William Blair Macro Allocation Fund
Data updated: 2022-08-29
C000106602 — William Blair Macro Allocation Fund. Total Return Allocation · $22.77M AUM · 1.05% expense ratio. Holdings, fees, performance and SEC filings.
C000106602 Fund Overview
William Blair Macro Allocation Fund is a US mutual fund managed by William Blair Funds, categorised as Total Return Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: William Blair Funds
- Category: Total Return Allocation
- Assets under management: $22.77M
- 1-year return: -3.5%
- SEC CIK: 0000822632
- SEC series ID: S000034624
- Share class ID: C000106602
C000106602 Investment Objective and Strategy
William Blair Macro Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by William Blair Funds.
Investment objective
The William Blair Macro Allocation Fund (the “Fund”) seeks to maximize long-term risk-adjusted total return.
Principal investment strategy
In pursuing the Funds investment objective, the Adviser employs dynamic, global macro asset allocation strategies. These strategies attempt to exploit periodic market inefficiencies by taking long and short positions in various asset classes (e.g., equity and fixed-income) (market-oriented strategies) and currencies (currency-oriented strategies) with a view to profit from movements across and within such asset classes and currencies. The Adviser uses a top-down approach that focuses on general price movements in various asset classes and currencies rather than the performance of individual company securities. The Advisers macro asset allocation strategies are based primarily on the fundamental investment valuations of asset classes and currencies. The Adviser believes that investment fundamentals determine future cash flows which will ultimately drive the value of asset classes and currencies.
The Advisers goal is to identify and exploit periodic discrepancies between fundamental values and market prices. These perceived value/price discrepancies are the foundation for the Funds portfolio construction. In managing the Fund, the Adviser seeks to achieve a total rate of return (net of fees) that meets or exceeds the Consumer Price IndexAll Urban Consumers (seasonally adjusted) plus 5% over a full market cycle (typically 6 to 10 years). The Adviser does not represent or guarantee that the Fund will meet this total return goal. The Fund may invest in or seek exposure to a wide range of asset classes including, without limitation, equity, fixed-income (including asset-backed securities, mortgage-backed securities and other collateralized obligations and all grades and maturities of domestic and foreign credit, including below investment grade securities (commonly referred to as high yield or junk bonds), commodities and real estate, and currencies.
The Fund has no geographic or other limits on the allocation of its assets among asset classes. The Fund may invest its assets in any markets, including emerging markets, or asset classes that the Adviser believes to be appropriate for meeting the Funds investment objective. The Fund may also seek exposure to broad-based market indices, more narrowly focused customized trades or economic variables such as inflation rates. The Fund may seek long exposure to asset classes and currencies that the Adviser perceives will provide relatively attractive risk-adjusted returns and short exposure to asset classes and currencies that the Adviser perceives will provide relatively unattractive risk-adjusted returns, consistent with the Funds investment objective of maximizing long-term risk adjusted total return.
The Fund may also use long and short exposures to manage risk. There are many ways in which the Fund may obtain a desired long exposure. The Fund may take long positions indirectly through exchange-traded funds (ETFs), exchange-traded notes and derivative instruments such as, but not limited to, futures, swaps, options and currency forward contracts. There are many ways in which the Fund may obtain a desired short exposure. The Fund may take short positions indirectly through ETFs, including inverse ETFs, and derivative instruments (listed above) that are intended to provide inverse exposure to a particular asset class or currency. Futures would typically be on, though are not limited to, equity indexes and government bonds. Swaps would typically be on, though are not limited to, equity indexes, including custom equity indexes, equity index volatility/variance, government bonds, credit default indexes, interest rates, inflation, commodities and commodity indexes.
The Fund may also enter into credit default swaps, including as the seller of a credit default swap. Options would typically be on, though are not limited to, equity indexes, equity index futures, fixed income indexes, government bonds, government bond futures and currencies. The Fund may also invest in individual stocks, real estate investment trusts, closed-end funds, preferred stock, publicly traded partnerships, royalty income trusts, repurchase agreements and other equity securities, fixed-income securities and currencies for the purpose of effecting macro strategies. The Fund may engage in short sales on ETFs and individual securities. Long positions and short positions may be intended to enhance expected return, reduce expected risk or both. The Fund may increase or decrease its risk exposures by increasing and decreasing leverage, or by increasing and decreasing cash and cash equivalents.
Leverage may be used to achieve potentially higher returns through proportionally higher ex-ante risk exposures. Ex-ante risk exposure is the Advisers forward-looking, best estimate, of the Funds standard deviation from an expected return. Leverage would increase the expected return when opportunities are anticipated to be greater than normal, but will also increase risk.
C000106602 Performance
Total returns for C000106602 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -3.5% |
| 3 years (annualised) | -0.4% |
C000106602 Risk Information
Risk metrics for C000106602, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.9%
C000106602 Costs and Fees
C000106602 costs about $105 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.05%
- Gross expense ratio: 1.08%
- Portfolio turnover: 70%
- Brokerage commissions: 4.57 bps of average net assets (SEC N-CEN)
C000106602 Cashflows
Over the 12 months to 2022-06, William Blair Macro Allocation Fund had net outflows of $186.85M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2022-06 | −$11.60M |
| 2022-05 | −$119.59M |
| 2022-04 | −$20.61M |
| 2022-03 | −$3.82M |
| 2022-02 | −$425.56K |
| 2022-01 | −$9.10M |
C000106602 Debt Constituents
No individual debt constituents are reported in William Blair Macro Allocation Fund's latest SEC N-PORT filing.
C000106602 Prospectus and SEC Filings
Official William Blair Macro Allocation Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-04-29
- Prospectus (485BPOS) — filed 2021-04-30
- Prospectus supplement (497) — filed 2022-05-03
- Portfolio holdings (N-PORT) — filed 2022-08-29
- Portfolio holdings (N-PORT) — filed 2022-05-24
- Portfolio holdings (N-PORT) — filed 2022-02-28
- Annual census (N-CEN) — filed 2022-03-14
- Annual census (N-CEN) — filed 2021-03-15
Related Funds
Other Total Return Allocation funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.