William Blair Small Cap Value Fund
Fund
ICSCX
Price as of:
$29.39
- $1.29
- 4.20%
Primary Theme
fund company
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
-1.2%
1 yr return
0.3%
3 Yr Avg Return
-1.3%
5 Yr Avg Return
N/A
Net Assets
$1.36 B
Holdings in Top 10
14.2%
52 WEEK LOW AND HIGH
$30.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.92%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 7.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/19/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
ICSCX - Profile
Distributions
- YTD Total Return -1.2%
- 3 Yr Annualized Total Return -1.3%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.55%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameWilliam Blair Small Cap Value Fund
-
Fund Family NameWilliam Blair
-
Inception DateJul 20, 2021
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWilliam Heaphy
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small capitalized (“small cap”) companies. For purposes of the Fund, the Adviser considers a company to be a small cap company if it has a market capitalization no larger than the largest capitalized company included in the Russell 2000® Index at the time of the Fund’s investment. Securities of companies whose market capitalizations no longer meet this definition after purchase may continue to be held in the Fund. To a limited extent, the Fund may also purchase stocks of companies with business characteristics and value prospects similar to small cap companies, but that may have market capitalizations above the market capitalization of the largest member of the Russell 2000® Index. The Fund may invest in equity securities listed on a national securities exchange or traded in the over-the-counter markets. The Fund invests primarily in common stocks, but it may also invest in other types of equity securities, including real estate investment trusts (“REITs”) and American Depositary Receipts (“ADRs”).
Read More
The Russell 2000® Index is a widely recognized, unmanaged index of common stocks that measures the performance of the 2,000 smallest companies in the Russell 3000® Index. The companies in the Russell 2000® Index are considered representative of small cap companies. The size of companies in the Russell 2000® Index may change with market conditions. In addition, changes to the composition of the Russell 2000® Index can change the market capitalization range of the companies included in the index. As of March 31, 2024, the Russell 2000® Index included securities issued by companies that ranged in size between $16.6 million and $59.1 billion. The Russell 2000® Value Index, the Fund’s performance benchmark, measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
In selecting investments for the Fund, the Adviser typically looks to invest in companies with leading market share positions, shareholder oriented managements, and strong balance sheet and cash flow ratios. Usually, the shares of the companies the Adviser buys are selling at a price to earnings ratio below the average price to earnings ratio of the stocks that comprise the Russell 2000® Index. In addition, the companies selected by the Adviser usually have higher returns on equity and capital than the average company in the Russell 2000® Index. The Adviser screens the Fund’s universe of potential investments to identify potentially undervalued securities based on factors such as financial strength, earnings valuation, and earnings quality. The Adviser further narrows the list of potential investments through traditional fundamental security analysis, which may include interviews with company management and a review of the assessments and opinions of outside analysts and consultants. Securities are sold when the Adviser believes the shares have become relatively overvalued or it finds more attractive alternatives. The Adviser generally will not sell a security merely due to market appreciation outside the Fund’s target capitalization range if it believes the company has valuation upside potential.
ICSCX - Performance
Return Ranking - Trailing
| Period | ICSCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.2% | -39.7% | 24.6% | 97.61% |
| 1 Yr | 0.3% | -39.1% | 26.7% | 97.61% |
| 3 Yr | -1.3%* | -10.8% | 74.6% | 99.26% |
| 5 Yr | N/A* | -6.4% | 50.5% | 77.40% |
| 10 Yr | N/A* | -3.1% | 27.4% | 72.55% |
* Annualized
Return Ranking - Calendar
| Period | ICSCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 7.3% | -6.0% | 33.6% | 69.06% |
| 2022 | -17.5% | -33.6% | 212.9% | 51.96% |
| 2021 | N/A | -62.0% | 147.6% | 54.65% |
| 2020 | N/A | -24.8% | 31.3% | 37.71% |
| 2019 | N/A | -21.7% | 34.0% | 72.43% |
Total Return Ranking - Trailing
| Period | ICSCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -1.2% | -39.7% | 24.6% | 97.61% |
| 1 Yr | 0.3% | -39.1% | 26.7% | 97.61% |
| 3 Yr | -1.3%* | -10.8% | 74.6% | 99.26% |
| 5 Yr | N/A* | -6.4% | 50.5% | 58.27% |
| 10 Yr | N/A* | -3.1% | 27.4% | 24.51% |
* Annualized
Total Return Ranking - Calendar
