International Leaders Fund

Share Class

Daily NAV (USD)

$23.99

As of 02/12/2026

Documents

Fact Sheet|

Prospectus|

Quarterly Review

Why Consider This Fund?

Approach

Invests in a high-conviction international portfolio of approximately 40 to 70 stocks that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs
Provides broad non-U.S. exposure to leading companies diversified across market capitalization, region, industry, and corporate lifecycle
Combines deep fundamental research with systematic inputs to seek to consistently identify alpha opportunities

Fund Facts

OTHER VEHICLES:

SMA

SEPARATE ACCOUNT

CIT

Fund Facts	As of 01/31/2026
Total Net Assets ($Million)	$1,177
Number of Holdings	58
Inception Date	08/16/2012
Expense Ratio (Gross)	1.03%
Expense Ratio (Net)	0.90%
Ticker Symbol	WILIX
CUSIP	969251719
Benchmark	MSCI All Country World ex-U.S. IMI Index (net)
Morningstar Category	Foreign 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:|

International Leaders Fund

MSCI All Country World ex-U.S. IMI Index (net)

Morningstar Foreign 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
International Leaders Fund Class I	08/16/2012	6.75%	6.75%	26.40%	11.07%	3.24%	9.22%	8.48%
MSCI All Country World ex-U.S. IMI Index (net)	-	6.04%	6.04%	35.01%	16.39%	9.00%	9.80%	7.77%
Morningstar Foreign Large Growth	-	3.81%	3.81%	18.88%	12.07%	4.59%	8.74%	-

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.

View Distributions

Ratings and Rankings

As of: 01/31/2026

Morningstar Category: Foreign Large Growth

Overall

359 Funds in Category

3-YR

359 Funds in Category

5-YR

331 Funds in Category

10-YR

217 Funds in Category

As of: 12/31/2025

Lipper Category: International Large-Cap Growth

1-YR

Rank: 175

373 Funds in Category

3-YR

Rank: 289

356 Funds in Category

5-YR

Rank: 250

323 Funds in Category

10-YR

Rank: 127

223 Funds in Category

Portfolio Characteristics

As of 01/31/2026

Portfolio Composition
Wgtd Avg Market Cap ($Billion)	$197.65
Median Market Cap ($Billion)	$56.49
P/E Ratio (Next 12 Months)	16.3
EPS Growth (Long-Term)	20.9%
Trailing 1-Year Turnover	83.2%
Cash	0.8%
Standard Deviation (10 Year)
Fund	16.41%
Index	14.51%

Top 10 Holdings	% of Fund
Taiwan Semiconductor Manufacturing Company Limited	5.1%
SK hynix Inc.	4.8%
Samsung Electronics Co., Ltd.	4.2%
Tencent Holdings Limited	3.0%
Hon Hai Precision Industry Co., Ltd.	2.8%
ASML Holding N.V.	2.7%
Sandoz Group AG	2.6%
IHI Corporation	2.6%
Banco Bilbao Vizcaya Argentaria S.A.	2.6%
Heidelberg Materials AG	2.4%
Total	32.8%

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Portfolio Allocations

As of: 01/31/2026

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Range	% of Fund
> $20.0B	89.7%
$5.0B - $20.0B	10.3%
< $5.0B	0.0%
Total	100.0%

As of: 01/31/2026

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Sector	% of Fund	% Benchmark
Information Technology	24.8%	15.1%
Financials	21.2%	23.2%
Industrials	18.7%	15.7%
Health Care	11.3%	7.6%
Consumer Discretionary	7.2%	9.4%
Communication Services	6.9%	5.1%
Materials	4.8%	8.1%
Utilities	4.2%	3.2%
Real Estate	0.9%	2.6%
Energy	0.0%	4.4%
Consumer Staples	0.0%	5.6%
Exchange-Traded Funds	0.0%	0.0%
Total	100.0%

As of: 01/31/2026

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Geographic	% of Fund
Asia Ex-Japan	4.9%
Japan	11.5%
Europe Ex-U.K., Middle East	34.2%
United Kingdom	10.2%
Western Hemisphere	4.2%
Emerging Markets Totals	35.0%
Asia	28.7%
Europe, Mid-East, Africa	0.9%
Latin America	5.4%
Total	100.0%

Management

Alaina Anderson, CFA, Partner

Portfolio Manager

Tenure with William Blair:Since

2006

View Bio

Simon Fennell, Partner

Portfolio Manager

Tenure with William Blair:Since

2011

View Bio

Chandan Khanna

Portfolio Manager

Tenure with William Blair:Since

2025

View Bio

Fund Literature

Fund Literature
Class I Fact Sheet
Quarterly Review
Commentary
Holdings
Fund Profile
Why Non-U.S. Equities Now?
5 Forces Fueling the Energy Transition

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. International investing involves special risk considerations, including currency fluctuations, lower liquidity, economic and political risk. Because the Fund may focus its investments in a limited number of securities, its performance may be more volatile than a fund that invests in a greater number of securities. International investing involves special risk considerations, including currency fluctuations, lower liquidity, and economic and political risk. Investing in emerging markets can increase these risks, including higher volatility and lower liquidity. Investing in smaller and medium capitalization companies involves special risks, including higher volatility and lower liquidity. Small and mid-cap stocks are also more sensitive to purchase/sale transactions and changes in the issuer’s financial condition. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Diversification does not ensure against loss.

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 Morgan Stanley Capital International (MSCI) All Country World Ex-U.S. IMI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. This series approximates the minimum possible dividend reinvestment. The Index is unmanaged, does not incur fees or expenses, and cannot be invested in directly.

The Morningstar Foreign Large Growth Category represents the average annual composite performance of all mutual funds listed in the Foreign 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

International Leaders Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: Foreign Large Growth

Lipper Category: International Large-Cap Growth

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us

Investments

Insights

About

Performance

Ratings and Rankings

Morningstar Category: Foreign Large Growth

Lipper Category: International Large-Cap Growth

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us

WILIX

International Leaders Fund

Why Consider This Fund?

Approach

Fund Facts

Performance

Ratings and Rankings

Morningstar Category: Foreign Large Growth

Lipper Category: International Large-Cap Growth

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us

Performance

Ratings and Rankings

Morningstar Category: Foreign Large Growth

Lipper Category: International Large-Cap Growth

Portfolio Characteristics

Portfolio Allocations

Management

Fund Literature

Contact Us

Contact Us

Contact Us