Wasatch is widely recognized for quality growth investing, yet few investors are aware that the firm also manages two traditional value strategies: Wasatch Global Value and Wasatch International Value. And those strategies have been quite successful. Supported by a disciplined investment process and a dedicated value team, both strategies have outperformed their benchmarks over one–year, three–year, five–year and inception–to–date periods.

Today, with U.S. mega–cap stocks driving index concentration and valuations near historic highs, we believe the case for less correlated, attractively valued large cap global and international strategies is increasingly compelling. In this investment brief we highlight our traditional value strategies.

Top-Tier Performance Over Market Cycles

Wasatch’s Global Value and International Value strategies have delivered strong long–term results, generating consistent excess returns and top–tier peer rankings across multiple time periods.

Downside Protection When It Matters Most — Upside Additive

In an environment marked by elevated volatility and exogenous risks—geopolitical conflict, trade tensions and political uncertainty—downside protection is increasingly critical. Both strategies have historically demonstrated attractive downside capture ratios versus their benchmarks, alongside low correlations to U.S. equity indexes such as the S&P 500.®

• Five–year downside capture of ~85%, placing both strategies in the top quartile of peers, has helped
  cushion portfolios during market drawdowns.
• This downside resilience reflects the team’s focus on companies where pessimism is excessively priced into valuations, creating a margin of safety.
• Upside capture above 100% indicates these strategies are not structurally defensive; rather, portfolio
  positioning adapts as the investment cycle evolves.

Over the most recent three–year period, return correlations to the S&P 500 were 0.57 for Global Value and 0.38 for International Value. These are much lower correlations than investors can find across many global and international equity indexes.

Outstanding Risk-Adjusted Returns

Both strategies have produced strong risk–adjusted returns over time, reflecting consistent, skill–based decision–making rather than excessive risk–taking. Across nearly all measured horizons, Wasatch Global Value and Wasatch International Value strategies rank in the top quartile of peers on both the Sharpe Ratio and the Information Ratio.

• Strong Sharpe Ratios highlight the strategies’ efficiency—delivering competitive returns with lower volatility.
• High Information Ratios reflect skill—a sustained record of successful active decisions.

With typical tracking error in the range of 5 to 6 percentage points, these strategies are clearly high–conviction and actively managed, not benchmark–oriented portfolios.

Consistent & Predictable Outperformance

Wasatch’s traditional value strategies have demonstrated a highly consistent pattern of excess returns.
Over the past seven years, rolling three–year returns (measured quarterly) show:

• Global Value outperformed its benchmark 90% of the time
• International Value outperformed its benchmark 100% of the time

This consistency underscores the repeatability of the team’s investment process across market environments.

Disclosures

All investments are subject to market risk, including the possible loss of principal. Investments in value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities, especially in emerging and frontier markets, entails special risks, such as
currency fluctuations, lower liquidity and economic and political uncertainties.

Information in this document regarding market or economic trends, or the factors influencing historical or future performance, reflects the opinions of management as of the date of this document. These statements should not be relied upon for any other purpose. Any investment strategy discussed involves risk, including the potential loss of principal. Past performance is no guarantee of future results, and there is no guarantee that the market forecasts discussed will be realized.

Returns are presented net of investment management fees. Actual fees will vary depending on, among other things, the applicable fee schedule and portfolio size. Some portfolio net-of-fees returns may be net of performance-based fees. See Wasatch Global Investors Form ADV Part 2A for more information on fee schedules. Current performance may be lower or higher than the performance data quoted. Returns are preliminary. GIPS® is a registered trademark of CFA Institute.

Definitions

eVestment Alliance (eA) is a web-based provider of comprehensive investment information and analytic technology. Through its online eASE Database, eA captures the most comprehensive dataset in the industry and distributes all information via its fully web-based eASE Analytics system. Wasatch pays eA a fee to use and obtain information, including rankings, from its database.

Upside and downside capture ratios measure a portfolio’s relative performance during benchmark up and down periods. Ratios above 100% indicate outperformance in rising markets; ratios below 100% indicate relative downside protection in falling markets. Historical results are not indicative of future performance.

The Sharpe Ratio measures risk-adjusted return by calculating a portfolio’s excess return over the risk-free rate relative to its total volatility (standard deviation). A higher Sharpe Ratio indicates more return per unit of risk.

The Information Ratio measures a portfolio’s excess return relative to its benchmark divided by the volatility of that excess return (tracking error). A higher Information Ratio indicates greater consistency of active returns.

The Russell 1000 Index is an unmanaged total return index of the largest 1,000 companies in the Russell 3000 Index. The Russell 1000 typically comprises about 92% of the total market capitalization of all listed stocks in the U.S. equity market. It is considered a bellwether index for the performance of large company stocks.

The Russell 1000 Growth Index measures the performance of Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index measures the performance of Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.

The MSCI World Index captures large- and mid-cap representation across 23 developed-market countries.

The MSCI All Country (AC) World Index captures large- and mid-cap representation across 23 developed-market and 24 emerging-
market countries. The Index covers approximately 85% of the global investable equity opportunity set.

The MSCI EAFE Index is an equity index which captures large- and mid-cap representation across developed-market countries around the world, excluding the U.S. and Canada.

The MSCI AC World Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed-
market countries and 24 emerging-market countries.

The MSCI World ex USA Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across
developed-market countries. The value investment style characteristics for index construction are defined using three variables: book
value to price, 12-month forward earnings to price, and dividend yield.

Indexes are unmanaged. Investors cannot invest directly in an index.

All rights in the Russell indexes vest in the relevant LSE Group company, which owns the Index. Russell® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Wasatch strategies or the suitability of the Index for the purpose to which it is being put by Wasatch Global Investors. © 2026

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www. msci.com)