Wasatch Global Select Strategy

Investor Summary

The Wasatch Global Select Strategy is managed by a team of experienced investment professionals led by Mick Rasmussen (11 years at Wasatch), along with Derrick Tzau (8 years) and Stuart Rigby (1 year). The strategy operates as part of Wasatch Global Investors, a 100% employee-owned firm founded in 1975 and headquartered in Salt Lake City, Utah. The firm has been SEC-registered since October 23, 1975, under the Investment Advisers Act of 1940. With over 40 employee shareholders and no single employee owning 20% or more of the firm, Wasatch maintains a collaborative culture focused on long-term investment excellence. The management team oversees a high-conviction, concentrated portfolio of 20-40 stocks globally, maintaining 99% active share through rigorous fundamental analysis. The firm employs a team of 34 analysts and portfolio managers who conduct extensive travel and on-site company visits to support their investment decisions.

Fund Strategy

The Wasatch Global Select Strategy is built on the fundamental belief that 'earnings growth drives stock prices over the long term.' The strategy employs a truly active, collaborative, bottom-up fundamental process targeting the highest-quality growth companies across the globe. The investment team seeks high-quality companies that can grow faster and longer than generally anticipated and have the potential to become tomorrow's leaders. Using proprietary screening tools, the team targets companies with consistent earnings growth, strong cash flows, and above-average returns on capital. The Multiple Eyes™ collaborative process involves multiple team members in research and decision-making, supported by extensive travel and on-site company visits. The firm generates over 90% of research internally while conducting extensive screening to find high-quality growth companies that haven't been discovered or properly understood by most investors. The strategy specifically targets companies capable of growing earnings a minimum of 10-15% per year for at least three to five years, focusing on businesses with identifiable, sustainable competitive advantages and proven management teams.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The Wasatch Global Select strategy gained but underperformed its benchmark MSCI AC World Index, which returned 14.93% in Q2 2026. AI enthusiasm continued to drive technology-related companies and the broader AI supply chain. Stock selection in information technology and financials detracted most from relative performance, with U.S. stock selection being the largest geographic detractor. Procore Technologies was the largest individual detractor as software stocks sold off on AI disruption concerns, though the managers believe the market has underestimated competitive moats. Hamilton Lane also detracted on private credit exposure worries. ASPEED Technology was the top contributor, benefiting from surging server management chip demand for AI workloads. Loar Holdings and RBC Bearings contributed as aerospace and defense companies rallied on strong fundamentals. The managers are investing in AI through a high-quality, long-duration growth lens while capitalizing on market inefficiencies by concentrating capital into steady growth companies ignored amid AI enthusiasm that now trade at extremely attractive valuations. They believe these companies are well positioned to outperform once fundamentals regain focus.

Core Thesis

The Wasatch Global Select strategy invests in high-quality, long-duration growth companies with durable competitive advantages, focusing on global small- and mid-cap stocks. The managers are investing in AI through a selective lens, owning companies that directly or indirectly benefit from the AI build-out while also capitalizing on market inefficiencies by concentrating capital into steady growth companies that have been ignored amid AI enthusiasm and now trade at extremely attractive valuations.

Forward Outlook

The managers believe AI has transformative potential and will continue to hold and search for high-quality companies that benefit from AI. However, they are also capitalizing on the market's one-sided nature by concentrating more capital into steady growth companies that are not AI beneficiaries but trade at extremely attractive valuations. They believe these companies are well positioned to outperform once the market puts greater emphasis on company fundamentals.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 22 2026	2026 Q2	HLNE, LOAR, PCOR, RBC	aerospace, AI, defense, global, mid cap, small caps, software, technology	PCOR LOAR RBC	Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus.
Apr 25 2026	2026 Q1	HLNE, HMSO.L, RBC	AI, Data centers, defense, disruption, Geopolitical, global, technology	HLNE 3064.T 2371.T 4966.TW RBC HLMA.L	Wasatch Global Select underperformed as markets rotated from AI beneficiaries to asset-heavy companies, hurting holdings perceived vulnerable to disruption. Managers believe the market has been undiscerning about AI risks and expect their companies with proprietary data and network effects to ultimately benefit. They plan balanced positioning amid potential volatility ahead.
Feb 10 2026	2025 Q4	FOUR, RBC, TREX	fundamentals, global, Japan, Quality, small caps, technology, underperformance, Valuations	6532 JP TREX FOUR WEGE3 BZ RBC	Wasatch Global Select significantly underperformed in 2025 as markets favored speculative stocks over quality businesses. Despite solid portfolio fundamentals and earnings growth, the strategy's focus on high ROA/ROE companies was a headwind. Managers remain disciplined, noting attractive relative valuations and positioning for when quality returns to favor.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 22 2026

