U.S. Value Equity
Our U.S. Value Equity Team
Quality Fundamental Focus
What We Believe
We believe that pricing inefficiencies exist in small- and mid-cap stocks such that quality companies can temporarily trade below their intrinsic value. This valuation discrepancy tends to be rationalized over time. By maintaining a strong valuation discipline, with a strict focus on quality companies, we believe we are rewarded for our stock selection, conviction, and patience.
Strong investment timing has been a key factor to our success. Our focus is to nimbly identify profitable entry and exit points of quality companies.
Why This Matters
Research has shown that historically, small- and mid-cap value stocks have been among the best- performing asset classes over time.
Both value and small- and mid-cap company risk premiums have amply rewarded investors over the long term. Our view is that most investors can benefit from the attractive long-term capital appreciation potential that a strategic allocation to small- and mid-cap value equities has offered. We believe that investors are well served and can improve their long-term prospects by investing with an active manager in this space.
Resources
5 Reasons to Consider Value Stocks
Recent signals suggest that the landscape for value equities may finally be starting to change.
Our Edge in Small-Cap Value
We believe three things define our edge in small-cap value: our team’s experience; a well-defined and interactive research process; and the fact that we’re all pulling the oar in the same direction.
Featured Funds
ICSCX
View Fund:
https://im.williamblair.com/investments/mutual-funds/icscx-small-cap-value-fund
Featured Strategies
View Strategy:
https://im.williamblair.com/investments/separate-accounts/small-cap-value
View Strategy:
https://im.williamblair.com/investments/separate-accounts/small-mid-cap-value
U.S. Value Equity Strategies
| 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. Value Equity Fund Performance
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.
| RETURNS: As of 10/31/25 | AVERAGE ANNUAL RETURNS: As of 10/31/25 | ||||||||||
| Ticker and Fund Name | Share Class | Month ▼ | YTD ▼ | 1-YR ▼ | 3-YR ▼ | 5-YR ▼ | 10-YR ▼ | Since Inception ▼ | Gross Expense Ratio ▼ | Net Expense Ratio ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|---|---|---|---|
WVMIX | I | -2.65% | 1.69% | 2.40% | 9.32% | - | - | 4.75%Since03/16/22 | 8.77% | 0.75% | |
Russell Midcap® Value Index | - | -1.00% | 8.40% | 7.86% | 11.71% | - | - | 7.44% | - | - | - |
ISMVX | I | -1.37% | -1.64% | -0.92% | - | - | - | 4.56%Since08/17/23 | 5.98% | 0.85% | |
Russell 2500® Value Index | - | -0.26% | 9.01% | 10.11% | - | - | - | 14.10% | - | - | - |
ICSCX | I | -1.12% | -1.96% | -0.06% | 3.17% | 10.11% | 7.74% | 10.97%Since04/19/89 | 0.92% | 0.89% | |
Russell 2000® Value Index | - | 0.25% | 9.32% | 9.87% | 9.25% | 13.85% | 8.66% | 9.81% | - | - | - |
| Prices: As of 11/11/25 | ||||||||
| Ticker and Fund Name | Share Class | Closing Price ▼ | Daily Change ▼ | Daily % Change ▼ | Distribution Yield ▼ | 30-Day SEC Yield (Subsidized) ▼ | 30-Day SEC Yield (Unsubsidized) ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|---|
WVMIX | I | $11.74 | 0.02 | 0.17% | - | - | - | |
ISMVX | I | $10.99 | 0.03 | 0.27% | - | - | - | |
ICSCX | I | $29.55 | 0.12 | 0.41% | - | - | - | |
| Ticker and Fund Name | Share Class | Category ▼ | Overall Rating ▼ | 3-YR ▼ | 5-YR ▼ | 10-YR ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|
WVMIX Mid Cap Value Fund | I | Mid-Cap Value | Out of 378 funds | Out of 378 funds | - | - | |
ICSCX Small Cap Value Fund | I | Small Value | Out of 462 funds | Out of 462 funds | Out of 434 funds | Out of 360 funds |
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.
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.
Our U.S. Value Equity Team
When an investment doesn’t perform as expected, everyone says, ‘Hey, you didn’t put it in the portfolio. We did.’ That encourages you to take more appropriate risks.
Jamie Shurtleff, CFA
When an investment doesn’t perform as expected, everyone says, ‘Hey, you didn’t put it in the portfolio. We did.’ That encourages you to take more appropriate risks.
Jamie Shurtleff, CFA
If you ask me why we have been successful, I’d say a huge piece of it is just our team’s collective knowledge and history. We’ve met a lot of management teams. We’ve seen a lot of patterns.
Matt Fleming, CFA
HEAD OF THE U.S. VALUE EQUITY TEAM
If you ask me why we have been successful, I’d say a huge piece of it is just our team’s collective knowledge and history. We’ve met a lot of management teams. We’ve seen a lot of patterns.
Matt Fleming, CFA
HEAD OF THE U.S. VALUE EQUITY TEAM
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