Wasatch Long/Short Alpha Fund

Investor Summary

Mick Rasmussen, CFA, serves as lead portfolio manager of the Wasatch Long/Short Alpha Fund since its inception on October 1, 2021. He joined Wasatch Global Investors in 2014 as a Quantitative Analyst, contributing to both U.S. small cap and global research teams over his 10+ year tenure with the firm. Rasmussen holds a Bachelor of Science in Finance from the University of Southern California and is a CFA charterholder. Based in Salt Lake City, he brings a unique blend of quantitative and fundamental analysis expertise to the fund management process. Beyond his professional qualifications, Rasmussen has diverse interests including music production and DJing, travel, golf, and skiing, reflecting a well-rounded perspective. His experience spans both quantitative analysis and fundamental research, positioning him to effectively implement the fund's sophisticated long/short equity strategy that combines traditional bottom-up analysis with advanced quantitative tools and risk management techniques.

Fund Strategy

The Wasatch Long/Short Alpha Fund employs a directional long/short equity strategy that combines Wasatch's fundamental, bottom-up investment analysis with internally developed quantitative signals and tools. The fund purchases U.S. common stocks expected to outperform while shorting those anticipated to underperform, focusing significantly on small- and mid-cap companies with flexibility across all market capitalizations. Long positions emphasize high-quality companies with significant returns on capital, low debt, strong management teams, expanding markets, and innovative products. Short positions target lower quality, more speculative growth stocks using quantitative methods with qualitative overlays. The fund aims to capture stock-specific alpha with reduced market risk, maintaining portfolio beta at approximately 0.5 relative to the Russell 2500 Index while achieving over 80% of its return with roughly half the volatility. The strategy is macro-aware, integrating macroeconomic factors primarily into short exposure decisions to enhance alpha generation and risk management.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
7.11%	8.29%	-

Executive Summary

The Wasatch Long/Short Alpha Fund returned 8.29% in Q2 2026, trailing the Russell 2500 Index's 20.26% gain as market leadership remained concentrated in AI-related companies, particularly unprofitable businesses and those with uncertain growth durability. This created a structural headwind for the fund's quality-focused long/short strategy. The fund's long positions generated positive returns but lagged the benchmark, while short positions in low-quality stocks that rallied produced losses. Top long contributors included JFrog, which benefited from AI-driven demand for software supply chain tools, and Everus Construction Group, which provides electrical infrastructure services for data centers. The manager views current AI demands as driving 10-20 years of grid upgrade requirements. Detractors included Ensign Group, pressured by a short-seller report, and Procore Technologies, caught in software sector AI disruption concerns. The manager maintains conviction in portfolio quality metrics and earnings growth, has added to overlooked steady-growth companies at attractive valuations, and increased short exposure given heightened market speculation. The portfolio is positioned for a potential shift back to fundamentals-driven markets.

Core Thesis

The fund maintains a disciplined long/short approach focused on high-quality, long-duration growth companies while avoiding lower-quality, speculative businesses despite significant underperformance in Q2 2026 when market leadership favored unprofitable and momentum-driven AI beneficiaries.

Forward Outlook

The manager cannot predict when the current period of elevated market enthusiasm will end but believes the portfolio is well positioned if the market environment shifts and attention returns to company fundamentals. The manager maintains conviction in the quality and earnings growth of portfolio holdings despite recent underperformance.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 22 2026	2026 Q2	BE, ECG, ENSG, FROG, PCOR, REAX	AI, Data centers, healthcare, Long/Short, Quality, small caps, software	ENSG PCOR FROG ECG BE REAX	Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog.
Apr 30 2026	2026 Q1	ASAN, CWST, ENSG, LITE, PCOR, RBC	AI, defense, Long/Short, mid cap, Quality, small cap, software	RBC ENSG ASAN PCOR CWST LITE	Wasatch Long/Short Alpha outperformed in Q1 2026 as speculative stocks sold off, benefiting short positions after a challenging 2025. The fund maintains its quality bias, increasing net long exposure to 85% while reducing shorts to 42%. Manager expects continued shift toward quality companies, with attractive valuations positioning the long portfolio well for outperformance.
Oct 24 2025	2025 Q3	ENSG, FN, FOUR, FRPT, HQY, INSP, KAI, MEDP, MORN, MPWR, OPEN, OZK, RBC, ROP, SG, WDAY	AI, Biotech, healthcare, Long/Short, Quality, risk-on, small cap, Speculation	-	The fund declined 7.25% in Q3 as extreme speculation favored low-quality stocks over high-quality businesses, creating structural headwinds for the long/short strategy. The manager compares current conditions to bubble-like environments and increased gross exposure, positioning for when fundamentals matter again and the speculative rally in unprofitable companies ends.
Jul 21 2025	2025 Q2	ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY	Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs	SKY NSA INSP GWRE HQY SKY NSA INSP FN GWRE HQY RKLB SG	Wasatch Long/Short Alpha Fund underperformed in Q2 2025's risk-on environment that favored low-quality stocks over the fund's high-quality focus. Despite headwinds from tariff uncertainty and geopolitical tensions, the manager remains constructive on quality investing as valuation gaps narrow. The fund has adopted a more defensive posture with reduced beta targeting.
Mar 31 2025	2025 Q1	AGYS, BROS, FRPT, ITCI, RBC	AI, growth, Quality, small cap, Trade Policy, volatility	GLNT AGYS FRPT ITCI BROS RBC	Wasatch Small Cap Growth underperformed in Q1 2025 as tariff concerns weighed on markets. Despite headwinds from Globant, Agilysys, and Freshpet, the strategy benefited from Intra-Cellular's acquisition by J&J and strong performance from Dutch Bros and RBC Bearings. Managers remain focused on high-quality companies with strong management teams that can navigate macroeconomic uncertainty.
Dec 31 2024	2024 Q4	ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP	Beta, Defensive, Long/Short, Mid Caps, risk management, small caps	PCTY HQY ICFI FND ACHC IONQ	Wasatch Long/Short Alpha Fund's defensive strategy faced headwinds in Q4's risk-on environment, declining 8.28% as shorted speculative stocks rallied. Despite quarterly underperformance, the fund achieved its risk-adjusted goals with 7.24% annual returns and 0.60 beta. Manager increased defensive positioning to 0.45 beta target, citing elevated valuations and macro uncertainty.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 22 2026