2026 Q2

HLNE, LOAR, PCOR, RBC

aerospace, AI, defense, global, mid cap, small caps, software, technology

PCOR
LOAR
RBC

Wasatch Global Select underperformed in Q2 2026 as AI enthusiasm drove markets. Software stocks sold off on disruption fears, hurting Procore despite strong competitive moats. ASPEED Technology led gains on surging AI server chip demand. Aerospace names rallied on strong fundamentals. The managers are selectively investing in AI beneficiaries while concentrating capital into ignored steady growth companies trading at attractive valuations, positioned to outperform when fundamentals regain focus.

Apr 25 2026

2026 Q1

HLNE, HMSO.L, RBC

AI, Data centers, defense, disruption, Geopolitical, global, technology

HLNE
3064.T
2371.T
4966.TW
RBC
HLMA.L

Wasatch Global Select underperformed as markets rotated from AI beneficiaries to asset-heavy companies, hurting holdings perceived vulnerable to disruption. Managers believe the market has been undiscerning about AI risks and expect their companies with proprietary data and network effects to ultimately benefit. They plan balanced positioning amid potential volatility ahead.

Feb 10 2026

2025 Q4

FOUR, RBC, TREX

fundamentals, global, Japan, Quality, small caps, technology, underperformance, Valuations

6532 JP
TREX
FOUR
WEGE3 BZ
RBC

Wasatch Global Select significantly underperformed in 2025 as markets favored speculative stocks over quality businesses. Despite solid portfolio fundamentals and earnings growth, the strategy's focus on high ROA/ROE companies was a headwind. Managers remain disciplined, noting attractive relative valuations and positioning for when quality returns to favor.

QUARTER	THEMES	TAGS
2026 Q2	AI AI continued to be a leading driver of equity markets in Q2 2026. The managers believe AI has transformative potential and own companies that directly or indirectly benefit from the AI build-out. However, they are investing through the lens of high-quality, long-duration growth investors, focusing on businesses with durable competitive advantages that extend beyond the current wave of elevated AI investment.	Data Centers Semiconductors Cloud Software
	Aerospace Aerospace and defense companies rallied during the quarter. Loar Holdings and RBC Bearings both benefited from this rally and reported strong fundamentals. These companies operate in industries with high barriers to entry due to stringent manufacturing and certification requirements, and the long life of commercial and defense aircraft provides sustained demand for replacement parts.	Defense Aerospace Components Defense Components
	Software Many software stocks sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies, but for the companies held, the managers believe the market has underestimated competitive moats that insulate businesses from AI disruption or the ways companies might benefit from AI. Procore Technologies serves as an example, with its advantage lying in its extensive network and proprietary data rather than software code.	SaaS Enterprise Software Cloud
	Private Credit Hamilton Lane detracted from performance as the stock slid on worries about its exposure to private credit. The managers maintained the remaining position on the view that Hamilton Lane's business is unlikely to be disrupted to the extent investors are expecting.	Alternative Asset Managers Capital Markets
2026 Q1	AI Market shifted focus from AI beneficiaries to companies vulnerable to AI disruption, hurting strategy performance. Managers believe market participants have taken an undiscerning view, painting entire industries with a broad brush. They expect many holdings will ultimately benefit from AI through proprietary data, established platforms and network effects.	Artificial Intelligence Disruption Technology Infrastructure Software
	Data Centers ASPEED Technology benefited from strong demand for testing, connectivity and semiconductor-related technologies required to support AI infrastructure expansion. Halma experienced strong growth from its data center business segment as AI buildout led to rapid expansion of data center demand.	Infrastructure Semiconductors Growth Technology
	Defense Aerospace and defense companies performed well as investors anticipated higher demand in a more geopolitically volatile environment. Managers believe the U.S. and other countries are in early stages of building out defense capabilities regardless of specific conflicts.	Aerospace Geopolitical Spending Volatility
	Private Credit Hamilton Lane declined as concerns regarding private credit intensified, with reports of rising distress in certain loan segments, increased use of redemption limits by credit funds, and fears of potential default cycle. Managers remain confident in Hamilton Lane's positioning due to portfolio diversification and business model quality.	Credit Distress Alternative Assets Risk
2025 Q4	AI AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy and Sandisk. The theme experienced volatility in Q4 with concerns over durability, but reasserted dominance after NVIDIA's strong earnings. AI data centers require enormous power and storage, creating opportunities for infrastructure providers.	Data Centers Infrastructure Power Storage Semiconductors
	Electrification The portfolio maintains its largest absolute and relative exposure to the Electrification theme within Industrials. However, the manager has modestly reduced exposure to some larger holdings in this theme during the quarter, suggesting a more cautious approach while maintaining conviction.	Power Grid Infrastructure Energy Transition
	Biotech Biotech was a standout performer during the quarter, delivering its best quarter in five years. Performance was driven by an improving rate environment, easing regulation enabling more M&A activity, and excitement around AI's promise in driving efficiencies in drug discovery processes.	Pharmaceuticals M&A Drug Discovery Regulation
	Solar First Solar benefited from Trump Administration's 'One Big Beautiful Bill' which drove US demand for non-China solar products. The company differentiates itself with thin-film CdTe technology offering better performance in challenging conditions and being more efficient for large scale deployment.	Renewable Energy Manufacturing Trade Policy
	Space Rocket Lab operates as an end-to-end space company in Launch Services and Space Systems segments. The stock was up nearly 50% in the quarter on strong earnings and growing backlog, though the manager's late initiation of position meant it was a detractor to relative performance for most of the period.	Launch Services Satellites Defense

