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Emerging Markets Debt Team

The Pillars of Our Culture

Four pillars set the foundation for the emerging markets debt team’s investment process—and align with our larger purpose of delivering strong client results.

Quick-thinking and curious, we relentlessly press onward—exploring local markets, deepening our expertise, and forging new relationships with key players around the world.

Well aware of the volatility inherent in our asset class, we take extraordinary measures to manage region-specific risks—focusing on diversification and integrating ESG analysis.

We follow a rigorous investment process designed to perform consistently over time—specifically, in the face of volatility, limited transparency, and complexity.
As investment professionals, what motivates and inspires us most is our responsibility to others—be it to our clients or our colleagues.

What Differentiates Our
Emerging Markets Debt Team

Bottom-Up and Top-Down Analysis

WHAT WE BELIEVE

We believe our robust, disciplined bottom-up and top-down research helps us better uncover mispricings in inefficient emerging markets debt. Our active approach is based on:

  • Rigorous fundamental research
  • Global macro analysis 
  • Diversification discipline 
  • Valuation focus 
  • Integrated risk management , including a proprietary beta-bucketing approach
  • Integrated ESG analysis
The breadth of our team enables specialization and regional focus, enhancing our ability to identify opportunities and to avoid unattractive risks.

WHY THIS MATTERS

The historical yield advantage of emerging markets debt over developed markets debt provides the potential for attractive risk-adjusted returns. We believe our disciplined bottom-up and top-down process helps us identify emerging markets debt with an attractive risk/reward profile, enabling us to deliver better outcomes for our portfolios and clients.

SEE WILLIAM BLAIR’S EMERGING MARKETS DEBT STRATEGIES

Emerging Markets Debt

Emerging Markets Debt Local Currency

Emerging Markets Corporate Debt

Dynamic Mindset

Unfazed by Uncertainty

Many of us come from emerging markets, and that has exposed us to some rough conditions. I grew up in Brazil, and when I started my career, inflation was 100% a month. We carry those experiences for life, so we see volatility as an opportunity for emerging markets investors.

Marcelo Assalin, CFA, Partner
HEAD OF EMERGING MARKETS DEBT TEAM

COMFORTABLE WITH COMPLEXITY

It’s different speaking to a Brazilian person than a Turkish person or to a Chinese person. You need to be very respectful and very flexible. It’s really about just being comfortable with all of these different countries.

Anezina Mytilinaiou, CFA
CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

We’re comfortable not just with multi-tasking, but with multi-everything. We have to incorporate varied inputs, from local dynamics to global geopolitics, from macro conditions to the micro environment.

Luis Olguin, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

We look for people who are curious about things that happen outside of their comfort zone. People who like to be challenged. And people who like complexity, because it is a complex asset class.

Jared Lou, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

You’re regularly waking up to a headline that you didn’t expect and need to respond very quickly to that. You always have to be on your toes, and that excites me.

Yvette Babb
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Diverse Journeys,
Same Destination

With 10 different nationalities across our team, and coming from varying backgrounds, we can have discussions that are objective yet well-informed by deeply personal insights.

Skilled Risk Managers

Understanding Risk

Risk management is not about not taking risks. It’s about
understanding your risks and risk correlations.

Marco Ruijer, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

DRIVING DIVERSIFICATION

We don’t want any one or two dominant positions to drive performance. We want as many good ideas as possible to drive performance collectively. I believe this allows you to be a lot more consistent in terms of how you generate alpha.

Dan Wood
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

We seek to diversify our exposures. We believe that concentrating too much can significantly expose the portfolios to idiosyncratic risks that we don’t want to take.

Johnny Chen, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

ESG ANALYSIS FUNDAMENTAL TO RISK MANAGEMENT

Our emerging markets debt team has long seen ESG as fundamental to how we understand sovereign and corporate risk, which we believe helps us deliver risk-adjusted returns.

Yvette Babb
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

FOCUS ON RISK: GOVERNANCE + ENVIRONMENT

Environment is a big risk factor for many of the countries we invest in. They can be one disaster away from severe financial stress because they have fewer resources to recover.

Lewis Jones, CFA, FRM
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Without a strong focus on governance, you cannot have a good assessment of the risks you face as an emerging markets investor.

