William Blair Emerging Mkts Ldrs N
WELNX
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- William Blair Emerging Markets Leaders Fund Class N (WELNX) is an open-end mutual fund managed by William Blair & Company, L.L.C., that seeks long-term capital appreciation by investing primarily in a high-conviction portfolio of 50 to 80 equity securities of emerging markets companies demonstrating above-average returns on equity, strong balance sheets, and consistent earnings growth. The fund focuses on large-cap growth stocks across sectors including information technology (approximately 23%), financials (22%), industrials (15%), and communication services (14%), with key holdings such as Taiwan Semiconductor Manufacturing Company Limited (13.4%), Tencent Holdings Limited (7.9%), and Alibaba Group Holding Limited (3.4%); it maintains geographic diversification primarily in emerging Asia (over 50%), developed Asia (25%), Latin America (11%), and other emerging regions. Class N shares, with a net expense ratio of 1.24% and minimum initial investment of $2,500, are available to the general public in the United States. Launched on May 3, 2010, the fund is part of William Blair's suite of mutual funds domiciled in the United States and headquartered in Chicago, Illinois, where the parent firm was founded in 1935 as an independent, employee-owned global investment manager. The portfolio targets diversified emerging markets investors, benchmarking against the MSCI Emerging Markets Index (net), with total net assets of approximately $160 million and a weighted average market capitalization of $237 billion as of late 2025. Recent portfolio management changes include the appointment of Ian Smith and Paul Birchenough as co-portfolio managers effective January 22, 2024, alongside Hugo Scott-Gall, reflecting a strengthened global equity team; the firm has also contractually agreed to waive fees and/or reimburse expenses to limit the fund's operating expenses through April 30, 2026. As of November 30, 2025, the fund reported a trailing 12-month turnover of 77.4%, a next-12-month P/E ratio of 17.3, and long-term EPS growth projection of 20.4%, underscoring its focus on value creation amid evolving emerging markets themes such as consumer trends and competitive dominance. No major acquisitions, funding rounds, or strategic alliances specific to the fund were reported in the last 1-2 years.