2026 Q2

BE, ECG, ENSG, FROG, PCOR, REAX

AI, Data centers, healthcare, Long/Short, Quality, small caps, software

ENSG
PCOR
FROG
ECG
BE
REAX

Wasatch Long/Short Alpha returned 8.29% in Q2 2026, significantly trailing the Russell 2500's 20.26% as speculative AI beneficiaries dominated. The quality-focused long/short strategy faced headwinds from lower-quality outperformance. The manager maintains discipline, adding to overlooked quality companies at attractive valuations and increasing shorts amid market euphoria. Portfolio positioned for fundamentals-driven environment with durable AI infrastructure holdings like Everus Construction and JFrog.

Apr 30 2026

2026 Q1

ASAN, CWST, ENSG, LITE, PCOR, RBC

AI, defense, Long/Short, mid cap, Quality, small cap, software

RBC
ENSG
ASAN
PCOR
CWST
LITE

Wasatch Long/Short Alpha outperformed in Q1 2026 as speculative stocks sold off, benefiting short positions after a challenging 2025. The fund maintains its quality bias, increasing net long exposure to 85% while reducing shorts to 42%. Manager expects continued shift toward quality companies, with attractive valuations positioning the long portfolio well for outperformance.

Oct 24 2025

2025 Q3

ENSG, FN, FOUR, FRPT, HQY, INSP, KAI, MEDP, MORN, MPWR, OPEN, OZK, RBC, ROP, SG, WDAY

AI, Biotech, healthcare, Long/Short, Quality, risk-on, small cap, Speculation

The fund declined 7.25% in Q3 as extreme speculation favored low-quality stocks over high-quality businesses, creating structural headwinds for the long/short strategy. The manager compares current conditions to bubble-like environments and increased gross exposure, positioning for when fundamentals matter again and the speculative rally in unprofitable companies ends.

Jul 21 2025

2025 Q2

ENSG, FN, GWRE, HLP, HQY, INSP, KAI, MORN, NSA, OZK, RBC, RKLB, ROP, SG, SKY, WDAY

Beta, Defensive, Long/Short, Quality, risk-on, small cap, tariffs

SKY
NSA
INSP
GWRE
HQY
SKY
NSA
INSP
FN
GWRE
HQY
RKLB
SG

Wasatch Long/Short Alpha Fund underperformed in Q2 2025's risk-on environment that favored low-quality stocks over the fund's high-quality focus. Despite headwinds from tariff uncertainty and geopolitical tensions, the manager remains constructive on quality investing as valuation gaps narrow. The fund has adopted a more defensive posture with reduced beta targeting.

Mar 31 2025

2025 Q1

AGYS, BROS, FRPT, ITCI, RBC

AI, growth, Quality, small cap, Trade Policy, volatility

GLNT
AGYS
FRPT
ITCI
BROS
RBC

Wasatch Small Cap Growth underperformed in Q1 2025 as tariff concerns weighed on markets. Despite headwinds from Globant, Agilysys, and Freshpet, the strategy benefited from Intra-Cellular's acquisition by J&J and strong performance from Dutch Bros and RBC Bearings. Managers remain focused on high-quality companies with strong management teams that can navigate macroeconomic uncertainty.

Dec 31 2024

2024 Q4

ACHC, ENSG, FND, GWRE, HLNE, HQY, ICFI, IONQ, KAI, MORN, NSA, PCTY, RBC, ROP

Beta, Defensive, Long/Short, Mid Caps, risk management, small caps

PCTY
HQY
ICFI
FND
ACHC
IONQ

Wasatch Long/Short Alpha Fund's defensive strategy faced headwinds in Q4's risk-on environment, declining 8.28% as shorted speculative stocks rallied. Despite quarterly underperformance, the fund achieved its risk-adjusted goals with 7.24% annual returns and 0.60 beta. Manager increased defensive positioning to 0.45 beta target, citing elevated valuations and macro uncertainty.

