William Blair Small-Mid Cap Growth Fund on Sterling Infrastructure
Thesis
Sterling Infrastructure has transformed from a regional civil contractor into an infrastructure provider tied to the AI buildout. Its E-Infrastructure segment, which serves data centers and semiconductor facilities, is now the fastest-growing part of the business. The company posted strong earnings, raised full-year guidance and expanded backlog to $6.5 billion, with AI data-center and semiconductor construction as major drivers. The fund maintained the position and believes demand is broad enough to support durable growth beyond any single customer or project cycle.
“We maintained our position and believe the company is well positioned for durable growth”