance Industries-Partly P 0.11 Centre Testing Intl Group-A 0.46 Laurus Labs Ltd 0.37 Indonesia 1.07 Jiumaojiu International Hold 0.43 Tata Consumer Products Ltd 0.37 Bank Central Asia Tbk Pt 0.69 Aier Eye Hospital Group Co-A 0.42 Crompton Greaves Consumer El 0.36 Bank Rakyat Indonesia Perser 0.38 Beijing Oriental Yuhong-A 0.39 Hindustan Unilever Ltd 0.34 South Korea 14.35 Foshan Haitian Flavouring -A 0.36 Dabur India Ltd 0.33 Samsung Electronics Co Ltd 5.77

As of Date: 30/06/2021 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. Holdings June 2021

Portfolio Portfolio Portfolio Weight Weight Weight EM Asia (continued) EM Asia (continued) Latin America 6.84 South Korea (continued) Taiwan (continued) Argentina 1.60 Kakao Corp 3.10 Accton Technology Corp 0.34 Mercadolibre Inc 1.09 Naver Corp 1.67 Advantech Co Ltd 0.32 Globant SA 0.51 Lg Household & Health Care 0.75 E.Sun Financial Holding Co 0.32 Brazil 4.44 Samsung Sdi Co Ltd 0.65 Elite Material Co Ltd 0.31 Totvs SA 0.55 Ncsoft Corp 0.41 Chroma Ate Inc 0.29 Magazine Luiza SA 0.54 Hansol Chemical Co Ltd 0.41 Hiwin Technologies Corp 0.25 Weg SA 0.54 Leeno Industrial Inc 0.39 Asmedia Technology Inc 0.23 Stoneco Ltd-A 0.51 Pi Advanced Materials Co Ltd 0.29 Poya International Co Ltd 0.16 B3 Sa-Brasil Bolsa Balcao 0.49 Wonik Ips Co Ltd 0.29 Thailand 1.46 Raia Drogasil SA 0.45 Nice Information Service Co 0.24 Sea Ltd-Adr 1.19 Localiza Rent A Car 0.44 Koh Young Technology Inc 0.21 Com7 Pcl-F 0.27 Locaweb Servicos De Internet 0.37 Jyp Entertainment Corp 0.18 Vietnam 0.86 Patria Investments Ltd-A 0.29 Taiwan 20.06 Hoa Phat Group Jsc 0.86 Vinci Partners Investments-A 0.27 Taiwan Semiconductor-Sp Adr 6.04 EMEA 6.99 Mexico 0.48 Mediatek Inc 3.23 Kenya 0.27 Walmart De Mexico Sab De Cv 0.48 Taiwan Semiconductor Manufac 1.80 Safaricom PLC 0.27 Uruguay 0.32 Airtac International Group 1.10 Poland 1.33 Dlocal Ltd/Uruguay 0.32 Chailease Holding Co Ltd 0.72 Dino Polska SA 0.54 Cash 1.36 Realtek Semiconductor Corp 0.69 Allegro.Eu SA 0.48 Total 100.00 Aspeed Technology Inc 0.68 Inpost SA 0.31 Parade Technologies Ltd 0.59 Russia 3.16 Momo.Com Inc 0.56 Yandex Nv-A 1.44 Voltronic Power Technology 0.47 Tcs Group Holding-Gdr Reg S 1.38 Ememory Technology Inc 0.45 Ozon Holdings Plc - Adr 0.34 Sinbon Electronics Co Ltd 0.43 South Africa 2.23 Wiwynn Corp 0.38 Naspers Ltd-N Shs 0.99 Globalwafers Co Ltd 0.35 Capitec Bank Holdings Ltd 0.92 Lotes Co Ltd 0.35 Clicks Group Ltd 0.31

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

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.

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