QUARTER	THEMES	TAGS
2026 Q2	AI AI-related companies performed strongly in Q2, with market leadership concentrated in AI build-out beneficiaries. The manager holds AI-related positions but focuses on companies with durable competitive advantages beyond the current AI spending cycle, avoiding unprofitable companies and those with uncertain growth durability. The manager believes AI will drive long-term demand for electrical grid upgrades over the next 10-20 years.	Data Centers Grid Upgrade Software Infrastructure Spending
	Software Many software stocks sold off in 2026 due to concerns about AI disruption. The manager has limited software exposure and has taken short positions in companies at risk of disruption. For long positions, the manager believes the market has underestimated competitive moats that insulate businesses from AI disruption or ways companies might benefit from AI rather than be disrupted by it.	AI SaaS Enterprise Software Dev Tools
	Quality The manager maintains a disciplined focus on high-quality companies despite underperformance. The fund aims to long high-quality companies and short low-quality companies. In Q2, lower-quality companies outperformed significantly, creating a structural headwind. The manager refuses to chase lower-quality companies trading at extreme multiples and maintains conviction in the quality metrics of portfolio holdings.	Value Growth Risk Appetite
	Data Centers Data center-related demand remains strong, particularly for electrical and mechanical contracting services. The manager highlights that current AI demands have strained the electrical grid in a way that will require upgrades for the next 10-20 years, regardless of near-term AI capital expenditure trends. This represents a durable growth opportunity beyond the current AI spending cycle.	AI Grid Upgrade Energy Transition Infrastructure Spending
2026 Q1	AI AI continued to support infrastructure companies but sparked periodic selloffs in software stocks perceived as vulnerable to disruption. The manager believes investors have been undiscerning in repricing AI uncertainty, with companies possessing competitive advantages being unfairly sold off alongside more vulnerable businesses.	Software Infrastructure Disruption Automation Platforms
	Quality The fund maintains a structural bias toward high-quality companies for long positions while targeting lower-quality companies for shorts. In 2025, this bias worked against performance as lower-quality companies significantly outperformed, but the dynamic began shifting in early 2026.	Business Models Fundamentals Durability Competitive Advantages
	Defense Companies tied to aerospace and defense industries had strong performance in Q1 as investors anticipated higher demand in a more geopolitically volatile environment. RBC Bearings, a defense-related holding, was one of the largest contributors to performance.	Aerospace Geopolitical Volatility Demand
2025 Q3	Quality The fund focuses on long positions in high-quality companies while shorting low-quality businesses. The manager emphasizes that high-quality stocks have historically outperformed over the long term despite recent underperformance. The fund screens companies based on financial characteristics like return on assets and operating profit margins.	Quality Fundamentals Screening Long-term Outperformance
	Risk Appetite The quarter was characterized as an extreme risk-on environment where speculative, low-quality companies outperformed. The manager compares current market speculation to the internet bubble and post-Covid environment of 2020-2021. Capital has flowed to companies with highly speculative business models.	Risk-on Speculation Bubble Low-quality Euphoric
	AI Artificial intelligence is mentioned as one of the popular investment themes driving speculation in low-quality stocks. Fabrinet benefits from AI-related demand for data center products, though the manager doesn't hold it as a thematic AI play. AI is part of the speculative environment affecting market dynamics.	Artificial Intelligence Data Centers Speculation Thematic Popular
2025 Q2	Quality The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years.	Quality Earnings Cash Flow Management Valuation
	AI Artificial intelligence benefited portfolio holdings like Fabrinet, which makes optical components used in data centers. AI has been a popular investment theme that likely played a larger role in fueling stock rises for companies with AI exposure.	AI Data Centers Technology Components
	Cloud Cloud-based software solutions continued to gain traction, with Guidewire Software benefiting as insurance companies increasingly replace legacy on-premises software with centralized cloud-based offerings. The company's cloud technology suite is gaining momentum among insurers.	Cloud Software Enterprise Migration
2025 Q1	AI Businesses 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. Global IT spending has been sluggish but AI implementation represents a significant opportunity.	Artificial Intelligence IT Consulting Digital Transformation Enterprise Software Technology Services
	Trade Policy Tariffs 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 Global Trade Economic Policy Market Volatility
2024 Q4	SPACs The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter.	SPACs Speculation Risk-on
	Quantum Computing The Fund holds short positions in quantum computing companies like IonQ, believing enthusiasm surrounding these companies is out of touch with fundamentals. Google's unveiling of a new quantum chip heightened investor enthusiasm for the field during the quarter.	Quantum Computing Speculation

QUARTER

THEMES

AI

AI-related companies performed strongly in Q2, with market leadership concentrated in AI build-out beneficiaries. The manager holds AI-related positions but focuses on companies with durable competitive advantages beyond the current AI spending cycle, avoiding unprofitable companies and those with uncertain growth durability. The manager believes AI will drive long-term demand for electrical grid upgrades over the next 10-20 years.

Data Centers Grid Upgrade Software Infrastructure Spending

Software

Many software stocks sold off in 2026 due to concerns about AI disruption. The manager has limited software exposure and has taken short positions in companies at risk of disruption. For long positions, the manager believes the market has underestimated competitive moats that insulate businesses from AI disruption or ways companies might benefit from AI rather than be disrupted by it.

AI SaaS Enterprise Software Dev Tools

Quality

The manager maintains a disciplined focus on high-quality companies despite underperformance. The fund aims to long high-quality companies and short low-quality companies. In Q2, lower-quality companies outperformed significantly, creating a structural headwind. The manager refuses to chase lower-quality companies trading at extreme multiples and maintains conviction in the quality metrics of portfolio holdings.

Value Growth Risk Appetite

Data Centers

Data center-related demand remains strong, particularly for electrical and mechanical contracting services. The manager highlights that current AI demands have strained the electrical grid in a way that will require upgrades for the next 10-20 years, regardless of near-term AI capital expenditure trends. This represents a durable growth opportunity beyond the current AI spending cycle.

