| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The Wasatch Small Cap Growth strategy gained in Q2 2026 but trailed the Russell 2000 Growth Index's 25.71% return as market leadership remained narrow and concentrated in AI-related companies. The market's preference for lower-quality, speculative businesses created headwinds, with non-biotechnology companies trading above 30 times sales reaching their highest weighting since the dot-com bubble. Despite underperformance, the managers remain confident in their disciplined approach, noting that portfolio company fundamentals remain strong with many growing revenue and earnings in excess of 20%. The strategy holds AI beneficiaries like JFrog, Everus Construction Group, and AAON that contributed meaningfully to performance, but focuses on businesses with durable competitive advantages and long-term growth drivers extending beyond the current AI spending cycle. The managers have capitalized on the market's one-sided nature by concentrating capital in steady growth companies trading at attractive valuations. Top detractors included Ensign Group, Procore Technologies, and Ollie's Bargain Outlet. The managers believe the portfolio is well positioned for long-term investors, drawing parallels to past periods like the dot-com aftermath when disciplined focus on fundamentals led to strong outperformance.
The Wasatch Small Cap Growth strategy maintains disciplined focus on high-quality, long-duration growth companies with durable competitive advantages despite trailing the benchmark in an environment where lower-quality, speculative AI-related businesses have led the market to valuations not seen since the dot-com bubble.
The managers acknowledge they cannot predict when the current period of elevated market enthusiasm will end, but believe the portfolio is well positioned for long-term investors. They express confidence based on the businesses they own, noting that earnings growth and quality continue to track expectations and the strategy is attractively valued relative to the broader benchmark. They remain disciplined and focused on company fundamentals rather than trying to predict when market leadership will broaden, drawing parallels to similar periods in the past such as the dot-com bubble aftermath which marked some of the best periods of outperformance in Wasatch's history.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 22 2026 | 2026 Q2 | AAON, ECG, ENSG, FROG, OLLI, PCOR | AI, Data centers, growth, healthcare, Quality, small caps, software, Valuations |
ENSG PCOR OLLI FROG ECG AAON |
Wasatch Small Cap Growth trailed the benchmark in Q2 2026 as speculative AI stocks reached dot-com-era valuations, but the managers maintain conviction in their quality-focused approach. Portfolio fundamentals remain strong with 20%+ earnings growth across many holdings. AI beneficiaries like JFrog and AAON contributed meaningfully while the team concentrated capital in overlooked steady growers trading at attractive valuations, positioning for long-term outperformance when market leadership broadens. |
| Apr 25 2026 | 2026 Q1 | AGYS, CAMT, ECG, FOUR, NVMI, VITL | AI, growth, small caps, software, technology |
FOUR AGYS VITL NVMI CAMT ECG |
Small-cap growth strategy underperformed in volatile Q1 2026 as AI disruption fears drove software selloffs while semiconductor equipment benefited. Managers refined positioning by concentrating in AI beneficiaries rather than potential disruption targets. Despite near-term volatility, they maintain conviction in companies with durable competitive moats and proprietary data advantages positioned for AI-driven growth. |
| Jan 22 2026 | 2025 Q4 | FN, FOUR, FROG, RBC, TREX, VITL | AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value |
FOUR VITL TREX FROG FN RBC |
Wasatch Small Cap Growth suffered its worst year in 25+ years due to avoiding speculative biotech and AI-related stocks that led markets. Despite solid portfolio fundamentals with superior ROA/ROE metrics, quality was out of favor. Managers remain disciplined, avoiding low-quality momentum plays, positioning for eventual rotation back to fundamentally sound businesses at attractive relative valuations. |