QUARTER

THEMES

AI

AI continued to be a leading driver of equity markets in Q2 2026. The managers believe AI has transformative potential and own companies that directly or indirectly benefit from the AI build-out. However, they are investing through the lens of high-quality, long-duration growth investors, focusing on businesses with durable competitive advantages that extend beyond the current wave of elevated AI investment.

Data Centers Semiconductors Cloud Software

Aerospace

Aerospace and defense companies rallied during the quarter. Loar Holdings and RBC Bearings both benefited from this rally and reported strong fundamentals. These companies operate in industries with high barriers to entry due to stringent manufacturing and certification requirements, and the long life of commercial and defense aircraft provides sustained demand for replacement parts.

Defense Aerospace Components Defense Components

Software

Many software stocks sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies, but for the companies held, the managers believe the market has underestimated competitive moats that insulate businesses from AI disruption or the ways companies might benefit from AI. Procore Technologies serves as an example, with its advantage lying in its extensive network and proprietary data rather than software code.

SaaS Enterprise Software Cloud

Private Credit

Hamilton Lane detracted from performance as the stock slid on worries about its exposure to private credit. The managers maintained the remaining position on the view that Hamilton Lane's business is unlikely to be disrupted to the extent investors are expecting.

Alternative Asset Managers Capital Markets

2026 Q1

AI

Market shifted focus from AI beneficiaries to companies vulnerable to AI disruption, hurting strategy performance. Managers believe market participants have taken an undiscerning view, painting entire industries with a broad brush. They expect many holdings will ultimately benefit from AI through proprietary data, established platforms and network effects.

Artificial Intelligence Disruption Technology Infrastructure Software

Data Centers

ASPEED Technology benefited from strong demand for testing, connectivity and semiconductor-related technologies required to support AI infrastructure expansion. Halma experienced strong growth from its data center business segment as AI buildout led to rapid expansion of data center demand.

Infrastructure Semiconductors Growth Technology

Defense

Aerospace and defense companies performed well as investors anticipated higher demand in a more geopolitically volatile environment. Managers believe the U.S. and other countries are in early stages of building out defense capabilities regardless of specific conflicts.

Aerospace Geopolitical Spending Volatility

Private Credit

Hamilton Lane declined as concerns regarding private credit intensified, with reports of rising distress in certain loan segments, increased use of redemption limits by credit funds, and fears of potential default cycle. Managers remain confident in Hamilton Lane's positioning due to portfolio diversification and business model quality.

Credit Distress Alternative Assets Risk

2025 Q4

AI

AI has been the defining theme of market leadership in 2025, driving data center capex and benefiting companies like Bloom Energy and Sandisk. The theme experienced volatility in Q4 with concerns over durability, but reasserted dominance after NVIDIA's strong earnings. AI data centers require enormous power and storage, creating opportunities for infrastructure providers.