AI Grid Upgrade Energy Transition Infrastructure Spending

2026 Q1

AI

AI continued to support infrastructure companies but sparked periodic selloffs in software stocks perceived as vulnerable to disruption. The manager believes investors have been undiscerning in repricing AI uncertainty, with companies possessing competitive advantages being unfairly sold off alongside more vulnerable businesses.

Software Infrastructure Disruption Automation Platforms

Quality

The fund maintains a structural bias toward high-quality companies for long positions while targeting lower-quality companies for shorts. In 2025, this bias worked against performance as lower-quality companies significantly outperformed, but the dynamic began shifting in early 2026.

Business Models Fundamentals Durability Competitive Advantages

Defense

Companies tied to aerospace and defense industries had strong performance in Q1 as investors anticipated higher demand in a more geopolitically volatile environment. RBC Bearings, a defense-related holding, was one of the largest contributors to performance.

Aerospace Geopolitical Volatility Demand

2025 Q3

Quality

The fund focuses on long positions in high-quality companies while shorting low-quality businesses. The manager emphasizes that high-quality stocks have historically outperformed over the long term despite recent underperformance. The fund screens companies based on financial characteristics like return on assets and operating profit margins.

Quality Fundamentals Screening Long-term Outperformance

Risk Appetite

The quarter was characterized as an extreme risk-on environment where speculative, low-quality companies outperformed. The manager compares current market speculation to the internet bubble and post-Covid environment of 2020-2021. Capital has flowed to companies with highly speculative business models.

Risk-on Speculation Bubble Low-quality Euphoric

AI

Artificial intelligence is mentioned as one of the popular investment themes driving speculation in low-quality stocks. Fabrinet benefits from AI-related demand for data center products, though the manager doesn't hold it as a thematic AI play. AI is part of the speculative environment affecting market dynamics.

Artificial Intelligence Data Centers Speculation Thematic Popular

2025 Q2

Quality

The fund focuses on high-quality companies with proven earnings growth track records, strong free cash-flow generation, and trusted management teams. This quality focus was a headwind during the quarter as lower-quality stocks outperformed in the risk-on environment, but the manager believes this creates better expected returns for quality investing over the next three-to-five years.

Quality Earnings Cash Flow Management Valuation

AI

Artificial intelligence benefited portfolio holdings like Fabrinet, which makes optical components used in data centers. AI has been a popular investment theme that likely played a larger role in fueling stock rises for companies with AI exposure.

AI Data Centers Technology Components

Cloud

Cloud-based software solutions continued to gain traction, with Guidewire Software benefiting as insurance companies increasingly replace legacy on-premises software with centralized cloud-based offerings. The company's cloud technology suite is gaining momentum among insurers.

Cloud Software Enterprise Migration

2025 Q1

AI

Businesses 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. Global IT spending has been sluggish but AI implementation represents a significant opportunity.

Artificial Intelligence IT Consulting Digital Transformation Enterprise Software Technology Services

Trade Policy

Tariffs 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 Global Trade Economic Policy Market Volatility

2024 Q4

SPACs

The Fund has shorted stocks of special purpose acquisition companies because their business models are speculative and their paths to steady compounded earnings growth remain unclear. These stocks experienced sharp gains during the risk-on environment of the quarter.

SPACs Speculation Risk-on

Quantum Computing

The Fund holds short positions in quantum computing companies like IonQ, believing enthusiasm surrounding these companies is out of touch with fundamentals. Google's unveiling of a new quantum chip heightened investor enthusiasm for the field during the quarter.

