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Wasatch Small Cap Ultra Growth Strategy

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Wasatch Small Cap Ultra Growth Strategy

Strategy Overview

  • Most growth-oriented Wasatch fund
  • Blend of franchise, disruptive growth, and ballast growth holdings
  • Awareness of secular trends in economy and industry
Investment Approach

We use a bottom-up approach that seeks to identify companies with outstanding long-term growth potential. We look for the following types of companies:

  • Franchise: significant headroom and enduring business model
  • Disruptive Growth: significant headroom with a shorter horizon
  • Ballast Growth: stable, consistent growth companies that moderate portfolio risk

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

Approximately 60-90 positions

Portfolio Managers
John Malooly John Malooly Lead Portfolio Manager
12 years on strategy
26 years at wasatch
12 Cumulative PM years on strategy

Our focus is on companies with high-quality management teams and business models. We’re looking for companies that are disrupting—and are not being disrupted.”

—John Malooly, Lead Portfolio Manager


Total Returns AS OF 03/31/24 AS OF 04/30/24
Quarter-End Month-end
1 Month
3 Month
1 yr
3 yr
5 yr
10 yr
Small Cap Ultra Growth Composite (Gross)
Small Cap Ultra Growth Composite (Net)
Russell 2000® Growth Index
Russell 2000® Index

Returns for periods greater than one year are annualized. Since inception performance is calculated from 08/31/1992.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/23)
Small Cap Ultra Growth Composite
Russell 2000® 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 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 March 31, 2020, to March 31, 2021, performance for the Small Cap Ultra Growth Composite contained non-fee paying proprietary assets. A model fee of 1.00% 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 Small Cap Ultra Growth Composite contains fully discretionary equity accounts following the Small Cap Ultra Growth style.  The composite primarily invests in smaller high growth companies with the goal of long-term growth of capital.  Income is a secondary objective, but only when consistent with long-term growth of capital.  For comparison purposes the composite is measured against the Russell 2000 Growth TR and Russell 2000 TR indices.

The Russell 2000 Growth TR Index measures the performance of Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 TR Index represents the smallest 2,000 companies in the Russell 3000 Index, ranked by total market capitalization.

The Fund has been developed solely by Wasatch Global Investors. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell Indices vest in the relevant LSE Group company which owns the Index. Russell ® is a trademark of the relevant LSE Group company and used by any other LSE Group company under license. TMX® is a trademark of TSX, Inc. and used by the LSE Group under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Wasatch Core Growth Fund or the suitability of the Index for the purpose to which it is being put by Wasatch Global Investors. Indexes are unmanaged, and investors cannot invest directly in an index.

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Characteristics AS OF 03/31/24
Number of Holdings
Average Market Cap
($ Weighted)
Median Market Cap
EPS Growth (%, est. 5 yr)
P/E (Forward)
Portfolio Turnover (%)
Active Share (%)
Performance Statistics AS OF 03/31/24
5 yr
Standard Deviation
Upside Capture
Downside Capture
Top 10 Holdings AS OF 03/31/24
% of Net Assets
Freshpet Inc.
Paylocity Holding Corp.
Intra-Cellular Therapies Inc.
HealthEquity Inc.
PDF Solutions Inc.
Balchem Corp.
Nova Ltd. (Israel)
Floor & Decor Holdings Inc.
Inspire Medical Systems Inc.
Trex Company Inc.
61 Number of holdings
95% Active share
Sector Allocation AS OF 03/31/24
Information Technology
31.3 %
24.0 %
Health Care
26.7 %
21.3 %
Consumer Discretionary
11.4 %
10.6 %
8.8 %
20.4 %
7.8 %
6.1 %
Consumer Staples
5.8 %
4.4 %
2.9 %
4.6 %
2.7 %
4.1 %
Cash & Cash Equivalents*
2.4 %
Communication Services
0.0 %
1.9 %
Real Estate
0.0 %
1.5 %
0.0 %
1.3 %
Country Allocation AS OF 03/31/24
Portfolio (%)
United States
United Kingdom
87.4% United States

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

Commentary & Literature

News & Updates

Is It Time for a Changing of The Guard?

March 28, 2024

Q: Are markets poised for a new cycle of small-cap leadership? JB…

Read More >

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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