William Blair Large Cap Growth Fund Class I
LCGFX
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- William Blair Large Cap Growth Fund Class I (LCGFX) is an open-end mutual fund managed by William Blair Investment Management, LLC that seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities, including common stocks and convertible securities, of large-cap U.S. growth companies exhibiting strong growth characteristics, quality management teams, and solid financials; the fund maintains a non-diversified portfolio typically comprising 30-35 high-conviction holdings with benchmark-neutral sector and market-cap exposures, emphasizing structurally advantaged companies in growing industries whose long-term prospects are underappreciated by the market. As of November 30, 2025, the fund holds total net assets of $2.736 billion across 31 positions, with top sectors including information technology (54.0%), communication services (11.7%), and consumer discretionary (9.9%); key holdings feature NVIDIA Corporation (13.1%), Microsoft Corporation (12.3%), Apple Inc. (10.7%), Broadcom Inc. (7.3%), and Amazon.com, Inc. (6.7%), alongside a weighted average market capitalization of $2,165.60 billion, next-12-month P/E ratio of 28.6, and long-term EPS growth of 20.3%. The fund offers Class I shares with a net expense ratio of 0.65% (gross 0.75%), following the Russell 1000 Growth Index as its benchmark, and is available to institutional investors with a $500,000 minimum initial investment. Launched on December 27, 1999, and headquartered at 150 North Riverside Plaza in Chicago, Illinois, the fund operates primarily in the U.S. large-growth equity segment, targeting institutional and high-net-worth investors seeking exposure to quality growth stocks; it is part of William Blair Funds, distributed by William Blair & Company, L.L.C., with portfolio management led by James Golan, CFA (Partner since 2000) and David Ricci, CFA (Partner since 1994). The fund demonstrates moderate turnover at 39.8% (trailing 12 months) and low cash allocation of 0.2%, supporting a high-conviction, low-turnover strategy with moderate tracking error relative to its benchmark. Recent operational enhancements include a contractual fee waiver by the adviser to limit fund operating expenses to the current net ratio through April 30, 2026, ensuring cost efficiency amid market volatility; the fund maintained strong asset growth to $2.736 billion as of November 30, 2025, reflecting sustained investor interest despite YTD returns of 13.81% through that date. No major acquisitions, partnerships, or structural reorganizations specific to LCGFX were reported in 2024-2025, though William Blair's broader investment management platform continued active expansion in private capital advisory and secondary markets, with record 2024 secondary transaction volumes signaling positive momentum into 2025. Performance remains driven by stock selection in technology and growth sectors, with recent distributions including a $1.751 dividend and $1.73 capital gain per share in December 2024.