William Blair Small-Mid Cap Growth Fund Class N
WSMNX
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- William Blair Small-Mid Cap Growth Fund Class N (WSMNX) 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 small-cap and mid-cap domestic growth companies exhibiting quality growth characteristics; the portfolio primarily comprises common stocks and other equity investments, such as securities convertible into common stocks, with a focus on high-quality firms expected to sustain above-market earnings growth, diversified across sectors including information technology (24.3%), industrials (23.0%), and health care (22.7%), and market caps emphasizing small (56.58%) and medium (31.78%) capitalization companies; top holdings as of late 2025 include Insmed Incorporated (3.2%), Doximity, Inc. (2.9%), and Pure Storage, Inc. (2.8%), representing approximately 24.4% of the portfolio; the fund maintains a weighted average market cap of $13.76 billion, a next-12-month P/E ratio of 25, long-term EPS growth projection of 18.6%, and trailing 12-month turnover of 57.9-63%. Class N shares, available without a front-end load and with a net expense ratio of 1.24%, target long-term investors with a minimum initial investment of $2,500; the fund benchmarks against the Russell 2500 Growth Index and ranks in the Morningstar Mid-Cap Growth category. Managed by William Blair Investment Management, LLC, a subsidiary of William Blair & Company, L.L.C.—an employee-owned independent investment bank and financial services firm founded in 1935 and headquartered at 150 North Riverside Plaza in Chicago, Illinois—the fund operates from the United States with global research support from William Blair's over 20 offices worldwide, including locations in London, Los Angeles, Shanghai, and Sydney; total net assets stand at approximately $1.4 billion, with Class N comprising $69.41 million. Portfolio managers include Daniel Crowe, CFA (since December 2015), Nicholas Zimmerman, CFA (since June 2023), reflecting a recent co-manager addition to the team previously led by Crowe alongside others. Recent developments include a July 2025 leadership transition with the appointment of Robert D. Kendall as global head of investment management following Stephanie Braming's planned retirement, alongside strategic firm-wide expansions in private capital advisory, equities research hires, and platform enhancements for buy-side capabilities and non-control investments amid 2025 market shifts; the fund continues to emphasize quality growth amid portfolio adjustments, such as trims in energy positions and merger integrations in holdings.