William Blair Small Cap Growth Fund on National Vision Holdings

National Vision is a value-oriented optical retailer operating America's Best and Eyeglass World. Shares fell after same-store sales growth decelerated, but the fund believes the slowdown is partly transitory and linked to a website re-platforming that hurt digital marketing effectiveness. A positive mix shift toward higher-paying customers more than offset lower traffic, which supports the view that the consumer picture is not as weak as feared. The fund added to the position and expects pricing power, managed-care penetration, optometrist recruitment and new-store growth to drive shareholder value.