| Oct 20 2025 | 2025 Q3 | AGYS, BRBR, ENSG, FN, FOUR, HQY, INSP, MEDP, NVMI, OLLI, PCTY, PNFP, RBC, SHAK | AI, growth, Quality, semiconductors, small caps, technology, underperformance | - | Wasatch Small Cap Growth suffered its worst relative quarter in 20+ years, declining 3.71% versus the Russell 2000 Growth's 12.19% gain. Markets favored low-quality, speculative AI and crypto stocks over the fund's high-quality approach. Despite selling Inspire Medical and facing headwinds at BellRing, managers maintain conviction in their quality-focused process and strong portfolio fundamentals for long-term outperformance. |
| Jul 21 2025 | 2025 Q2 | AGYS, BRBR, CWAN, FN, GSHD, NVMI | AI, growth, Quality, small caps, technology, volatility |
GSHD BRBR CWAN GSHD FN NVMI AGYS |
Wasatch Small Cap Growth matched benchmark returns despite severe headwinds from markets favoring low-quality stocks. AI beneficiaries Fabrinet and Nova led gains while BellRing Brands faced inventory issues. Managers expect continued volatility but maintain conviction in high-quality companies with strong fundamentals and trusted management teams during uncertain times. |
| Mar 31 2025 | 2025 Q1 | AGYS, BROS, FRPT, GLOB, ITCI, JNJ, RBC | AI, growth, management, Quality, small cap, Trade Policy, volatility |
GLNT AGYS FRPT BROS RBC |
Wasatch Small Cap Growth underperformed in Q1 2025 amid tariff concerns and market volatility. Despite detractors like Globant and Agilysys, contributors included Intra-Cellular Therapies acquisition and Dutch Bros expansion. Managers maintain long-term focus on high-quality businesses with strong balance sheets and excellent management teams, using volatility to add positions opportunistically. |
| Dec 31 2024 | 2024 Q4 | BOOT, BRBR, PACS, PCTY, ROAD, TMDX | consumer, financials, growth, healthcare, infrastructure, SaaS, small cap, technology |
BRBR PCTY ROAD TMDX |
Wasatch Small Cap Growth outperformed in Q4 on strong stock selection, led by BellRing Brands' 55% earnings growth and Construction Partners' infrastructure expansion. Despite selling PACS Group and Boot Barn due to specific concerns, managers remain optimistic about small-cap fundamentals with mid-teens growth expected to continue in 2025. |
| Sep 30 2024 | 2024 Q3 | CWAN, ENSG, FROG, HQY, INSP, MEDP | financials, growth, healthcare, industrials, small caps, technology |
CWAN ENSG INSP FROG MEDP HQY |
Wasatch Small Cap Growth outperformed in Q3 as Fed rate cuts drove rotation into small-caps. Healthcare software and services companies like Clearwater Analytics and Ensign Group led performance while software tools provider JFrog disappointed. Managers maintain conviction in high-quality businesses capable of doubling every five years despite macroeconomic uncertainty. |
| Jun 30 2024 | 2024 Q2 | ADUS, BOOT, FIVE, NVMI, RPD, SITE, SPT, TMDX | AI, growth, healthcare, retail, semiconductors, small caps, technology |
NVMI BOOT TMDX FIVE SITE SPT |
Wasatch Small Cap Growth underperformed in Q2 2024 despite AI beneficiary Nova leading contributions. Five Below's theft and inflation issues weighed on performance. The team maintains conviction in their bottom-up approach, believing small-cap fundamentals remain strong with double-digit growth prospects at reasonable valuations, expecting eventual outperformance versus large-caps. |
| Apr 15 2024 | 2024 Q1 | AGYS, CWAN, FIVN, HQY, MEDP, MSTR, NEOG, NVMI, SMCI, YETI | AI, fundamentals, growth, healthcare, semiconductors, small cap, technology |
MEDP NVMI HQY YETI CWAN FIVN AGYS |
Wasatch Small Cap Growth underperformed in Q1 despite gains, as AI drove market returns. The team maintains their fundamentals-focused approach, avoiding macro speculation. Strong contributors included Medpace and Nova, while YETI and Clearwater detracted. They're optimistic on small-cap valuations and projected double-digit growth rates for 2024, staying disciplined on AI opportunities while managing associated risks. |
| Dec 31 2023 | 2023 Q4 | BRBR, FOXF, MEDP, PCTY, PNFP, XPEL | earnings, financials, growth, healthcare, Quality, small caps, technology |
BRBR MEDP PNFP FOXF XPEL PCTY |
Wasatch Small Cap Growth validated its quality-focused approach in 2023 as high-quality companies finally saw their strong fundamentals reflected in stock prices. With interest rates normalizing and earnings growth accelerating toward mid-teens in 2024, the managers believe their balanced portfolio of quality small-caps is well-positioned for either economic scenario ahead. |
| Sep 30 2023 | 2023 Q3 | EEFT, FIVE, HQY, INSP, OLLI, SHAK, SILK, YETI | Discount Retail, growth, healthcare, interest rates, Quality, small caps, technology |
