| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Wasatch Small Cap Growth Strategy underperformed the Russell 2000 Growth Index in Q1 2026 amid volatile markets driven by AI disruption concerns and geopolitical tensions from Iran conflict. Software stocks faced sharp selloffs as investors reassessed long-term competitive positioning in an AI-driven world, affecting holdings like Shift4 Payments and Agilysys despite strong underlying fundamentals. The managers believe market participants have been indiscriminate in repricing AI uncertainty without distinguishing between business models. Semiconductor equipment providers Nova and Camtek were top contributors, benefiting from AI-driven demand. Everus Construction Group also contributed positively on strong data center demand. The team refined software positioning by exiting companies with unclear AI implications while concentrating capital in firms positioned to benefit from AI adoption. They maintain conviction in companies with proprietary data, network effects, and embedded customer positioning. Looking ahead, they expect continued volatility but believe well-positioned software companies may be due for re-rating as they demonstrate earnings durability.
Focus on small-cap growth companies with durable competitive moats, particularly those positioned to benefit from AI rather than be disrupted by it, while maintaining balanced exposure across sectors to manage macroeconomic and geopolitical risks.
The managers expect continued market volatility around AI disruption themes. They plan to maintain a balanced portfolio approach focused on companies with durable competitive moats that can potentially benefit from rather than be disrupted by AI. They anticipate software companies with strong fundamentals may be due for re-rating as they demonstrate earnings durability.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 25 2026 | 2026 Q1 | AGYS, CAMT, ECG, FOUR, NVMI, VITL | AI, growth, small caps, software, technology |
FOUR AGYS VITL NVMI CAMT ECG |
Small-cap growth strategy underperformed in volatile Q1 2026 as AI disruption fears drove software selloffs while semiconductor equipment benefited. Managers refined positioning by concentrating in AI beneficiaries rather than potential disruption targets. Despite near-term volatility, they maintain conviction in companies with durable competitive moats and proprietary data advantages positioned for AI-driven growth. |
| Jan 22 2026 | 2025 Q4 | FN, FOUR, FROG, RBC, TREX, VITL | AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value |
FOUR VITL TREX FROG FN RBC |
Wasatch Small Cap Growth suffered its worst year in 25+ years due to avoiding speculative biotech and AI-related stocks that led markets. Despite solid portfolio fundamentals with superior ROA/ROE metrics, quality was out of favor. Managers remain disciplined, avoiding low-quality momentum plays, positioning for eventual rotation back to fundamentally sound businesses at attractive relative valuations. |
| Oct 20 2025 | 2025 Q3 | AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK | AI, growth, Quality, semiconductors, small caps, technology, underperformance | - | Wasatch Small Cap Growth suffered its worst relative quarter in 20+ years, declining 3.71% versus the Russell 2000 Growth's 12.19% gain. Markets favored low-quality, speculative AI and crypto stocks over the fund's high-quality approach. Despite selling Inspire Medical and facing headwinds at BellRing, managers maintain conviction in their quality-focused process and strong portfolio fundamentals for long-term outperformance. |
| Jul 21 2025 | 2025 Q2 | AGYS, BRBR, CWAN, FN, GSHD, NVMI | AI, growth, Quality, small caps, technology, volatility |
GSHD BRBR CWAN GSHD FN NVMI AGYS |
Wasatch Small Cap Growth matched benchmark returns despite severe headwinds from markets favoring low-quality stocks. AI beneficiaries Fabrinet and Nova led gains while BellRing Brands faced inventory issues. Managers expect continued volatility but maintain conviction in high-quality companies with strong fundamentals and trusted management teams during uncertain times. |
| Mar 31 2025 | 2025 Q1 | AGYS, BROS, FRPT, GLOB, ITCI, JNJ, RBC | AI, growth, management, Quality, small cap, Trade Policy, volatility |
GLNT AGYS FRPT BROS RBC |
Wasatch Small Cap Growth underperformed in Q1 2025 amid tariff concerns and market volatility. Despite detractors like Globant and Agilysys, contributors included Intra-Cellular Therapies acquisition and Dutch Bros expansion. Managers maintain long-term focus on high-quality businesses with strong balance sheets and excellent management teams, using volatility to add positions opportunistically. |
| Dec 31 2024 | 2024 Q4 | BOOT, BRBR, PACS, PCTY, ROAD, TMDX | consumer, financials, growth, healthcare, infrastructure, SaaS, small cap, technology |
