William Blair SICAV - China A-Shares Growth Fund

Class I (USD)

Portfolio Review

March 2021

Casey K. Preyss, CFA, Partner Vivian Lin Thurston, CFA, Partner

ISIN: LU2041878864 Portfolio Managers

FOR PROFESSIONAL INVESTORS ONLY Summary & Outlook March 2021

Market Review rollout, supporting outperformance (the MSCI UK gained +6.34% in the quarter). Investor sentiment was bolstered Global equities advanced in the first quarter (the MSCI on positive economic data, specifically the Eurozone ACWI IMI gained +5.14% in USD terms) amid increased manufacturing purchasing manager’s index (PMI) which optimism of vaccine rollouts and gradual reopening of rose to its record high level (62.5) as business activity economies. The prospect of a return to normality coupled rebounded in March. with an improving outlook for a strong economic recovery drove a sharp style rotation out of defensive technology Emerging markets underperformed on a relative basis names in favor of value-oriented stocks which had (MSCI EM IMI +2.86%) primarily driven by weakness in underperformed in 2020. This style rotation was evident in Latin America (-5.12%) and China (0.00%). Within Latin global sector performance, as Energy (+18.57%) and America, Brazil weighed on performance primarily due to a Financials (+11.99%) significantly outperformed, while resurgence in new Covid infections, higher inflation Consumer Staples (-0.13%) and Health Care (+0.30%) expectations and currency headwinds (the MSCI Brazil IMI underperformed on a relative basis. declined 9.48% in US dollars and 1.65% in local terms).

Despite strong returns to start the year, Chinese equities US equities gained (+6.18% as measured by the MSCI USA plunged in mid-February amid dampened investor IMI) as investors welcomed news of additional federal sentiment over elevated valuations and concern over spending to revive the economy. The $1.9 trillion Covid tightening liquidity. relief plan introduced by the newly inaugurated Biden administration promised additional stimulus for eligible individuals as well as increased support for the national Performance vaccination program. Towards the end of the quarter, President Biden also introduced a $2 trillion infrastructure Performance for the quarter was driven by weaker stock plan which emphasized the need to upgrade roads and selection within the Consumer Staples and Industrial bridges in the US, while also seeking to address climate sectors. Within Industrials, Jiangsu Hengli Hydraulic change. weighed on performance amid profit taking following an exceptionally strong run in 2020. Jiangsu Hengli European equities advanced (+4.25% as measured by the Hydraulic’s core business of manufacturing hydraulic MSCI Europe IMI) despite a third wave of infections leading cylinders continues to grow from market share gains and to new lockdown measures across several major European sustained product demand, even as it expands into adjacent countries. The UK has been one of the few exceptions product categories in valves and pumps. Within the within Europe that has had some success with the vaccine Consumer Staples sector, food products company Foshan

Summary & Outlook March 2021 Haitian Flavouring detracted from performance. Foshan Positioning Haitian Flavouring is the largest Chinese soy sauce producer. The share price declined alongside China During the quarter Communication Services exposure was consumer staple peers amid profit taking following a strong increased through the purchase on Mango Excellent Media. run in 2020. We believe Haitian will continue to deliver Mango is one of a handful of new media platforms in China robust growth and returns given its leadership in the fast- with leadership in developing variety shows. The key growing and highly-fragmented seasoning and sauce opportunity with Mango is its growing 200-million- industry, strong brands, broadening distribution channels, member base and the potential to monetize this group and solid management. further over time. Financials exposure also increased primarily due to market appreciation, specifically strong These effects offset positive stock selection within performance from . Conversely, Financials and Materials. Within Financials, Bank of Health Care exposure was reduced through the liquidations stands out for its focused strategy—much like a traditional of Hualan Biological Engineering and Autobio Diagnostics. regional bank. It hires local people with good knowledge and contacts in the region's marketplace, complemented by Outlook good customer service. The bank has been effective developing relationships with the local government and The economy and stock market are behaving as expected small businesses. The share price advanced in the first thus far in 2021. We’ve been referring to the post- quarter following strong FY20 results, as net profit growth pandemic economy as the “Mother of All Recoveries” accelerated in Q4 driven by lower provisions on stable (MOFAR), with yearly growth at a level not seen in decades. credit quality. Materials stock selection was bolstered by And we expect this recovery/expansion cycle to ultimately Beijing Oriental Yuhong Waterproof Technology. Yuhong is be measured in years not months or quarters. the market leader in China’s highly fragmented waterproof Unlike the post-GFC recovery, this cycle will likely be materials sector and should benefit from industry driven by domestic demand, not relying on China’s stimulus consolidation driven by environmental reforms. Building to drive the global economy. code standards are migrating toward parity with developed markets in China, which should benefit Yuhong as roughly As we pass the one-year anniversary of the first several 75% of products sold in China are counterfeit or of weeks of the 2020 global lockdowns, we are seeing questionable quality. evidence of strong business and consumer activity with PMIs showing significant growth acceleration in the US and Europe, and consumer spending accelerating in kind. This

