U.S. Value Equity Team

Quality Fundamental Focus

We believe a focus on quality companies that are temporarily trading below historic averages, peer groups, and private market values, provides us with alpha-generating opportunities.

WHAT WE BELIEVE

We believe that pricing inefficiencies exist in small- and mid-cap stocks such that quality companies can temporarily trade below their intrinsic value. This valuation discrepancy tends to be rationalized over time. By maintaining a strong valuation discipline, with a strict focus on quality companies, we believe we are rewarded for our stock selection, conviction, and patience.

Strong investment timing has been a key factor to our success. Our focus is to nimbly identify profitable entry and exit points of quality companies.

WHY THIS MATTERS

Research has shown that historically, small- and mid-cap value stocks are among the best-performing asset classes over time.

Both value and small- and mid-cap company risk premiums have amply rewarded investors over the long term. Our view is that most investors can benefit from the attractive long-term capital appreciation potential that a strategic allocation to small- and mid-cap value equities has offered. We believe that investors are well served and can improve their long-term prospects by investing with an active manager in this space.

SEE WILLIAM BLAIR’S U.S. VALUE EQUITY STRATEGIES

Mid Cap Value
Portfolio of quality mid-cap companies whose stocks are trading at a discount to their intrinsic value. LEARN MORE

Small-Mid Cap Value
Portfolio of quality small- and mid-cap companies whose stocks are trading at a discount to their intrinsic value. LEARN MORE

Small Cap Value
Portfolio of quality small-cap companies whose stocks are trading at a discount to their intrinsic value. LEARN MORE

We leverage a bottom-up fundamental approach focusing on companies that have attractive valuations, strong balance sheets, and consistent cash flow. The process combines the focused knowledge of individual career sector analysts with the collective experience of the team to find companies that we believe can outperform the broader market over time.

Our collaborative culture promotes team stability. Our seasoned, experienced, and specialized team has been working together for more than a decade, providing extensive institutional memory and knowledge of the investable universe.

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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.

FEATURED TOPICS

U.S. EQUITY

GLOBAL EQUITY

EMERGING MARKETS DEBT

U.S. Value Equity Team

We believe a focus on quality companies that are temporarily trading below historic averages, peer groups, and private market values, provides us with alpha-generating opportunities.

SEE WILLIAM BLAIR’S U.S. VALUE EQUITY STRATEGIES

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Create an
Enduring Partnership

IMPORTANT INFORMATION

FEATURED TOPICS

U.S. EQUITY

GLOBAL EQUITY

EMERGING MARKETS DEBT

U.S. Value Equity Team

We believe a focus on quality companies that are temporarily trading below historic averages, peer groups, and private market values, provides us with alpha-generating opportunities.

SEE WILLIAM BLAIR’S U.S. VALUE EQUITY STRATEGIES

Gain More Insights

Create an Enduring Partnership

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Glossary

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