Wasatch Frontier Emerging Small Countries Strategy

Investor Summary

Scott Thomas, CFA, CPA, serves as Lead Portfolio Manager with 9 years managing this strategy and 14 total years at Wasatch. He joined Wasatch Advisors in 2012 as a senior equities analyst on the international research team and has served as portfolio manager since January 31, 2015. Thomas holds a Bachelor of Science in Accounting from Brigham Young University and brings prior experience from Morgan Stanley and KPMG. He emphasizes direct engagement with portfolio companies through extensive travel to frontier and emerging markets, often being among the rare institutional investors to visit potential investments in person.

Fund Strategy

The Wasatch Frontier Emerging Small Countries Strategy employs a bottom-up, fundamental investment process targeting high-quality companies in frontier and emerging small countries. The strategy emphasizes companies with strong financials, sustainable competitive advantages, superior management teams, and earnings growth exceeding their sector or industry. Portfolio managers travel throughout frontier and emerging markets to identify less well-known, long-duration growth companies with secular growth drivers leading domestic transformations. The approach focuses on fintech, e-commerce, and healthcare firms across Latin America, Asia, and Morocco, typically maintaining 30 to 70 positions with high active share of 90% compared to benchmarks.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

The Wasatch Frontier Emerging Small Countries Strategy gained but lagged the MSCI Frontier Emerging Markets Index, which rose 9.98% in Q2 2026. The largest source of underperformance was not owning Vingroup JSC, a Vietnamese real-estate stock that surged 63% amid a market rebound and anticipated index upgrade. Holdings in Brazil, Turkey, and Saudi Arabia also detracted, while stock selection in the Philippines, India, and Peru contributed positively. International Container Terminal Services was the strongest contributor, posting 17% earnings growth on 29% revenue growth. The manager is developing a new long-term theme focused on power-generation and grid infrastructure, driven by AI data centers and renewable energy projects creating structural demand for transformers and high-voltage equipment. Supply constraints and aging infrastructure are creating multiyear backlogs and pricing power for well-positioned suppliers. The team is evaluating investments in grid component manufacturers across frontier emerging markets to capture this opportunity, believing the current supply-demand mismatch is structural rather than temporary.

Forward Outlook

The manager expects demand across the power-generation value chain to become a long-term theme, driven by AI data centers and renewable-energy projects placing new, concentrated loads on the grid. A structural mismatch between supply and demand for electricity is expected to support volume-driven growth and margin expansion for suppliers that can scale production. The team is evaluating investments in grid component manufacturers in frontier emerging markets to capture this opportunity.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 22 2026	2026 Q2	2260.SR, BAP, BFT.WA, ICT.PS	AI, Data centers, emerging markets, Energy Transition, frontier markets, Grid Upgrade, infrastructure, small caps	ICT.PS BFT.WA BAP 2300.SR	The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers.
Apr 25 2026	2026 Q1	CAMT, MELI, NU, SE	AI, E-Commerce, emerging markets, Fintech, frontier markets, Grid Infrastructure, semiconductors, small caps	CAMT SE	Frontier emerging markets strategy underperformed as Middle East tensions boosted commodities, benefiting sectors where the fund has zero exposure. AI trends drove outperformance in semiconductor inspection tools and grid infrastructure while pressuring e-commerce and fintech through increased competition. Manager maintains disciplined approach, expecting quality growth companies to outperform cyclical plays in the next cycle phase.
Feb 10 2026	2025 Q4	BCG.L, DSY.JO, FN, FRT.HM, MELI, SE	Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam	SE BCG LN MELI DSY SJ FRT VN FN	Wasatch's frontier emerging markets strategy underperformed in 2025 as beaten-down, lower-quality stocks surged on dollar weakness while higher-quality portfolio holdings lagged. Manager maintains conviction in companies positioned for domestic transformations, viewing 2025 as potential inflection point for sustained frontier market tailwinds as global capital returns to the asset class.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 22 2026

2026 Q2

2260.SR, BAP, BFT.WA, ICT.PS

AI, Data centers, emerging markets, Energy Transition, frontier markets, Grid Upgrade, infrastructure, small caps

ICT.PS
BFT.WA
BAP
2300.SR

The strategy lagged the benchmark in Q2 2026 primarily due to not owning Vingroup, which surged 63%. Stock selection in the Philippines and Peru contributed positively. The manager is building a new theme around power-generation infrastructure, driven by AI data centers and renewable energy creating structural demand for grid equipment. Supply constraints and aging infrastructure support multiyear growth for component manufacturers.