OLLI YETI HQY ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN SILK FIVE SHAK |
Wasatch Small Cap Growth outperformed during Q3 2023's market decline by focusing on high-quality companies with strong returns on equity. Discount retailers and select healthcare names drove performance while medical technology faced headwinds. The strategy appears well-positioned for various economic scenarios given its emphasis on profitable, low-debt companies with growth potential. |
| Mar 31 2023 | 2023 Q1 | BOOM, CYBR, FIVE, FOXF, GDYN, INSP, MEDP, PCTY | growth, healthcare, inflation, interest rates, Quality, small caps, technology |
MEDP ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN FIVE GDYN PCTY CYBR |
Wasatch Small Cap Growth faced significant headwinds in 2022 from inflation and rising rates that favored cyclical sectors over their preferred high-quality growth companies. Healthcare holdings like Medpace and Inspire contributed while IT names detracted. Managers expect quality companies to reassert advantages as economic conditions normalize and rate pressures ease. |
| Jan 3 2023 | 2022 Q4 | BOOM, CYBR, FIVE, FOXF, GDYN, ISNP, MEDP, PCTY | - | - | |
| Jan 1 2022 | 2021 Q4 | ATVI, FERG, LEAT, LNSR, RCKY | gaming, Performance, small caps, stock picking, value |
FERG ATVI LEAT LNSR RCKY |
MRCM's small cap strategy delivered 42% returns through exceptional stock picking, highlighted by Leatt's 340% gain. Manager showed discipline exiting Activision due to cultural risks while maintaining conviction in Rocky Brands despite operational issues. Strong track record of 25% annualized returns with 18% from alpha generation. Confident in portfolio quality despite market volatility. |
| Oct 1 2021 | 2021 Q3 | BLDR, RCKY | Acquisitions, Construction, Footwear, Long/Short, small cap, software, value |
BLDR RCKY |
Small-cap focused manager targeting operational improvement stories through acquisitions and technology implementation. Builder's FirstSource consolidating building materials distribution while investing in construction software. Rocky Brands doubled through Honeywell acquisition with significant operational improvement opportunities from better systems and e-commerce integration. Both companies trade at attractive valuations with clear improvement catalysts. |
| Jul 1 2021 | 2021 Q2 | CPRT, FLXS, TTWO | Auto Auctions, Furniture, gaming, Long/Short, small cap, value |
CPRT TTWO FLXS |
MRCM delivered 14% Q2 returns through concentrated small cap positions in gaming, auto auctions, and furniture. Take-Two's franchise durability and Copart's inflation hedging drove performance, while Flexsteel offers compelling value at 7x FCF with home improvement tailwinds and e-commerce expansion. Manager maintained disciplined approach with 35% net exposure amid market uncertainty. |
| Apr 1 2021 | 2021 Q1 | FNF, RCKY, TUEM | Acquisitions, Capital Allocation, Long/Short, small cap, technology, value |
FNF RCKY |
Small cap long/short fund delivered 23.8% in Q1 2021 through concentrated positions in Rocky Brands footwear and Fidelity National Financial title insurance. Manager focuses on functional businesses with predictable cash flows and skilled capital allocators. Added to FNF position and captured Tuesday Morning bankruptcy arbitrage profits while maintaining disciplined 43% net exposure. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIThe market showed intense focus on AI-related companies, with returns concentrated in businesses tied to the AI build-out. The managers own companies benefiting from AI infrastructure demand but maintain emphasis on higher-quality businesses with durable competitive advantages and long-term growth drivers extending beyond the current wave of elevated AI investment. They view many speculative AI beneficiaries as trading at extreme valuations. |
Infrastructure Data Centers Cloud Semiconductors Software |
Market ValuationsThe weighting of non-biotechnology companies in the Russell 2000 Growth Index trading at price-to-sales ratios above 30 times reached its highest level since the dot-com bubble. The managers view these valuations as exceptionally high and believe the market has reached an increasingly euphoric environment, with lower-quality companies and speculative businesses generating the strongest returns. |
Valuations Multiples Bubble Speculation | |
