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Wasatch Greater China Strategy

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Wasatch Greater China Strategy
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Strategy Overview

Highlights
  • 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 35-50 positions

Portfolio Managers
Dan Chace Dan Chace Lead Portfolio Manager
1 year on strategy
18 years at wasatch
Allison He Allison He Associate Portfolio Manager
1 year on strategy
7 years at wasatch
Pedro Huerta Pedro Huerta Associate Portfolio Manager
1 year on strategy
4 years at wasatch
Kai Pan Kai Pan Associate Portfolio Manager
1 year on strategy
1 years at wasatch
Kevin Unger Kevin Unger Associate Portfolio Manager
1 year on strategy
5 years at wasatch
Quick Look
As of 12/31/20
Total Assets*
$5.8M
Mutual Fund
$3.9M
Separate Accounts
$1.8M
Inception Date
08/27/19
Account Minimum
$1m
Primary Benchmark
MSCI China Index

*Total strategy assets across all vehicles and composites

Documents
Fact Sheet
Commentary

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

—Dan Chace, LEAD PORTFOLIO MANAGER

Performance

Average Annual Total Returns AS OF 12/31/20 AS OF 12/31/20
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Greater China Composite (Gross)
8.42%
12.26%
55.93%
55.93%
N/A
N/A
N/A
54.68%
Greater China Composite (Net)
8.42%
12.26%
55.93%
55.93%
N/A
N/A
N/A
54.68%
MSCI China Index
2.77%
11.20%
29.49%
29.49%
N/A
N/A
N/A
34.45%

Returns for periods less than one year are not annualized. Since inception performance is calculated from 08/31/2019.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/20)
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 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 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.

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Portfolio

Characteristics AS OF 12/31/20
Portfolio
Index
Number of Holdings
38
713
Average Market Cap
($ Weighted)
$129.54B
$238.67B
Median Market Cap
$14.19B
$7.66B
EPS Growth (%, est. 5 yr)
26
23
P/E (Forward)
31
15
Portfolio Turnover (%)
20.51
N/A
Active Share (%)
81
N/A
Performance Statistics AS OF 12/31/20
Since Inception
Alpha
18.24
Beta
0.88
R-Squared
0.64
Standard Deviation
17.61
Upside Capture
119
Downside Capture
27
Top 10 Holdings AS OF 09/30/20
Company
% of Net Assets
Alibaba Group Holding Ltd. (China)
6.8%
Tencent Holdings Ltd. (China)
6.5%
Skshu Paint Co Ltd. (China)
5.9%
Silergy Corp. (Taiwan)
5.3%
Techtronic Industries Co. Ltd. (Hong Kong)
4.9%
TAL Education GroupADR (China)
4.5%
AK Medical Holdings Ltd. (China)
3.8%
Wuxi Biologics Cayman Inc. (China)
3.8%
AIA Group Ltd. (Hong Kong)
3.8%
Meituan Dianping (China)
3.7%
38 Number of holdings
81% Active share
Sector Allocation AS OF 12/31/20
Sector
Portfolio
Index
Consumer Discretionary
20.9
35.3
Health Care
20.7
6.5
Financials
13.7
13.6
Consumer Staples
13.3
4.5
Information Technology
10.6
6.7
Industrials
8.1
4.5
Communication Services
6.4
19.8
Materials
5.2
2.1
Cash & Cash Equivalents*
1.2
0.0
Real Estate
0.0
3.6
Utilities
0.0
1.8
Energy
0.0
1.6
Country Allocation AS OF 12/31/20
Portfolio (%)
Developed
11.5
Hong Kong
11.5
Emerging & Frontier
87.4
China
76.4
Taiwan
11.0
11.5% Developed
87.3% Em and Frontier

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

Commentary & Literature

Commentary
Fact Sheet
News & Updates

Market Scout – Technology’s Rising Importance in Emerging Markets

January 8, 2021

When it comes to technological innovation around the world, semiconductor production is…

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Introducing the Wasatch Greater China Strategy

December 31, 2020

In this white paper, we introduce the Wasatch Greater China strategy and…

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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