BRBR PCTY ROAD TMDX |
Wasatch Small Cap Growth outperformed in Q4 on strong stock selection, led by BellRing Brands' 55% earnings growth and Construction Partners' infrastructure expansion. Despite selling PACS Group and Boot Barn due to specific concerns, managers remain optimistic about small-cap fundamentals with mid-teens growth expected to continue in 2025. |
| Sep 30 2024 | 2024 Q3 | CWAN, ENSG, FROG, HQY, INSP, MEDP | financials, growth, healthcare, industrials, small caps, technology |
CWAN ENSG INSP FROG MEDP HQY |
Wasatch Small Cap Growth outperformed in Q3 as Fed rate cuts drove rotation into small-caps. Healthcare software and services companies like Clearwater Analytics and Ensign Group led performance while software tools provider JFrog disappointed. Managers maintain conviction in high-quality businesses capable of doubling every five years despite macroeconomic uncertainty. |
| Jun 30 2024 | 2024 Q2 | ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX | AI, growth, healthcare, retail, semiconductors, small caps, technology |
NVMI BOOT TMDX FIVE SITE SPT |
Wasatch Small Cap Growth underperformed in Q2 2024 despite AI beneficiary Nova leading contributions. Five Below's theft and inflation issues weighed on performance. The team maintains conviction in their bottom-up approach, believing small-cap fundamentals remain strong with double-digit growth prospects at reasonable valuations, expecting eventual outperformance versus large-caps. |
| Apr 15 2024 | 2024 Q1 | AGYS, CWAN, FIVN, HQY, MEDP, MSTR, NEOG, NVMI, SMCI, YETI | AI, fundamentals, growth, healthcare, semiconductors, small cap, technology |
MEDP NVMI HQY YETI CWAN FIVN AGYS |
Wasatch Small Cap Growth underperformed in Q1 despite gains, as AI drove market returns. The team maintains their fundamentals-focused approach, avoiding macro speculation. Strong contributors included Medpace and Nova, while YETI and Clearwater detracted. They're optimistic on small-cap valuations and projected double-digit growth rates for 2024, staying disciplined on AI opportunities while managing associated risks. |
| Dec 31 2023 | 2023 Q4 | BRBR, FOXF, MEDP, PCTY, PNFP, XPEL | earnings, financials, growth, healthcare, Quality, small caps, technology |
BRBR MEDP PNFP FOXF XPEL PCTY |
Wasatch Small Cap Growth validated its quality-focused approach in 2023 as high-quality companies finally saw their strong fundamentals reflected in stock prices. With interest rates normalizing and earnings growth accelerating toward mid-teens in 2024, the managers believe their balanced portfolio of quality small-caps is well-positioned for either economic scenario ahead. |
| Sep 30 2023 | 2023 Q3 | EEFT, FIVE, HQY, INSP, OLLI, SHAK, SILK, YETI | Discount Retail, growth, healthcare, interest rates, Quality, small caps, technology |
OLLI YETI HQY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN SILK FIVE SHAK |
Wasatch Small Cap Growth outperformed during Q3 2023's market decline by focusing on high-quality companies with strong returns on equity. Discount retailers and select healthcare names drove performance while medical technology faced headwinds. The strategy appears well-positioned for various economic scenarios given its emphasis on profitable, low-debt companies with growth potential. |
| Mar 31 2023 | 2023 Q1 | BOOM, CYBR, FIVE, FOXF, GDYN, INSP, MEDP, PCTY | growth, healthcare, inflation, interest rates, Quality, small caps, technology |
MEDP ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN FIVE GDYN PCTY CYBR |
Wasatch Small Cap Growth faced significant headwinds in 2022 from inflation and rising rates that favored cyclical sectors over their preferred high-quality growth companies. Healthcare holdings like Medpace and Inspire contributed while IT names detracted. Managers expect quality companies to reassert advantages as economic conditions normalize and rate pressures ease. |
| Jan 3 2023 | 2022 Q4 | BOOM, CYBR, FIVE, FOXF, GDYN, ISNP, MEDP, PCTY | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI disruption concerns drove sharp selloffs across software and other asset-light business models. The managers believe investors have been indiscriminate in repricing AI uncertainty without distinguishing between individual business models. They view AI as potentially reinforcing competitive advantages for companies with proprietary data and network effects. |
Software Disruption Technology Platforms Data |
SoftwareSoftware stocks sold off sharply as investors focused on long-term AI disruption risks. The managers refined positioning by selling companies with unclear AI implications while concentrating capital in companies positioned to benefit from AI. They believe many software holdings maintain strong fundamentals despite stock price declines. |
