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Wasatch International Opportunities Fund

Ticker WIIOX
NAV As of 04/22/24 $2.98
Daily Change As of 04/22/24 $0.02 / 0.68%
Wasatch International Opportunities Fund
Ticker WIIOX
NAV $2.98
Daily Change $0.02 / 0.68%
TOP

Fund Overview

Objective

Long-term growth of capital

Highlights
  • Seeks undiscovered micro-cap growth companies at attractive valuations
  • Truly active, collaborative, bottom-up, fundamental process
  • Systematic coverage of the developed and emerging markets micro-cap universe
  • Broad sector and country 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
  • Price-to-earnings ratios around our expected 5-year earnings growth rate

Primarily invests in companies outside the U.S. with market caps of less than $1.5 billion at the time of purchase

Approximately 60-90 positions

Fund Managers
Linda Lasater Linda Lasater Lead Portfolio Manager
7 years on fund
17 years at wasatch
Dan Chace Dan Chace Portfolio Manager
4 years on fund
21 years at wasatch
Allison He Allison He Associate Portfolio Manager
6 years on fund
11 years at wasatch

We rely on our investment process and bottom-up company research to find the best opportunities in a big and diverse universe of micro-cap companies.”

—Linda Lasater, Lead Portfolio Manager

Performance

Total Returns AS OF 03/31/24 AS OF 03/31/24
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
International Opportunities Fund
0.00%
-0.63%
-0.63%
7.88%
-11.13%
2.56%
4.96%
7.50%
MSCI AC World Ex-U.S.A. Small Cap Index
2.86%
2.11%
2.11%
12.80%
0.38%
6.24%
4.74%
6.44%
MSCI World Ex-U.S.A. Small Cap Index
4.06%
2.58%
2.58%
10.04%
-0.93%
5.39%
4.54%
5.86%

Returns for periods greater than one year are annualized. The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the data quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. The Advisor may absorb certain expenses, leading to higher total shareholder returns. Wasatch Funds will deduct a 2% redemption fee on Fund shares held 60 days or less. Performance data does not reflect this redemption fee or taxes. Total Expense Ratio: Institutional Class 1.92% The Advisor has contractually agreed to limit certain expenses to 1.95% through at least 1/31/2025.

Performance for the Institutional Class prior to 2/1/2016 is based on the performance of the Investor Class.

Growth of Hypothetical Investment 03/31/14 to 03/31/24
International Opportunities Fund
MSCI AC World Ex-U.S.A. Small Cap Index

The hypothetical chart does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares.

Calendar Year Returns (%) As of 12/31/23
International Opportunities Fund
MSCI AC World Ex-U.S.A. Small Cap Index

Portfolio

Characteristics AS OF 03/31/24
Fund
Index
Number of Holdings
67
4424
Average Market Cap
($ Weighted)
$1.79B
$2.70B
Median Market Cap
$1.05B
$1.12B
EPS Growth (%, est. 5 yr)
19
15
P/E (Forward)
23
13
Portfolio Turnover (%)
17.08
N/A
Active Share (%)
99
N/A
Performance Statistics AS OF 03/31/24
5 yr
Alpha
-2.95
Beta
0.96
R-Squared
0.77
Standard Deviation
21.59
Upside Capture
78.35
Downside Capture
99.72
Top 10 Holdings AS OF 12/31/23
Company
% of Net Assets
Japan Elevator Service Holdings Co. Ltd.
3.4%
Bytes Technology Group PLC
3.3%
JTC PLC
3.1%
Mortgage Advice Bureau Holdings Ltd.
3.0%
Vijaya Diagnostic Centre Pvt Ltd.
2.9%
Pro Medicus Ltd.
2.9%
YouGov PLC
2.8%
Johns Lyng Group Ltd.
2.8%
Qualitas Controladora SAB de CV
2.8%
Hemnet Group AB
2.8%
67 Number of holdings
99% Active share
Sector Allocation AS OF 03/31/24
Sector
Fund
Index
Information Technology
27.5 %
11.9 %
Industrials
27.2 %
21.1 %
Financials
19.0 %
11.4 %
Communication Services
10.0 %
3.7 %
Health Care
8.6 %
6.6 %
Consumer Staples
4.4 %
6.2 %
Materials
2.7 %
11.3 %
Real Estate
0.6 %
8.8 %
Consumer Discretionary
0.0 %
11.9 %
Energy
0.0 %
4.1 %
Utilities
0.0 %
2.9 %

Weights are calculated as a percentage of net assets including cash & cash equivalents

Country Allocation AS OF 03/31/24
Fund (%)
Developed
71.6%
Japan
20.9%
United Kingdom
19.4%
Germany
9.0%
Sweden
7.0%
Australia
5.8%
Italy
3.2%
Canada
1.9%
Other
4.4%
Emerging & Frontier
28.4%
India
9.7%
Taiwan
5.0%
South Korea
4.6%
Mexico
3.4%
Poland
2.8%
Greece
1.9%
Malaysia
1.0%

Weights are calculated as a percentage of net assets including cash & cash equivalents

71.6% Developed
28.4% Em and Frontier

Commentary & Literature

Distributions

Record Date
Payable Date
Income
Short-Term Gain
Long-Term Gain
Total Per Share
Reinvest Price
12/15/21
12/16/21
--
--
$ 0.638797
$ 0.638797
$ 4.400000
12/16/20
12/17/20
--
--
$ 0.102368
$ 0.102368
$ 5.080000
12/18/19
12/19/19
--
--
$ 0.088835
$ 0.088835
$ 3.720000
12/19/18
12/20/18
--
--
$ 0.078977
$ 0.078977
$ 2.900000
12/26/17
12/27/17
--
--
$ 0.243433
$ 0.243433
$ 3.480000
Historical Distributions and NAVs Select start and end dates
to:

Important Disclosures

Investing in small or micro cap funds can be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.  Investing in foreign securities, especially in emerging and frontier markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

The MSCI AC World Ex-U.S.A. Small Cap Net TR Index is an unmanaged index representing developed and emerging markets, excluding securities of U.S. issuers.

The MSCI World Ex-U.S.A. Small Cap Net TR Index is an unmanaged index representing 22 developed markets, excluding the United States.

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.

You cannot invest directly in any index.

Morningstar Rating:
The Morningstar Rating for funds, or 'star rating', is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a 3-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% 3-year rating for 36-59 months of total returns, 60% 5 year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10 year rating/30% 3-year rating/20% 3 year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent 3–year period actually has the greatest impact because it is included in all 3 rating periods. The Fund was rated 1, 2 and 3 stars against 119, 114 and 80 funds in the category for the for the 3-, 5- and 10-year periods, respectively. The Fund’s other share class may have different performance characteristics. Past performance is no guarantee of future results. 2024 © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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.

Country Allocation is defined by the MSCI Country Classification Standard and may differ from the economic country classification used to determine qualifying investments.

Fund holdings are subject to risks and may change at any time. References to specific securities should not be construed as recommendations by the Fund or its Advisor.

Wasatch Funds are distributed by ALPS Distributors, Inc.

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