Data Centers Infrastructure Power Storage Semiconductors

Electrification

The portfolio maintains its largest absolute and relative exposure to the Electrification theme within Industrials. However, the manager has modestly reduced exposure to some larger holdings in this theme during the quarter, suggesting a more cautious approach while maintaining conviction.

Power Grid Infrastructure Energy Transition

Biotech

Biotech was a standout performer during the quarter, delivering its best quarter in five years. Performance was driven by an improving rate environment, easing regulation enabling more M&A activity, and excitement around AI's promise in driving efficiencies in drug discovery processes.

Pharmaceuticals M&A Drug Discovery Regulation

Solar

First Solar benefited from Trump Administration's 'One Big Beautiful Bill' which drove US demand for non-China solar products. The company differentiates itself with thin-film CdTe technology offering better performance in challenging conditions and being more efficient for large scale deployment.

Renewable Energy Manufacturing Trade Policy

Space

Rocket Lab operates as an end-to-end space company in Launch Services and Space Systems segments. The stock was up nearly 50% in the quarter on strong earnings and growing backlog, though the manager's late initiation of position meant it was a detractor to relative performance for most of the period.

Launch Services Satellites Defense

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 22, 2026	Fund Letters	Wasatch Global Select Strategy	PCOR	Procore Technologies, Inc.	Software - Application	Application Software	Bull	New York Stock Exchange	AI Beneficiary, cloud-based, Construction Management Software, Equity, network effects, proprietary data, SaaS	Login
Jul 22, 2026	Fund Letters	Wasatch Global Select Strategy	-	ASPEED Technology, Inc.	Staffing & Employment Services	Semiconductors	Bull	Taiwan Stock Exchange	AI infrastructure, data center, Equity, fabless, growth, semiconductors, Server management, Taiwan	Login
Jul 22, 2026	Fund Letters	Wasatch Global Select Strategy	LOAR	Loar Holdings, Inc.	Aerospace & Defense	Aerospace & Defense	Bull	New York Stock Exchange	Aerospace & Defense, Aftermarket Parts, Equity, growth, high barriers to entry, Niche Manufacturing, recurring revenue, US	Login
Jul 22, 2026	Fund Letters	Wasatch Global Select Strategy	RBC	RBC Bearings, Inc.	Tools & Accessories	Industrial Machinery	Bull	NASDAQ	Aerospace & Defense, Diversified Industrial, Engineered Components, Equity, growth, industrial machinery, Precision Bearings, US	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	HLNE	Hamilton Lane, Inc.	Asset Management	Asset Management & Custody Banks	Bull	NASDAQ	alternative investments, asset management, Bull, Institutional Investors, portfolio diversification, Private Credit, Private markets	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	3064.T	MonotaRO Co. Ltd.	Internet Retail	Trading Companies & Distributors	Bull	New York Stock Exchange	Bull, e-commerce, Industrial distribution, Japan, MRO products, Share Buyback, small-cap growth	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	2371.T	BayCurrent, Inc.	Internet Content & Information	IT Consulting & Other Services	Bull	New York Stock Exchange	Artificial Intelligence, Bull, Business Advisory, Digital transformation, IT services, Japan, Technology Consulting	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	4966.TW	ASPEED Technology, Inc.	Other	Semiconductors	Bull	New York Stock Exchange	AI infrastructure, Bull, data centers, semiconductors, Server management, Taiwan, technology hardware	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	RBC	RBC Bearings, Inc.	Tools & Accessories	Machinery	Bull	NASDAQ	Aerospace, Bull, Defense, engineering, geopolitical, industrial manufacturing, Precision Bearings	Login
Apr 25, 2026	Fund Letters	Wasatch Global Select Strategy	HLMA.L	Halma PLC	Conglomerates	Electronic Equipment & Instruments	Bull	New York Stock Exchange	AI infrastructure, Bull, data centers, Industrial technology, Technology Solutions, United Kingdom	Login
Feb 10, 2026	Fund Letters	Mick Rasmussen	6532 JP	BayCurrent Consulting, Inc.	Information Technology	IT Consulting & Other Services	Bull	New York Stock Exchange	Consulting, Digitalization, earnings, Japan, transformation	Login
Feb 10, 2026	Fund Letters	Mick Rasmussen	TREX	Trex Company, Inc.	Industrials	Building Products	Bull	New York Stock Exchange	Cyclical, duopoly, Housing, marketshare, Remodeling	Login
Feb 10, 2026	Fund Letters	Mick Rasmussen	FOUR	Shift4 Payments, Inc.	Financials	Transaction & Payment Processing Services	Bull	New York Stock Exchange	Fintech, growth, hospitality, Payments, Recurring	Login
Feb 10, 2026	Fund Letters	Mick Rasmussen	WEGE3 BZ	WEG SA	Industrials	Electrical Components & Equipment	Bull	Brasil Bolsa Balcão	Capacity, data centers, Electrification, infrastructure, renewables	Login
Feb 10, 2026	Fund Letters	Mick Rasmussen	RBC	RBC Bearings Incorporated	Industrials	Aerospace & Defense	Bull	New York Stock Exchange	Acquisitions, Aerospace, Defense, engineering, Margins	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 22, 2026