SoftwareMany software stocks sold off in 2026 due to concerns about how AI might disrupt software business models. The managers believe the market has underestimated the competitive moats that insulate their software holdings from AI disruption or the ways companies might actually benefit from AI. They hold companies like JFrog and Procore where network effects and proprietary data are more difficult to replicate than underlying software functionality. |
SaaS Enterprise Software Dev Tools Network Effects | |
Data CentersCompanies providing services to data centers showed strong performance, with holdings like Everus Construction Group and AAON benefiting from AI-driven demand. The managers believe 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, providing durable growth opportunities. |
Infrastructure HVAC Electrical Equipment Construction | |
QualityThe market's preference for lower-quality companies tied to the AI theme created a meaningful headwind for the strategy. The managers maintain their emphasis on higher-quality businesses and have avoided many speculative AI-related businesses that generated the strongest returns. They use metrics to gauge company quality and note these remain in line with expectations, with many companies growing revenue and earnings in excess of 20%. |
Business Quality Earnings Growth Fundamentals Competitive Moats | |
HealthcareEnsign Group, an operator of skilled-nursing and senior-living facilities, came under pressure after a short-seller report questioned quality-of-care metrics, staffing practices and certain related-party business arrangements. The managers continue to believe Ensign is one of the most compliance-conscious firms in the health-care space and view it as one of their best ideas in the sector. |
Senior Care Healthcare Services Long-term Care | |
| 2026 Q1 |
AIAI disruption concerns drove sharp selloffs across software and other asset-light business models. The managers believe investors have been indiscriminate in repricing AI uncertainty without distinguishing between individual business models. They view AI as potentially reinforcing competitive advantages for companies with proprietary data and network effects. |
Software Disruption Technology Platforms Data |
SoftwareSoftware stocks sold off sharply as investors focused on long-term AI disruption risks. The managers refined positioning by selling companies with unclear AI implications while concentrating capital in companies positioned to benefit from AI. They believe many software holdings maintain strong fundamentals despite stock price declines. |
SaaS Enterprise Software Technology Platforms | |
SemiconductorsAI-driven semiconductor demand contributed to strong returns for equipment providers Nova and Camtek during the quarter. The managers view semiconductor equipment companies as beneficiaries of AI infrastructure buildout requirements. |
Semi Equipment AI Technology | |
Data CentersData center demand remains strong as AI expansion requires increasing energy capacity. Everus Construction Group benefited from strong demand across data center markets, with management highlighting robust bidding activity in this sector. |
Infrastructure Energy Construction | |
| 2025 Q4 |
Live SportsManager sees significant value in sports teams and entertainment assets, recommending Atlanta Braves Holdings, Madison Square Garden Sports, and Manchester United. Believes sports are increasingly attractive to institutional investors with substantial upside potential from current valuations. |
Sports Teams Entertainment Media Rights Valuation |
MediaPositive on Fox and Versant Media Group, citing strong sports programming assets, share buybacks, and cash generation capabilities. Views recent Versant spin-off as creating buying opportunity due to index fund selling pressure. |
Broadcasting Cable Networks Content Spin-offs | |
Natural GasBullish on National Fuel Gas due to strategic Appalachian Basin reserves and regulated utility business expansion. Sees 50% upside to private market value with potential for higher earnings multiples. |
Utilities Energy Infrastructure Reserves Regulation | |
AIAcknowledges AI's transformative impact but warns of potential disappointment for investors. Compares current AI boom to historical technological revolutions with multiple speculative solutions likely to unfold unexpectedly. |
Technology Disruption Speculation Productivity | |
Mergers & AcquisitionsExpects increased deal activity driven by need for scale, lower financing costs, and more amenable regulatory environment. Notes 40% increase in announced transactions for 2025 with private equity dry powder providing valuation floor. |