Apr 25 2026

2026 Q1

CAMT, MELI, NU, SE

AI, E-Commerce, emerging markets, Fintech, frontier markets, Grid Infrastructure, semiconductors, small caps

CAMT
SE

Frontier emerging markets strategy underperformed as Middle East tensions boosted commodities, benefiting sectors where the fund has zero exposure. AI trends drove outperformance in semiconductor inspection tools and grid infrastructure while pressuring e-commerce and fintech through increased competition. Manager maintains disciplined approach, expecting quality growth companies to outperform cyclical plays in the next cycle phase.

Feb 10 2026

2025 Q4

BCG.L, DSY.JO, FN, FRT.HM, MELI, SE

Dollar, E-Commerce, emerging markets, frontier markets, Latin America, Quality, underperformance, Vietnam

SE
BCG LN
MELI
DSY SJ
FRT VN
FN

Wasatch's frontier emerging markets strategy underperformed in 2025 as beaten-down, lower-quality stocks surged on dollar weakness while higher-quality portfolio holdings lagged. Manager maintains conviction in companies positioned for domestic transformations, viewing 2025 as potential inflection point for sustained frontier market tailwinds as global capital returns to the asset class.

QUARTER	THEMES	TAGS
2026 Q2	Grid Upgrade The manager identifies power generation and grid infrastructure as an emerging long-term theme driven by AI data centers and renewable energy projects. Demand for transformers, interconnection equipment, and high-voltage components is rising faster than manufacturing capacity can be added, creating a structural supply-demand mismatch. The manager expects this to support volume-driven growth and margin expansion for suppliers that can scale production, with multiyear backlogs and increased pricing power.	Transformers Data Centers Renewables Grid Infrastructure Power Equipment
	AI AI infrastructure build-out is identified as a key driver of demand for electrical grid equipment. Hyperscale data centers require gigawatts of round-the-clock power, effectively adding multiple mid-sized cities to the electrical grid each year. The manager views this as creating concentrated, non-interruptible loads that require substantial high-voltage equipment and drive demand for grid components.	Data Centers Infrastructure Power Demand Hyperscale
	Energy Transition The shift toward renewable energy is driving demand for interconnection equipment and transformers to integrate wind and solar onto the grid. The manager frames this as part of the race for energy independence, which is altering economics for utilities and their suppliers. This is opening opportunities in historically cyclical and capital-intensive industries.	Renewables Solar Wind Grid Integration Interconnection
	Philippines Stock selection in the Philippines was the strategy's most significant source of strength against the benchmark. International Container Terminal Services, the strongest contributor to performance, operates shipping terminals globally and has posted double-digit volume growth for three consecutive quarters, with recent acquisitions performing better than expected.	Ports Shipping Container Terminals Infrastructure
	Poland Benefit Systems SA, a leading employee-wellness platform in Poland, was a top contributor to performance. The company's core membership-access business in Poland continued to perform well, while smaller European operations have begun to improve. A recent acquisition in Turkey is performing better than expected.	Wellness Fitness Subscription Consumer Services
	Peru Stock selection in Peru improved relative results. Credicorp, the leading financial institution in Peru, benefited from reduced political uncertainty following general elections and a more-predictable policy environment. Higher commodity prices and a supportive macroeconomic backdrop contributed to early signs of a more-constructive credit cycle.	Banks Credit Cycle Commodities Political Stability
	Saudi Arabia Holdings in Saudi Arabia detracted from performance. Electrical Industries Co. declined as easing geopolitical tensions with Iran led to a sharp retreat in oil prices. Because government spending in Saudi Arabia is heavily funded by oil revenues, the pullback in crude led investors to expect state-backed infrastructure programs to proceed at a more-cautious pace.	Oil Prices Infrastructure Spending Geopolitical Risk Government Spending
	Vietnam The largest source of underperformance was a Vietnamese real-estate stock not owned in the strategy. Vingroup JSC surged 63% amid a rebound in Vietnam's real-estate market and increased investor interest tied to the country's anticipated upgrade within the FTSE family of market indices. FPT Digital Retail JSC, a portfolio holding, detracted as broad weakness in Vietnamese small caps and worries about elevated oil prices weighing on consumer spending dragged the stock lower.	Real Estate Consumer Retail Market Upgrade Small Caps
2026 Q1	AI AI is driving accelerated data center construction by hyperscalers, boosting demand for semiconductor inspection tools and electrical equipment. However, AI is also creating competitive pressures in gaming and digital financial platforms by lowering barriers to entry.	Data Centers Semiconductors Gaming FinTech
	Semiconductors Rising chip complexity and accelerated data center construction are driving higher demand for inspection and metrology tools. Next-generation architectures require more rigorous process-control steps across the semiconductor value chain.	Semi Equipment Data Centers Metrology
	Grid Upgrade Surging electricity use by AI data centers requires large-scale upgrades to aging grid infrastructure globally. This trend is lifting demand for electrical equipment, with grid-upgrade cycles lengthening and end markets becoming more durable.	Electrical Equipment Infrastructure Data Centers
	E-commerce E-commerce platforms face rising competitive intensity in Brazil with pressure on margins as companies increase spending to defend market share. Competition from both global and Chinese platforms has intensified in Latin America.	Brazil Latin America Competition
	FinTech Digital financial platforms face concerns about increased competitive pressures from AI advances. However, long-term growth prospects for leading fintech banks in Latin America remain favorable despite recent sentiment-driven weakness.	Digital Banking Latin America Competition
2025 Q4	AI AI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are better positioned than AI-native startups to capture long-term benefits from AI integration.	Artificial Intelligence Software Automation Technology
	Software Software sector treated as monolith awaiting AI disruption, creating valuation disconnect. Manager maintains significant overweight despite recent underperformance, believing dominant vertical platforms can successfully reinvent themselves for agentic world and fend off AI-native competitors.	Enterprise Software SaaS Technology Vertical Software
	Hotels Choice Hotels represents new core position trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher-margin segments like extended stay and international markets, with potential for significant cash unlock and share buybacks.	Hospitality Franchising Extended Stay Real Estate
	Value Market experiencing broadening out to small cap value industries, though manager unable to capitalize due to software overweight. Traditional value industrial exposure outweighing software gains, creating performance headwinds despite cheaper software valuations.	Small Cap Value Investing Industrial Rotation

