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Wasatch U.S. Select Strategy

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Wasatch U.S. Select Strategy
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Strategy Overview

Objective

Long-term growth of capital

Highlights
  • A concentrated, yet diversified high-conviction portfolio of 20-40 stocks
  • Seeks the highest-quality growth companies in the U.S.
  • Truly active, collaborative, bottom-up, fundamental process
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

All cap flexibility with a focus on mid-cap companies

Approximately 20-40 positions

Portfolio Managers
Mike Valentine Mike Valentine Portfolio Manager
2 years on strategy
7 years at wasatch
Paul Lambert Paul Lambert Portfolio Manager
2 years on strategy
24 years at wasatch
Austin Bone Austin Bone Portfolio Manager
2 years on strategy
7 years at wasatch
Mick Rasmussen Mick Rasmussen Portfolio Manager
2 years on strategy
9 years at wasatch
8 Cumulative PM years on strategy

We believe our fundamental, bottom-up research process lends itself to finding companies in which there’s still tremendous headroom for growth as their stocks move beyond small market capitalization limits.”

—Mike Valentine, Portfolio Manager

Performance

Total Returns AS OF 03/31/24 AS OF 03/31/24
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
U.S. Select Composite (Gross)
0.96%
6.39%
6.39%
27.97%
N/A
N/A
N/A
2.23%
U.S. Select Composite (Net)
0.89%
6.20%
6.20%
27.04%
N/A
N/A
N/A
1.52%
Russell 3000® Growth Index
1.81%
11.23%
11.23%
37.95%
N/A
N/A
N/A
9.49%
Russell Midcap® Growth Index
2.39%
9.50%
9.50%
26.28%
N/A
N/A
N/A
2.80%

Returns for periods greater than one year are annualized. Since inception performance is calculated from 04/30/2021.

Calendar Year Returns (%) NET OF FEES (AS OF 12/31/23)
U.S. Select Composite
Russell 3000® Growth Index
Russell Midcap® 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 inforequest@wasatchglobal.com. 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 April 30, 2021, to June 30, 2022, performance for the U.S. Select Composite contained only non-fee paying proprietary assets. A model fee of 0.75% 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 Wasatch U.S. Select Composite contains fully discretionary accounts following the Wasatch U.S. Select style. The composite primarily invests in equity securities of all market capitalizations that are tied economically to the United States with the goal of long-term appreciation of capital. For comparison purposes the composite is measured against the Russell 3000® Growth and Russell Midcap® Growth indices.

The Russell 3000 Growth TR Index measures the performance of Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Growth Index is constructed to provide a barometer of the broad growth market.

The Russell Midcap Growth TR Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

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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Portfolio

Characteristics AS OF 03/31/24
Portfolio
Index
Number of Holdings
34
1504
Average Market Cap
($ Weighted)
$24.06B
$1,159.23B
Median Market Cap
$12.16B
$2.43B
EPS Growth (%, est. 5 yr)
18
18
P/E (Forward)
34
27
Portfolio Turnover (%)
19.63
N/A
Active Share (%)
98
N/A
Performance Statistics AS OF 03/31/24
Since Inception
Alpha
-6.67
Beta
1.03
R-Squared
0.85
Standard Deviation
23.11
Upside Capture
79.34
Downside Capture
104.94
Top 10 Holdings AS OF 12/31/23
Company
% of Net Assets
Ametek Inc
4.5%
Amphenol Corp.- Cl A
4.5%
Roper Technologies Inc.
4.4%
Copart Inc.
4.0%
Ensign Group Inc/The
4.0%
Workday Inc.
3.5%
ANSYS Inc.
3.3%
Tyler Technologies Inc.
3.3%
Hamilton Lane Inc.
3.3%
Trex Company Inc.
3.2%
34 Number of holdings
98% Active share
Sector Allocation AS OF 03/31/24
Sector
Portfolio
Index
Information Technology
31.4 %
43.0 %
Industrials
22.9 %
6.5 %
Health Care
15.5 %
11.2 %
Financials
12.2 %
6.4 %
Consumer Discretionary
11.4 %
14.7 %
Consumer Staples
3.1 %
4.1 %
Materials
2.7 %
0.9 %
Cash & Cash Equivalents*
0.8 %
N/A
Communication Services
0.0 %
11.6 %
Real Estate
0.0 %
0.9 %
Energy
0.0 %
0.7 %
Utilities
0.0 %
0.1 %
Country Allocation AS OF 03/31/24
Portfolio (%)
Developed
99.2%
United States
95.9%
Ireland
3.3%
95.9% United States

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

Commentary & Literature

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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