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Wasatch Global Select Strategy

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Wasatch Global Select Strategy
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Strategy Overview

Highlights
  • A concentrated, yet diversified high-conviction portfolio of 20-40 stocks
  • Seeks the highest-quality growth companies across the globe
  • Truly active, collaborative, bottom-up, fundamental process
  • Broad sector and country approach
  • Also available as a developed markets only strategy with no emerging markets exposure
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 mid-cap companies

Approximately 20-40 positions

Portfolio Managers
Ken Applegate Ken Applegate Portfolio Manager
7 years on strategy
10 years at wasatch
Paul Lambert Paul Lambert Portfolio Manager
7 years on strategy
24 years at wasatch
Linda Lasater Linda Lasater Portfolio Manager
7 years on strategy
17 years at wasatch
Mike Valentine Mike Valentine Portfolio Manager
7 years on strategy
7 years at wasatch
28 Cumulative PM years on strategy

We look for high-quality companies that can grow faster and longer than generally anticipated and that have the potential to become tomorrow’s leaders.”

—Mike Valentine, Portfolio Manager

Performance

Total Returns AS OF 03/31/24 AS OF 04/30/24
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Global Select Composite (Gross)
-6.38%
-1.14%
-5.61%
13.27%
-3.52%
6.63%
N/A
10.28%
Global Select Composite (Net)
-6.45%
-1.35%
-5.88%
12.33%
-4.34%
5.74%
N/A
9.40%
MSCI AC World Index
-3.30%
4.02%
4.63%
17.46%
4.27%
9.44%
N/A
10.25%
MSCI AC World Mid Cap Growth Index
-4.83%
2.94%
1.21%
11.77%
-1.76%
6.80%
N/A
8.46%

Returns for periods greater than one year are annualized. Since inception performance is calculated from 12/31/2016.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/23)
Global Select Composite
MSCI AC World Index
MSCI AC World Mid Cap Growth 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 and description of composites and pooled funds and/or a GIPS Composite Report, e-mail inforequest@wasatchglobal.com. The U.S. Dollar is the currency used to express performance.

Net performance was calculated using actual management fees for fee-paying accounts and a model fee for non-fee paying accounts. From December 31, 2016, to October 31, 2019, performance for the Global Select Composite contained only non-fee paying proprietary assets. A model fee of 0.85% was applied to the non-fee paying assets during the period to show the effect of how an advisory fee, compounded over a period of years, would have on returns. Actual fees will vary depending on, among other things, the applicable fee schedule and portfolio size. See Wasatch Global Investors Form ADV Part 2A for more information on fee schedules.

The Global Select Composite contains fully discretionary equity accounts following the Global Select style.  The composite primarily invests in equity securities of all market capitalizations in both domestic and foreign markets, including emerging markets, with the goal of long-term growth of capital.  For comparison purposes the composite is measured against the MSCI AC World Net TR Index.

The MSCI AC World Net TR Index is an unmanaged index capturing large and mid-cap representation across 23 developed markets and 23 emerging markets.

The MSCI AC World Mid Cap Growth TR Net Index is an unmanaged index capturing mid-cap representation exhibiting growth style characteristics across developed and emerging countries.

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). Indexes are unmanaged, and investors cannot invest directly in an index.

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Portfolio

Characteristics AS OF 03/31/24
Portfolio
Index
Number of Holdings
35
2841
Average Market Cap
($ Weighted)
$32.19B
$525.49B
Median Market Cap
$15.48B
$12.35B
EPS Growth (%, est. 5 yr)
20
14
P/E (Forward)
31
18
Portfolio Turnover (%)
23.44
N/A
Active Share (%)
99
N/A
Performance Statistics AS OF 03/31/24
5 yr
Alpha
-1.94
Beta
1.09
R-Squared
0.83
Standard Deviation
21.04
Upside Capture
97.82
Downside Capture
103.71
Top 10 Holdings AS OF 03/31/24
Company
% of Net Assets
Amphenol Corp.- Cl A
5.5%
Copart Inc.
5.2%
Roper Technologies Inc.
4.7%
Icon PLC (Ireland)
4.6%
HealthEquity Inc.
4.1%
Bajaj Finance Ltd. (India)
3.8%
Descartes Systems Group Inc/The (Canada)
3.7%
Pool Corp.
3.5%
RBC Bearings Inc.
3.5%
Trex Company Inc.
3.4%
35 Number of holdings
99% Active share
Sector Allocation AS OF 03/31/24
Sector
Portfolio
Index
Information Technology
30.5 %
23.7 %
Industrials
22.8 %
10.8 %
Financials
17.9 %
16.1 %
Consumer Discretionary
12.6 %
10.9 %
Health Care
10.3 %
11.1 %
Consumer Staples
3.2 %
6.4 %
Communication Services
3.1 %
7.6 %
Cash & Cash Equivalents*
-0.2 %
N/A
Energy
0.0 %
4.5 %
Materials
0.0 %
4.2 %
Utilities
0.0 %
2.5 %
Real Estate
0.0 %
2.2 %
Country Allocation AS OF 03/31/24
Portfolio (%)
Developed
88.4%
United States
54.7%
Japan
10.6%
Ireland
4.6%
Canada
3.7%
Sweden
3.2%
Germany
3.1%
Spain
2.9%
Other
5.8%
Emerging & Frontier
11.8%
India
7.1%
Taiwan
2.6%
Brazil
2.1%
54.7% United States
88.4% Developed
11.8% Em and Frontier

Country weights are calculated as a percentage of total portfolio including cash & cash equivalents.

Commentary & Literature

News & Updates

India: A View From The Ground

May 8, 2024

Among emerging-market countries, the Wasatch investment team remains particularly constructive on India….

Read More >

Important Disclosures

Past performance does not guarantee future results. Performance results are net of transaction costs and reflect the reinvestment of dividend and other earnings. Net performance data was calculated using actual management fees. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. See Wasatch Global Investors Form ADV Part 2A for more information on fee schedules. Some portfolio net-of fees returns may be net of performance-based fees. Current performance may be lower or higher than the performance data quoted.

Portfolio holdings are subject to change. References to individual companies should not be construed as recommendations to buy or sell shares in those companies. Wasatch analysts closely monitor the companies held in the portfolio. If a company’s underlying fundamentals or valuation measures change, Wasatch will reevaluate its position and my sell part or all of its holdings.

Portfolio Characteristics, Allocations and Top Ten Holdings are derived from a representative account. A representative account is selected based on accounts with substantially similar investment policies, objectives, and strategies that closely resemble, or are most representative of, the strategy it represents.

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.

Wasatch Advisors LP, trading as Wasatch Global Investors ARBN 605 031 909, is regulated by the U.S. Securities and Exchange Commission under U.S. laws which differ from Australian laws. Wasatch Global Investors is exempt from the requirement to hold an Australian financial services licence in accordance with class order 03/1100 in respect of the provision of financial services to wholesale clients in Australia.

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