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Wasatch International Select Strategy

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Wasatch International 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 outside the U.S.
  • Truly active, collaborative, bottom-up, fundamental process
  • 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
  • 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 Lead Portfolio Manager
7 years on strategy
10 years at wasatch
Linda Lasater Linda Lasater Lead Portfolio Manager
7 years on strategy
17 years at wasatch
Derrick Tzau Derrick Tzau Associate Portfolio Manager
4 years on strategy
6 years at wasatch
18 Cumulative PM years on strategy

Our dedicated, systematic investment process and proprietary research give us an advantage from the small-cap stage through the lower end of the large-cap stage.”

—Ken Applegate, Lead 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
International Select Composite (Gross)
-7.35%
-3.84%
-7.95%
1.14%
-8.54%
1.50%
N/A
5.33%
International Select Composite (Net)
-7.41%
-4.03%
-8.19%
0.37%
-9.17%
0.82%
N/A
4.62%
MSCI EAFE Index
-2.56%
2.49%
3.08%
9.28%
2.86%
6.18%
N/A
7.03%
MSCI EAFE Mid Cap Growth Index
-4.83%
0.23%
-0.85%
3.80%
-4.69%
3.18%
N/A
5.26%

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)
International Select Composite
MSCI EAFE Index
MSCI EAFE 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 International Select Composite contained only non-fee paying proprietary assets. A model fee of 0.80% 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 International Select Composite contains fully discretionary equity accounts following the International Select style.  The composite primarily invests in equity securities of all market capitalizations that are tied economically to developed countries with the goal of long-term growth of capital.  For comparison purposes the composite is measured against the MSCI EAFE Net TR Index.

The MSCI EAFE Net TR Index is an unmanaged index capturing large and mid-cap representation across developed markets around the world, excluding the US and Canada.

The MSCI EAFE Mid Cap Growth TR Net Index is an unmanaged index capturing mid-cap representation exhibiting growth style characteristics across developed markets around the world, excluding the US and Canada.

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
25
768
Average Market Cap
($ Weighted)
$32.47B
$102.99B
Median Market Cap
$11.35B
$14.16B
EPS Growth (%, est. 5 yr)
18
10
P/E (Forward)
30
14
Portfolio Turnover (%)
19.93
N/A
Active Share (%)
98
N/A
Performance Statistics AS OF 03/31/24
5 yr
Alpha
-2.69
Beta
0.99
R-Squared
0.70
Standard Deviation
21.09
Upside Capture
86.53
Downside Capture
103.08
Top 10 Holdings AS OF 03/31/24
Company
% of Net Assets
Hermes International (France)
5.5%
Scout24 SE (Germany)
5.5%
Descartes Systems Group Inc/The (Canada)
5.3%
Assa Abloy AB (Sweden)
5.1%
Sugi Holdings Co Ltd. (Japan)
5.1%
FirstService Corp. (Canada)
5.0%
Kingspan Group PLC (Ireland)
4.9%
Icon PLC (Ireland)
4.9%
Dassault Systemes SA (France)
4.6%
Halma PLC (United Kingdom)
4.4%
25 Number of holdings
98% Active share
Sector Allocation AS OF 03/31/24
Sector
Portfolio
Index
Information Technology
24.0 %
9.4 %
Industrials
19.3 %
16.8 %
Consumer Discretionary
13.6 %
12.5 %
Financials
11.6 %
19.3 %
Communication Services
9.8 %
4.0 %
Health Care
8.3 %
12.7 %
Consumer Staples
5.1 %
8.6 %
Real Estate
5.0 %
2.3 %
Cash & Cash Equivalents*
3.2 %
N/A
Materials
0.0 %
7.2 %
Energy
0.0 %
4.1 %
Utilities
0.0 %
3.1 %
Country Allocation AS OF 03/31/24
Portfolio (%)
Developed
96.8%
Japan
19.7%
Canada
15.6%
France
10.1%
Ireland
9.8%
Australia
8.2%
Germany
7.8%
United Kingdom
6.4%
Other
19.2%
96.8% Developed

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

Commentary & Literature

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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