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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
3 years on strategy
5 years at wasatch
Linda Lasater Linda Lasater Lead Portfolio Manager
3 years on strategy
13 years at wasatch
Derrick Tzau Derrick Tzau Associate Portfolio Manager
< 1 year on strategy
2 years at wasatch
Quick Look
As of 03/31/20
Total Assets*
$2.7m
Mutual Fund
$2.7m
Separate Accounts
$0
Inception Date
12/19/16
Account Minimum
$10m
Primary Benchmark
MSCI EAFE Index

*Total strategy assets across all vehicles and composites

Documents
Fact Sheet
Commentary
6 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

Average Annual Total Returns AS OF 03/31/20 AS OF 03/31/20
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
International Select Composite (Gross)
-8.27%
-15.00%
-15.00%
-3.66%
4.59%
N/A
N/A
7.51%
International Select Composite (Net)
-8.33%
-15.18%
-15.18%
-3.99%
4.47%
N/A
N/A
7.40%
MSCI EAFE Index
-13.35%
-22.83%
-22.83%
-14.38%
-1.82%
N/A
N/A
0.46%

Returns for periods less than one year are not annualized. Since inception performance is calculated from 12/31/2016.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/19)
International Select Composite
MSCI EAFE 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®). To receive a complete list of composite descriptions of Wasatch composites and/or a GIPS-compliant presentation, e-mail inforequest@wasatchglobal.com. The U.S. Dollar is the currency used to express performance.

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 index.

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

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 12/31/19
Portfolio
Index
Number of Holdings
28
918
Average Market Cap
($ Weighted)
$16.58b
$67.05b
Median Market Cap
$10.55b
$11.11b
EPS Growth (%, est. 5 yr)
12
8
P/E (Forward)
34
15
Portfolio Turnover (%)
0
n/a
Active Share (%)
98
n/a
Performance Statistics AS OF 03/31/20
Since Inception
Alpha
6.77
Beta
0.85
R-Squared
0.74
Standard Deviation
13.89
Upside Capture
109
Downside Capture
79
Top 10 Holdings AS OF 12/31/19
Company
% of Net Assets
Coloplast A/S (Denmark)
5.1%
Assa Abloy AB (Sweden)
4.9%
Tsuruha Holdings Inc. (Japan)
4.8%
Intertek Group PLC (United Kingdom)
4.6%
Halma PLC (United Kingdom)
4.4%
Fisher & Paykel Healthcare Corp Ltd. (New Zealand)
4.4%
Dassault Systemes SA (France)
4.3%
Cochlear Ltd. (Australia)
4.1%
Rational AG (Germany)
4%
Sonova Holding AG (Switzerland)
4%
28 Number of holdings
98% Active share
Sector Allocation AS OF 12/31/19
Sector
Portfolio
Index
Health Care
31.1
12.2
Information Technology
21.1
7.0
Industrials
19.0
15.0
Consumer Staples
12.5
11.3
Consumer Discretionary
4.4
11.6
Materials
3.6
7.1
Financials
3.3
18.6
Cash & Cash Equivalents*
2.6
0.0
Communication Services
2.4
5.2
Energy
0.0
4.9
Utilities
0.0
3.7
Real Estate
0.0
3.5
Country Allocation AS OF 03/31/20
Portfolio (%)
Developed
102.7
Japan
19.0
France
16.0
United Kingdom
12.3
Denmark
10.6
Switzerland
10.0
New Zealand
9.1
Australia
6.0
Other
19.7
102.7% Developed

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

Commentary & Literature

Commentary
Fact Sheet
News & Updates

Global Mid Caps

January 31, 2020

At Wasatch Global Investors, we got our start managing U.S. micro– and small–cap strategies. We’ve…

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Japan: Land of Generational Change

September 24, 2019

In the post-World War II period from 1960 through 1990, Japan enjoyed…

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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