Summary & Outlook March 2021 continues from the already strong sequential growth stocks are typically cheap relative to the rest of the stock demonstrated in the latter part of last year. market.

This economic activity naturally leads to concerns about That is precisely what we began to see in the middle of the inflation and interest rates. We believe that while inflation fourth quarter, post the announcement of vaccine must increase from depressed levels, it will be driven by approvals and the result of the US presidential election. healthy growth and will likely remain in a manageable The market was collectively relieved enough to start range of +2%-3%, without much risk of overshooting. pricing in strong economic growth. This has continued Think of this as reflation back to normal long-term historic apace in 2021, as mentioned previously. levels, rather than overheating to levels of concern. With higher interest rates, the value of future corporate In a related manner, interest rates should continue to creep cash flows are reduced as well; and as expected, we are up as well, but again this is a bounce from unusually low seeing the valuation multiples of long-duration earners levels, or what can be characterized as a “reasonable” move contract. The result is a tempering of the multiple gap in rates. between classic Growth stocks as compared to Value stocks. Broad-based, abundant growth also reduces the For corporations, the focus will be on earnings growth and scarcity premium for those special companies who are in leverage to the economic cycle. While consensus earnings greater control of their own destiny regardless of the estimates have been inching up, we believe analysts largely economic climate. Many observers have commented about under-appreciate the magnitude of profit growth we will the unsustainably wide margin between the two, and it is see this year. not surprising to now see a bit of a contraction.

Cyclical areas of the economy—consumer and industrial This current relationship between the economy and style alike—will likely have the greatest upside potential to performance is consistent with past cycles, and thus we estimates this year. Industrial sectors like machinery and believe it will be a difficult period for our investment style building products, and consumer services such as travel which targets companies with high and sustainable long- and leisure are most interesting to us. term growth. Most of our investment strategies underperformed their broad core benchmarks during the It’s important to put this into context of what the market quarter but fared much better compared to growth indices. expects in the form of valuations. In an economic recovery the market typically rewards economically-sensitive stocks, As the economy moves from recovery to expansion, these with little regard to earnings quality or longevity. These

Summary & Outlook March 2021 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 -4.9 9.7 -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 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 ACWI IMI Index. Size values are based on the MSCI ACWI 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. A direct investment in an unmanaged index is not possible. Name change from Telecommunication Services to Communication Services effective after close of business on 9/28/18; industry and subindustry reclassifications effective 10/1/18.

Performance March 2021

Since Periods ended 31/03/2021 Quarter Inception* William Blair SICAV - China A-Shares Growth Fund (Class I) -8.23% -3.08%

*Inception 12/16/2020

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 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 returns of the William Blair SICAV - China A-Shares Growth Fund.

William Blair SICAV - China A-

Shares Growth Fund

Average Total Contrib to GICS Sector Weight Return Return Communication Services 1.5% -26.8% -0.6% Consumer Discretionary 14.8% -4.7% -0.7% Consumer Staples 23.6% -9.4% -2.2% Energy 0.0% 0.0% 0.0% Financials 9.4% 8.5% 0.7% Health Care 20.6% -7.8% -1.3% Industrials 13.0% -9.0% -1.2% Information Technology 13.1% -17.5% -2.4% Materials 2.9% 21.4% 0.6% Real Estate 0.0% 0.0% 0.0% Utilities 0.0% 0.0% 0.0% Cash 1.1% - 0.0% Total 100.0% -7.2% -7.2%

Past performance does not guarantee future results. Performance cited represents past performance and current performance may be higher or lower 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. Returns by segment are 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 lowerSectors are based on Global Industry Classification (GICS) Sectors. 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 - China A-Shares Growth Fund.

