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Wasatch Emerging India Strategy

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Wasatch Emerging India Strategy
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Strategy Overview

Highlights
  • Seeks the highest-quality growth companies in India
  • Truly active, collaborative, bottom-up, fundamental process
  • Systematic coverage of Indian universe and broad sector approach
Investment Approach

We use a bottom-up approach that seeks to identify companies with outstanding long-term growth potential. We look for companies with:

  • Strong financials
  • A sustainable competitive advantage
  • Industry-best management teams
  • Earnings growth greater than the relevant sector or industry

All cap flexibility with a focus on small- and mid-cap companies

Approximately 20-60 positions

Portfolio Managers
Ajay Krishnan Ajay Krishnan Lead Portfolio Manager
11 years on strategy
28 years at wasatch
Matthew Dreith Matthew Dreith Portfolio Manager
6 years on strategy
11 years at wasatch
17 Cumulative PM years on strategy

India is an excellent source of high-quality companies underpinned by digitalization, financialization, and formalization of the economy.”

—Ajay Krishnan, Lead Portfolio Manager

Performance

Average Annual Total Returns AS OF 09/30/22 AS OF 09/30/22
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Emerging India Composite (Gross)
-4.77%
10.96%
-17.64%
-14.03%
14.77%
12.48%
15.13%
13.60%
Emerging India Composite (Net)
-4.82%
10.74%
-18.16%
-14.73%
13.66%
11.35%
13.76%
12.21%
MSCI India IMI Index
-5.70%
7.42%
-10.15%
-9.96%
12.72%
7.61%
7.71%
4.94%

Returns for periods less than one year are not annualized. Since inception performance is calculated from 04/30/2011.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/21)
Emerging India Composite
MSCI India IMI Index

Performance is preliminary and subject to change. Past performance is not indicative of future results. Wasatch Global Investors is an independent registered investment advisor. Registration does not imply a certain level of skill or training. Wasatch claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of content contained herein. To receive a complete list of composite descriptions of Wasatch composites and/or a GIPS Composite Report, e-mail inforequest@wasatchglobal.com. The U.S. Dollar is the currency used to express performance.

The Emerging India Composite contains fully discretionary equity accounts following the Emerging India style.  The composite primarily invests in companies tied economically to India with the goal of long-term appreciation of capital.  For comparison purposes the composite is measured against the MSCI India Investable Market Net TR Index.

The MSCI India Investable Market Net TR Index (IMI) covers all investable large-, mid- and small-cap securities across India, targeting approximately 99% of the Indian market’s free-float adjusted market capitalization.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products.

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Portfolio

Characteristics AS OF 06/30/22
Portfolio
Index
Number of Holdings
22
458
Average Market Cap
($ Weighted)
$17.12B
$49.41B
Median Market Cap
$6.07B
$1.51B
EPS Growth (%, est. 5 yr)
23
19
P/E (Forward)
35
19
Portfolio Turnover (%)
31.64
N/A
Active Share (%)
92
N/A
Performance Statistics AS OF 09/30/22
5 yr
Alpha
5.10
Beta
0.94
R-Squared
0.86
Standard Deviation
22.73
Upside Capture
114.36
Downside Capture
95.09
Top 10 Holdings AS OF 06/30/22
Company
% of Net Assets
Elgi Equipments Ltd. (India)
8.2%
Bajaj Finance Ltd. (India)
8.2%
AU Small Finance Bank Ltd. (India)
7%
HDFC Bank Ltd. (India)
6.4%
MindTree Ltd. (India)
6.1%
Larsen & Toubro Infotech Ltd. (India)
5.6%
Trent Ltd. (India)
5.4%
Avenue Supermarts Ltd. (ASL) (India)
4.8%
Dr Lal PathLabs Ltd. (India)
4.8%
L&T Technology Services Ltd. (India)
4.6%
22 Number of holdings
92% Active share
Sector Allocation AS OF 06/30/22
Sector
Portfolio
Index
Financials
32.5 %
21.6 %
Information Technology
17.5 %
15.1 %
Industrials
13.5 %
7.5 %
Health Care
11.7 %
5.8 %
Consumer Discretionary
9.2 %
10.1 %
Materials
5.7 %
10.7 %
Consumer Staples
4.8 %
7.7 %
Cash & Cash Equivalents*
2.9 %
N/A
Communication Services
2.2 %
3.3 %
Energy
0.0 %
11.7 %
Utilities
0.0 %
5.3 %
Real Estate
0.0 %
1.3 %

Commentary & Literature

News & Updates

India’s Virtuous Circle of Amazing Progress

May 26, 2022

THE “OLD INDIA” MEETS THE “NEW INDIA” In India, the Hindi term…

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Barron’s – A Top Emerging Markets Fund Puts the Spotlight on India

December 29, 2021

In the world of emerging markets investing, China often dominates.  That is…

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Market Scout – Our Take on China and India

October 4, 2021

DEAR INVESTORS: Recent clampdowns by Chinese regulators in areas such as technology…

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Semiconductors: The “New Oil”

February 19, 2021

While oil and other natural resources had been the foundation of emerging–market investing, silicon–based semiconductors will…

Read More >

Important Disclosures

Portfolio Characteristics, Allocations and Top Ten Holdings are derived from a representative account.

Est. 5-year EPS Growth %: Estimated percentage increase in earnings per share (EPS) per year of the fund's holdings over the next 5 years. Returns are not guaranteed and may be higher or lower. Source: Wasatch and FactSet. P/E Ratio (forward and trailing): Sum of stock prices of the fund's holdings divided by the aggregate earnings per share of those holdings for the next 12 months (forward), or past 12 months (trailing), calculated as a weighted harmonic average. P/E to Growth Rate: Forward 12-month P/E ratio divided by the estimated 5-year EPS growth rate. Portfolios with a number less than 1.0 would be considered undervalued, around 1.0 would be considered fair valued and significantly greater than 1.0 would be considered overvalued. Weighted Average Market Cap: Average market capitalization of companies held by the fund, weighted by their percentage of fund net assets. Portfolio Turnover: A measure of trading activity in a fund's portfolio over the past 12 months expressed as a percentage of the fund's average total assets. Alpha measures a fund's risk/reward potential. A positive alpha means the fund outperformed the index. A negative alpha means the fund underperformed the index. Beta measures a fund's risk in relation to the market. A beta of 0.8 means the fund's total return is likely to move up or down 80% of the market change; 1.25 means total return is likely to move up or down 25% more than the market. R-Squared measures (from 0 to 1.0) how closely a fund's movements are correlated with movements of its benchmark. An R-squared of 1.0 would mean that the fund's movements are completely correlated with the movements of its benchmark. Active Share measures the difference between portfolio holdings and the benchmark. It is the sum of the absolute values of the different weightings of each holding in the fund versus each holding in the benchmark, divided by 2. Standard Deviation measures the degree to which a fund's performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund's volatility (risk). Upside Capture explains how well a fund performs in time periods where the benchmark's returns are greater than zero. Downside Capture explains how well a fund performs in time periods where the benchmark's returns are less than zero.

Portfolio holdings are subject to risks and may change at any time.

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