QUARTER

THEMES

Grid Upgrade

The manager identifies power generation and grid infrastructure as an emerging long-term theme driven by AI data centers and renewable energy projects. Demand for transformers, interconnection equipment, and high-voltage components is rising faster than manufacturing capacity can be added, creating a structural supply-demand mismatch. The manager expects this to support volume-driven growth and margin expansion for suppliers that can scale production, with multiyear backlogs and increased pricing power.

Transformers Data Centers Renewables Grid Infrastructure Power Equipment

AI

AI infrastructure build-out is identified as a key driver of demand for electrical grid equipment. Hyperscale data centers require gigawatts of round-the-clock power, effectively adding multiple mid-sized cities to the electrical grid each year. The manager views this as creating concentrated, non-interruptible loads that require substantial high-voltage equipment and drive demand for grid components.

Data Centers Infrastructure Power Demand Hyperscale

Energy Transition

The shift toward renewable energy is driving demand for interconnection equipment and transformers to integrate wind and solar onto the grid. The manager frames this as part of the race for energy independence, which is altering economics for utilities and their suppliers. This is opening opportunities in historically cyclical and capital-intensive industries.

Renewables Solar Wind Grid Integration Interconnection

Philippines

Stock selection in the Philippines was the strategy's most significant source of strength against the benchmark. International Container Terminal Services, the strongest contributor to performance, operates shipping terminals globally and has posted double-digit volume growth for three consecutive quarters, with recent acquisitions performing better than expected.

