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Wasatch Small Cap Value Fund

Ticker WMCVX
NAV As of 05/24/24 $10.79
Daily Change As of 05/24/24 $0.11 / 1.03%
Wasatch Small Cap Value Fund
Ticker WMCVX
NAV $10.79
Daily Change $0.11 / 1.03%
TOP

Fund Overview

Objective

Long-term growth of capital

Highlights
  • Seeks to exploit the inefficiency when a growth stock becomes a value stock
  • Goal is to capture multiple expansion and earnings growth
  • Blend of fallen angels, undiscovered gems, and quality value holdings
Investment Approach

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

  • Fallen Angels: growth companies that have suffered a temporary setback
  • Undiscovered Gems: growth companies trading at value prices
  • Quality Value: statistically cheap, slower growing companies

Approximately 45-65 positions

Fund Managers
Austin Bone Austin Bone Lead Portfolio Manager
4 years on fund
8 years at wasatch
Jim Larkins Jim Larkins Portfolio Manager
25 years on fund
28 years at wasatch
29 Cumulative PM years on fund

There’s an inefficiency that exists when a growth stock becomes a value stock, and we try to exploit this inefficiency.”

—Jim Larkins, Portfolio Manager

Performance

Total Returns AS OF 03/31/24 AS OF 04/30/24
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Small Cap Value Fund
-7.50%
1.40%
-1.27%
24.40%
2.58%
8.51%
8.99%
11.35%
Russell 2000® Value Index
-6.37%
0.93%
-3.66%
14.03%
-0.67%
5.96%
6.45%
7.79%
Russell 2000® Index
-7.04%
1.73%
-2.22%
13.32%
-3.18%
5.83%
7.22%
7.40%

Returns for periods greater than one year are annualized. 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 1.18% The Advisor has contractually agreed to limit certain expenses to 1.50% through at least 1/31/2025.

Growth of Hypothetical Investment 03/31/14 to 03/31/24
Small Cap Value Fund
Russell 2000® Value Index
Russell 2000® 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.

Calendar Year Returns (%) As of 12/31/23
Small Cap Value Fund
Russell 2000® Value Index
Russell 2000® Index

Portfolio

Characteristics AS OF 03/31/24
Fund
Index
Number of Holdings
59
1419
Average Market Cap
($ Weighted)
$4.60B
$3.03B
Median Market Cap
$3.80B
$842M
EPS Growth (%, est. 5 yr)
11
10
P/E (Forward)
16
13
Portfolio Turnover (%)
63.55
N/A
Active Share (%)
96
N/A
Performance Statistics AS OF 03/31/24
5 yr
Alpha
3.25
Beta
1.02
R-Squared
0.93
Standard Deviation
26.32
Upside Capture
111.86
Downside Capture
98.48
Top 10 Holdings AS OF 03/31/24
Company
% of Net Assets
Kadant, Inc.
3.1%
Ensign Group, Inc.
2.9%
Innospec, Inc.
2.7%
Valvoline, Inc.
2.7%
National Storage Affiliates Trust
2.7%
Pinnacle Financial Partners, Inc. Class A
2.7%
Magnolia Oil & Gas Corp.
2.5%
Skyline Champion Corp.
2.5%
Allison Transmission Holdings, Inc.
2.4%
Bank OZK
2.4%
59 Number of holdings
96% Active share
Sector Allocation AS OF 03/31/24
Sector
Fund
Index
Financials
25.4 %
25.8 %
Consumer Discretionary
19.1 %
11.1 %
Industrials
17.5 %
14.9 %
Information Technology
12.0 %
5.9 %
Health Care
10.1 %
9.4 %
Energy
6.9 %
10.0 %
Materials
4.0 %
5.0 %
Real Estate
2.7 %
9.7 %
Consumer Staples
1.5 %
2.2 %
Utilities
0.0 %
3.7 %
Communication Services
0.0 %
2.3 %

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

Country Allocation AS OF 03/31/24
Fund (%)
Developed
99.2%
United States
97.3%
Israel
1.9%

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

97.3% United States

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 >

Market Scout – “Value” Funds in a Growth Shop

October 6, 2023

The third quarter of 2023 was negative for stocks as investors fretted…

Read More >

Distributions

Record Date
Payable Date
Income
Short-Term Gain
Long-Term Gain
Total Per Share
Reinvest Price
12/13/23
12/14/23
--
--
$ 0.375562
$ 0.375562
$ 10.080000
12/14/22
12/15/22
--
--
$ 0.192800
$ 0.192800
$ 8.190000
12/15/21
12/16/21
$ 0.003964
$ 0.030428
$ 0.778821
$ 0.813213
$ 10.020000
12/18/19
12/19/19
$ 0.041304
$ 0.003980
$ 0.043796
$ 0.089080
$ 8.070000
12/19/18
12/20/18
--
--
$ 0.592444
$ 0.592444
$ 6.530000
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Historical Distributions and NAVs Select start and end dates
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.  Investing in foreign securities, especially in emerging and frontier markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investments in value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.

The Russell 2000 Value TR Index measures the performance of Russell 2000 Index companies with lower price-to-book ratios and lower 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.

You cannot invest directly in any index.

Morningstar Rating:
The Morningstar Rating for funds, or 'star rating', is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a 3-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% 3-year rating for 36-59 months of total returns, 60% 5 year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10 year rating/30% 3-year rating/20% 3 year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent 3–year period actually has the greatest impact because it is included in all 3 rating periods. The Fund was rated 4, 3 and 4 stars against 581, 549 and 390 funds in the category for the for the 3-, 5- and 10-year periods, respectively. The Fund’s other share class may have different performance characteristics. Past performance is no guarantee of future results. 2024 © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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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