Quantum Computing Speculation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	ENSG	Ensign Group, Inc.	Medical Care Facilities	Health Care Facilities	Bull	NASDAQ	Compliance, defensive, Health Care Facilities, Long-term holding, Quality of Care, Senior Living, Short-Seller Attack, Skilled Nursing	Login
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	PCOR	Procore Technologies, Inc.	Software - Application	Application Software	Bull	New York Stock Exchange	AI Beneficiary, competitive moat, Construction Software, contrarian, network effects, proprietary data, SaaS, Software	Login
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	FROG	JFrog Ltd.	Software - Application	Application Software	Bull	NASDAQ	AI Beneficiary, cloud revenue growth, contrarian, Devops, earnings beat, Guidance Raise, SaaS, Software Supply Chain	Login
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	ECG	Everus Construction Group, Inc.	Engineering & Construction	Construction & Engineering	Bull	NASDAQ	AI infrastructure, data center, Durable Growth, Electrical Contracting, Grid Upgrades, High quality, Power Transmission, Utility Infrastructure	Login
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	BE	Bloom Energy Corp., Class A	Electrical Equipment & Parts	Electrical Components & Equipment	Bear	New York Stock Exchange	AI infrastructure, Data-Center Power, Fuel cells, Low-quality, Market Exuberance, overvalued, Short Position, Speculative	Login
Jul 22, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	REAX	Real Brokerage, Inc.	Real Estate Services	Real Estate Services	Bear	NASDAQ	AI disruption risk, Canada, cloud platform, Real Estate Brokerage, Short Position, Technology-enabled Services, US	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	RBC	RBC Bearings, Inc.	Tools & Accessories	Industrial Machinery	Bull	NASDAQ	Aerospace, Defense, geopolitical, growth, industrial machinery, manufacturing, Precision Bearings	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	ENSG	Ensign Group, Inc.	Medical Care Facilities	Health Care Facilities	Bull	NASDAQ	healthcare, Medicare, Occupancy, Real Estate, Revenue Growth, Senior Living, Skilled Nursing	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	ASAN	Asana, Inc.	Software - Application	Application Software	Bear	New York Stock Exchange	AI disruption, cloud, Competitive Threat, Project Management, Short Position, Software, Work management	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	PCOR	ProCore Technologies, Inc.	Software - Application	Application Software	Bull	New York Stock Exchange	AI Resilient, competitive moat, Construction Software, Contractor Network, network effects, Project Management, proprietary data	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	CWST	Casella Waste Systems, Inc.	Waste Management	Environmental & Facilities Services	Bull	NASDAQ	Acquisitions, Integration, Recycling, Regional, Resource Management, Solid Waste, waste management	Login
Apr 30, 2026	Fund Letters	Wasatch Long/Short Alpha Fund	LITE	Lumentum Holdings, Inc.	Communication Equipment	Communications Equipment	Bear	NASDAQ	AI infrastructure, Communications Equipment, Hedge Position, optical networking, Photonics, risk management, Short Position	Login
Jul 21, 2025	Fund Letters	Mick Rasmussen	SKY	Champion Homes, Inc.	Consumer Discretionary	Homebuilding	Neutral	New York Stock Exchange	affordability, Housing, Interestrates, Margins, Modularhousing	Login
Jul 21, 2025	Fund Letters	Mick Rasmussen	NSA	National Storage Affiliates Trust	Real Estate	Self-Storage REIT	Bull	New York Stock Exchange	Acquisitions, consolidation, Interestrates, REIT, Selfstorage	Login
Jul 21, 2025	Fund Letters	Mick Rasmussen	INSP	Inspire Medical Systems, Inc.	Health Care	Medical Devices	Bull	New York Stock Exchange	Adoption, innovation, Medicaldevices, Procedures, Sleepapnea	Login
Jul 21, 2025	Fund Letters	Mick Rasmussen	GWRE	Guidewire Software, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	Cloudmigration, Insurancesoftware, Modernization, SaaS, Switchingcosts	Login
Jul 21, 2025	Fund Letters	Mick Rasmussen	HQY	HealthEquity, Inc.	Financials	Asset Management & Custody	Bull	New York Stock Exchange	Custody, cybersecurity, Healthcarefinance, Hsas, Operatingleverage	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	SKY	Champion Homes, Inc.	Consumer Discretionary	Homebuilding	Bull	NYSE	Consumer Discretionary, homebuilder, Housing, Interest Rate Sensitive, margin compression, Modular Homes, Revenue Growth	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	NSA	National Storage Affiliates Trust	Real Estate	Specialized REITs	Bull	NYSE	Acquisitions, consolidation, Interest Rate Sensitive, Management Quality, Real Estate, REIT, Self-storage	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	INSP	Inspire Medical Systems, Inc.	Health Care	Health Care Equipment & Supplies	Bull	NYSE	healthcare, Inventory Cycle, Medical devices, Minimally Invasive, Neurostimulation, product launch, sleep apnea	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	FN	Fabrinet	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	AI Theme, Artificial Intelligence, data centers, infrastructure, manufacturing, Optical-Components, technology	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	GWRE	Guidewire Software, Inc.	Information Technology	Software	Bull	NYSE	cloud migration, Digital transformation, Enterprise software, Insurance Technology, Legacy Replacement, Property & Casualty, SaaS	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	HQY	HealthEquity, Inc.	Financials	Consumer Finance	Bull	NASDAQ	consumer finance, Custodial Services, cybersecurity, financial services, Health Savings Accounts, Healthcare Benefits, market leader	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	RKLB	Rocket Lab USA, Inc.	Industrials	Aerospace & Defense	Bear	NASDAQ	Aerospace, Competitive Disadvantage, Growth Uncertainty, Rocket Manufacturing, Short Position, Space Exploration, Spacecraft	Login
Jun 30, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	SG	Sweetgreen, Inc.	Consumer Discretionary	Restaurants	Bear	NYSE	Consumer Discretionary, consumer spending, Economic Sensitivity, Fast casual, Hedge Position, Restaurants, Short Position	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	GLNT	Globant SA	Information Technology	IT Consulting & Other Services	Bull	NYSE	AI implementation, Digital transformation, Global, growth, It consulting, Technology Services	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	AGYS	Agilysys, Inc.	Information Technology	Application Software	Bull	NASDAQ	Business Mix Shift, Hospitality Software, Point of Sale, recurring revenue, SaaS, Software Growth	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	FRPT	Freshpet, Inc.	Consumer Staples	Packaged Foods & Meats	Bull	NASDAQ	consumer staples, Fresh Food, margin expansion, Pet Food, Refrigerated Products, Scaling Operations	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	ITCI	Intra-Cellular Therapies, Inc.	Health Care	Biotechnology	Bull	NASDAQ	acquisition target, biotechnology, Caplyta, CNS disorders, drug development, Pharmaceutical	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	BROS	Dutch Bros Inc.	Consumer Discretionary	Restaurants	Bull	NYSE	Beverage Retail, Consumer Discretionary, Drive-Through Coffee, Growth Concept, Restaurant Chain, store expansion	Login
Mar 31, 2025	Fund Letters	Wasatch Long/Short Alpha Fund	RBC	RBC Bearings Incorporated	Industrials	Industrial Machinery	Bull	NASDAQ	acquisition integration, Aerospace, Commercial Aviation, Defense, Industrial Components, Precision Bearings	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	PCTY	Paylocity Holding Corp.	Software & Services	Application Software	Bull	NASDAQ	growth, HR Management, Payroll Software, recurring revenue, SaaS, Software, technology	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	HQY	HealthEquity, Inc.	Financial Services	Specialized Finance	Bull	NASDAQ	Employee Benefits, financial services, growth, Health Savings Accounts, HSA, Interest Rate Sensitive, market leader	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	ICFI	ICF International, Inc.	Commercial & Professional Services	Research & Consulting Services	Bull	NASDAQ	contrarian, Government Consulting, Government Contractor, Outsourcing, Policy Consulting, professional services, Technology Consulting	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	FND	Floor & Decor Holdings, Inc.	Consumer Discretionary	Home Improvement Retail	Bull	NYSE	Category Killer, Direct Sourcing, Flooring, home improvement, retail expansion, Self-funded growth, Specialty retail	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	ACHC	Acadia Healthcare Company, Inc.	Health Care	Health Care Facilities	Bear	NASDAQ	Bear, Behavioral health, Business Model Deterioration, Government Investigation, Healthcare Facilities, Regulatory risk, Short Position	Login
Dec 31, 2024	Fund Letters	Wasatch Long/Short Alpha Fund	IONQ	IonQ, Inc.	Technology	Technology Hardware & Equipment	Bear	NYSE	Bear, Fundamental Disconnect, overvalued, Quantum Computing, Short Position, Speculative, technology	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