Deal Activity Private Equity Consolidation Valuations | |
| 2025 Q3 |
QualityThe fund focuses on high-quality, long-duration growth companies while markets have favored low-quality stocks with speculative business models. The quality gap between fund holdings and the index is near its widest level in at least a decade based on return on assets metrics. |
ROA Earnings Margins Fundamentals Business Models |
AIMany top-performing stocks are tied to artificial intelligence themes, though the fund holds AI-related companies like Fabrinet and Nova based on fundamentals rather than thematic plays. AI has been a popular investment theme driving market performance. |
Data Centers Semiconductors Technology Thematic Speculation | |
| 2025 Q2 |
AITwo technology companies benefited from increasing artificial intelligence usage. Fabrinet makes optical components for data centers while Nova sells metrology systems for semiconductor manufacturing. AI has been a popular investment theme driving stock performance. |
Data Centers Semiconductors Technology |
QualityThe fund focuses on high-quality companies with proven earnings growth, strong free cash flow generation, and trusted management teams. This quarter saw severe headwinds as lower-quality companies outperformed, representing one of the strongest environments favoring low-quality stocks in a decade. |
Earnings Value Growth | |
| 2025 Q1 |
Trade PolicyTariffs and potential trade war have weighed on markets and raised concerns about global economic growth. The uncertainty surrounding tariffs and their macroeconomic impact underscores the importance of investing in high-quality businesses with good management teams. |
Tariffs Trade War Economic Growth Uncertainty Macroeconomic |
AIBusinesses are in the early innings of implementing AI into their processes and Globant will be a key beneficiary of this trend over the long term, despite current IT spending sluggishness. |
Artificial Intelligence IT Spending Implementation Technology | |
QualityFocus on investing in high-quality businesses with strong balance sheets, essential products or services that provide pricing power, and excellent management teams that can navigate uncertainty and complex environments. |
Balance Sheets Pricing Power Management Teams Financial Strength | |
| 2024 Q4 |
Small CapsU.S. small-cap stocks gained after the November election on expectations of less regulation, tax cuts and stronger economic growth. The managers believe business conditions are generally favorable for smaller companies, though they note some pockets of consumer spending weakness. |
Small Cap Growth Russell 2000 Regulation Tax Cuts |
| 2024 Q3 |
Healthcare SoftwareMultiple healthcare technology companies in the portfolio including Clearwater Analytics for investment accounting, Inspire Medical for sleep apnea solutions, and HealthEquity for health savings accounts. These companies are benefiting from digital transformation in healthcare and growing adoption of specialized software solutions. |
Software Healthcare IT Digital Health Medical Devices Health Savings |
BiotechnologyExposure through Medpace Holdings, a contract research organization serving small biotech companies. The company provides clinical development services as biotech innovation continues to advance, though facing near-term headwinds from biotech funding challenges. |
CRO Clinical Trials Drug Development Biotech Services Life Sciences | |
| 2024 Q2 |
AIAI beneficiaries continued to power ahead during Q2 2024, with the strategy's best contributor being Nova Ltd., which benefited from increased inspection requirements for complex AI chips. The team has conducted extensive research on AI's potential impact across industries and owns companies that participate in AI development or benefit from related business improvements. |
Semiconductors Equipment Manufacturing Inspection Technology |
Small CapsSmall-cap stocks lagged large-caps during the quarter, with most small-cap benchmarks posting negative returns. Despite this underperformance, the managers believe small-cap companies continue to generate double-digit revenue and earnings growth with reasonable valuations, and expect the market will eventually favor small-caps over large-caps. |
Russell 2000 Growth Valuations Outperformance Fundamentals | |