SaaS Enterprise Software Technology Platforms | |
SemiconductorsAI-driven semiconductor demand contributed to strong returns for equipment providers Nova and Camtek during the quarter. The managers view semiconductor equipment companies as beneficiaries of AI infrastructure buildout requirements. |
Semi Equipment AI Technology | |
Data CentersData center demand remains strong as AI expansion requires increasing energy capacity. Everus Construction Group benefited from strong demand across data center markets, with management highlighting robust bidding activity in this sector. |
Infrastructure Energy Construction | |
| 2025 Q4 |
Live SportsManager sees significant value in sports teams and entertainment assets, recommending Atlanta Braves Holdings, Madison Square Garden Sports, and Manchester United. Believes sports are increasingly attractive to institutional investors with substantial upside potential from current valuations. |
Sports Teams Entertainment Media Rights Valuation |
MediaPositive on Fox and Versant Media Group, citing strong sports programming assets, share buybacks, and cash generation capabilities. Views recent Versant spin-off as creating buying opportunity due to index fund selling pressure. |
Broadcasting Cable Networks Content Spin-offs | |
Natural GasBullish on National Fuel Gas due to strategic Appalachian Basin reserves and regulated utility business expansion. Sees 50% upside to private market value with potential for higher earnings multiples. |
Utilities Energy Infrastructure Reserves Regulation | |
AIAcknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to historical technological revolutions with multiple speculative solutions likely to unfold unexpectedly. |
Technology Disruption Speculation Productivity | |
Mergers & AcquisitionsExpects increased deal activity driven by need for scale, lower financing costs, and more amenable regulatory environment. Notes 40% increase in announced transactions for 2025 with private equity dry powder providing valuation floor. |
Deal Activity Private Equity Consolidation Valuations | |
| 2025 Q3 |
QualityThe fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics. |
ROA Earnings Margins Fundamentals Business Models |
AIMany top-performing stocks are tied to artificial intelligence themes, though the fund holds AI-related companies like Fabrinet and Nova based on fundamentals rather than thematic plays. AI has been a popular investment theme driving market performance. |
Data Centers Semiconductors Technology Thematic Speculation | |
| 2025 Q2 |
AITwo technology companies benefited from increasing artificial intelligence usage. Fabrinet makes optical components for data centers while Nova sells metrology systems for semiconductor manufacturing. AI has been a popular investment theme driving stock performance. |
Data Centers Semiconductors Technology |
QualityThe fund focuses on high-quality companies with proven earnings growth, strong free cash flow generation, and trusted management teams. This quarter saw severe headwinds as lower-quality companies outperformed, representing one of the strongest environments favoring low-quality stocks in a decade. |
Earnings Value Growth | |
| 2025 Q1 |
Trade PolicyTariffs and potential trade war have weighed on markets and raised concerns about global economic growth. The uncertainty surrounding tariffs and their macroeconomic impact underscores the importance of investing in high-quality businesses with good management teams. |
Tariffs Trade War Economic Growth Uncertainty Macroeconomic |
AIBusinesses are in the early innings of implementing AI into their processes and Globant will be a key beneficiary of this trend over the long term, despite current IT spending sluggishness. |
Artificial Intelligence IT Spending Implementation Technology | |
QualityFocus on investing in high-quality businesses with strong balance sheets, essential products or services that provide pricing power, and excellent management teams that can navigate uncertainty and complex environments. |
Balance Sheets Pricing Power Management Teams Financial Strength | |
| 2024 Q4 |
Small CapsU.S. small-cap stocks gained after the November election on expectations of less regulation, tax cuts and stronger economic growth. The managers believe business conditions are generally favorable for smaller companies, though they note some pockets of consumer spending weakness. |
Small Cap Growth Russell 2000 Regulation Tax Cuts |
| 2024 Q3 |
Healthcare SoftwareMultiple healthcare technology companies in the portfolio including Clearwater Analytics for investment accounting, Inspire Medical for sleep apnea solutions, and HealthEquity for health savings accounts. These companies are benefiting from digital transformation in healthcare and growing adoption of specialized software solutions. |
