William Blair Small Cap Growth Fund on Weatherford International

Weatherford is a global oilfield-services provider with a leading position in Managed Pressure Drilling. The fund believes MPD adoption can accelerate from current low penetration as operators face lower-quality acreage, rising offshore activity and greater emphasis on capital efficiency. Near-term results were hurt by lower crude prices, shipping disruptions and higher supply-chain costs related to the Middle East conflict. The fund added to the position because it sees a durable growth profile supported by major international awards, offshore momentum and strong free cash flow conversion.