Semiconductor CycleThe semiconductor industry transformation continued with AI driving increased levels of inspection for complex chip manufacturing. The managers approach semiconductor investments by trimming positions on excessive optimism and adding on excessive pessimism, recognizing the cyclical nature of demand in this sector. |
Cyclical Equipment Manufacturing Metrology Process Control | |
| 2024 Q1 |
AIAI and technology broadly drove much of the market returns during Q1, with IT producing approximately half of the Russell 2000 Growth Index's total return. Wasatch has three main considerations regarding AI: avoiding companies whose business models will be materially disrupted, being attracted to companies that can use AI to strengthen competitive positions or reduce costs, and being interested in certain companies directly involved in AI while cognizant of potential asymmetric risks and unreasonable valuations. |
Artificial Intelligence Technology Disruption Competitive Advantage Valuation Risk |
Semiconductor CycleNova Ltd benefited from surging global chip demand partially resulting from AI needs. Wasatch's approach when investing in semiconductor companies is to trim positions on excessive optimism related to the semiconductor cycle and add to positions on excessive pessimism, as semiconductor producers and related equipment manufacturers typically face cyclical demand. |
Semiconductors Cyclical Demand Equipment Manufacturing Market Timing | |
Small CapsThe strategy focuses on small-cap growth companies with reasonable valuations found on both absolute basis and relative to large-caps. Wasatch is optimistic regarding investment performance going forward considering projected double-digit growth rates for 2024 and reasonable small-cap valuations. |
Small Cap Growth Valuation Growth Rates Relative Value | |
| 2023 Q4 |
QualityHigh-quality companies with strong cash flows and below-average debt levels are positioned to outperform as market conditions normalize. These companies can use their cash flows for buybacks, acquisitions, and capital spending initiatives to support long-term growth. |
Cash flows Debt levels Buybacks Acquisitions Capital spending |
Small CapsSmall-cap stocks have underperformed large-caps for more than a decade but recaptured some ground in Q4 2023. Small-cap valuations remain attractive, especially given robust earnings growth over the past two years. |
Underperformance Valuations Earnings growth Russell 2000 | |
EarningsEarnings growth drives stock performance over the long term, though not necessarily in the short term. The strategy expects 2024 earnings growth to accelerate to the mid-teens after falling to low double-digits in 2023. |
Growth acceleration Long term Mid-teens Double-digits | |
| 2023 Q3 |
Discount RetailDiscount retailers like Ollie's and Five Below are well-positioned in the current inflationary environment as consumers seek value. Ollie's benefits from distressed inventory acquisition and strong comparable store sales growth, while Five Below continues expansion despite margin pressures from theft. |
Value Inflation Consumer Retail Expansion |
QualityHigher-ROE companies generally outperformed during the quarter, with each of the top three ROE deciles in the Russell 2000 Growth Index beating the benchmark. The strategy focuses on high-quality companies with strong returns on capital, healthy cash flows, and low debt levels. |
ROE Returns Cash Flow Debt Performance | |
| 2023 Q1 |
Small CapsThe strategy focuses on U.S. small-cap growth companies, specifically those in the Russell 2000 Growth Index. The managers believe small-cap growth companies with strong fundamentals will reassert themselves as economic conditions normalize, particularly as high-quality companies can take advantage of falling equity prices through buybacks and acquisitions. |
Russell 2000 Growth Fundamentals Quality |
QualityThe managers emphasize high-quality companies with reasonable debt levels, strong cash flows, and management teams that can navigate challenges. They believe quality companies will outperform in tougher economic conditions as they have flexibility to be aggressive while lower-quality competitors become defensive. |
Cash Flows Debt Management Resilience | |
Inflation2022 presented the most hostile inflationary environment for their investment approach in over 20 years. Rising inflation favored cyclical commodities and energy sectors that the strategy typically avoids, creating substantial headwinds throughout the year. |
