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Wasatch Greater China Strategy

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Wasatch Greater China Strategy

Strategy Overview

  • Seeks the highest-quality growth companies in the Greater China region (China, Hong Kong and Taiwan)
  • Truly active, collaborative, bottom-up, fundamental process
  • Systematic coverage of the Greater China 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 orientation but bias towards small and mid-cap companies

Approximately 30-50 positions

Portfolio Managers
Dan Chace Dan Chace Lead Portfolio Manager
4 years on strategy
22 years at wasatch
Allison He Allison He Associate Portfolio Manager
4 years on strategy
11 years at wasatch
Pedro Huerta Pedro Huerta Associate Portfolio Manager
4 years on strategy
7 years at wasatch
Kai Pan Kai Pan Associate Portfolio Manager
4 years on strategy
5 years at wasatch
Kevin Unger Kevin Unger Associate Portfolio Manager
4 years on strategy
8 years at wasatch

“Our strategy provides dedicated exposure to investment opportunities in Greater China, backed by Wasatch’s time-tested, bottom-up investment philosophy.”



Total Returns AS OF 03/31/24 AS OF 05/31/24
Quarter-End Month-end
1 Month
3 Month
1 yr
3 yr
5 yr
10 yr
Greater China Composite (Gross)
Greater China Composite (Net)
MSCI China Index

Returns for periods greater than one year are annualized. Since inception performance is calculated from 08/31/2019.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/23)
Greater China Composite
MSCI China 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 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 August 31, 2019, to December 31, 2020, performance for the Greater China Composite contained only non-fee paying proprietary assets. A model fee of 1.00% 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 Greater China Composite contains fully discretionary equity accounts following the Greater China style. The composite primarily invests in companies tied economically to China with the goal of long-term appreciation of capital. For comparison purposes the composite is measured against the MSCI China Net TR Index.

The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The index covers about 85% of this China equity universe.

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

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Characteristics AS OF 03/31/24
Number of Holdings
Average Market Cap
($ Weighted)
Median Market Cap
EPS Growth (%, est. 5 yr)
P/E (Forward)
Portfolio Turnover (%)
Active Share (%)
Performance Statistics AS OF 03/31/24
Since Inception
Standard Deviation
Upside Capture
Downside Capture
Top 10 Holdings AS OF 03/31/24
% of Net Assets
Airtac International Group (Taiwan)
Tencent Holdings Ltd. (China)
Kweichow Moutai Co Ltd. (China)
H World Group Ltd. (China)
Techtronic Industries Co. Ltd. (Hong Kong)
Shenzhen Inovance Technology Co Ltd. (China)
Silergy Corp. (Taiwan)
Yifeng Pharmacy Chain Co Ltd. (China)
Shenzhen Mindray Bio-Medical Electronics Co Ltd. (China)
Contemporary Amperex Technology Co Ltd. (China)
32 Number of holdings
85% Active share
Sector Allocation AS OF 03/31/24
21.4 %
5.2 %
Consumer Staples
16.4 %
5.2 %
Information Technology
13.9 %
6.1 %
Consumer Discretionary
13.0 %
29.6 %
Cash & Cash Equivalents*
11.4 %
9.7 %
16.5 %
Health Care
7.6 %
4.5 %
Communication Services
5.9 %
20.7 %
0.6 %
3.5 %
0.0 %
3.8 %
0.0 %
2.6 %
Real Estate
0.0 %
2.2 %
Country Allocation AS OF 03/31/24
Portfolio (%)
Hong Kong
Emerging & Frontier
7.8% Developed
80.8% Em and Frontier

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

Commentary & Literature

News & Updates

China: A View From The Ground

June 27, 2023

After China reopened its borders in early 2023, our investment team traveled…

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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