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Wasatch International Small Cap Growth Strategy

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Wasatch International Small Cap Growth Strategy
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Strategy Overview

Highlights
  • Seeks the highest-quality small-cap growth companies outside the U.S.
  • Truly active, collaborative, bottom-up, fundamental process
  • Systematic coverage of the developed and emerging markets small-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
  • Earnings growth greater than the relevant sector or industry

Primarily invests in companies outside the U.S. with market caps of less than $5 billion at the time of purchase

Approximately 70-100 positions

Portfolio Managers
Ken Applegate Ken Applegate Lead Portfolio Manager
4 years on strategy
5 years at wasatch
Linda Lasater Linda Lasater Portfolio Manager
6 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*
$2,325m
Mutual Fund
$898.6m
Separate Accounts
$1,426m
Inception Date
04/17/02
Account Minimum
$10m
Primary Benchmark
MSCI AC World Ex-U.S.A. Small Cap Index

*Total strategy assets across all vehicles and composites

Documents
Fact Sheet
Commentary
10 Cumulative PM years on strategy

The high-quality companies we favor generally have strong balance sheets and cash flows, giving them the ability to weather unexpected events and still invest in their businesses.”

—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 Small Cap Growth Composite (Gross)
-12.41%
-21.81%
-21.81%
-10.43%
2.49%
3.78%
9.04%
10.60%
International Small Cap Growth Composite (Net)
-12.46%
-22.01%
-22.01%
-11.32%
1.47%
2.74%
7.88%
9.24%
MSCI AC World Ex-U.S.A. Small Cap Index
-19.30%
-29.01%
-29.01%
-21.18%
-4.89%
-0.81%
2.79%
7.06%
MSCI World Ex-U.S.A. Small Cap Index
-18.28%
-28.39%
-28.39%
-19.04%
-3.60%
0.39%
3.95%
6.92%

Returns for periods less than one year are not annualized. Since inception performance is calculated from 04/30/2002.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/19)
International Small Cap Growth Composite
MSCI AC World Ex-U.S.A. Small Cap 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 Small Cap Growth Composite contains fully discretionary equity accounts following the International Small Cap Growth style.  The composite primarily invests in foreign small cap growth companies with the goal of long-term growth of capital.  For comparison purposes the composite is measured against the MSCI AC World Ex-U.S.A. Small Cap and MSCI World Ex-U.S.A. Small Cap indices.

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

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
87
4210
Average Market Cap
($ Weighted)
$4.05b
$2.45b
Median Market Cap
$3.15b
$898m
EPS Growth (%, est. 5 yr)
16
12
P/E (Forward)
29
15
Portfolio Turnover (%)
34.66
n/a
Active Share (%)
96
n/a
Performance Statistics AS OF 03/31/20
5 yr
Alpha
4.37
Beta
0.86
R-Squared
0.77
Standard Deviation
15.34
Upside Capture
99
Downside Capture
82
Top 10 Holdings AS OF 12/31/19
Company
% of Net Assets
Cochlear Ltd. (Australia)
2.1%
Nihon M&A Center Inc. (Japan)
2%
Diploma PLC (United Kingdom)
2%
Halma PLC (United Kingdom)
2%
DiaSorin (Italy)
1.8%
Royal UNIBREW A/S (Denmark)
1.8%
Vitasoy International Holdings Ltd. (Hong Kong)
1.8%
Hypoport AG (Germany)
1.7%
AU Small Finance Bank Ltd. (India)
1.7%
Silergy Corp. (Taiwan)
1.7%
87 Number of holdings
96% Active share
Sector Allocation AS OF 12/31/19
Sector
Portfolio
Index
Industrials
22.0
19.7
Information Technology
21.2
11.1
Consumer Staples
13.3
5.9
Health Care
11.7
7.3
Financials
10.8
10.4
Consumer Discretionary
8.3
12.5
Communication Services
5.4
4.3
Cash & Cash Equivalents*
2.5
0.0
Materials
2.0
9.9
Real Estate
1.5
12.3
Energy
1.3
3.3
Utilities
0.0
3.2
Country Allocation AS OF 03/31/20
Portfolio (%)
Developed
81.8
Japan
26.6
United Kingdom
20.1
Australia
8.9
Germany
7.8
Italy
4.9
Canada
3.8
Denmark
2.4
Other
7.4
Emerging & Frontier
16.0
India
5.2
Taiwan
4.2
South Africa
1.5
South Korea
1.3
China
1.1
Mexico
0.9
Argentina
0.9
Other
0.9
81.8% Developed
16.0% Em and Frontier

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

Commentary & Literature

Commentary
Fact Sheet
News & Updates

Wasatch Announces Reopening of Core Growth, International Growth, and Small Cap Growth Funds

March 27, 2020

Wasatch Global Investors announced today that it would reopen the Wasatch Core…

Read More >

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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