Separate Accounts

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Institutional Separately Managed Accounts

William Blair offers a broad range of separately managed accounts leveraging decades of experience in managing custom solutions for the benefit of our clients. Our separate accounts provide investors direct ownership, greater customization, transparency, and potential tax efficiency. These solutions span across asset classes, styles, capitalizations, and geographies. We manage each separate account according to the client’s investment objective, restrictions, and guidelines.

$37 billion

separately managed account assets

31% of our AUM

is from clients with multiple strategies

9.8 years

average client tenure

All data as of 12/31/2025

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Strategy Name	Description
Global Equity
Global Leaders	High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Global Leaders Sustainability	High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle, with a long-term focus. Sustainability leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and stand out for their management of resources, human capital, and stakeholders.
International Leaders	High conviction international portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
International Leaders ADR	High conviction international portfolio of 30 to 60 companies diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
International Growth	Broad international portfolio of 180 to 240 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to emerging market and small-cap companies.
International Small Cap Growth	International small-cap portfolio of 100 to 150 stocks diversified across region, industry, and corporate lifecycle.
Emerging Markets Leaders	High conviction emerging markets portfolio of 50 to 80 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Emerging Markets Leaders Concentrated	High conviction emerging markets portfolio of 20 to 35 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Emerging Markets Growth	Broad emerging markets portfolio of 120 to 175 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.
Emerging Markets ex China Growth	Broad emerging markets ex China portfolio of 80 to 130 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.
Emerging Markets Small Cap Growth	Emerging markets small-cap portfolio of 120 to 175 stocks diversified across region, industry, and corporate lifecycle.
China Growth	Focused portfolio of 30 to 70 high-quality growth Chinese companies diversified across share class, market capitalization, and industries.
China A-Shares Growth	Focused portfolio of 30 to 70 high-quality growth China A-Share companies across the market-capitalization spectrum.
U.S. Growth and Core Equity
All Cap Growth	Broad opportunity set across all market caps in a portfolio of high-quality growth companies.
Large Cap Growth	Concentrated portfolio of structurally advantaged, large-cap quality growth companies that are diversified across sectors.
Small-Mid Cap Growth	Portfolio of high-quality small- and mid-cap growth companies that seeks to provide attractive long-term investment returns with lower levels of risk.
Small-Mid Cap Core	Portfolio of high-quality small- and mid-cap companies across a broad universe that seeks to provide attractive long-term investment returns with lower levels of risk.
Small Cap Growth	Portfolio of high-quality small-cap growth companies whose stocks are attractively valued.
U.S. Value Equity
Mid Cap Value	Portfolio of quality mid-cap companies whose stocks are trading at a discount to their intrinsic value.
Small-Mid Cap Value	Portfolio of quality small- and mid-cap companies whose stocks are trading at a discount to their intrinsic value.
Small Cap Value	Portfolio of quality small-cap companies whose stocks are trading at a discount to their intrinsic value.
Emerging Markets Debt
Emerging Markets Debt	Diversified portfolio of emerging markets debt denominated primarily in major currencies (primarily the U.S. dollar), with up to 20% denominated in local currencies.
Emerging Markets Debt Hard Currency	Diversified portfolio of emerging markets debt denominated in major currencies (primarily the U.S. dollar).
Emerging Markets Debt Local Currency	Portfolio of local currencies and local interest rates of emerging markets.
Emerging Markets Frontier Debt	Diversified portfolio of investments in local- and hard-currency-denominated debt issued in and/or by emerging markets frontier countries.

Investing involves risks, including the possible loss of principal. Equity securities may decline in value due to both real and perceived general market, economic, and industry conditions. The securities of smaller companies may be more volatile and less liquid than securities of larger companies. Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging markets. Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. High-yield, lower-rated, securities involve greater risk than higher-rated securities. Different investment styles may shift in and out of favor depending on market conditions. Diversification does not ensure against loss. Past performance is not indicative of future returns. References to specific companies are for illustrative purposes only and should not be construed as investment advice or a recommendation to buy or sell any security.

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.

Issued in the United Kingdom by William Blair International, Ltd., authorized and regulated by the Financial Conduct Authority (FCA), and is only directed at and is only made available to persons falling within articles 19, 38, 47, and 49 of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (all such persons being referred to as "relevant persons").

