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 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 10/31/2023

Additional Fund Information

Inception Date: 04/19/1989
Expense Ratio (Gross): 0.94%
Expense Ratio (Net): 0.89%
Ticker Symbol: ICSCX
CUSIP: 969251487

Fund Statistics

Total Net Assets ($Million): $1,141
Number Of Holdings: 107
Wgtd Avg Market Cap ($Billion): $2.2
Median Market Cap ($Billion): $1.8
P/E Ratio (Next 12 Months): 11.1
EPS Growth (Long-Term): 10.6%
Trailing 1-Year Turnover: 25.0%
Cash: 1.9%
Standard Deviation (10YR):
     Fund 20.30%
     Index 20.19%

Top 10 Holdings

Company Name
% of Fund
Earthstone Energy, Inc. 1.7%
PGT Innovations, Inc. 1.6%
Granite Construction Incorporated 1.5%
Kite Realty Group Trust 1.5%
SM Energy Company 1.4%
Integer Holdings Corporation 1.3%
Bloomin' Brands, Inc. 1.3%
Carter's, Inc. 1.3%
La-Z-Boy Incorporated 1.2%
Brady Corporation 1.2%
Total Top 10 14.0%

Market Cap Diversification

% of Fund
> $4.0B 12.9%
$3.0B - $4.0B 2.9%
$2.0B - $3.0B 33.0%
$1.0B - $2.0B 33.0%
< $1.0B 18.2%
Total 100.0%

Sector Diversification

Sector Name
% of Fund
Industrials 23.5%
Financials 15.7%
Consumer Discretionary 13.2%
Information Technology 10.4%
Real Estate 9.4%
Energy 7.6%
Materials 7.2%
Health Care 5.4%
Consumer Staples 4.9%
Utilities 1.9%
Communication Services 0.8%
Exchange-Traded Funds 0.0%
Total Percentage 100.0%

The Fund’s Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 4/30/24.


Information about the Fund’s holdings should not be considered investment advice. 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.

Top ten holdings are shown as % of total net assets. Sector and market-cap diversification exclude cash equivalents.

Cash represents cash and any short-term or overnight investments held by the Fund. It does not reflect the impact of any executed investment trades that have not reached their settlement date by quarter end.

Weighted Average Market Capitalization: Market capitalization refers to the total market value of each company’s outstanding shares. The Weighted Average Market Capitalization for a portfolio is calculated as the average market capitalization of the stocks within the portfolio, weighted by the amount of each stock owned. Unweighted Median Market Capitalization: This calculation represents the median market capitalization of the stocks in the portfolio, regardless of the amount of each stock owned. P/E (Price/Earnings) Ratio: This ratio is a measure of valuation. It relates the price of the stock to the earnings per share (EPS) of the company. A stock with a higher P/E ratio would be considered more expensive relative to another stock with a lower P/E. An investor may pay a higher P/E for a stock for several reasons including, but not limited to, an expectation that the company possesses higher returns on invested capital, less economic sensitivity, higher consistency of earnings and/or higher earnings growth potential. EPS (Earnings Per Share) Growth Rate (Projected): This measure represents the weighted average of forecasted growth in earnings expected to be experienced by the stocks within the portfolio over the next 3-5 years. From a portfolio perspective, the portfolio P/E ratio and EPS Growth Rate are weighted averages of the individual holdings’ P/E ratios and EPS Growth Rates. Trailing 1-Year Turnover: This figure reflects the portfolio’s trading activity by calculating the amount of the portfolio’s holdings bought or sold over the prior year, expressed as a percentage of the portfolio’s average market value. Turnover figures may be related to the amount of trading costs experienced by the portfolio. Standard Deviation: A measure of the portfolio’s risk. A higher standard deviation represents a greater dispersion of returns, and thus, a greater amount of risk. Standard deviation returns shown are annualized and calculated using monthly returns. Funds without a 10-year history are reported against the Fund’s inception date. If the Fund’s inception date does not fall on the first day of a given month, the annualized standard deviation is calculated based on the first day of the month following the Fund’s inception date.