Jared Lou, CFA
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Durable Process

A Structured Framework

We’re trying to understand the world. We speak to the governments of different countries and independent researchers, and we translate that information into something very measurable through a structured investment process.

Yvette Babb
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Top Down + Bottom Up

Our investment process relies on a framework that works across regions and is compatible with both quantitative and qualitative inputs—but even when we must rely on intuition, we employ the same underlying systematized approach.

There’s so much knowledge within the team that
you cannot necessarily put in a spreadsheet.

Anezina Mytilinaiou, CFA

CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

OPEN DIALOGUE = TRUST

We argue a lot, we debate a lot, but always with the objective of getting to the right answer. The fact that we have known each other a long time, and are close, makes those difficult conversations much easier to have.

Dan Wood
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Our strength lies in embracing diversity, which fosters different perspectives and fruitful conversations. This allows us to reach more holistic decisions.

Alexandra Symeonidi, CFA
CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

When a final decision is made, it’s clear to everyone why we got there. There’s not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”

Mariana Villalba, CFA
PORTFOLIO MANAGER AND CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

We believe that the best ideas should have the freedom to rise to the top. Discussions are cross-disciplinary by design, and steady information sharing is essential to our process.

Lewis Jones, CFA, FRM
PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Technology-Driven Productivity

It takes a lot of information to manage our emerging markets debt portfolios, so we developed a custom dashboard that connects sovereign and corporate credit analysis.

The core of our process hasn’t changed for many years, but the tools that we use to manage the process have changed. We mapped the core elements that affect the credit profile of emerging markets issuers, both corporate and sovereign, and incorporated them to William Blair’s Summit platform. Data is more presentable, tractable, and at our fingertips. And it facilitates cross-team collaboration.

Mariana Villalba, CFA
PORTFOLIO MANAGER AND CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

Driven by Purpose

Powerful Bonds

At the heart of our team culture is a deep and sincere camaraderie.
I’m happiest when the entire team gets together to debate and
challenge each other, because that’s when I really see how
powerful this team is.

Marcelo Assalin, CFA, Partner
HEAD OF EMERGING MARKETS DEBT TEAM
A SHARED MISSION

In 2020, the team collectively made the decision to find a new home at William Blair, and taking that risk together really brought us even closer.

Johnny Chen, CFA

PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Committed to
Client Performance

The William Blair ethos—that we only succeed when our clients succeed—is fundamental to how we on the emerging markets debt team see ourselves as asset managers. And much goes into maintaining that ethos.

Ultimately, we’re all trying to achieve a common objective. Both structurally and philosophically, our primary focus is on maximizing the risk-adjusted returns we can generate for our clients.

Clifford Lau, CFA

PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

Emerging Markets Debt Team

The Pillars of Our Culture

Four pillars set the foundation for the emerging markets debt team’s investment process—and align with our larger purpose of delivering strong client results.

1. Dynamic Mindset →

Quick-thinking and curious, we relentlessly press onward—exploring local markets, deepening our expertise, and forging new relationships with key players around the world.

2. Skilled Risk Managers →

Well aware of the volatility inherent in our asset class, we take extraordinary measures to manage region-specific risks—focusing on diversification and integrating ESG analysis.

3. Durable Process →

We follow a rigorous investment process designed to perform consistently over time—specifically, in the face of volatility, limited transparency, and complexity.

4. Driven by Purpose →

As investment professionals, what motivates and inspires us most is our responsibility to others—be it to our clients or our colleagues.

What Differentiates Our Emerging Markets Debt Team

Bottom-Up and Top-Down Analysis
WHAT WE BELIEVE

We believe our robust, disciplined bottom-up and top-down research helps us better uncover mispricings in inefficient emerging markets debt. Our active approach is based on:

  • Rigorous fundamental research
  • Global macro analysis 
  • Diversification discipline 
  • Valuation focus 
  • Integrated risk management , including a proprietary beta-bucketing approach
  • Integrated ESG analysis

    The breadth of our team enables specialization and regional focus, enhancing our ability to identify opportunities and to avoid unattractive risks.

