William Blair Emerging Markets Small Cap Growth Fund Class N (WESNX) is an open-end mutual fund that seeks long-term capital appreciation by investing at least 80% of its net assets in equity securities of emerging market small capitalization companies exhibiting above-average growth, profitability, and quality characteristics. The fund invests primarily in a diversified portfolio of common stocks and other equity investments, such as securities convertible into common stocks, with a weighted average market capitalization of approximately $2.92 billion and holdings diversified across sectors including industrials (24.76%), financial services (19.60%), and technology (18.93%); regionally, it emphasizes emerging Asia (37.30%), developed Asia (33.83%), and Latin America (12.90%). Class N shares, launched on October 24, 2011, feature a net expense ratio of 1.40%, a minimum initial investment of $2,500, and are available for sale in the United States, with total net assets of approximately $378 million.
The fund is managed by William Blair & Company, LLC, headquartered in Chicago, Illinois, a global investment management firm founded in 1935 that provides a range of equity strategies across various market capitalizations and geographies; WESNX operates as part of William Blair's suite of mutual funds domiciled in the United States and targets institutional and retail investors seeking exposure to high-conviction emerging markets small-cap growth opportunities.
Recent developments include the addition of D.J. Neiman as co-portfolio manager effective January 1, 2024, alongside longstanding managers Todd McClone (since inception) and Casey Preyss (since 2016), enhancing the team's expertise in small-cap emerging markets selection amid a portfolio turnover of 117-257% over recent trailing periods. The fund maintained its focus on quality growth amid 2025 market dynamics characterized by emerging markets mega-cap concentration and small-cap challenges, as highlighted in William Blair's third-quarter 2025 update emphasizing undiscovered small companies with strong management. William Blair, as the parent firm, expanded through strategic partnerships with Allier Capital, BDA Partners, and Poalim Capital Markets, alongside naming new internal partners in investment management in November 2025, supporting broader operational enhancements.