Issued in the European Economic Area (EEA) by William Blair B.V., authorized and supervised by the Dutch Authority for the Financial Markets (AFM) under license number 14006134 and also supervised by the Dutch Central Bank (DNB), registered at the Dutch Chamber of Commerce under number 82375682 and has its statutory seat in Amsterdam, the Netherlands. This material is only intended for eligible counterparties and professional clients.

Issued in Switzerland by William Blair Investment Services (Zurich) GmbH, Talstrasse 65, 8001 Zurich, Switzerland ("WBIS"). WBIS is engaged in the offering of collective investment schemes and renders further, non-regulated services in the financial sector. WBIS is affiliated with FINOS Finanzomubdsstelle Schweiz, a recognized ombudsman office where clients may initiate mediation proceedings pursuant to articles 74 et seq. of the Swiss Financial Services Act ("FinSA"). The client advisers of WBIS are registered with regservices.ch by BX Swiss AG, a client adviser registration body authorized by the Swiss Financial Market Supervisory Authority ("FINMA"). WBIS is not supervised by FINMA or any other supervisory authority or self-regulatory organization. This material is only intended for institutional and professional clients pursuant to article 4(3) to (5) FinSA.

Issued in Australia by William Blair Investment Management, LLC (“William Blair”), which is exempt from the requirement to hold an Australian financial services license under Australia's Corporations Act 2001 (Cth). William Blair is registered as an investment advisor with the U.S. Securities and Exchange Commission (“SEC”) and regulated by the SEC under the U.S. Investment Advisers Act of 1940, which differs from Australian laws. This material is intended only for wholesale clients.

Issued in Singapore by William Blair International (Singapore) Pte. Ltd. (Registration Number 201943312R), which is regulated by the Monetary Authority of Singapore under a Capital Markets Services License to conduct fund management activities. This material is intended only for institutional investors and may not be distributed to retail investors.

Issued in Canada by William Blair Investment Management, LLC, which relies on the international adviser exemption, pursuant to section 8.26 of National Instrument 31-103 in Canada.

Strategy Name	Description
Global Equity
Global Leaders	High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Global Leaders Sustainability	High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle, with a long-term focus. Sustainability leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and stand out for their management of resources, human capital, and stakeholders.
International Leaders	High conviction international portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
International Leaders ADR	High conviction international portfolio of 30 to 60 companies diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
International Growth	Broad international portfolio of 180 to 240 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to emerging market and small-cap companies.
International Small Cap Growth	International small-cap portfolio of 100 to 150 stocks diversified across region, industry, and corporate lifecycle.
Emerging Markets Leaders	High conviction emerging markets portfolio of 50 to 80 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Emerging Markets Leaders Concentrated	High conviction emerging markets portfolio of 20 to 35 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.
Emerging Markets Growth	Broad emerging markets portfolio of 120 to 175 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.
Emerging Markets ex China Growth	Broad emerging markets ex China portfolio of 80 to 130 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.
Emerging Markets Small Cap Growth	Emerging markets small-cap portfolio of 120 to 175 stocks diversified across region, industry, and corporate lifecycle.
China Growth	Focused portfolio of 30 to 70 high-quality growth Chinese companies diversified across share class, market capitalization, and industries.
China A-Shares Growth	Focused portfolio of 30 to 70 high-quality growth China A-Share companies across the market-capitalization spectrum.
U.S. Growth and Core Equity
All Cap Growth	Broad opportunity set across all market caps in a portfolio of high-quality growth companies.
Large Cap Growth	Concentrated portfolio of structurally advantaged, large-cap quality growth companies that are diversified across sectors.
Small-Mid Cap Growth	Portfolio of high-quality small- and mid-cap growth companies that seeks to provide attractive long-term investment returns with lower levels of risk.
Small-Mid Cap Core	Portfolio of high-quality small- and mid-cap companies across a broad universe that seeks to provide attractive long-term investment returns with lower levels of risk.
Small Cap Growth	Portfolio of high-quality small-cap growth companies whose stocks are attractively valued.
U.S. Value Equity
Mid Cap Value	Portfolio of quality mid-cap companies whose stocks are trading at a discount to their intrinsic value.
Small-Mid Cap Value	Portfolio of quality small- and mid-cap companies whose stocks are trading at a discount to their intrinsic value.
Small Cap Value	Portfolio of quality small-cap companies whose stocks are trading at a discount to their intrinsic value.
Emerging Markets Debt
Emerging Markets Debt	Diversified portfolio of emerging markets debt denominated primarily in major currencies (primarily the U.S. dollar), with up to 20% denominated in local currencies.
Emerging Markets Debt Hard Currency	Diversified portfolio of emerging markets debt denominated in major currencies (primarily the U.S. dollar).
Emerging Markets Debt Local Currency	Portfolio of local currencies and local interest rates of emerging markets.
Emerging Markets Frontier Debt	Diversified portfolio of investments in local- and hard-currency-denominated debt issued in and/or by emerging markets frontier countries.