      WHY THIS MATTERS

      The historical yield advantage of emerging markets debt over developed markets debt provides the potential for attractive risk-adjusted returns. We believe our disciplined bottom-up and top-down process helps us identify emerging markets debt with an attractive risk/reward profile, enabling us to deliver better outcomes for our portfolios and clients.

      SEE WILLIAM BLAIR’S EMERGING MARKETS DEBT STRATEGIES

      Emerging Markets Debt

      Emerging Markets Debt Local Currency

      Emerging Markets Corporate Debt

      Dynamic Mindset

      Unfazed by Uncertainty

      Many of us come from emerging markets, and that has exposed us to some rough conditions. I grew up in Brazil, and when I started my career, inflation was 100% a month. We carry those experiences for life, so we see volatility as an opportunity for emerging markets investors.

      Marcelo Assalin, CFA, Partner

      HEAD OF EMERGING MARKETS DEBT TEAM


      PLAY AUDIOGRAM

      Calm in the Face of Volatility

      00:15
      Through our personal and professional experiences, we have each developed an ability to think clearly and act prudently when unexpected, time-sensitive events arise. Hear from Lewis Jones, CFA, FRM, a portfolio manager on our emerging markets debt team.

      COMFORTABLE WITH COMPLEXITY
      (Tap photo to reveal quote.)

      It’s different speaking to a Brazilian person than a Turkish person or to a Chinese person. You need to be very respectful and very flexible. It’s really about just being comfortable with all of these different countries.

      Anezina Mytilinaiou, CFA
      CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

      We’re comfortable not just with multi-tasking, but with multi-everything. We have to incorporate varied inputs, from local dynamics to global geopolitics, from macro conditions to the micro environment.

      Luis Olguin, CFA
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      We look for people who are curious about things that happen outside of their comfort zone. People who like to be challenged. And people who like complexity, because it is a complex asset class.

      Jared Lou, CFA
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      You’re regularly waking up to a headline that you didn’t expect and need to respond very quickly to that. You always have to be on your toes, and that excites me.

      Yvette Babb
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM


      PLAY VIDEO

      Extensive In-Market Networks

      00:50
      In our target markets, research coverage is often limited. Over many years of travel and one-on-one conversations, we have developed an irreplaceable network of contacts in both the public and private spheres.

      Diverse Journeys, Same Destination

      With 10 different nationalities across our team, and coming from varying backgrounds, we can have discussions that are objective yet well-informed by deeply personal insights.

      Skilled Risk Managers

      Understanding Risk

      Risk management is not about not taking risks. It’s about understanding your risks and risk correlations.

      Marco Ruijer, CFA

      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      DRIVING DIVERSIFICATION

      (Tap photo to reveal quote.)

      We don’t want any one or two dominant positions to drive performance. We want as many good ideas as possible to drive performance collectively. I believe this allows you to be a lot more consistent in terms of how you generate alpha.

      Dan Wood
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      We seek to diversify our exposures. We believe that concentrating too much can significantly expose the portfolios to idiosyncratic risks that we don’t want to take.

      Johnny Chen, CFA
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      ESG ANALYSIS FUNDAMENTAL TO RISK MANAGEMENT

      Our emerging markets debt team has long seen ESG as fundamental to how we understand sovereign and corporate risk, which we believe helps us deliver risk-adjusted returns.

      Yvette Babb
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM


      PLAY VIDEO

      Differentiated Beta-Bucketing Approach

      00:53
      To improve our ability to deliver risk-adjusted returns over time, we developed an innovative approach to viewing and structuring portfolio risk. Marco Ruijer, CFA, a portfolio manager on our emerging markets debt team, explains.

      FOCUS ON RISK: GOVERNANCE + ENVIRONMENT

      (Tap photo to reveal quote.)

      Environment is a big risk factor for many of the countries we invest in. They can be one disaster away from severe financial stress because they have fewer resources to recover.

      Lewis Jones, CFA, FRM
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Without a strong focus on governance, you cannot have a good assessment of the risks you face as an emerging markets investor.

      Jared Lou, CFA
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Durable Process

      A Structured Framework

      We’re trying to understand the world. We speak to the governments of different countries and independent researchers, and we translate that information into something very measurable through a structured investment process.

