Alternative Investment: Transparency And William Blair Macro Allocation Fund Video


How are you able to be fully transparent?
The Dynamic Allocations Strategies team is fundamentally driven, that’s our investments,
philosophy. Because we’re fundamental investors, we tend to be longer-term investors and because
we’re longer-term investors, we can often talk very openly about our thoughts of fundamental
value and what is developing in the broader economy. We’re not a black box, and we’re
not a quant shop. We determined fundamental value across about 100 different market and
currencies and at any point in time we’re always assessing the discrepancies of prices
to fundamental values. And we’re quite transparent in indicating
to our clients what we believe fundamental value is for those markets, and sectors and
bond categories and currencies as well as how prices deviate from those fundamental
values. That’s the foundation of our investment philosophy. But in addition to that we are
quite open to talking about why prices deviate from value. And we have a very disciplined
process for doing that. We’ll talk about conventional wisdom and why conventional wisdom
may compel prices either away from or towards fundamental values.
We’ll talk about macro themes and how those themes may influence prices relative to fundamental
values and finally, geopolitics, we found that to be very important in the current environment
as to why prices may deviate from fundamental values. So we’re always grounded in fundamental
analysis, we’re always quite open and transparent with what we believe fundamental value for
equity markets, fine markets and currencies and we’re quite open in a very disciplined
framework about talking about why prices may deviate from fundamental values. DISCLOSURE
The opinions and forecasts expressed in the following interview are those of Brian Singer
as of February 3, 2014, and may not actually come to pass. This information is subject
to change at any time based on market and other conditions and should not be construed
as investment advice or a recommendation of any specific security. Not all securities
held in any William Blair strategy portfolio performed as favorably as those discussed,
and there is no guarantee that these or other securities will perform favorably in the future.
Investments are subject to market risk. The Fund involves a high level of risk and
may not be appropriate for everyone. You could lose money by investing in the Fund. There
can be no assurance that the Fund’s investment objective will be achieved. The Fund is not
a complete investment program and you should only consider the Fund for the alternative
portion of your portfolio. Separate accounts managed by the Advisor may invest in the Fund
and, therefore, the Advisor at times may have discretionary authority over a significant
portion of the assets invested in the Fund. In such instances, the Advisor’s decision
to make changes to or rebalance its clients’ allocations in the separate accounts may substantially
impact the Fund’s performance. The Fund is designed for long-term investors.
The Fund may use investment techniques and financial instruments that may be considered
aggressive—including but not limited to the use of futures contracts, options on futures
contracts, securities and indices, forward contracts, swap agreements and similar instruments.
Such techniques may also include short sales or other techniques that are intended to provide
inverse exposure to a particular market or other asset class, as well as leverage. These
techniques may expose the Fund to potentially dramatic changes (losses) in the value of
certain of its portfolio holdings. Investments are subject to a number of other
different types of risk, including market risk, asset allocation risk credit risk, commodity
risk, counterparty and contractual default risk, currency risk, and derivatives risk.
For a more detailed explanation and discussion of these risks, please read the Fund’s Prospectus.
Please carefully consider the Fund’s investment objective, risks, charges, and expenses before
investing. This and other information is contained in the Fund’s prospectus, which you may
obtain by calling +1 800 742 7272. Read it carefully before you invest or send money.
© William Blair & Company, L.L.C., distributor.

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