William Blair Small Cap Value Fund Class I
ICSCX
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- William Blair Small Cap Value Fund Class I (ICSCX) is an open-end mutual fund that seeks total return principally through capital appreciation and, secondarily, income by investing primarily in small-cap value equity securities of domestic and foreign issuers. The fund focuses on undervalued small-capitalization companies exhibiting solid balance sheets, free cash flow generation, and strong management teams skilled in capital allocation; it employs a bottom-up approach leveraging sector analysts' expertise to identify firms with potential to outperform the broader market across cycles, benchmarked against the Russell 2000 Value Index. Core portfolio characteristics as of November 30, 2025, include total net assets of $925 million, 104 holdings, a weighted average market capitalization of $3.94 billion, next 12-month P/E ratio of 14.1, long-term EPS growth of 16.9%, and one-year trailing turnover of 45.3%; sector allocations emphasize financials (25.9%), industrials (25.5%), and information technology (10.4%), with market cap distribution spanning companies above $4.0 billion (41.9%) to below $1.0 billion (2.5%). Top holdings, representing 14.9% of the portfolio, include Banc of California, Inc. (1.6%), Gulfport Energy Corporation (1.6%), Texas Capital Bancshares, Inc. (1.6%), Cadence Bank (1.6%), and Seacoast Banking Corporation of Florida (1.5%), among others; the fund maintains approximately 3.0% cash allocation and offers Class I shares with a net expense ratio of 0.89% (gross 0.92%), subject to a contractual fee waiver through April 30, 2026. It is available to qualified investors with a minimum initial investment of $500,000 and additional investments of $1,000, domiciled in the United States with daily pricing. Portfolio managers include William Heaphy, CFA (since 2021), Matthew Fleming, CFA (Head of U.S. Value Equity Team, since 2021), and Mark Goodman, CFA (since 2025). In a major reorganization effective July 16, 2021, the fund acquired the assets and assumed the liabilities of the ICM Small Company Portfolio (advised by Investment Counselors of Maryland, LLC), which William Blair Investment Management acquired in July 2021; the predecessor fund's institutional class performance history was adopted by ICSCX Class I shares, though under a different prior fee structure. This integration expanded William Blair's value equity offerings, following the 2023 launch of the related Small-Mid Cap Value Fund (ISMVX) co-managed by Heaphy and Fleming. No significant partnerships, funding rounds, new product launches, or operational shifts have been reported for ICSCX in the last 1-2 years. The fund operates within the small value category, targeting institutional and high-net-worth investors seeking exposure to U.S.-centric small-cap equities (95.38% U.S. stocks) alongside limited non-U.S. holdings (2.62%); geographic diversification is predominantly U.S.-focused with minor international exposure. William Blair & Company, L.L.C., founded in 1935 and headquartered at 150 N Riverside Plaza in Chicago, Illinois, serves as distributor, with William Blair Investment Management, LLC acting as adviser; the employee-owned firm provides global investment management from offices in the United States, United Kingdom, China, Australia, and elsewhere. Inception date for ICSCX Class I shares is April 19, 1989, with separate account vehicles also available.