      Yvette Babb

      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Top Down + Bottom Up

      Our investment process relies on a framework that works across regions and is compatible with both quantitative and qualitative inputs—but even when we must rely on intuition, we employ the same underlying systematized approach.

      There’s so much knowledge within the team that you cannot necessarily put in a spreadsheet. 

      Anezina Mytilinaiou, CFA

      CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM


      PLAY AUDIOGRAM

      Designed to Evolve

      00:36
      In emerging markets—frontier markets in particular—conditions can change rapidly. And our models are designed to capture those changes, says Marcelo Assalin, CFA, partner, head of our emerging markets debt team.

      OPEN DIALOGUE = TRUST

      (Tap photo to reveal quote.)

      We argue a lot, we debate a lot, but always with the objective of getting to the right answer. The fact that we have known each other a long time, and are close, makes those difficult conversations much easier to have.

      Dan Wood
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Our strength lies in embracing diversity, which fosters different perspectives and fruitful conversations. This allows us to reach more holistic decisions.

      Alexandra Symeonidi, CFA
      CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

      When a final decision is made, it’s clear to everyone why we got there. There’s not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”

      Mariana Villalba, CFA
      PORTFOLIO MANAGER AND CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

      We believe that the best ideas should have the freedom to rise to the top. Discussions are cross-disciplinary by design, and steady information sharing is essential to our process.

      Lewis Jones, CFA, FRM
      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Technology-Driven Productivity

      It takes a lot of information to manage our emerging markets debt portfolios, so we developed a custom dashboard that connects sovereign and corporate credit analysis.

      The core of our process hasn’t changed for many years, but the tools that we use to manage the process have changed. We mapped the core elements that affect the credit profile of emerging markets issuers, both corporate and sovereign, and incorporated them to William Blair’s Summit platform. Data is more presentable, tractable, and at our fingertips. And it facilitates cross-team collaboration.

      Mariana Villalba, CFA

      PORTFOLIO MANAGER AND CREDIT ANALYST, EMERGING MARKETS DEBT TEAM

      Driven by Purpose

      Powerful Bonds

      At the heart of our team culture is a deep and sincere camaraderie. I’m happiest when the entire team gets together to debate and challenge each other, because that’s when I really see how powerful this team is.

      Marcelo Assalin, CFA, Partner

      HEAD OF EMERGING MARKETS DEBT TEAM


      PLAY VIDEO

      Profound Loyalty

      00:33
      Having worked together for so long, we are committed to each other both professionally and personally. Our team members explain.

      A SHARED MISSION

      In 2020, the team collectively made the decision to find a new home at William Blair, and taking that risk together really brought us even closer.

      Johnny Chen, CFA

      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Committed to Client Performance

      The William Blair ethos—that we only succeed when our clients succeed—is fundamental to how we on the emerging markets debt team see ourselves as asset managers. And much goes into maintaining that ethos.

      Ultimately, we’re all trying to achieve a common objective. Both structurally and philosophically, our primary focus is on maximizing the risk-adjusted returns we can generate for our clients.

       

      Clifford Lau, CFA

      PORTFOLIO MANAGER, EMERGING MARKETS DEBT TEAM

      Create an
      Enduring Partnership

      Our active ownership culture creates long-term client relationships by aligning with your interests and helping you achieve successful investment outcomes. Contact us to learn how we can partner with you.

      CONTACT:

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      FINANCIAL ADVISORS
      INSTITUTIONAL
      FINANCIAL ADVISORS
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      William Blair & Company Privacy and Security Policy

      Social Media Disclaimer

      William Blair & Company, L.L.C. is a broker dealer and investment adviser dually registered with the U.S. Securities and Exchange Commission (“SEC”). William Blair, along with affiliated entities William Blair Investment Management, LLC and William Blair International, Ltd (collectively, “William Blair”) sponsors and publishes posts on or through pages, profiles, accounts, feeds, channels or other portions of various social media platforms, including but not limited to YouTube, Facebook, LinkedIn and Twitter (each, a “Site”) for educational, promotional or other business reasons.