Strategy Name

Description

Global Equity

Global Leaders

High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.

Global Leaders Sustainability

High conviction global portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle, with a long-term focus. Sustainability leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and stand out for their management of resources, human capital, and stakeholders.

International Leaders

High conviction international portfolio of 40 to 70 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.

International Leaders ADR

High conviction international portfolio of 30 to 60 companies diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.

International Growth

Broad international portfolio of 180 to 240 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to emerging market and small-cap companies.

International Small Cap Growth

International small-cap portfolio of 100 to 150 stocks diversified across region, industry, and corporate lifecycle.

Emerging Markets Leaders

High conviction emerging markets portfolio of 50 to 80 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.

Emerging Markets Leaders Concentrated

High conviction emerging markets portfolio of 20 to 35 stocks diversified across market cap, region, industry, and corporate lifecycle. Leaders are companies that we believe demonstrate consistent value creation, competitive dominance, and sustainability of critical inputs.

Emerging Markets Growth

Broad emerging markets portfolio of 120 to 175 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.

Emerging Markets ex China Growth

Broad emerging markets ex China portfolio of 80 to 130 stocks diversified across market cap, region, industry, and corporate lifecycle with a structural weight to small-cap companies.

Emerging Markets Small Cap Growth

Emerging markets small-cap portfolio of 120 to 175 stocks diversified across region, industry, and corporate lifecycle.

China Growth

Focused portfolio of 30 to 70 high-quality growth Chinese companies diversified across share class, market capitalization, and industries.

China A-Shares Growth

Focused portfolio of 30 to 70 high-quality growth China A-Share companies across the market-capitalization spectrum.

U.S. Growth and Core Equity

All Cap Growth

Broad opportunity set across all market caps in a portfolio of high-quality growth companies.

Large Cap Growth

Concentrated portfolio of structurally advantaged, large-cap quality growth companies that are diversified across sectors.

Small-Mid Cap Growth

Portfolio of high-quality small- and mid-cap growth companies that seeks to provide attractive long-term investment returns with lower levels of risk.

Small-Mid Cap Core

Portfolio of high-quality small- and mid-cap companies across a broad universe that seeks to provide attractive long-term investment returns with lower levels of risk.

Small Cap Growth

Portfolio of high-quality small-cap growth companies whose stocks are attractively valued.

U.S. Value Equity

Mid Cap Value

Portfolio of quality mid-cap companies whose stocks are trading at a discount to their intrinsic value.

Small-Mid Cap Value

Portfolio of quality small- and mid-cap companies whose stocks are trading at a discount to their intrinsic value.

Small Cap Value

Portfolio of quality small-cap companies whose stocks are trading at a discount to their intrinsic value.

Emerging Markets Debt

Diversified portfolio of emerging markets debt denominated primarily in major currencies (primarily the U.S. dollar), with up to 20% denominated in local currencies.

Emerging Markets Debt Hard Currency

Diversified portfolio of emerging markets debt denominated in major currencies (primarily the U.S. dollar).

Emerging Markets Debt Local Currency

Portfolio of local currencies and local interest rates of emerging markets.

Emerging Markets Frontier Debt

Diversified portfolio of investments in local- and hard-currency-denominated debt issued in and/or by emerging markets frontier countries.