Wasatch Global Small Cap Strategy

Strategy Overview

Highlights

Seeks the highest-quality growth companies across the globe
A high-conviction portfolio consisting primarily of companies held in other Wasatch strategies
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

A true fundamental research-driven “Best of Wasatch” portfolio: holdings must be owned with conviction in other Wasatch small-cap strategies

Geographically diverse mix of companies with market caps of less than $5 billion at the time of purchase

Approximately 60-90 positions

Portfolio Managers

JB Taylor Lead Portfolio Manager

11 years on strategy

26 years at wasatch

Ajay Krishnan Lead Portfolio Manager

10 years on strategy

28 years at wasatch

Ken Applegate Portfolio Manager

3 years on strategy

8 years at wasatch

Paul Lambert Portfolio Manager

3 years on strategy

22 years at wasatch

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

Global Small Cap Composite (Gross)

-9.92%

-2.66%

-36.98%

-35.79%

6.88%

8.93%

10.63%

15.16%

Global Small Cap Composite (Net)

-9.94%

-2.81%

-37.39%

-36.31%

6.06%

7.89%

9.35%

13.66%

MSCI AC World Small Cap Index

-10.23%

-5.27%

-26.36%

-24.80%

2.96%

2.32%

7.02%

10.62%

Returns for periods less than one year are not annualized. Since inception performance is calculated from 11/30/2008.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/21)

Global Small Cap Composite

MSCI AC World Small Cap 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 Global Small Cap Composite contains fully discretionary equity accounts following the Global Small Cap style. The composite primarily invests in small and micro cap companies in both domestic and foreign markets with the goal of long-term growth of capital. Typically, portfolios within the composite invest in smaller companies but may also invest in larger companies where the appropriate criteria is met. For comparison purposes the composite is measured against the MSCI AC World Small Cap Net TR Index.

The MSCI AC World Small Cap Net TR Index is an unmanaged index representing developed and emerging markets.

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

62

6402

Average Market Cap
($ Weighted)

$4.32B

$3.40B

Median Market Cap

$3.78B

$1.12B

EPS Growth (%, est. 5 yr)

21

14

P/E (Forward)

23

11

Portfolio Turnover (%)

35.25

N/A

Active Share (%)

98

N/A

Performance Statistics AS OF 09/30/22

5 yr

Alpha

6.68

Beta

1.03

R-Squared

0.86

Standard Deviation

22.58

Upside Capture

129.50

Downside Capture

94.96

Top 10 Holdings AS OF 06/30/22

Company

% of Net Assets

AU Small Finance Bank Ltd. (India)

4.7%

BayCurrent Consulting Inc. (Japan)

4.4%

Ensign Group Inc/The

3.1%

Abcam PLC (United Kingdom)

3.1%

Globant SA

3%

Voltronic Power Technology Corp. (Taiwan)

3%

JMDC Inc. (Japan)

2.9%

Five Below Inc.

2.9%

Silergy Corp. (Taiwan)

2.8%

HealthEquity Inc.

2.7%

62 Number of holdings

98% Active share

Sector Allocation AS OF 06/30/22

Sector

Portfolio

Index

Information Technology

29.7 %

12.2 %

Industrials

20.8 %

18.1 %

Health Care

19.4 %

10.4 %

Financials

13.4 %

13.6 %

Consumer Discretionary

9.2 %

12.0 %

Consumer Staples

3.1 %

5.2 %

Materials

2.0 %

8.0 %

Communication Services

1.3 %

3.0 %

Real Estate

1.0 %

9.7 %

Cash & Cash Equivalents*

0.1 %

N/A

Energy

0.0 %

4.5 %

Utilities

0.0 %

3.3 %

Country Allocation AS OF 09/30/22

Portfolio (%)

Developed

76.2%

United States

50.1%

Japan

11.0%

United Kingdom

6.7%

Israel

4.6%

Australia

1.4%

Belgium

1.2%

Germany

0.9%

Other

0.4%

Emerging & Frontier

24.0%

India

17.0%

Taiwan

7.0%

50.1% United States

76.2% Developed

24.0% Em and Frontier

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

Commentary & Literature

Commentary

Fact Sheet

News & Updates

Wasatch Wins Four 2022 Lipper Fund Awards

March 10, 2022

Wasatch Global Investors announced today that it has received four 2022 Refinitiv…

An Active Approach to Quality-Oriented Investing

October 9, 2020

At Wasatch Global Investors, we consider ourselves first and foremost to be quality–oriented investors….

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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