      About William Blair Posts

      No William Blair post published on any social media platform is an offer to sell or a solicitation of an offer to buy shares of any William Blair investment product to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Additionally, all William Blair posts published on any social media platform are for informational purposes only and should not be considered as investment advice or recommendations to invest in any particular security, strategy or investment product.

      William Blair posts on social media may include statements concerning financial market trends, and are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such. The investment strategies and broad themes discussed in William Blair’s social media posts may be unsuitable for investors depending on their specific investment objectives and financial situation. Information contained in posts has been obtained from sources believed to be reliable, but not guaranteed. You should note that the materials on the social media platforms are provided “as is” without any express or implied warranties. Past performance is not a guarantee of future results. All investments involve a degree of risk, including the risk of loss. No part of William Blair posts may be altered without express written permission from William Blair.

      William Blair posts may provide links to third party websites only as a convenience and the inclusion of such links does not imply any endorsement, approval, investigation, verification or monitoring by William Blair of any content or information contained within or accessible from the linked sites. While we make every attempt to provide links only to those websites we think are trustworthy and accurate, we cannot be responsible for the content or accuracy of the information presented on those websites and we specifically disclaim any liability for any loss or damages which you may incur, directly or indirectly, as a result of your use of them. We reserve the right to terminate a link to a third party website at any time.

      General User Guidelines

      Due to the highly regulated nature of our industry and as a matter of policy, William Blair, in some instances, may not reply to user comments. Please ensure that your contributions in relation to any William Blair posts are relevant and topical. Do not publish your own advertisements of any kind on any William Blair social media page or with respect to any William Blair posts. We ask you to be respectful and courteous and refrain from publishing, including through hyper-links, inappropriate or offensive material on any William Blair social media page. Do not attempt to promote investments (this includes posting testimonials, giving investment advice, or making recommendations about specific securities, securities strategies, products or services) on any William Blair social media page. Do not attempt to submit to William Blair any personal, confidential or account information through any William Blair social media page. William Blair is not subject to any obligations of confidentiality regarding information submitted to them through any William Blair social media page or otherwise through any social media platform.

      Third-Party Posts on any William Blair Social Media Page

      While William Blair may monitor third-party posts published on any William Blair social media page, such posts may be reviewed to ensure regulatory compliance, but otherwise are not edited before being displayed. Third-party posts on any William Blair social media page are the view and responsibility of the third-party, not William Blair. William Blair cannot guarantee the appropriateness, accuracy or usefulness of any third-party posts or of any third-party hyper-link, nor are they responsible for any unauthorized or copyrighted materials contributed by a third-party in any William Blair social media page. William Blair reserves the right to remove or edit any third-party posts or comments on any William Blair social media page that are inappropriate or that violate (or may violate) applicable regulations.

      William Blair does not publish or otherwise disseminate statements relating to current or former clients’ positive experiences with or endorsements of William Blair and expects you to refrain from publishing such posts on any William Blair social media page. You should limit your posts on any William Blair social media page to investment themes rather than commenting, positively or negatively, on William Blair, its products, services or personnel. Although our clients may follow this account, this should not be interpreted as a testimonial regarding any client’s experience with our firm.

      Any descriptions of, references to, or links to other products, publications or services do not constitute an endorsement, authorization, sponsorship by, or affiliation with William Blair with respect to any hyper-linked site or its sponsor, unless expressly stated by William Blair. William Blair expressly disclaims any responsibility for the posts, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites, as posted by third-parties on any William Blair Social media page.

      Use Social Media Platforms at Your Own Risk

      William Blair is in no way affiliated with any social media platform and has no responsibility for any social media page’s operations and services. William Blair and their respective affiliates, directors, officers, or employees are not liable for any direct, indirect, incidental, consequential, punitive or special damages arising out of or in any way connected with your access or use of, or inability to access or use, a social media platform, any William Blair social media page thereon or reliance on any William Blair post or any failure of performance, interruption, defect, delay in transmission, computer viruses or other harmful components, or line or system failure associated with a social media platform or any William Blair social media page thereon. Use of a social media platform or any William Blair social media page thereon is at your own risk.