Ports Shipping Container Terminals Infrastructure

Poland

Benefit Systems SA, a leading employee-wellness platform in Poland, was a top contributor to performance. The company's core membership-access business in Poland continued to perform well, while smaller European operations have begun to improve. A recent acquisition in Turkey is performing better than expected.

Wellness Fitness Subscription Consumer Services

Peru

Stock selection in Peru improved relative results. Credicorp, the leading financial institution in Peru, benefited from reduced political uncertainty following general elections and a more-predictable policy environment. Higher commodity prices and a supportive macroeconomic backdrop contributed to early signs of a more-constructive credit cycle.

Banks Credit Cycle Commodities Political Stability

Saudi Arabia

Holdings in Saudi Arabia detracted from performance. Electrical Industries Co. declined as easing geopolitical tensions with Iran led to a sharp retreat in oil prices. Because government spending in Saudi Arabia is heavily funded by oil revenues, the pullback in crude led investors to expect state-backed infrastructure programs to proceed at a more-cautious pace.

Oil Prices Infrastructure Spending Geopolitical Risk Government Spending

Vietnam

The largest source of underperformance was a Vietnamese real-estate stock not owned in the strategy. Vingroup JSC surged 63% amid a rebound in Vietnam's real-estate market and increased investor interest tied to the country's anticipated upgrade within the FTSE family of market indices. FPT Digital Retail JSC, a portfolio holding, detracted as broad weakness in Vietnamese small caps and worries about elevated oil prices weighing on consumer spending dragged the stock lower.

Real Estate Consumer Retail Market Upgrade Small Caps

2026 Q1

AI

AI is driving accelerated data center construction by hyperscalers, boosting demand for semiconductor inspection tools and electrical equipment. However, AI is also creating competitive pressures in gaming and digital financial platforms by lowering barriers to entry.

Data Centers Semiconductors Gaming FinTech

Semiconductors

Rising chip complexity and accelerated data center construction are driving higher demand for inspection and metrology tools. Next-generation architectures require more rigorous process-control steps across the semiconductor value chain.

Semi Equipment Data Centers Metrology

Grid Upgrade

Surging electricity use by AI data centers requires large-scale upgrades to aging grid infrastructure globally. This trend is lifting demand for electrical equipment, with grid-upgrade cycles lengthening and end markets becoming more durable.

Electrical Equipment Infrastructure Data Centers

E-commerce

E-commerce platforms face rising competitive intensity in Brazil with pressure on margins as companies increase spending to defend market share. Competition from both global and Chinese platforms has intensified in Latin America.

Brazil Latin America Competition

FinTech

Digital financial platforms face concerns about increased competitive pressures from AI advances. However, long-term growth prospects for leading fintech banks in Latin America remain favorable despite recent sentiment-driven weakness.

Digital Banking Latin America Competition

2025 Q4

AI

AI emergence has created market hysteria and broad software sell-offs despite limited real-world adoption. Manager believes incumbent software firms with domain expertise and proprietary data are better positioned than AI-native startups to capture long-term benefits from AI integration.

Artificial Intelligence Software Automation Technology

Software

Software sector treated as monolith awaiting AI disruption, creating valuation disconnect. Manager maintains significant overweight despite recent underperformance, believing dominant vertical platforms can successfully reinvent themselves for agentic world and fend off AI-native competitors.

Enterprise Software SaaS Technology Vertical Software

Hotels

Choice Hotels represents new core position trading at distressed multiple due to cyclical headwinds. Company shifting portfolio toward higher-margin segments like extended stay and international markets, with potential for significant cash unlock and share buybacks.

Hospitality Franchising Extended Stay Real Estate

Value

Market experiencing broadening out to small cap value industries, though manager unable to capitalize due to software overweight. Traditional value industrial exposure outweighing software gains, creating performance headwinds despite cheaper software valuations.

