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Wasatch Long/Short Alpha Fund

Ticker WALSX
NAV As of 12/01/21 $10.86
Daily Change As of 12/01/21 $0.04 / 0.37%
Wasatch Long/Short Alpha Fund
Ticker WALSX
NAV $10.86
Daily Change $0.04 / 0.37%
TOP

Fund Overview

Objective

Long-term growth of capital

Highlights
  • The Fund will typically purchase U.S. common stocks (“long” equity positions) in what Wasatch believes are promising companies and sell short those stocks (“short” equity positions) in companies it expects to underperform.
  • Under normal conditions, the Fund intends to maintain a net long exposure to the market (measured as the market value of the long positions minus the short positions).
  • The goal is to allow the Fund to benefit from a rising market while still affording some protection from a falling market.
Investment Approach

We use Wasatch’s classic fundamental, bottom-up investment analysis with increased support from our internally developed quantitative signals and tools.  On the long side, 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 orientation but bias towards small and mid-cap companies

Approximately (30-60) “long” and (0-60) “short” equity positions

Fund Managers
Mick Rasmussen Mick Rasmussen Lead Portfolio Manager
< 1 year on fund
7 years at wasatch

In developing the Wasatch Long/Short Alpha Fund, we have applied Wasatch’s classic fundamental, bottom-up investment analysis with increased support from our internally developed quantitative signals and tools. As a result, we believe we can capture stock-specific alpha with reduced market risk.”

—Mick Rasmussen, Lead Portfolio Manager

Performance

Average Annual Total Returns AS OF 09/30/21 AS OF 11/30/21
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Long/Short Alpha Fund
1.69%
N/A
N/A
N/A
N/A
N/A
N/A
8.20%
Russell 2500™ Index
-4.17%
N/A
N/A
N/A
N/A
N/A
N/A
0.53%
Citigroup U.S. Domestic 3-Month Treasury Bills Index
0.00%
N/A
N/A
N/A
N/A
N/A
N/A
0.01%

Returns for periods less than one year are not annualized. Data shows past performance and is not indicative of future performance. 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 4.96%. The Advisor has contractually agreed to limit certain expenses to 1.75% through at least 1/31/2023.

Portfolio

Characteristics AS OF 09/30/21
Data not available
Performance Statistics AS OF 09/30/21
Data not available
Top 10 Holdings AS OF 09/30/21
Holdings not yet available
Sector Allocation
Data not available
Country Allocation
Data not available

Commentary & Literature

News & Updates

Wasatch Launches Long/Short Alpha Fund

October 1, 2021

Wasatch Global Investors announced today the launch of the Wasatch Long/Short Alpha…

Read More >

Introducing the Wasatch Long/Short Alpha Fund

October 1, 2021

THE WASATCH APPROACH TO LONG/SHORT INVESTING As a learning organization for over…

Read More >
Historical Distributions and NAVs Select start and end dates
to:

Important Disclosures

Equity investing involves risks, including potential loss of the principal amount invested. Short selling incurs significant unique risks, including potentially unlimited downside risk, high short-sale related expenses, and unavailability of securities to sell short, among others, all of which could negatively impact the performance of the Fund. Additionally, the Fund may not be able to borrow the securities it intends to sell short. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in the value of securities, which far exceeds the value of the Fund’s assets. This may magnify gains and losses and increase the volatility of the Fund’s returns. Investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. There is no guarantee that the use of long and short positions will succeed in limiting the Fund’s exposure to market movements, sector-swings or other risk factors. Portfolio holdings are subject to risk and may change at any time. Securities in the Fund are generally added to the portfolio as long or short positions based upon security rankings provided by multi-factor quantitative models and on fundamental analysis of securities. The reliance on quantitative models entails unique risks, including the risk that a model may be limited or incorrect, that the data on which a model relies may be incorrect or incomplete and the risk that the Advisor may not be successful in selecting companies for investment or determining the weighting of particular stocks in the Fund’s portfolio. The Advisor will generally sell a security if, among other things, the rankings provided by the quantitative models decline and/or research analysis reveals a deterioration of the company fundamentals. 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 Fund is new and has a limited operating history. The COVID-19 health pandemic has negatively affected and may continue to affect the economies of many nations, individual companies, and the global securities markets. This has impacted and may continue to impact the issuers of the securities held by the Fund.

The Russell 2500 TR Index is a market-cap weighted index that includes the smallest 2,500 small- and mid-cap stocks covered in the broad-based Russell 3000 of U.S.-based listed equities.

The Citigroup 3-month U.S. Treasury Bill Index measures monthly return equivalents of yield averages that are not marked to market. The Three-Month Treasury Bill Indexes consist of the last three three-month Treasury bill issues.

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.

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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