Top Five Contributors (%) for the Period: Issuer Sector Contribution To Return China Merchants Bank Co Ltd Financials 0.67 China Tourism Group Duty Free Consumer Discretionary 0.52 Beijing Oriental Yuhong Waterp Materials 0.28 Skshu Paint Co Ltd Materials 0.25 Guangdong Haid Group Co Ltd Consumer Staples 0.20

Top Five Detractors (%) for the Period: Issuer Sector Contribution To Return Foshan Haitian Flavouring & Fo Consumer Staples -1.29 Luxshare Precision Industry Co Information Technology -1.26 Co Ltd Consumer Discretionary -0.74 Jiangsu Hengli Hydraulic Co Lt Industrials -0.63 Aier Eye Hospital Group Co Ltd Health Care -0.58

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. Performance results will be reduced by the fees incurred. Attribution by is based on estimated returns of all equities held during a measurement period, including purchases and sales. 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. 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. Specific securities identified and described do not represent all of the securities purchased, sold, or recommended and you should not assume that investments in the securities identified were or will be profitable.

Portfolio Positioning March 2021

Sectoral Exposure

1.6 Communication Services 0.6

15.0 Consumer Discretionary 0.5

22.8 Consumer Staples -1.2

-- Energy 0.0

10.1 Financials 1.2

20.0 Health Care -1.7

13.3 Industrials 0.5

13.0 Information Technology -0.7

3.5 Materials 0.8

-- Real Estate 0.0

-- Utilities 0.0

-- Other 0.0

0.7 Cash & Equivalents 0.0

William Blair Sicav - China A-Shares Growth Fund Portfolio Diff Previous QTR

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 - China A-Shares Growth Fund’s largest holdings as of 31/03/2021 by market cap as well as the sub-totals by market cap for the portfolio. The stocks are listed by country and by the sector that defines each one’s role in the portfolio.

% of Total Net Assets in Sector Portfolio Large Cap(>$20b) 36.6% China Tourism Group Duty Free Consumer Discretionary 7.5%

Kweichow Moutai Co Ltd Consumer Staples 7.1% Co Ltd Consumer Staples 4.8% China Merchants Bank Co Ltd Financials 4.2% Midea Group Co Ltd Consumer Discretionary 4.0%

Mid Cap($5-20b) 35.7% Foshan Haitian Flavouring & Fo Consumer Staples 5.5%

Shenzhen Mindray Bio-Medical E Health Care 3.0%

Zhangzhou Pientzehuang Pharmac Health Care 2.8%

Aier Eye Hospital Group Co Ltd Health Care 2.4% Bank of Ningbo Co Ltd Financials 2.2%

Small Cap(<$5b) 27.7% Centre Testing International G Industrials 2.6% Jiangsu Hengli Hydraulic Co Lt Industrials 2.6% Tigermed Consulting C Health Care 2.2%

Sangfor Technologies Inc Information Technology 1.9% Changzhou Xingyu Automotive Li Consumer Discretionary 1.4%

Market cap calculations are based on the free float adjusted market cap and exclude cash equivalents. Sectors are based on Global Industry Classification (GICS) Sectors. 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. Specific securities identified and described do not represent all of the securities purchased, sold, or recommended and you should not assume that investments in the securities identified were or will be profitable. Top Portfolio Changes March 2021

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

Security Name Sector

Mango Excellent Media Co L-A Communication Services Estun Automation Co Ltd-A Industrials Wolwo Bio-Pharmac-A Health Care Lead Intelligent Equi-A Information Technology

NewPurchases

Hualan Biological Engineer-A Health Care Sichuan Teway Food Group-A Consumer Staples Jafron Biomedical Co Ltd-A Health Care Autobio Diagnostics Co Ltd-A Health Care

Liquidations Double Medical Technology-A Health Care

Sectors are based on Global Industry Classification (GICS) Sectors. 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. Specific securities identified and described do not represent all of the securities purchased, sold, or recommended and you should not assume that investments in the securities identified were or will be profitable.