| Period | ICSCX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 10.9% | 1.8% | 35.4% | 83.69% |
| 2022 | -17.5% | -25.2% | 250.0% | 95.59% |
| 2021 | N/A | -3.0% | 157.9% | 54.65% |
| 2020 | N/A | -13.5% | 33.4% | 37.71% |
| 2019 | N/A | -1.5% | 34.3% | 24.81% |
NAV & Total Return History
ICSCX - Holdings
Concentration Analysis
| ICSCX | Category Low | Category High | ICSCX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.36 B | 3.29 M | 63 B | 27.51% |
| Number of Holdings | 110 | 10 | 1599 | 48.33% |
| Net Assets in Top 10 | 190 M | 279 K | 3.62 B | 29.67% |
| Weighting of Top 10 | 14.22% | 5.2% | 92.1% | 73.14% |
Top 10 Holdings
- FIXED INC CLEARING CORP.REPO 1.63%
- Taylor Morrison Home Corp 1.54%
- Tri Pointe Homes Inc 1.46%
- Kite Realty Group Trust 1.45%
- John Wiley Sons Inc 1.43%
- Ameris Bancorp 1.38%
- Belden Inc 1.38%
- CareTrust REIT Inc 1.36%
- Columbia Banking System Inc 1.30%
- Tower Semiconductor Ltd 1.30%
Asset Allocation
| Weighting | Return Low | Return High | ICSCX % Rank | |
|---|---|---|---|---|
| Stocks | 98.23% | 6.25% | 105.88% | 57.18% |
| Other | 1.63% | -1.07% | 38.91% | 11.72% |
| Cash | 0.14% | 0.00% | 37.64% | 85.65% |
| Preferred Stocks | 0.00% | 0.00% | 1.05% | 67.46% |
| Convertible Bonds | 0.00% | 0.00% | 2.63% | 65.78% |
| Bonds | 0.00% | 0.00% | 90.12% | 66.27% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | ICSCX % Rank | |
|---|---|---|---|---|
| Financial Services | 20.85% | 0.00% | 35.71% | 72.06% |
| Industrials | 19.04% | 0.65% | 48.61% | 37.25% |
| Consumer Cyclical | 16.18% | 0.35% | 51.62% | 22.55% |
| Technology | 11.81% | 0.00% | 27.23% | 22.79% |
| Real Estate | 7.69% | 0.00% | 44.41% | 50.49% |
| Healthcare | 5.59% | 0.00% | 25.76% | 55.39% |
| Energy | 5.13% | 0.00% | 29.42% | 75.25% |
| Consumer Defense | 4.60% | 0.00% | 13.22% | 34.80% |
| Basic Materials | 4.12% | 0.00% | 67.30% | 67.40% |
| Communication Services | 2.86% | 0.00% | 17.58% | 39.71% |
| Utilities | 2.13% | 0.00% | 13.86% | 54.90% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | ICSCX % Rank | |
|---|---|---|---|---|
| US | 98.23% | 6.25% | 105.88% | 42.11% |
| Non US | 0.00% | 0.00% | 77.52% | 72.97% |
ICSCX - Expenses
Operational Fees
| ICSCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.92% | 0.05% | 37.04% | 76.32% |
| Management Fee | 0.75% | 0.00% | 1.50% | 43.17% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | N/A | 0.01% | 0.35% | 54.87% |
Sales Fees
| ICSCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| ICSCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| ICSCX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 7.00% | 7.00% | 252.00% | 0.55% |
ICSCX - Distributions
Dividend Yield Analysis
| ICSCX | Category Low | Category High | ICSCX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 14.14% | 34.69% |
Dividend Distribution Analysis
| ICSCX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Quarterly |
Net Income Ratio Analysis
| ICSCX | Category Low | Category High | ICSCX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.55% | -1.43% | 4.13% | 40.44% |
Capital Gain Distribution Analysis
| ICSCX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 14, 2023 | $0.250 | OrdinaryDividend |
| Dec 14, 2023 | $0.108 | CapitalGainShortTerm |
| Dec 14, 2023 | $0.623 | CapitalGainLongTerm |
ICSCX - Fund Manager Analysis
Managers
William Heaphy
Start Date
Tenure
Tenure Rank
Dec 31, 1999
22.43
22.4%
William V. Heaphy, an Associate of William Blair Investment Management, LLC. He joined William Blair in 2021. Previously, Mr. Heaphy was a Principal at Investment Counselors of Maryland, LLC. Mr. Heaphy joined ICM in 1994 as a security analyst in the equity research department, and joined the Small Cap Value team in 1999. Today, he serves the Firm as a member of the Management Committee and the Chief Investment Officer of the ICM Small-to-Mid Cap Value teams. Prior to joining ICM, Bill was an associate in the Baltimore law firm of Ober, Kaler, Grimes and Shriver, and before that, a staff auditor with Price Waterhouse. Bill earned his J.D. from the University of Maryland School of Law and his B.S. from Lehigh University. He holds the Chartered Financial Analyst designation.
Gary Merwitz
Start Date
Tenure
Tenure Rank
Dec 31, 2004
17.42
17.4%
Gary Merwitz is director of research and a research analyst for William Blair’s value equity strategies and a portfolio manager for the Small Cap Value strategy. He focuses on the consumer discretionary and consumer staples sectors. Before joining William Blair in 2021, Gary was director of research, a member of the of the management committee, and a member of the small- to mid-cap value equity teams at ICM. Before joining ICM in 2004, Gary was a small-cap strategist and educational services analyst at Morgan Stanley. Gary received a B.S. in accounting from the University of Maryland and an M.B.A. from Duke University’s Fuqua School of Business.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 37.45 | 8.23 | 3.58 |