Active
Fundamental Research Around the Globe

Spin the globe and select a flagged region. Click on the plus sign for an enlarged view of the cities where we held virtual or in-person meetings in that region.

Select a city and then click “VIEW MORE” to view our analyst’s key takeaways.

Click to see multiple analysts’ findings in the selected city.

Close window to return to the region.

Or click anywhere outside the takeaway panel to return to the globe.

Click anywhere outside of the city circles to return to the globe.

INSIGHTS WITH WILLIAM BLAIR ANALYSTS

We ask a lot from our research process—even more so during a global pandemic. While on the ground research is on a pause, we remain actively engaged through virtual meetings. In March 2020 alone—with the help of our corporate access desk—we had more than 200 corporate interactions.

Plus where others talk to CEOs, we talk to the entire supply chain. And where others ask whether a company or market is attractive, we ask whether its valuation actually is. The more we ask, the more you can trust the answers

Active
Fundamental Research Around the Globe

INSIGHTS WITH WILLIAM BLAIR ANALYSTS

We ask a lot from our research process. Whether it is virtual or on the ground research, we are actively engaged. Where others talk to CEOs, we talk to the entire supply chain. And where others ask whether a company or market is attractive, we ask whether its valuation actually is. The more we ask, the more you can trust the answers.

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This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.

Information and opinions expressed are those of the authors and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC, or affiliates. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Information is current as of the date appearing in this material only and subject to change without notice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. This material may include estimates, outlooks, projections, and other forward-looking statements. Due to a variety of factors, actual events may differ significantly from those presented.

Investing involves risks, including the possible loss of principal. Equity securities may decline in value due to both real and perceived general market, economic, and industry conditions. The securities of smaller companies may be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging markets. Different investment styles may shift in and out of favor depending on market conditions. Individual securities may not perform as expected or a strategy used by the Adviser may fail to produce its intended result.

Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. Rising interest rates generally cause bond prices to fall. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Sovereign debt securities are subject to the risk that an entity may delay or refuse to pay interest or principal on its sovereign debt because of cash flow problems, insufficient foreign reserves, or political or other considerations. Derivatives may involve certain risks such as counterparty, liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Diversification does not ensure against loss. The inclusion of Environmental, Social and Governance (ESG) factors beyond traditional financial information in the selection of securities could result in a strategy's performance deviating from other strategies or benchmarks, depending on whether such factors are in or out of favor. ESG analysis may rely on certain values based criteria to eliminate exposures found in similar strategies or benchmarks, which could result in performance deviating.

There can be no assurance that investment objectives will be met. Any investment or strategy mentioned herein may not be appropriate for every investor. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Past performance is not indicative of future returns.

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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

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Fundamental Research Around the Globe

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Fundamental Research Around the Globe

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IMPORTANT INFORMATION

FEATURED TOPICS

U.S. EQUITY

GLOBAL EQUITY

EMERGING MARKETS DEBT

Active Fundamental Research Around the Globe

Active Fundamental Research Around the Globe

Create an Enduring Partnership

IMPORTANT INFORMATION

Privacy & Security

Cookie Policy

Our use of cookies

Additional Resources

Social Media Disclaimer

Glossary

Active
Fundamental Research Around the Globe

Active
Fundamental Research Around the Globe

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