ENSG

Ensign Group, Inc.

Medical Care Facilities

Health Care Facilities

Bull

NASDAQ

Compliance, defensive, Health Care Facilities, Long-term holding, Quality of Care, Senior Living, Short-Seller Attack, Skilled Nursing

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

PCOR

Procore Technologies, Inc.

Software - Application

Application Software

Bull

New York Stock Exchange

AI Beneficiary, competitive moat, Construction Software, contrarian, network effects, proprietary data, SaaS, Software

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

FROG

JFrog Ltd.

Software - Application

Application Software

Bull

NASDAQ

AI Beneficiary, cloud revenue growth, contrarian, Devops, earnings beat, Guidance Raise, SaaS, Software Supply Chain

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

ECG

Everus Construction Group, Inc.

Engineering & Construction

Construction & Engineering

Bull

NASDAQ

AI infrastructure, data center, Durable Growth, Electrical Contracting, Grid Upgrades, High quality, Power Transmission, Utility Infrastructure

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

Bloom Energy Corp., Class A

Electrical Equipment & Parts

Electrical Components & Equipment

Bear

New York Stock Exchange

AI infrastructure, Data-Center Power, Fuel cells, Low-quality, Market Exuberance, overvalued, Short Position, Speculative

Jul 22, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

REAX

Real Brokerage, Inc.

Real Estate Services

Bear

NASDAQ

AI disruption risk, Canada, cloud platform, Real Estate Brokerage, Short Position, Technology-enabled Services, US

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

RBC

RBC Bearings, Inc.

Tools & Accessories

Industrial Machinery

Bull

NASDAQ

Aerospace, Defense, geopolitical, growth, industrial machinery, manufacturing, Precision Bearings

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

ENSG

Ensign Group, Inc.

Medical Care Facilities

Health Care Facilities

Bull

NASDAQ

healthcare, Medicare, Occupancy, Real Estate, Revenue Growth, Senior Living, Skilled Nursing

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

ASAN

Asana, Inc.

Software - Application

Application Software

Bear

New York Stock Exchange

AI disruption, cloud, Competitive Threat, Project Management, Short Position, Software, Work management

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

PCOR

ProCore Technologies, Inc.

Software - Application

Application Software

Bull

New York Stock Exchange

AI Resilient, competitive moat, Construction Software, Contractor Network, network effects, Project Management, proprietary data

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

CWST

Casella Waste Systems, Inc.

Waste Management

Environmental & Facilities Services

Bull

NASDAQ

Acquisitions, Integration, Recycling, Regional, Resource Management, Solid Waste, waste management

Apr 30, 2026

Fund Letters

Wasatch Long/Short Alpha Fund

LITE

Lumentum Holdings, Inc.

Communication Equipment

Communications Equipment

Bear

NASDAQ

AI infrastructure, Communications Equipment, Hedge Position, optical networking, Photonics, risk management, Short Position

Jul 21, 2025

Fund Letters

Mick Rasmussen

SKY

Champion Homes, Inc.

Consumer Discretionary

Homebuilding

Neutral

New York Stock Exchange

affordability, Housing, Interestrates, Margins, Modularhousing

Jul 21, 2025

Fund Letters

Mick Rasmussen

NSA

National Storage Affiliates Trust

Real Estate

Self-Storage REIT

Bull

New York Stock Exchange

Acquisitions, consolidation, Interestrates, REIT, Selfstorage

Jul 21, 2025

Fund Letters

Mick Rasmussen

INSP

Inspire Medical Systems, Inc.

Health Care

Medical Devices

Bull

New York Stock Exchange

Adoption, innovation, Medicaldevices, Procedures, Sleepapnea

Jul 21, 2025

Fund Letters

Mick Rasmussen

GWRE

Guidewire Software, Inc.

Information Technology

Application Software

Bull

New York Stock Exchange

Cloudmigration, Insurancesoftware, Modernization, SaaS, Switchingcosts

Jul 21, 2025

Fund Letters

Mick Rasmussen

HQY

HealthEquity, Inc.

