SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
1-800-742-7272
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund |
Cost of $10,000 Investment |
Cost of $10,000 Investment as a percentage |
| Growth Fund Class I | $ |
% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 3.74% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000
®
Growth Index, which returned 5.80% and underperformed the S&P 500®
Index, a broad measure of market performance, which returned 6.20%.The Fund’s underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.
TOP PERFORMANCE CONTRIBUTORS
Cameco
is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation.NVIDIA
is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit (“GPU”) chipsets and software systems.TOP PERFORMANCE DETRACTORS
UnitedHealth Group
is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy.West Pharmaceuticals
a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components.Fund Performance
The following graph compares the
initial
and subsequent
account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.GROWTH OF $500,000
Average Annual Total Returns |
6 Months |
1 Year |
5 Years |
10 Years |
% |
% |
% |
% |
|
% |
% |
% |
% |
|
® Growth Index |
% |
% |
% |
% |
www.williamblairfunds.com/funds/total-returns
Key Fund Statistics
Fund net assets (in $000s) |
$ |
Number of portfolio holdings |
|
Net advisory fees paid (in $000s) |
$ |
Portfolio turnover rate (six months) |
% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.
Top Ten Holdings
| NVIDIA Corp. | % |
| Microsoft Corp. | % |
| Amazon.com, Inc. | % |
| Apple, Inc. | % |
| Broadcom, Inc. | % |
| Meta Platforms, Inc. | % |
| Alphabet, Inc. | % |
| Mastercard, Inc. | % |
| Walmart, Inc. | % |
| ServiceNow, Inc. | % |
Sector Allocation
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at . You can also request this information by contacting us at 1-800-742-7272.
www.williamblairfunds.com/literature/forms
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please scan the QR code at left to navigate to additional hosted material at .
www.williamblairfunds.com/literature/forms
WILLIAM BLAIR FUNDS