Software Healthcare IT Digital Health Medical Devices Health Savings |
BiotechnologyExposure through Medpace Holdings, a contract research organization serving small biotech companies. The company provides clinical development services as biotech innovation continues to advance, though facing near-term headwinds from biotech funding challenges. |
CRO Clinical Trials Drug Development Biotech Services Life Sciences | |
| 2024 Q2 |
AIAI beneficiaries continued to power ahead during Q2 2024, with the strategy's best contributor being Nova Ltd., which benefited from increased inspection requirements for complex AI chips. The team has conducted extensive research on AI's potential impact across industries and owns companies that participate in AI development or benefit from related business improvements. |
Semiconductors Equipment Manufacturing Inspection Technology |
Small CapsSmall-cap stocks lagged large-caps during the quarter, with most small-cap benchmarks posting negative returns. Despite this underperformance, the managers believe small-cap companies continue to generate double-digit revenue and earnings growth with reasonable valuations, and expect the market will eventually favor small-caps over large-caps. |
Russell 2000 Growth Valuations Outperformance Fundamentals | |
Semiconductor CycleThe semiconductor industry transformation continued with AI driving increased levels of inspection for complex chip manufacturing. The managers approach semiconductor investments by trimming positions on excessive optimism and adding on excessive pessimism, recognizing the cyclical nature of demand in this sector. |
Cyclical Equipment Manufacturing Metrology Process Control | |
| 2024 Q1 |
AIAI and technology broadly drove much of the market returns during Q1, with IT producing approximately half of the Russell 2000 Growth Index's total return. Wasatch has three main considerations regarding AI: avoiding companies whose business models will be materially disrupted, being attracted to companies that can use AI to strengthen competitive positions or reduce costs, and being interested in certain companies directly involved in AI while cognizant of potential asymmetric risks and unreasonable valuations. |
Artificial Intelligence Technology Disruption Competitive Advantage Valuation Risk |
Semiconductor CycleNova Ltd benefited from surging global chip demand partially resulting from AI needs. Wasatch's approach when investing in semiconductor companies is to trim positions on excessive optimism related to the semiconductor cycle and add to positions on excessive pessimism, as semiconductor producers and related equipment manufacturers typically face cyclical demand. |
Semiconductors Cyclical Demand Equipment Manufacturing Market Timing | |
Small CapsThe strategy focuses on small-cap growth companies with reasonable valuations found on both absolute basis and relative to large-caps. Wasatch is optimistic regarding investment performance going forward considering projected double-digit growth rates for 2024 and reasonable small-cap valuations. |
Small Cap Growth Valuation Growth Rates Relative Value | |
| 2023 Q4 |
QualityHigh-quality companies with strong cash flows and below-average debt levels are positioned to outperform as market conditions normalize. These companies can use their cash flows for buybacks, acquisitions, and capital spending initiatives to support long-term growth. |
Cash flows Debt levels Buybacks Acquisitions Capital spending |
Small CapsSmall-cap stocks have underperformed large-caps for more than a decade but recaptured some ground in Q4 2023. Small-cap valuations remain attractive, especially given robust earnings growth over the past two years. |
Underperformance Valuations Earnings growth Russell 2000 | |
EarningsEarnings growth drives stock performance over the long term, though not necessarily in the short term. The strategy expects 2024 earnings growth to accelerate to the mid-teens after falling to low double-digits in 2023. |
Growth acceleration Long term Mid-teens Double-digits | |
| 2023 Q3 |
Discount RetailDiscount retailers like Ollie's and Five Below are well-positioned in the current inflationary environment as consumers seek value. Ollie's benefits from distressed inventory acquisition and strong comparable store sales growth, while Five Below continues expansion despite margin pressures from theft. |
Value Inflation Consumer Retail Expansion |
QualityHigher-ROE companies generally outperformed during the quarter, with each of the top three ROE deciles in the Russell 2000 Growth Index beating the benchmark. The strategy focuses on high-quality companies with strong returns on capital, healthy cash flows, and low debt levels. |
ROE Returns Cash Flow Debt Performance | |
| 2023 Q1 |
