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Wasatch International Small Cap Value Fund

Ticker WASVX
NAV As of 11/06/26 $11.36
Daily Change As of 11/06/26 -$0.09 / -0.79%
Wasatch International Small Cap Value Fund
Ticker WASVX
NAV $11.36
Daily Change -$0.09 / -0.79%
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Fund Overview

Objective

Long-term growth of capital

Highlights
  • Seeks to exploit the inefficiency when a growth stock becomes a value stock
  • Blend of fallen angels, undiscovered gems, and quality value holdings
  • Wasatch’s most value-oriented international small cap strategy
Investment Approach

We use a fundamental, bottom-up approach that seeks to identify undervalued companies with future growth potential. We look for the following types of companies:

  • Fallen Angels: former growth companies that have suffered a temporary setback
  • Undiscovered Gems: growth companies trading at value prices
  • Quality Value: growth companies in out-of-favor industries, sectors or geographies

Primarily invests in a diverse mix of international small cap companies with market caps of less than $7 billion at the time of purchase

Approximately 40-80 positions

Fund Managers
Our Team
Mark Madsen Lead Portfolio Manager
1 year on fund
5 years at Wasatch
Karson Schrader Associate Portfolio Manager
1 year on fund
1 years at Wasatch
2 Cumulative PM years on fund

Our disciplined, bottom-up approach seeks small-cap companies where quality meets compelling value.”

—MARK MADSEN, Lead Portfolio Manager

Performance

Total Returns AS OF 09/30/26 AS OF 10/31/26
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
International Small Cap Value Fund
-0.77%
1.05%
20.17%
22.00%
—
—
—
14.79%
MSCI AC World Ex-U.S.A. Small Cap Index
-4.16%
-1.24%
6.74%
9.67%
—
—
—
9.09%
MSCI AC World Ex-U.S.A. Small Cap Value Index
-3.26%
-1.11%
8.30%
12.64%
—
—
—
11.86%

Returns for periods greater than one year are annualized. Quarterly 30-Day SEC Yield: 0.73% Subsidized / -3.07% Unsubsidized. 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: Investor Class 5.11% The Advisor has contractually agreed to limit certain expenses to 1.50% through at least 1/31/2027.

Growth of Hypothetical Investment 10/01/25 to 09/30/26
International Small Cap Value Fund
MSCI AC World Ex-U.S.A. Small Cap Index
MSCI AC World Ex-U.S.A. Small Cap Value 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.

Portfolio

Characteristics AS OF 09/30/26
Fund
Index
Number of Holdings
52
3953
Average Market Cap
($ Weighted)
$1.64B
$4.11B
Median Market Cap
$993M
$1.74B
EPS Growth (%, est. 5 yr)
16
12
P/E (Forward)
12
13
Portfolio Turnover (%)
57.74
N/A
Active Share (%)
99
N/A
Dividend Yield (%)
2.77
2.60
Performance Statistics AS OF 09/30/26
Since Inception
Alpha
3.77
Beta
0.84
R-Squared
0.77
Standard Deviation
17.77
Upside Capture
70.52
Downside Capture
47.28
Top 10 Holdings AS OF 09/30/26
Company
% of Net Assets
AOTI, Inc.
4.5%
Plover Bay Technologies Ltd.
3.1%
Elixirr International PLC
3.0%
Tasmea Ltd.
3.0%
Rosebank Industries PLC
2.9%
FRP Advisory Group PLC
2.9%
Gabler Group AG
2.7%
Zylox-Tonbridge Medical Technology Co. Ltd.
2.5%
ULS Group, Inc.
2.5%
System Support Holdings, Inc.
2.4%
52 Number of holdings
99% Active share
Sector Allocation AS OF 09/30/26
Sector
Fund
Index
Industrials
32.0 %
20.5 %
Information Technology
20.6 %
14.5 %
Financials
12.9 %
12.2 %
Health Care
11.3 %
6.2 %
Materials
9.4 %
13.2 %
Consumer Discretionary
5.7 %
10.1 %
Real Estate
2.1 %
8.1 %
Energy
1.8 %
4.2 %
Consumer Staples
1.5 %
4.9 %
Communication Services
1.5 %
3.6 %
Utilities
0.0 %
2.6 %

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

Country Allocation AS OF 09/30/26
Fund (%)
Developed
84%
United Kingdom
23.6%
Japan
14.7%
Australia
12.6%
Germany
5.8%
United States
4.3%
Netherlands
4.1%
Canada
4.1%
Other
14.8%
Emerging & Frontier
14.8%
Taiwan
5.3%
China
3.4%
India
3.3%
Poland
1.6%
Mexico
1.2%

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

84% Developed
14.8% Em and Frontier

Commentary & Literature

News & Updates

Wasatch Bolsters Small Cap Value Lineup with New Fund Launches

October 1, 2025

Wasatch Global Investors has announced the launch of the Wasatch Global Small…

Read More >

Distributions

Record Date
Payable Date
Income
Short-Term Gain
Long-Term Gain
Total Per Share
Reinvest Price
12/17/25
12/18/25
$ 0.043333
$ 0.001567
--
$ 0.044900
$ 9.480000
Historical Distributions and NAVs Select start and end dates within the past 5 years
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.  The Fund is new and has a limited operating history. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

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 AC World Ex-U.S.A. Small Cap Value Net TR Index is an unmanaged index capturing small cap representation exhibiting value style characteristics across global equity markets, excluding the U.S.

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.

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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