Fund Letters

Wasatch Global Select Strategy

PCOR

Procore Technologies, Inc.

Software - Application

Application Software

Bull

New York Stock Exchange

AI Beneficiary, cloud-based, Construction Management Software, Equity, network effects, proprietary data, SaaS

Jul 22, 2026

Fund Letters

Wasatch Global Select Strategy

ASPEED Technology, Inc.

Staffing & Employment Services

Semiconductors

Bull

Taiwan Stock Exchange

AI infrastructure, data center, Equity, fabless, growth, semiconductors, Server management, Taiwan

Jul 22, 2026

Fund Letters

Wasatch Global Select Strategy

LOAR

Loar Holdings, Inc.

Aerospace & Defense

Bull

New York Stock Exchange

Aerospace & Defense, Aftermarket Parts, Equity, growth, high barriers to entry, Niche Manufacturing, recurring revenue, US

Jul 22, 2026

Fund Letters

Wasatch Global Select Strategy

RBC

RBC Bearings, Inc.

Tools & Accessories

Industrial Machinery

Bull

NASDAQ

Aerospace & Defense, Diversified Industrial, Engineered Components, Equity, growth, industrial machinery, Precision Bearings, US

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

HLNE

Hamilton Lane, Inc.

Asset Management

Asset Management & Custody Banks

Bull

NASDAQ

alternative investments, asset management, Bull, Institutional Investors, portfolio diversification, Private Credit, Private markets

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

3064.T

MonotaRO Co. Ltd.

Internet Retail

Trading Companies & Distributors

Bull

New York Stock Exchange

Bull, e-commerce, Industrial distribution, Japan, MRO products, Share Buyback, small-cap growth

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

2371.T

BayCurrent, Inc.

Internet Content & Information

IT Consulting & Other Services

Bull

New York Stock Exchange

Artificial Intelligence, Bull, Business Advisory, Digital transformation, IT services, Japan, Technology Consulting

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

4966.TW

ASPEED Technology, Inc.

Other

Semiconductors

Bull

New York Stock Exchange

AI infrastructure, Bull, data centers, semiconductors, Server management, Taiwan, technology hardware

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

RBC

RBC Bearings, Inc.

Tools & Accessories

Machinery

Bull

NASDAQ

Aerospace, Bull, Defense, engineering, geopolitical, industrial manufacturing, Precision Bearings

Apr 25, 2026

Fund Letters

Wasatch Global Select Strategy

HLMA.L

Halma PLC

Conglomerates

Electronic Equipment & Instruments

Bull

New York Stock Exchange

AI infrastructure, Bull, data centers, Industrial technology, Technology Solutions, United Kingdom

Feb 10, 2026

Fund Letters

Mick Rasmussen

6532 JP

BayCurrent Consulting, Inc.

Information Technology

IT Consulting & Other Services

Bull

New York Stock Exchange

Consulting, Digitalization, earnings, Japan, transformation

Feb 10, 2026

Fund Letters

Mick Rasmussen

TREX

Trex Company, Inc.

Industrials

Building Products

Bull

New York Stock Exchange

Cyclical, duopoly, Housing, marketshare, Remodeling

Feb 10, 2026

Fund Letters

Mick Rasmussen

FOUR

Shift4 Payments, Inc.