Small CapsThe strategy focuses on U.S. small-cap growth companies, specifically those in the Russell 2000 Growth Index. The managers believe small-cap growth companies with strong fundamentals will reassert themselves as economic conditions normalize, particularly as high-quality companies can take advantage of falling equity prices through buybacks and acquisitions. |
Russell 2000 Growth Fundamentals Quality |
QualityThe managers emphasize high-quality companies with reasonable debt levels, strong cash flows, and management teams that can navigate challenges. They believe quality companies will outperform in tougher economic conditions as they have flexibility to be aggressive while lower-quality competitors become defensive. |
Cash Flows Debt Management Resilience | |
Inflation2022 presented the most hostile inflationary environment for their investment approach in over 20 years. Rising inflation favored cyclical commodities and energy sectors that the strategy typically avoids, creating substantial headwinds throughout the year. |
Commodities Energy Headwinds Environment | |
RatesSharply higher interest rates had an outsized negative impact on growth company stock prices because their cash flows are weighted further into the future. The Fed's rate hikes to combat inflation caused valuations of growth companies to suffer significantly during 2022. |
Federal Reserve Valuations Cash Flows Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | FOUR | Shift4 Payments, Inc. | Software - Infrastructure | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Acquisitions, AI disruption, Competitive Moats, Fintech, Lodging, payment processing, Restaurant, Software | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Software - Application | Application Software | Bull | NASDAQ | AI integration, Contract Stickiness, Free Cash Flow, Hospitality Software, Marriott, niche expertise, Point of Sale, property management | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | VITL | Vital Farms, Inc. | Farm Products | Packaged Foods & Meats | Neutral | NASDAQ | Brand Positioning, Competitive pressure, consumer staples, market share, Organic, Pasture-Raised, Specialty-Foods, valuation | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Defect Reduction, Performance Optimization, semiconductor equipment, technology hardware | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | CAMT | Camtek Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Defect Reduction, Performance Optimization, semiconductor equipment, technology hardware | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | ECG | Everus Construction Group, Inc. | Engineering & Construction | Construction & Engineering | Bull | New York Stock Exchange | AI infrastructure, backlog growth, Construction services, data centers, Electrical Contracting, Energy Capacity, Power Transmission | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FROG | JFrog Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Devops, Security, Software | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FN | Fabrinet | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI, datacenters, Networking, Optics, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | RBC | RBC Bearings Incorporated | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Acquisitions, Aerospace, Defense, engineering, growth | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FOUR | Shift4 Payments, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | consumer, Fintech, growth, Payments, Sentiment | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | VITL | Vital Farms, Inc. | Consumer Staples | Agricultural Products | Bull | NASDAQ | agriculture, Consumerbrands, Loyalty, Margins, Pricing | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | TREX | Trex Company, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Buildingproducts, Cyclicals, Decking, Housing, Quality | Login |
| Jul 21, 2025 | Fund Letters | JB Taylor | GSHD | Goosehead Insurance, Inc. | Financials | Insurance | Bull | NASDAQ | Brokerage, franchise, Insurance, productivity, scaling, technology | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | GSHD | Goosehead Insurance, Inc. | Financials | Insurance Brokers | Bull | NASDAQ | franchise model, insurance brokerage, market share gains, operational efficiency, technology platform | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Information Technology | Application Software | Neutral | NASDAQ | acquisition integration, Asset Managers, Compliance, Investment Software, risk management, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, consumer staples, Distribution Expansion, Nutrition, Protein Supplements, secular growth | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bull | NASDAQ | Digital transformation, Hospitality Software, market share gains, niche market, recurring