Small Cap Value Investing Industrial Rotation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	ICT.PS	International Container Terminal Services, Inc.	Other	Marine Ports & Services	Bull	Philippine Stock Exchange	Concession Agreements, container terminals, infrastructure, M&A growth, Marine Ports, operational efficiency, Philippines, Shipping Logistics, volume growth	Login
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	BFT.WA	Benefit Systems SA	Leisure	Specialized Consumer Services	Bull	Warsaw Stock Exchange	Consumer services, Employee Wellness, European expansion, Fitness Clubs, Poland, recurring revenue, Scalable Ecosystem, subscription platform, Turkey	Login
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	BAP	Credicorp Ltd	Banks - Regional	Diversified Banks	Bull	New York Stock Exchange	banking, Commodity Exposure, Credit cycle, financial services, Latin America, market leader, Oligopolistic Market, Peru, political stability	Login
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	2300.SR	Electrical Industries Co	Paper & Paper Products	Electrical Components & Equipment	Bull	Saudi Stock Exchange (Tadawul)	electrical equipment, Government Spending, Grid Equipment, Infrastructure Theme, Middle East, Oil Sensitivity, Power Infrastructure, Saudi Arabia, Transformers	Login
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	-	FPT Digital Retail JSC	Specialty Retail	Specialty Stores	Neutral	Ho Chi Minh Stock Exchange	Consumer Discretionary, consumer spending, Electronics Stores, Multi-format Retail, Pharmacies, retail, small-cap, Vietnam	Login
Jul 22, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	-	Astor Enerji AS	Electrical Equipment & Parts	Electrical Components & Equipment	Bull	Borsa Istanbul	AI data centers, contract backlog, electrical equipment, Grid Infrastructure, Power Transmission, Switchgear, Transformers, Turkey, U.S. Export	Login
Apr 25, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	CAMT	Camtek Ltd.	Semiconductor Equipment & Materials	Semiconductor Equipment	Bull	NASDAQ	AI infrastructure, data centers, hyperscalers, Inspection Tools, Israel, Metrology, semiconductor equipment, technology	Login
Apr 25, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	-	Electrical Industries Co.	Paper & Paper Products	Electrical Components & Equipment	Bull	New York Stock Exchange	AI data centers, electrical equipment, Grid Infrastructure, Industrials, Monopoly Position, Saudi Arabia, Transformers	Login
Apr 25, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	-	Banca Transilvania SA	Banks - Regional	Banks	Bull	New York Stock Exchange	Banking Consolidation, dividend, Eastern Europe, financials, market leader, Returns on Capital, Romanian Bank	Login
Apr 25, 2026	Fund Letters	Wasatch Frontier Emerging Small Countries Strategy	SE	Sea Ltd.	Internet Retail	Interactive Media & Services	Bear	New York Stock Exchange	AI disruption, Brazil, Competitive pressure, Digital gaming, e-commerce, Fintech, Singapore, Southeast Asia	Login
Feb 10, 2026	Fund Letters	Scott Thomas	SE	Sea Limited	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	New York Stock Exchange	Competition, e-commerce, Fintech, Gaming, Margins, Southeast Asia	Login
Feb 10, 2026	Fund Letters	Scott Thomas	BCG LN	Baltic Classifieds Group PLC	Communication Services	Interactive Media & Services	Bull	New York Stock Exchange	AI, asset-light, Classifieds, Margins, network effects, Portals	Login
Feb 10, 2026	Fund Letters	Scott Thomas	MELI	MercadoLibre, Inc.	Consumer Discretionary	Broadline Retail	Bull	NASDAQ	Competition, e-commerce, Fintech, Latin America, Margins, Payments	Login
Feb 10, 2026	Fund Letters	Scott Thomas	DSY SJ	Discovery Limited	Financials	Life & Health Insurance	Bull	New York Stock Exchange	banking, Incentives, Insurance, operating leverage, South Africa, Wellness	Login
Feb 10, 2026	Fund Letters	Scott Thomas	FRT VN	FPT Digital Retail JSC	Consumer Staples	Drug Retail	Bull	New York Stock Exchange	consolidation, earnings growth, Pharmacies, retail expansion, scale, Vietnam	Login
Feb 10, 2026	Fund Letters	Scott Thomas	FN	Fabrinet	Information Technology	Communications Equipment	Bull	New York Stock Exchange	AI, data centers, manufacturing, Networking, Optical, telecommunications	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

ICT.PS

International Container Terminal Services, Inc.