Financials

Asset Management & Custody

Bull

New York Stock Exchange

Custody, cybersecurity, Healthcarefinance, Hsas, Operatingleverage

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

SKY

Champion Homes, Inc.

Consumer Discretionary

Homebuilding

Bull

NYSE

Consumer Discretionary, homebuilder, Housing, Interest Rate Sensitive, margin compression, Modular Homes, Revenue Growth

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

NSA

National Storage Affiliates Trust

Real Estate

Specialized REITs

Bull

NYSE

Acquisitions, consolidation, Interest Rate Sensitive, Management Quality, Real Estate, REIT, Self-storage

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

INSP

Inspire Medical Systems, Inc.

Health Care

Health Care Equipment & Supplies

Bull

NYSE

healthcare, Inventory Cycle, Medical devices, Minimally Invasive, Neurostimulation, product launch, sleep apnea

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

Fabrinet

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

AI Theme, Artificial Intelligence, data centers, infrastructure, manufacturing, Optical-Components, technology

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

GWRE

Guidewire Software, Inc.

Information Technology

Software

Bull

NYSE

cloud migration, Digital transformation, Enterprise software, Insurance Technology, Legacy Replacement, Property & Casualty, SaaS

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

HQY

HealthEquity, Inc.

Financials

Consumer Finance

Bull

NASDAQ

consumer finance, Custodial Services, cybersecurity, financial services, Health Savings Accounts, Healthcare Benefits, market leader

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

RKLB

Rocket Lab USA, Inc.

Industrials

Aerospace & Defense

Bear

NASDAQ

Aerospace, Competitive Disadvantage, Growth Uncertainty, Rocket Manufacturing, Short Position, Space Exploration, Spacecraft

Jun 30, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

Sweetgreen, Inc.

Consumer Discretionary

Restaurants

Bear

NYSE

Consumer Discretionary, consumer spending, Economic Sensitivity, Fast casual, Hedge Position, Restaurants, Short Position

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

GLNT

Globant SA

Information Technology

IT Consulting & Other Services

Bull

NYSE

AI implementation, Digital transformation, Global, growth, It consulting, Technology Services

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

AGYS

Agilysys, Inc.

Information Technology

Application Software

Bull

NASDAQ

Business Mix Shift, Hospitality Software, Point of Sale, recurring revenue, SaaS, Software Growth

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

FRPT

Freshpet, Inc.

Consumer Staples

Packaged Foods & Meats

Bull

NASDAQ

consumer staples, Fresh Food, margin expansion, Pet Food, Refrigerated Products, Scaling Operations

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

ITCI

Intra-Cellular Therapies, Inc.

Health Care

Biotechnology

Bull

NASDAQ

acquisition target, biotechnology, Caplyta, CNS disorders, drug development, Pharmaceutical

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

BROS

Dutch Bros Inc.

Consumer Discretionary

Restaurants

Bull

NYSE

Beverage Retail, Consumer Discretionary, Drive-Through Coffee, Growth Concept, Restaurant Chain, store expansion

Mar 31, 2025

Fund Letters

Wasatch Long/Short Alpha Fund

RBC

RBC Bearings Incorporated

Industrials

Industrial Machinery

Bull

NASDAQ

acquisition integration, Aerospace, Commercial Aviation, Defense, Industrial Components, Precision Bearings

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

PCTY

Paylocity Holding Corp.

Software & Services

Application Software

Bull

NASDAQ

growth, HR Management, Payroll Software, recurring revenue, SaaS, Software, technology

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

HQY

HealthEquity, Inc.

Financial Services

Specialized Finance

Bull

NASDAQ

Employee Benefits, financial services, growth, Health Savings Accounts, HSA, Interest Rate Sensitive, market leader

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

ICFI

ICF International, Inc.

Commercial & Professional Services

Research & Consulting Services

Bull

NASDAQ

contrarian, Government Consulting, Government Contractor, Outsourcing, Policy Consulting, professional services, Technology Consulting

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

FND

Floor & Decor Holdings, Inc.

Consumer Discretionary

Home Improvement Retail

Bull

NYSE

Category Killer, Direct Sourcing, Flooring, home improvement, retail expansion, Self-funded growth, Specialty retail

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

ACHC

Acadia Healthcare Company, Inc.

Health Care

Health Care Facilities

Bear

NASDAQ

Bear, Behavioral health, Business Model Deterioration, Government Investigation, Healthcare Facilities, Regulatory risk, Short Position

Dec 31, 2024

Fund Letters

Wasatch Long/Short Alpha Fund

IONQ

IonQ, Inc.

Technology

Technology Hardware & Equipment

Bear

NYSE

Bear, Fundamental Disconnect, overvalued, Quantum Computing, Short Position, Speculative, technology

