China Growth Fund

Share Class

Daily NAV (USD)

$6.70

As of 02/13/2026

Documents

Fact Sheet|

Prospectus|

Quarterly Review

Why Consider This Fund?

Approach

Invests in a focused portfolio of approximately 30 to 70 high-quality growth Chinese companies diversified across share class, market capitalization, and industries that offers access to growth opportunities in China
Provides significant diversification potential to global investors geared toward structurally attractive growth areas in China, including some of the most inefficient and uncorrelated investments in the China A-Share market
Offers deep expertise and a long history in managing Chinese equities

Fund Facts

OTHER VEHICLES:

SEPARATE ACCOUNT

Fund Facts	As of 01/31/2026
Total Net Assets ($Million)	$2
Number of Holdings	50
Inception Date	08/27/2021
Expense Ratio (Gross)	9.46%
Expense Ratio (Net)	0.99%
Ticker Symbol	WICGX
CUSIP	969251446
Benchmark	MSCI China All Shares Index (Net)
Morningstar Category	China Region

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:|

China Growth Fund

MSCI China All Shares Index (Net)

Morningstar China Region

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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
China Growth Fund Class I	08/27/2021	5.05%	5.05%	29.80%	-0.49%	-	-	-7.60%
MSCI China All Shares Index (Net)	-	4.12%	4.12%	34.68%	7.57%	-	-	-
Morningstar China Region	-	5.53%	5.53%	37.04%	6.22%	-2.86%	7.15%	-

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.

† Since Fund’s inception on 8/27/2021 through 12/31/2021.

View Distributions

Ratings and Rankings

As of: 01/31/2026

Morningstar Category: China Region

Overall

71 Funds in Category

3-YR

71 Funds in Category

5-YR

—

10-YR

—

As of: 12/31/2025

Lipper Category: China Region Funds

1-YR

Rank: 64

72 Funds in Category

3-YR

Rank: 60

66 Funds in Category

5-YR

—

10-YR

—

Portfolio Characteristics

As of 01/31/2026

Portfolio Composition
Wgtd Avg Market Cap ($Billion)	$130.40
Median Market Cap ($Billion)	$13.94
P/E Ratio (Next 12 Months)	17.3
EPS Growth (Long-Term)	18.5%
Trailing 1-Year Turnover	73.8%
Cash	3.0%
Standard Deviation (10 Year)
Fund	26.12%
Index	24.30%

Top 10 Holdings	% of Fund
Tencent Holdings Limited	13.8%
Alibaba Group Holding Limited	11.6%
Zijin Mining Group Company Limited	3.4%
Zhongji Innolight Co., Ltd.	3.4%
Contemporary Amperex Technology Co.,Ltd.	3.1%
Eoptolink Technology Inc., Ltd.	2.9%
NetEase, Inc.	2.8%
Pop Mart International Group Limited	2.4%
Shengyi Technology Co.,Ltd.	2.3%
Sieyuan Electric Co.,Ltd.	2.2%
Total	47.9%

Download Holdings

Portfolio Allocations

As of: 01/31/2026

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Range	% of Fund
> $20.0B	63.8%
$5.0B - $20.0B	23.6%
< $5.0B	12.6%
Total	100.0%

As of: 01/31/2026

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Sector	% of Fund	% Benchmark
Consumer Discretionary	20.5%	20.0%
Information Technology	19.0%	13.4%
Communication Services	18.0%	14.8%
Financials	14.0%	18.8%
Industrials	13.8%	8.5%
Materials	7.4%	8.3%
Health Care	5.8%	4.7%
Consumer Staples	1.5%	4.9%
Energy	0.0%	2.9%
Utilities	0.0%	2.4%
Exchange-Traded Funds	0.0%	0.0%
Real Estate	0.0%	1.3%
Total	100.0%

Management

Vivian Lin Thurston, CFA, Partner

Portfolio Manager

Tenure with William Blair:Since

2015

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

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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: Fund’s returns will vary, and you could lose money by investing in the Fund. The Fund invests in equities which may decline in value due to both real and perceived general market, economic, and industry conditions. Investing in Chinese securities involves a higher degree of risk and special considerations not typically associated with investing in other more established economies or securities markets. The Fund’s investment exposure to China may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities markets, exchange rates and social, political, regulatory, economic, or environmental events and natural disasters that may occur in the China region. Investing in China A-Shares through the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect programs is subject to trading, clearance, settlement, and other procedures, which could pose risks to the Fund. Individual securities may not perform as expected or a strategy used by the Adviser may fail to produce its intended result. Currency rates may fluctuate significantly over short periods of time and may reduce the returns of a portfolio. Diversification does not ensure against loss. 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.

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 MSCI China All Shares Index (net) captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips, and foreign listings. The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen, and outside of China. The Index is unmanaged, does not incur fees or expenses, and cannot be invested in directly.

The Morningstar China Region Category represents the average annual composite performance of all mutual funds listed in the China Region 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

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China Growth Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: China Region

Lipper Category: China Region Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

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Investments

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Performance

Ratings and Rankings

Morningstar Category: China Region

Lipper Category: China Region Funds

Portfolio Characteristics

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Management

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WICGX

China Growth Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: China Region

Lipper Category: China Region Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us

Performance

Ratings and Rankings

Morningstar Category: China Region

Lipper Category: China Region Funds

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us