      Privacy Policy

      William Blair is not responsible for the terms of use or privacy policies of any social media platform on which William Blair posts may appear, including in any William Blair social media page. For additional information regarding account security and privacy, refer to our Privacy and Security statement

      Copyrights and Trademarks

      Each social media page’s content and information, and all trademarks, service marks, trade names, trade dress, logos, copyrights and other intellectual property displayed on the Site by William Blair (“Content”) are protected by U.S. and worldwide copyright and trademark laws and treaty provisions, and are owned by, controlled by or licensed to William Blair or their respective owners. By using any social media page, we do not grant you any rights to reproduce, sell, or license any of the content contained herein, except that you may print a copy of the information contained herein for your personal use only. You may not reproduce or distribute the text or graphics to others or copy all or substantially all of the content to your own hard drive or server without the prior written permission of William Blair.

      Permitted Uses of Our Sites and Content

      We have listed below the permitted uses of our Content. We reserve the right to change our permitted uses at any time.

      • William Blair grants you a limited, revocable, nonexclusive and nontransferable right to view, store, bookmark, download, copy and print pages from the Site for your personal and noncommercial use only. Unless you receive our permission in advance, you may not exploit any of the Content commercially or forward it as a mass distribution.
      • If you link other websites to any Site, you may not imply or suggest that William Blair has endorsed or is affiliated with such websites and you may not display this Site as “framed” within another website.

      Prohibited Uses of Our Sites and Content

      William Blair does not grant, by implication, estoppel or otherwise, any license or right to use Content on any social media page other than those set forth above, and you shall not make any other use of such Content without William Blair’s written permission. Without limiting the generality of the foregoing:

      • You agree not to copy large portions of any social media page (such as by bots, robots or spiders that “harvest” the Site), interfere with the functioning of the Site or restrict or inhibit any others from using the Site.
      • If you download any pages from any social media page, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such Content. You may not alter or modify the Content in your copies.
      • You may not (and may not encourage or assist others to) violate any law, regulation, rule or the intellectual property or contractual rights of others, or attempt to violate the security of any social media page or use or gain access to the identities, information or computers of others through any social media page.
      • You may not transmit any virus, worm, time bomb or similar system interference or corruptant through any social media page.

      William Blair has the right (but not the obligation) to monitor any social media page for unauthorized or objectionable conduct and to take all appropriate actions in response, without notice to you. We reserve the right to change or supplement our website policies at any time to the fullest extent permitted by applicable law.

      Forward-Looking Statements

      Statements made on any social media page that look forward in time involve risks and uncertainties and are forward-looking statements. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in William Blair’s products’ performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability of William Blair to attract or retain key employees, unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.

      Forward-looking statements reflect our current views with respect to, among other things, the operations and performance of our businesses. You can identify these forward-looking statements by the use of words such as “outlook,” “believe,” “expect,” “potential,” “continue,” “may,” “should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate” or the negative version of these words or other comparable words. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

      International Use

      The Content provided in or accessible through any social media page is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject William Blair to any registration or other requirement within such jurisdiction or country. William Blair reserves the right to limit access to the Site to any person, geographic region or jurisdiction. Unless otherwise expressly set forth herein, William Blair makes no representations that transactions, products or services discussed on or accessible through the Site are available or appropriate for sale or use in all jurisdictions or by all users, or that access by any user in the place it is located is not illegal or prohibited. Users who choose to access the Site from other locations do so on their own initiative and are responsible for establishing the legality, usability and correctness of any information or Content on the Site under the laws of any applicable jurisdictions. You may not use or export the Content on the Site or accessible through the Site in violation of applicable laws and regulations.

      Transmission to and From any Social Media Page

      Subject to any applicable terms and conditions set forth in our Privacy and Security Statement, any communication or other material that you send to us through the Internet or post on any social media page by electronic mail or otherwise, is and will be deemed to be non-confidential as between you and us and William Blair shall have no obligation of any kind with respect to such information. William Blair will be free to use, for any purpose, and without compensation due or payable to you, any ideas, concepts, know-how or techniques provided by you to William Blair through any social media page.