Financials

Transaction & Payment Processing Services

Bull

New York Stock Exchange

Fintech, growth, hospitality, Payments, Recurring

Feb 10, 2026

Fund Letters

Mick Rasmussen

WEGE3 BZ

WEG SA

Industrials

Electrical Components & Equipment

Bull

Brasil Bolsa Balcão

Capacity, data centers, Electrification, infrastructure, renewables

Feb 10, 2026

Fund Letters

Mick Rasmussen

RBC

RBC Bearings Incorporated

Industrials

Aerospace & Defense

Bull

New York Stock Exchange

Acquisitions, Aerospace, Defense, engineering, Margins

TICKER	COMMENTARY
PCOR	The largest detractor from strategy performance was Procore Technologies, Inc. (PCOR), a software company that manages construction projects. Many software stocks have sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies. But for the companies we do hold, we believe the market has underestimated the competitive moats that insulate the businesses from AI disruption or the ways in which the companies might actually benefit from AI, not be disrupted by it. Procore serves as an example. Procore's advantage lies not in its software code but in its extensive network of contractors and the proprietary data generated across thousands of projects. That network effect and dataset are significantly more difficult to replicate than the underlying software functionality, and we believe they position the company well in an AI-driven environment. AI could create more and better insights from that proprietary data.
HLNE	Additionally, Hamilton Lane, Inc. (HLNE) detracted from performance. Hamilton Lane is a global investment-management firm that specializes in private-market investing. The stock slid on worries about its exposure to private credit. We maintained the remaining position on the view that Hamilton Lane's business is unlikely to be disrupted to the extent investors are expecting.
LOAR	Another strong stock was Loar Holdings, Inc. (LOAR), a U.S.-based manufacturer and supplier of niche aerospace and defense components for aircraft and related systems. Loar has also benefited in a rally among aerospace and defense companies. Additionally, fundamentals remain strong, with the company reporting record quarterly net sales in its latest operating results. We continue to like Loar Holdings and its growth potential. Loar operates in industries that have high barriers to entry due to stringent manufacturing and certification requirements. And the long life of commercial and defense aircraft means Loar can sell the same replacement parts for several years.
RBC	RBC Bearings, Inc. (RBC) also contributed. The company manufactures highly engineered precision bearings, components and essential systems and primarily serves the aerospace, defense and diversified industrial markets. Similar to Loar, RBC has also benefited from a rally among aerospace and defense companies. Fundamentals for RBC remain strong, and we continue to like the company's long-term earnings potential.

TICKER

COMMENTARY

PCOR

The largest detractor from strategy performance was Procore Technologies, Inc. (PCOR), a software company that manages construction projects. Many software stocks have sold off in 2026 due to concerns about how AI might disrupt software business models. The strategy does not have large exposure to software companies. But for the companies we do hold, we believe the market has underestimated the competitive moats that insulate the businesses from AI disruption or the ways in which the companies might actually benefit from AI, not be disrupted by it. Procore serves as an example. Procore's advantage lies not in its software code but in its extensive network of contractors and the proprietary data generated across thousands of projects. That network effect and dataset are significantly more difficult to replicate than the underlying software functionality, and we believe they position the company well in an AI-driven environment. AI could create more and better insights from that proprietary data.

HLNE

Additionally, Hamilton Lane, Inc. (HLNE) detracted from performance. Hamilton Lane is a global investment-management firm that specializes in private-market investing. The stock slid on worries about its exposure to private credit. We maintained the remaining position on the view that Hamilton Lane's business is unlikely to be disrupted to the extent investors are expecting.

LOAR

Another strong stock was Loar Holdings, Inc. (LOAR), a U.S.-based manufacturer and supplier of niche aerospace and defense components for aircraft and related systems. Loar has also benefited in a rally among aerospace and defense companies. Additionally, fundamentals remain strong, with the company reporting record quarterly net sales in its latest operating results. We continue to like Loar Holdings and its growth potential. Loar operates in industries that have high barriers to entry due to stringent manufacturing and certification requirements. And the long life of commercial and defense aircraft means Loar can sell the same replacement parts for several years.

RBC

RBC Bearings, Inc. (RBC) also contributed. The company manufactures highly engineered precision bearings, components and essential systems and primarily serves the aerospace, defense and diversified industrial markets. Similar to Loar, RBC has also benefited from a rally among aerospace and defense companies. Fundamentals for RBC remain strong, and we continue to like the company's long-term earnings potential.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Aerospace

Software

Private Credit

AI

Data Centers

Defense

Private Credit

AI

Electrification

Biotech

Solar

Space

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Mick Rasmussen Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Wasatch Global Select Strategy