revenue | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | FN | Fabrinet | Information Technology | Electronic Manufacturing Services | Bull | NYSE | Artificial Intelligence, data centers, Manufacturing Services, Optical-Components, technology infrastructure | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Manufacturing Technology, Metrology systems, process control, semiconductor equipment | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | RBC | RBC Bearings, Inc. | Industrials | Industrial Machinery | Bull | NYSE | acquisition integration, Aerospace, Commercial Aviation, Defense, Engineered Components, Industrial, Precision Bearings | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | FRPT | Freshpet, Inc. | Consumer Staples | Pet Products | Bull | NASDAQ | consumer staples, Fresh Food, gross margins, manufacturing, Pet Food, Refrigerated, scaling | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | GLNT | Globant SA | Information Technology | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, Digital transformation, Global, growth, It consulting, Software Development, Technology Services | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | BROS | Dutch Bros., Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | Beverages, Coffee, Customizable, Drive-Through, growth, Restaurant, store expansion | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bull | NASDAQ | growth, Hardware, Hospitality Software, Point of Sale, recurring revenue, Software | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, consumer staples, earnings growth, growth, market share expansion, Nutritional Products, Protein Supplements | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Application Software | Bull | NASDAQ | HR Management, Payroll Software, recurring revenue, revenue stabilization, SaaS, Software, turnaround | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | ROAD | Construction Partners, Inc. | Industrials | Construction & Engineering | Bull | NASDAQ | Acquisitions, Civil Engineering, construction, infrastructure, Population growth, Revenue Growth, Southern States | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | TMDX | TransMedics Group, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Biomedical, Healthcare Equipment, life sciences, Medical devices, medical technology, Organ Transplant, Standard of Care | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | ENSG | Ensign Group, Inc. | Health Care Equipment & Services | Health Care Facilities | Bull | NASDAQ | Acquisitions, Assisted Living, Demographics, Healthcare Facilities, Healthcare services, Skilled Nursing, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | INSP | Inspire Medical Systems, Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | GLP-1, healthcare innovation, Medical devices, Minimally Invasive, Obesity, OSA Treatment, sleep apnea | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FROG | JFrog Ltd. | Software & Services | Systems Software | Neutral | NASDAQ | Artificial Intelligence, CI/CD, Code Management, Devops, Programming Tools, Repositories, Software Development | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical research, Clinical trials, Cro, drug development, life sciences, Pharmaceutical Outsourcing | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Diversified Financials | Specialized Finance | Bull | NASDAQ | Consumer-Directed Healthcare, Custodial Services, Employee Benefits, Fintech, Health Savings Accounts, Healthcare Finance, HSA | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Software & Services | Application Software | Bull | NASDAQ | asset management, Compliance Technology, Fintech, Investment Management Software, net revenue retention, recurring revenue, SaaS | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | SITE | SiteOne Landscape Supply, Inc. | Industrials | Trading Companies & Distributors | Neutral | NYSE | Distribution, Home Depot Competition, interest rate sensitivity, Landscape Supply, Professional Landscapers, Real estate exposure | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | SPT | Sprout Social, Inc. | Information Technology | Application Software | Bull | NASDAQ | CEO transition, Cloud-Based Tools, Customer Engagement, SaaS, social media management, Software Sales Slowdown | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, Metrology, process control, semiconductor equipment, technology | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | growth runway, inflation impact, Lower-Income Consumer, Shrinkage, valuation opportunity, Value retail | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | BOOT | Boot Barn Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | debt-free, E-commerce resistant, same-store sales, Self-Funding, Specialty retail, Western Apparel | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | TMDX | TransMedics Group, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | healthcare innovation, life sciences, Logistics, market share gains, medical technology, Organ Transplant | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVN | Five9, Inc. | Information Technology | Software | Bull | NASDAQ | AI integration, Cloud software, contact centers, Customer Engagement, remote work, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Information Technology | Software | Bull | NASDAQ | Cloud software, contrarian, Investment Accounting, Overdeliver, SaaS, Underpromise | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical development, contract research, Cro, defensive, growth, healthcare | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Neutral | NYSE | Brand, Competition, Drinkware, international expansion, Outdoor Gear, Retail Stores | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Software | Bull | NASDAQ | Cloud software, Hospitality Software, Marriott Partnership, Mobile Solutions, property management, Travel Recovery | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Financials | Consumer Finance | Bull | NASDAQ | Benefits, contrarian, Custodian, growth, Health Savings, HSA, Interest rates | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, capital allocation, Cyclical, market share, Metrology Equipment, semiconductors | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | PNFP | Pinnacle Financial Partners, Inc. | Financials | Regional Banks | Bull | NASDAQ | Demographics, diversified customer base, Nashville, net interest margin, real estate market, regional bank, Responsible Banking | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | XPEL | XPEL, Inc. | Consumer Discretionary | Auto Parts & Equipment | Neutral | NASDAQ | aftermarket, Automotive Products, Customer concentration, OEM Relationships, Paint Protection Film, Tesla, Window Tints | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Human Resources & Employment Services | Bull | NASDAQ | Client Funds, employment services, Human Resources, Payroll Software, recurring revenue, SaaS, Software-as-a-Service | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | FOXF | Fox Factory Holding Corp. | Consumer Discretionary | Leisure Products | Neutral | NASDAQ | acquisition, capital allocation, Core Business, Cycling, Motorsports, strategic focus, Suspension Products | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | asset-light model, consumer staples, Health-Conscious Consumers, Nutrition Products, Outsourced Production, Protein Supplements, Shelf-Stable Products | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotechnology Services, Clinical development, contract research organization, Cro, Free Cash Flow, Healthcare services, share repurchases | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Cash management, Employer Benefits, financial services, Health Savings Accounts, interest rate sensitivity, Return to Office | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | SILK | Silk Road Medical, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Carotid Artery, Clinical Outcomes, CMS reimbursement, Medical devices, Standard of Care, TCAR Procedure, Vascular Surgery | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | discount retail, Holiday Shopping, Specialty retail, store expansion, Teen Demographics, Theft Prevention, Value Pricing | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | OLLI | Ollie's Bargain Outlet Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | comparable-store sales, Consumer Discretionary, discount retail, inflation hedge, inventory management, Specialty retail, value proposition | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | SHAK | Shake Shack, Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | brand loyalty, Fast casual, international expansion, Management Turnaround, Post-Pandemic Recovery, Premium Burgers, Restaurant Chain | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Consumer Discretionary, debt-free, high margins, Holiday Shopping, Outdoor Recreation, Premium Brand, Product Recall Recovery | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN | Inspire Medical Systems, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | GLP-1 Impact, Healthcare Equipment, medical technology, Minimally Invasive, Patient Throughput, sleep apnea, Surgical Procedures | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Bull, Clinical trials, contract research organization, Guidance Raise, Healthcare services, life sciences, Outsourcing | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN | Inspire Medical Systems, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Healthcare Technology, margin expansion, Medical devices, Minimally