      Disclaimer and Indemnity

      William Blair and its affiliates disclaim, to the fullest extent permitted by law, all express and implied warranties of merchantability, fitness for a particular purpose, and non-infringement. If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

      William Blair does not warrant that the information in any social media page is accurate, reliable or correct, that any social media page will be available at any particular time or location, or that any social media page is free of viruses or other harmful components. Electronic communications can be intercepted by third parties and, accordingly, electronic mail and other transmissions to and from any social media page or made via any social media page may not be secure.

      The investments and strategies discussed in the content may not be suitable for all investors and are not obligations of William Blair or any of its affiliates or guaranteed by William Blair or any of its affiliates. The investments are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other entity and are subject to investment risks, including the loss of the principal amount invested. Nothing contained on the Site constitutes investment, legal, tax or other advice nor is to be relied on in making an investment or other decision. You should obtain and carefully review any applicable prospectus, statement of additional information and/or offering memorandum as well the William Blair Form ADV, as applicable, before making any investment decision. Decisions based on information or materials contained on any social media page are the sole responsibility of the user.

      As consideration for access to any social media page, you agree to indemnify and hold harmless William Blair and their employees, contractors, affiliates, officers and directors from and against any claims whatsoever and of any nature for damages, losses and causes of action, including but not limited to actions by third parties against you, William Blair or any of its Related Person, arising out of or in connection with any decisions that you make based on such Content, your use of any social media page, or your violation of our website policies. You agree to make William Blair, whole for any and all claims, losses, liabilities, and expenses (including attorneys’ fees) arising from your use of the Site or any violation of this the policies laid out in this Disclaimer, unless prohibited by law.

      Miscellaneous Provisions

      YouTube, Facebook, LinkedIn, Twitter, and any other social media sites are public sites. William Blair is in no way affiliated with them and has no responsibility for their operations and services or for related service sites. William Blair is not responsible for any social media platform’s terms of use or privacy or security policies, or any other third party sites that may be linked to by a social media platform. By using a social media platform, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of William Blair, your Internet Service Provider, and you.

      For additional information regarding account security and privacy, refer to our Privacy and Security statement. For customer service inquiries or questions about your accounts, please visit our website at: www.williamblair.com.

      Your Acceptance of these Terms

      Your use of the Site constitutes your acceptance of the terms contained herein. You may reject these terms by leaving the Site at any time.

      For additional information about William Blair or to contact us, please visit our website at: www.williamblair.com.

      Glossary

      INDICES
      The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities, and commercial mortgage backed securities.

      The MSCI ACWI IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets.

      The MSCI ACWI ex-US IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets, excluding the U.S. The Value and Growth Indices are a subset of the Index that adopt a framework for style segmentation in which value and growth securities are characterized using different attributes. Multiple factors are used to identify value and growth characteristics.

      The MSCI ACWI Small Cap Index is a free float-adjusted, market capitalization-weighted index that captures small cap representation across developed and emerging markets.

      The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of emerging markets.

      The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets.

      The Russell 2000 Index is a market capitalization-weighted index designed to represent the small cap segment of the U.S. equity universe.

      Index performance is for illustrative purposes only. The indices are unmanaged, do not incur fees or expenses, and cannot be invested in directly.

      TERMS
      Alpha is a measure of an investment’s return in excess of the market’s return, after both have been adjusted for risk.

      Beta is a measure of the volatility of an investment relative to the overall market, represented by a comparable benchmark.

      Half-life is a statistical measure of the time required for the discrepancy between price and value to contract by half of its starting value. Fundamental value estimates are based on the Dynamic Allocation Strategies team’s proprietary research.

      P/E Ratio is a measure of valuation which compares share price to earnings per share, calculated using estimates for the next twelve months.

      Standard deviation is a statistical measurement of variations from the average.

      QUANTITATIVE MODELS – FACTOR DEFINITIONS
      The William Blair Earnings Trend Model captures information about short- and medium-term changes in analyst estimates in an attempt to anticipate future estimate changes and stock performance. The score combines measurements of earnings revisions, momentum, and earnings surprise.

      The William Blair Valuation Model combines varying metrics used to characterize the relationship between the stock’s trading price and its intrinsic value. By going beyond using only one or two measures, the model attempts to build a more holistic version of a stock’s worth vis-a-vis the market. The score combines measurements of earnings/cash flow based, asset-based, and model-based factors.

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