Large Cap Growth Fund

Share Class

Daily NAV (USD)

$27.78

As of 02/12/2026

Documents

Fact Sheet|

Prospectus|

Quarterly Review

Why Consider This Fund?

Approach

Our quality growth approach emphasizes identifying growing companies in growing industries—what we call structurally advantaged companies—whose long-term outlook is underappreciated by the market
Seeks to maintain sector and market cap exposures that are approximately benchmark-neutral through the market cycle, enabling stock selection to be the primary driver of performance
Aims to offer a high conviction, low-turnover portfolio with moderate tracking error

Fund Facts

OTHER VEHICLES:

SMA

SEPARATE ACCOUNT

CIT

Fund Facts	As of 01/31/2026
Total Net Assets ($Million)	$2,554
Number of Holdings	32
Inception Date	12/27/1999
Expense Ratio (Gross)	0.75%
Expense Ratio (Net)	0.65%
Ticker Symbol	LCGFX
CUSIP	093001543
Benchmark	Russell 1000® Growth Index
Morningstar Category	Large Growth

The Fund's Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 4/30/26.

Performance

Total Returns Calendar Year

AS OF DATE:|

Large Cap Growth Fund

Russell 1000® Growth Index

Morningstar Large Growth

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Fund	Inception	Month	YTD	1-YR	3-YR	5-YR	10-YR	Since Inception
		RETURN:As of 01/31/2026		AVERAGE ANNUAL RETURNS: As of 01/31/2026
Large Cap Growth Fund Class I	12/27/1999	-2.02%	-2.02%	7.44%	21.35%	11.65%	16.76%	7.16%
Russell 1000® Growth Index	-	-1.51%	-1.51%	14.50%	27.05%	15.14%	18.63%	8.12%
Morningstar Large Growth	-	-0.46%	-0.46%	11.81%	23.81%	11.33%	16.03%	-

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. 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.

The benchmark shown represents the Fund’s performance benchmark, which is different from the Fund’s regulatory benchmark. The Fund’s regulatory benchmark is the Russell 1000 Index and is included in the Fund’s prospectus.

View Distributions

Ratings and Rankings

As of: 01/31/2026

Morningstar Category: Large Growth

Overall

1002 Funds in Category

3-YR

1002 Funds in Category

5-YR

935 Funds in Category

10-YR

757 Funds in Category

As of: 12/31/2025

Lipper Category: Large-Cap Growth Funds

1-YR

Rank: 607

707 Funds in Category

3-YR

Rank: 505

644 Funds in Category

5-YR

Rank: 384

609 Funds in Category

10-YR

Rank: 140

500 Funds in Category

Portfolio Characteristics

As of 01/31/2026

Portfolio Composition
Wgtd Avg Market Cap ($Billion)	$2,152.75
Median Market Cap ($Billion)	$80.99
P/E Ratio (Next 12 Months)	26.4
EPS Growth (Long-Term)	21.1%
Trailing 1-Year Turnover	38.8%
Cash	0.3%
Standard Deviation (10 Year)
Fund	17.16%
Index	17.14%

Top 10 Holdings	% of Fund
NVIDIA Corporation	14.4%
Microsoft Corporation	10.7%
Apple Inc.	10.0%
Amazon.com, Inc.	7.3%
Alphabet Inc.	7.2%
Broadcom Inc.	6.1%
Meta Platforms, Inc.	5.9%
Mastercard Incorporated	4.2%
Costco Wholesale Corporation	2.2%
Monster Beverage Corporation	2.2%
Total	70.2%

Download Holdings

Portfolio Allocations

As of: 01/31/2026

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Range	% of Fund
> $100.0B	78.1%
$30.0B - $100.0B	15.1%
< $30.0B	6.8%
Total	100.0%

As of: 01/31/2026

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Sector	% of Fund	% Benchmark
Information Technology	50.6%	48.9%
Communication Services	13.2%	12.9%
Consumer Discretionary	10.6%	13.6%
Health Care	6.7%	8.1%
Financials	6.7%	6.2%
Industrials	4.7%	6.3%
Consumer Staples	4.5%	2.7%
Materials	3.0%	0.3%
Energy	0.0%	0.3%
Utilities	0.0%	0.3%
Exchange-Traded Funds	0.0%	0.0%
Real Estate	0.0%	0.4%
Total	100.0%

Management

Jim Golan, CFA, Partner

Portfolio Manager

Tenure with William Blair:Since

2000

View Bio

David Ricci, CFA, Partner

Portfolio Manager

Tenure with William Blair:Since

1994

View Bio

Fund Literature

Fund Literature
Class I Fact Sheet
Quarterly Review
Commentary
Holdings
Fund Profile

Prospectus and Reports
Prospectus
Annual Report
Semi-Annual Report

View More Resources

Please carefully consider the William Blair Funds’ investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling 1-800-742-7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.

The William Blair Funds are distributed by William Blair & Company, L.L.C., member FINRA/SIPC.

Risks: The Fund’s returns will vary, and you could lose money by investing in the Fund. The Fund invests most of its assets in equity securities of large cap domestic growth companies where the primary risk is that the value of the equity securities it holds might decrease in response to the activities of those companies or market and economic conditions. Individual securities may not perform as expected or a strategy used by the Adviser may fail to produce its intended result. Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment, and at times when the investment style used by the Adviser for the Fund is out of favor, the Fund may underperform other equity funds that use different investment styles. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer. The Fund is not intended to be a complete investment program. The Fund is designed for long-term investors.

For most recent net asset values and year-to-date total return information, please click here.

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

The Russell 1000® Growth Index consists of large-capitalization companies with above 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 Large Growth Category represents the average annual composite performance of all mutual funds listed in the Large Growth 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.

©2025 Morningstar, Inc. All rights reserved.

Lipper Ratings are based on a Fund’s average annual total return.

Ratings and rankings are one measure of performance. Ratings may vary among share classes. Ratings reflect expense limitations in effect during the period, without such limitations returns would be lower. Past performance does not guarantee future results.

For your reference, this link contains additional notices and disclaimers required by our data suppliers.

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.

Any investment or strategy mentioned herein may not be appropriate for every investor. There can be no assurance that investment objectives will be met. Products and services listed are available only to residents of this jurisdiction and may only be available to certain categories of investors. The information on this website does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of this jurisdiction who are prohibited from receiving such information under applicable laws and regulations. Nothing on this webpage should be construed as advice and is therefore not a recommendation to buy or sell shares.

William Blair Investment Management, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission.

Investments

Insights

About

Large Cap Growth Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: Large Growth

Lipper Category: Large-Cap Growth Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

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Investments

Insights

About

Performance

Ratings and Rankings

Morningstar Category: Large Growth

Lipper Category: Large-Cap Growth Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

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LCGFX

Large Cap Growth Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: Large Growth

Lipper Category: Large-Cap Growth Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us

Performance

Ratings and Rankings

Morningstar Category: Large Growth

Lipper Category: Large-Cap Growth Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us