Invasive, Revenue Growth, sleep apnea, Unmet Medical Need | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Consumer Discretionary, debt-free, Format Innovation, Free Cash Flow, Specialty retail, store expansion, Value Retailer | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | GDYN | Grid Dynamics Holdings, Inc. | Information Technology | IT Services | Bull | NASDAQ | buying opportunity, Cloud computing, Digital transformation, geopolitical risk, IT services, Management Quality, Ukraine | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Application Software | Bull | NASDAQ | Cloud software, Hr Technology, interest rate sensitivity, Payroll Software, SaaS, SMB market, Strong Fundamentals | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | CYBR | CyberArk Software Ltd. | Information Technology | Systems Software | Neutral | NASDAQ | Cloud Competition, cybersecurity, M&A Speculation, Network Security, private equity, Privileged Access Management, Volatility | Login |
| TICKER | COMMENTARY |
|---|---|
| FOUR | Shift4 Payments, Inc. (FOUR) was one of the largest detractors from strategy performance during the quarter. Shift4 provides integrated payment processing and commerce software for merchants, specializing in the lodging and restaurant verticals. The stock was an example of one that sold off as part of the AI disruption debate. Additionally, the company made a large acquisition in 2025, and we believe investors are waiting to see evidence of realized synergies. Given management's track record of realizing high returns on prior acquisitions, we're being patient as the company integrates the newly acquired business. We also believe Shift4's business model is more resilient to AI disruption than investors may appreciate as the company has unique competitive moats across lodging and restaurants. In our view, Shift4's ability to connect its payment rails across a complex ecosystem would be difficult for would-be competitors to replicate. |
| AGYS | Another company that saw its stock price decline amid AI disruption concerns was Agilysys, Inc. (AGYS), a provider of property management and point-of-sale software for the hospitality industry. Here, too, we believe the business model is more resilient than market participants anticipate. Property management systems are difficult to replace, and contracts are often long term, frequently extending 10 years or more. Given this contract stickiness and Agilysys' niche expertise, we believe customers will look to the company to incorporate AI functionality into its existing platform rather than develop solutions independently. We also believe Agilysys is positioned to accelerate earnings and free cash flow growth from the implementation of its contract with Marriott International, Inc. |
| VITL | Vital Farms, Inc. (VITL) was another detractor. The company provides specialty eggs and butter sourced from small farms and pasture-raised animals. Heavier promotional activity by some competitors led to concerns about market share shifts and weighed on the stock during the period. Given the more competitive environment, we trimmed our position. We continue to hold the company and view the valuation as attractive but would like to see further evidence that its brand position remains strong. |
| NVMI | Nova Ltd. (NVMI) and Camtek Ltd. (CAMT) were two of the largest contributors to performance during the quarter. Both companies provide equipment used in semiconductor manufacturing to improve chip performance and reduce defects. AI-driven semiconductor demand contributed to strong returns for both companies during the quarter, extending the momentum seen over the past year. |
| CAMT | Nova Ltd. (NVMI) and Camtek Ltd. (CAMT) were two of the largest contributors to performance during the quarter. Both companies provide equipment used in semiconductor manufacturing to improve chip performance and reduce defects. AI-driven semiconductor demand contributed to strong returns for both companies during the quarter, extending the momentum seen over the past year. |
| ECG | Everus Construction Group, Inc. (ECG) was another top contributor. The company provides electrical and mechanical contracting services, as well as power transmission and distribution construction. The stock rose following the company's reporting of fourth-quarter and full-year 2025 results, which included a record year-end backlog and profit and revenue growth that exceeded consensus expectations. Management highlighted strong demand and bidding activity across data centers, high-tech, hospitality and utility markets. Looking ahead, we believe demand for the services Everus provides will remain strong, particularly as data centers require increasing energy capacity to support the expansion of AI. |
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