Other

Marine Ports & Services

Bull

Philippine Stock Exchange

Concession Agreements, container terminals, infrastructure, M&A growth, Marine Ports, operational efficiency, Philippines, Shipping Logistics, volume growth

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

BFT.WA

Benefit Systems SA

Leisure

Specialized Consumer Services

Bull

Warsaw Stock Exchange

Consumer services, Employee Wellness, European expansion, Fitness Clubs, Poland, recurring revenue, Scalable Ecosystem, subscription platform, Turkey

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

BAP

Credicorp Ltd

Banks - Regional

Diversified Banks

Bull

New York Stock Exchange

banking, Commodity Exposure, Credit cycle, financial services, Latin America, market leader, Oligopolistic Market, Peru, political stability

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

2300.SR

Electrical Industries Co

Paper & Paper Products

Electrical Components & Equipment

Bull

Saudi Stock Exchange (Tadawul)

electrical equipment, Government Spending, Grid Equipment, Infrastructure Theme, Middle East, Oil Sensitivity, Power Infrastructure, Saudi Arabia, Transformers

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

FPT Digital Retail JSC

Specialty Retail

Specialty Stores

Neutral

Ho Chi Minh Stock Exchange

Consumer Discretionary, consumer spending, Electronics Stores, Multi-format Retail, Pharmacies, retail, small-cap, Vietnam

Jul 22, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

Astor Enerji AS

Electrical Equipment & Parts

Electrical Components & Equipment

Bull

Borsa Istanbul

AI data centers, contract backlog, electrical equipment, Grid Infrastructure, Power Transmission, Switchgear, Transformers, Turkey, U.S. Export

Apr 25, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

CAMT

Camtek Ltd.

Semiconductor Equipment & Materials

Semiconductor Equipment

Bull

NASDAQ

AI infrastructure, data centers, hyperscalers, Inspection Tools, Israel, Metrology, semiconductor equipment, technology

Apr 25, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

Electrical Industries Co.

Paper & Paper Products

Electrical Components & Equipment

Bull

New York Stock Exchange

AI data centers, electrical equipment, Grid Infrastructure, Industrials, Monopoly Position, Saudi Arabia, Transformers

Apr 25, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

Banca Transilvania SA

Banks - Regional

Banks

Bull

New York Stock Exchange

Banking Consolidation, dividend, Eastern Europe, financials, market leader, Returns on Capital, Romanian Bank

Apr 25, 2026

Fund Letters

Wasatch Frontier Emerging Small Countries Strategy

Sea Ltd.

Internet Retail

Interactive Media & Services

Bear

New York Stock Exchange

AI disruption, Brazil, Competitive pressure, Digital gaming, e-commerce, Fintech, Singapore, Southeast Asia

Feb 10, 2026

Fund Letters

Scott Thomas

Sea Limited

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

New York Stock Exchange

Competition, e-commerce, Fintech, Gaming, Margins, Southeast Asia

Feb 10, 2026

Fund Letters

Scott Thomas

BCG LN

Baltic Classifieds Group PLC

Communication Services

Interactive Media & Services

Bull

New York Stock Exchange

AI, asset-light, Classifieds, Margins, network effects, Portals

Feb 10, 2026

Fund Letters

Scott Thomas

MELI

MercadoLibre, Inc.

