Small Cap Value Fund
Investment Counselors of Maryland, LLC
(ICM) is now part of William Blair Investment Management. As part of the
merger, the ICM Small Company Portfolio (the “Target Fund”) has been
reorganized into the William Blair Small Cap Value Fund (the “Acquiring Fund”)
as of July 19, 2021. The performance data shown below reflects that of the post-Reorganization
Fund.
For more information on the merger or the Small Cap Value Fund, please click here.
As of
8/31/2023
Standardized Returns
| Small Cap Value Fund |
-3.08% |
4.47% |
4.11% |
14.06% |
3.69% |
8.69% |
| Russell 2000® Value Index |
-4.81% |
4.94% |
2.17% |
13.54% |
3.18% |
7.36% |
|
Morningstar Small Value Category
|
-3.41%
|
8.08%
|
8.34%
|
16.70%
|
4.92%
|
7.60%
|
| Morningstar Quartile Ranking in Category | -- | -- | 4 | 4 | 3 | 1 |
| Fund's Ranking / # of Funds in Peer Group | -- | -- | 387 / 484 | 334 / 446 | 290 / 420 | 75 / 326 |
| Morningstar Rating | -- | -- | -- |  |  |  |
Expense Ratio (Gross): 0.94%
Expense Ratio (Net): 0.89%
Calendar Year Total Returns
| Small Cap Value Fund |
-11.12% |
29.49% |
2.80% |
26.16% |
-13.96% |
13.13% |
31.36% |
-3.20% |
2.87% |
36.16% |
| Russell 2000® Value Index |
-14.48% |
28.27% |
4.63% |
22.39% |
-12.86% |
7.84% |
31.74% |
-7.47% |
4.22% |
34.52% |
The Fund’s Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 4/30/24.
For most recent net asset values and year-to-date total return information, please click here.
Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Returns shown assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call +1 800 742 7272, or visit our Web site at www.williamblairfunds.com. Class N shares are available to the general public without a sales load. Class I and Class R6 shares are available only to investors who meet certain eligibility requirements.
Effective July
16, 2021, the ICM Small Company Portfolio (the “Predecessor Fund”) was
reorganized into the William Blair Small Cap Value Fund. The Predecessor Fund's
(Institutional Class shares) performance and financial history has been adopted
by the William Blair Small Cap Value Fund (Class I shares). The Predecessor
Fund had a different fee structure and performance would have been different if
the fund's current fee structure had been in place during the period.
The Russell 2000® Value Index consists of small-capitalization companies with below average price-to-book ratios and forecasted growth rates. The Index is unmanaged, does not incur fees or expenses, and cannot be invested in directly.
The Morningstar Small Value Category represents the average annual composite performance of all mutual funds listed in the Small Value Category by Morningstar.
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10 year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
Morningstar Percentile Rankings are based on the Fund's total return (excluding sales charge) relative to all the funds in the same Morningstar category, where 1 is the highest and 100 is the lowest percentile rank. Ratings and rankings are one measure of performance. Some of our Funds have experienced negative performance for the time periods shown.
Morningstar Quartile Rankings are based on Morningstar Percentile Ranking in Morningstar Category, where 1% - 25% = first quartile (1); 26% - 50% = second quartile (2); 51% - 75% = third quartile (3); and 76% - 100% = fourth quartile (4). The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.
Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category.
©2023 Morningstar, Inc. All rights reserved.