Barron’s Interviews Brian Singer



January 5, 2015

Brian Singer, partner and co-portfolio manager of the William Blair Macro Allocation Fund, discusses in a recent Barron’s interview how his top-down approach to portfolio management helps identify current global opportunities. While all investment decisions are based on long-term fundamental valuation, potential investment opportunities exist where prices deviate from fundamental values. And the investment team  uses macro themes to help understand why prices deviate from fundamental value, which leads to long and short positions in the portfolio and seeks to navigate these shorter term macro risks.

Singer’s top-down approach currently focuses on five major macro themes that shape the team’s thinking in managing the Macro Allocation Fund:

  • Currencies
  • Global economic growth
  • Geopolitics
  • The commodity “supercycle”
  • Interest rates


The opinions and forecasts expressed in the article referenced are those of Brian Singer as of January 5, 2015, and may not actually come to pass. This information is subject to change at any time based on market and other conditions and should not be construed as a recommendation of any specific security. Not all securities held in the portfolio performed as favorably as those discussed, and there is no guarantee that these securities will continue to perform favorably in the future. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change at any time. Investments are subject to market risk. 

The Fund involves a high level of risk and may not be appropriate for everyone. You could lose money by investing in the Fund. There can be no assurance that  the Fund’s investment objective will be achieved. The Fund is not a complete investment program and you should only consider the Fund for the alternative portion of your portfolio. Separate accounts managed by the Advisor may invest in the Fund and, therefore, the Advisor at times  may have discretionary authority over a significant portion of the assets invested in the Fund. In such instances, the Advisor’s decision to make changes to or rebalance its clients’ allocations in the separate accounts may substantially impact the Fund’s performance. The Fund is designed for long-term investors.

The Fund may use investment techniques and financial instruments that may be considered aggressive—including but not limited to the use of futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Such  techniques may also include short sales or other techniques that are intended to provide inverse exposure to a particular market or other asset class, as well as leverage. These techniques may expose the Fund to potentially dramatic changes (losses) in the value of certain of its portfolio  holdings.

Investments are subject to a number of other different types of risk, including market risk, asset allocation risk, credit risk, commodity risk, counterparty and contractual default risk, currency risk, and derivatives risk. For a more detailed explanation and discussion of these risks, please read the Fund’s prospectus.

Please carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. This and other information is contained in the Fund’s prospectus, which you may obtain by calling   +1 800 742 7272. Read it carefully before you invest or send money.

William Blair & Company, L.L.C., Distributor.