Portfolio Characteristics March 2021

William Blair SICAV - China A- Shares Growth Fund Quality WB Quality Model (Percentile) 24 Return on Equity (%) 23.7 Cash Flow ROIC (%) 22.3 Debt/Equity (%) 49.1 Growth WB Growth Model (Percentile) 24 Long-Term Growth (%) 24.0 5-Year Historic EPS Growth (%) 25.9 Reinvestment Rate (%) 15.5 Earnings Trend WB Earnings Trend Model (Percentile) 51 EPS Revision Breadth (%) 1.8 Valuation WB Valuation Model (Percentile) 85 P/E (next 12 months) 32.6 Dividend Yield (%) 0.7 Other WB Composite Model (Percentile) 53 Float Adjusted Weighted Average Market Cap ($m) 23,990 Number of Holdings 49 Active Share (%) 73

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 Weight Weight COMMUNICATION SERVICES 1.58 HEALTH CARE (continued) Mango Excellent Media Co L-A 0.81 Zhejiang Wolwo Bio-Pharmac-A 0.75 Wuhu Sanqi Interactive Ent-A 0.78 INDUSTRIALS 13.33 CONSUMER DISCRETIONARY 15.02 Centre Testing Intl Group-A 2.55 China Tourism Group Duty F-A 7.48 Jiangsu Hengli Hydraulic C-A 2.54 Midea Group Co Ltd-A 3.99 Contemporary Amperex Techn-A 2.40 Changzhou Xingyu Automotiv-A 1.41 Shenzhen Inovance Technolo-A 1.96 Offcn Education Technology-A 1.37 Shanghai M&G Stationery In-A 1.32 Zhejiang Supor Co Ltd -A 0.76 Hefei Meiya Optoelectronic-A 1.00 CONSUMER STAPLES 22.77 Zhejiang Dingli Machinery -A 0.94 Kweichow Moutai Co Ltd-A 7.08 Estun Automation Co Ltd-A 0.62 Foshan Haitian Flavouring -A 5.43 INFORMATION TECHNOLOGY 12.99 Wuliangye Yibin Co Ltd-A 4.79 Luxshare Precision Industr-A 2.05 Proya Cosmetics Co Ltd-A 1.34 Yonyou Network Technology-A 1.89 Guangdong Haid Group Co-A 1.33 Sangfor Technologies Inc-A 1.88 Chacha Food Co Ltd-A 1.14 Hundsun Technologies Inc-A 1.70 Juewei Food Co Ltd-A 0.83 Sg Micro Corp-A 1.08 Yifeng Pharmacy Chain Co L-A 0.82 Will Semiconductor Co Ltd-A 1.07 FINANCIALS 10.14 Naura Technology Group Co-A 1.02 China Merchants Bank-H 4.15 Maxscend Microelectronics -A 0.78 Group Co-H 3.85 Wuxi Lead Intelligent Equi-A 0.77 Bank Of Ningbo Co Ltd -A 2.15 Gigadevice Semiconductor B-A 0.75 HEALTH CARE 19.96 MATERIALS 3.47 Shenzhen Mindray Bio-Medic-A 2.97 Beijing Oriental Yuhong-A 1.25 Zhangzhou Pientzehuang Pha-A 2.76 Skshu Paint Co Ltd-A 1.13 Jiangsu Hengrui Medicine C-A 2.55 Anhui Conch Cement Co Ltd-H 1.09 Aier Eye Hospital Group Co-A 2.39 Cash 0.74 Hangzhou Tigermed Consulti-H 2.21 Total 100.00 Wuxi Apptec Co Ltd-H 2.07 Topchoice Medical Corporat-A 1.79 Chongqing Zhifei Biologica-A 1.24 Ovctek China Inc-A 1.22

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,

Important Disclosures 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.