TICKER	COMMENTARY
ENSG	The largest detractor among our long positions was Ensign Group, Inc. (ENSG), an operator of skilled nursing and senior living facilities. Shares came under pressure after a short-seller report questioned the company's quality-of-care metrics, staffing practices and certain related-party business arrangements. Ensign Group is a long-time holding in the portfolio, and we know the company's management team well. We spoke with the team after the report and continue to believe that Ensign is one of the most compliance-conscious firms in the health care space, and we view it as one of our best ideas in the sector.
PCOR	Another detractor 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 portfolio does not have large exposure to software companies, and we've offset the exposure we do have by taking short positions in a few software companies we believe may be at risk of disruption. But for the long positions we have taken in software companies, we believe the market has underestimated the competitive moats that insulate the business 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.
FROG	The top contributor to Fund performance was JFrog Ltd. (FROG). The company provides a software-supply-chain platform, delivering tools like package repositories, continuous-delivery pipelines and security scanning that help companies manage, build and secure their software delivery lifecycle. Prior to the second quarter, the company was caught in the broader selloff of software stocks, due to AI disruption concerns. Our feeling at the time was that there are moats around JFrog's business model that make it quite defensible. In fact, we believe JFrog will benefit from AI. As AI speeds up code generation, it also increases the number of dependencies, artifacts and releases moving through the development pipeline. We believe JFrog has a crucial role to play in governing these issues. This quarter, JFrog provided more evidence that its business remains strong, as the company reported quarterly earnings and revenue that topped consensus estimates, and management raised earnings guidance for 2026. Management also noted that quarterly cloud revenue rose 50% year over year in the first quarter, driven by demand from customers leveraging AI coding agents.
ECG	Everus Construction Group, Inc. (ECG) was another large contributor. The company provides electrical and mechanical contracting services and power transmission and distribution construction services. Fundamentals for the business remain encouraging, and Everus continues to benefit from strong demand across its data center, high-tech, hospitality and utility markets. Everus serves as an example of the high-quality approach we are taking to finding companies that benefit from the AI build-out. Generally, we're seeking companies that are growing due to AI-related demand, but where the durability of that growth is clearer. Regarding Everus, we think current AI demands have already strained the electrical grid in a way that will require upgrades for the next 10 to 20 years, regardless of AI capital expenditures over the next year. Everus stands to benefit from those upgrades.
BE	Turning to short positions, detractors from Fund performance were those stocks that rose in price. One of the largest detractors was Bloom Energy Corp., Class A (BE). Bloom Energy sells natural, gas-powered fuel cells that help data centers generate power on-site before the centers can connect to the electrical grid. Bloom's stock price has increased significantly in recent months, and we believe it is representative of some of the AI-related exuberance in the small cap market.
REAX	Among shorts, contributors to Fund performance were those stocks that declined in price. One of our largest contributors was Real Brokerage, Inc. (REAX). The company operates a cloud-based real estate platform operating across the U.S. and Canada. Real Brokerage's stock was down due to concerns about how AI may disrupt its business model.

TICKER

COMMENTARY

ENSG

The largest detractor among our long positions was Ensign Group, Inc. (ENSG), an operator of skilled nursing and senior living facilities. Shares came under pressure after a short-seller report questioned the company's quality-of-care metrics, staffing practices and certain related-party business arrangements. Ensign Group is a long-time holding in the portfolio, and we know the company's management team well. We spoke with the team after the report and continue to believe that Ensign is one of the most compliance-conscious firms in the health care space, and we view it as one of our best ideas in the sector.

PCOR

Another detractor 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 portfolio does not have large exposure to software companies, and we've offset the exposure we do have by taking short positions in a few software companies we believe may be at risk of disruption. But for the long positions we have taken in software companies, we believe the market has underestimated the competitive moats that insulate the business 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.

FROG

The top contributor to Fund performance was JFrog Ltd. (FROG). The company provides a software-supply-chain platform, delivering tools like package repositories, continuous-delivery pipelines and security scanning that help companies manage, build and secure their software delivery lifecycle. Prior to the second quarter, the company was caught in the broader selloff of software stocks, due to AI disruption concerns. Our feeling at the time was that there are moats around JFrog's business model that make it quite defensible. In fact, we believe JFrog will benefit from AI. As AI speeds up code generation, it also increases the number of dependencies, artifacts and releases moving through the development pipeline. We believe JFrog has a crucial role to play in governing these issues. This quarter, JFrog provided more evidence that its business remains strong, as the company reported quarterly earnings and revenue that topped consensus estimates, and management raised earnings guidance for 2026. Management also noted that quarterly cloud revenue rose 50% year over year in the first quarter, driven by demand from customers leveraging AI coding agents.

ECG

Everus Construction Group, Inc. (ECG) was another large contributor. The company provides electrical and mechanical contracting services and power transmission and distribution construction services. Fundamentals for the business remain encouraging, and Everus continues to benefit from strong demand across its data center, high-tech, hospitality and utility markets. Everus serves as an example of the high-quality approach we are taking to finding companies that benefit from the AI build-out. Generally, we're seeking companies that are growing due to AI-related demand, but where the durability of that growth is clearer. Regarding Everus, we think current AI demands have already strained the electrical grid in a way that will require upgrades for the next 10 to 20 years, regardless of AI capital expenditures over the next year. Everus stands to benefit from those upgrades.

Turning to short positions, detractors from Fund performance were those stocks that rose in price. One of the largest detractors was Bloom Energy Corp., Class A (BE). Bloom Energy sells natural, gas-powered fuel cells that help data centers generate power on-site before the centers can connect to the electrical grid. Bloom's stock price has increased significantly in recent months, and we believe it is representative of some of the AI-related exuberance in the small cap market.

REAX

Among shorts, contributors to Fund performance were those stocks that declined in price. One of our largest contributors was Real Brokerage, Inc. (REAX). The company operates a cloud-based real estate platform operating across the U.S. and Canada. Real Brokerage's stock was down due to concerns about how AI may disrupt its business model.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

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

Software

Quality

Data Centers

AI

Quality

Defense

Quality

Risk Appetite

AI

Quality

AI

Cloud

AI

Trade Policy

SPACs

Quantum Computing

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

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Wasatch Long/Short Alpha Fund