Consumer Discretionary

Broadline Retail

Bull

NASDAQ

Competition, e-commerce, Fintech, Latin America, Margins, Payments

Feb 10, 2026

Fund Letters

Scott Thomas

DSY SJ

Discovery Limited

Financials

Life & Health Insurance

Bull

New York Stock Exchange

banking, Incentives, Insurance, operating leverage, South Africa, Wellness

Feb 10, 2026

Fund Letters

Scott Thomas

FRT VN

FPT Digital Retail JSC

Consumer Staples

Drug Retail

Bull

New York Stock Exchange

consolidation, earnings growth, Pharmacies, retail expansion, scale, Vietnam

Feb 10, 2026

Fund Letters

Scott Thomas

Fabrinet

Information Technology

Communications Equipment

Bull

New York Stock Exchange

AI, data centers, manufacturing, Networking, Optical, telecommunications

TICKER	COMMENTARY
ICT.PS	The strongest contributor to strategy performance for the quarter was International Container Terminal Services, Inc. Based in the Philippines, International Container operates shipping terminals throughout the world under long-term concessions granted by port authorities and governments. The company has been growing revenues and earnings by securing new terminal concessions and upgrading operations and efficiency at the ports it takes over. Shipping volumes across International Container's network have posted double-digit percentage increases for the past three quarters, helped by recent acquisitions that are performing better than expected. Earnings per share in the latest quarter were up 17% from a year ago on 29% revenue growth.
BFT.WA	Benefit Systems SA was also a top contributor. The company operates a leading employee-wellness platform that provides access to thousands of partner fitness and recreational facilities. To complement this offering, Benefit also owns and operates a growing network of fitness clubs, which has created a scalable ecosystem that drives recurring subscription revenue. The company's core membership-access business in Poland continued to perform well, while its smaller European operations have begun to improve. A recent acquisition in Turkey is also doing better than expected and has the potential to broaden the company's platform over time.
BAP	Another strong stock in the strategy was Credicorp Ltd. The company is the leading financial institution in Peru, operating in a profitable, quasi-oligopolistic banking market. Investor sentiment firmed during the quarter as Peru's general elections reduced political uncertainty and strengthened expectations for a more-predictable policy environment. At the same time, the country benefited from higher commodity prices and a supportive macroeconomic backdrop, contributing to early signs of a more-constructive credit cycle.
2260.SR	The greatest detractor from performance for the quarter was Electrical Industries Co. A Saudi Arabian industrial, Electrical Industries manufactures electrical equipment for customers in the Middle East and surrounding regions. The stock declined during the second quarter as easing geopolitical tensions with Iran led to a sharp retreat in oil prices. Because government spending in Saudi Arabia is heavily funded by oil revenues, the pullback in crude led investors to expect state-backed infrastructure programs to proceed at a more-cautious pace. The result was consolidation across the Saudi equity market, with Electrical Industries among the names that declined.

TICKER

COMMENTARY

ICT.PS

The strongest contributor to strategy performance for the quarter was International Container Terminal Services, Inc. Based in the Philippines, International Container operates shipping terminals throughout the world under long-term concessions granted by port authorities and governments. The company has been growing revenues and earnings by securing new terminal concessions and upgrading operations and efficiency at the ports it takes over. Shipping volumes across International Container's network have posted double-digit percentage increases for the past three quarters, helped by recent acquisitions that are performing better than expected. Earnings per share in the latest quarter were up 17% from a year ago on 29% revenue growth.

BFT.WA

Benefit Systems SA was also a top contributor. The company operates a leading employee-wellness platform that provides access to thousands of partner fitness and recreational facilities. To complement this offering, Benefit also owns and operates a growing network of fitness clubs, which has created a scalable ecosystem that drives recurring subscription revenue. The company's core membership-access business in Poland continued to perform well, while its smaller European operations have begun to improve. A recent acquisition in Turkey is also doing better than expected and has the potential to broaden the company's platform over time.

BAP

Another strong stock in the strategy was Credicorp Ltd. The company is the leading financial institution in Peru, operating in a profitable, quasi-oligopolistic banking market. Investor sentiment firmed during the quarter as Peru's general elections reduced political uncertainty and strengthened expectations for a more-predictable policy environment. At the same time, the country benefited from higher commodity prices and a supportive macroeconomic backdrop, contributing to early signs of a more-constructive credit cycle.

2260.SR

The greatest detractor from performance for the quarter was Electrical Industries Co. A Saudi Arabian industrial, Electrical Industries manufactures electrical equipment for customers in the Middle East and surrounding regions. The stock declined during the second quarter as easing geopolitical tensions with Iran led to a sharp retreat in oil prices. Because government spending in Saudi Arabia is heavily funded by oil revenues, the pullback in crude led investors to expect state-backed infrastructure programs to proceed at a more-cautious pace. The result was consolidation across the Saudi equity market, with Electrical Industries among the names that declined.

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Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
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Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

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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

Grid Upgrade

AI

Energy Transition

Philippines

Poland

Peru

Saudi Arabia

Vietnam

AI

Semiconductors

Grid Upgrade

E-commerce

FinTech

AI

Software

Hotels

Value

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Scott Thomas Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Wasatch Frontier Emerging Small Countries Strategy