Commodities Energy Headwinds Environment | |
RatesSharply higher interest rates had an outsized negative impact on growth company stock prices because their cash flows are weighted further into the future. The Fed's rate hikes to combat inflation caused valuations of growth companies to suffer significantly during 2022. |
Federal Reserve Valuations Cash Flows Growth | |
| 2021 Q4 |
GamingManager exited Activision position due to sexual harassment crisis impacting company culture and ability to attract/retain creative talent. Recognized that video game companies' true asset is their employee base, not game catalog, making cultural issues particularly damaging to future product quality and development timelines. |
Gaming Culture Talent |
Small CapsSmall cap portfolio delivered exceptional 42% returns, the best since inception. Manager highlighted successful investments like Leatt (up 340% and 10x since initial purchase) and discussed ongoing challenges with positions like Rocky Brands and Lensar. Portfolio demonstrates strong stock picking ability in the small cap space. |
Small Caps Stock Picking Performance | |
| 2021 Q3 |
Building MaterialsManager discusses Builder's FirstSource as a consolidating distributor in residential construction with scale advantages and acquisition strategy. Company benefits from fixed cost leverage and is investing in software to improve productivity and competitive positioning. |
Construction Distribution Consolidation Software Residential |
FootwearRocky Brands doubled in size through acquisition of Honeywell's outdoor boots business. Manager sees significant operational improvement opportunities from better ERP systems, demand forecasting, and e-commerce integration. XTRATUF brand shows strong consumer demand and authenticity. |
Footwear Acquisition Operations E-commerce Brands | |
| 2021 Q2 |
GamingTake-Two reported strong earnings with Grand Theft Auto revenue growing from $700mm to almost $1bn despite being over 7 years since last full game release. NBA 2K franchise continues growing user base to 2.3mm daily users. Business model shifting to 60% recurrent spend makes revenue more stable and higher margin. |
Gaming Franchises Recurrent Revenue |
Home FurnishingsFlexsteel is a residential furniture manufacturer trading at attractive 7x FCF versus comparable companies at 9x. New management stabilized business after prior issues. Company benefits from home upgrade trends with backlog up to $140mm versus $34mm last year. Expanding e-commerce presence with Amazon and Wayfair. |
Furniture Home Improvement E-commerce | |
E-commerceFlexsteel recognizes need to go deeper with Amazon and Wayfair by increasing 3P business to control brand experience, pricing, and customer relationships. Recently launched own DTC brand and overhauling website with goal of doubling revenue from this distribution line. |
Amazon Direct-to-Consumer Digital Transformation | |
| 2021 Q1 |
Title InsuranceManager added to FNF position, highlighting the company's dominant market share, technology investments, and strong leadership under Bill Foley. The business benefits from predictable losses and industry-leading margins through automation investments. |
Title Insurance Technology Automation Market Share Margins |
BuybacksFNF repurchased stock at depressed prices in Q1 2020 and announced intent to acquire another $500mm over the next 12 months. Manager views this as attractive capital allocation by a superb capital allocator. |
Share Repurchases Capital Allocation Stock Buybacks | |
FootwearRocky Brands was the largest position and top performer, benefiting from functional products with stable demand, successful B2B operations, and strategic acquisition of Honeywell's outdoor boot brands that should double company size. |
Work Boots B2B Operations Acquisitions Functional Products |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | ENSG | Ensign Group, Inc. | Medical Care Facilities | Health Care Facilities | Bull | NASDAQ | Best Ideas, Compliance, Detractor, Health Care Facilities, Senior Living, short-seller, Skilled Nursing | Login |
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | PCOR | Procore Technologies, Inc. | Software - Application | Application Software | Bull | New York Stock Exchange | AI Beneficiary, competitive moat, Construction Software, Detractor, network effects, proprietary data, SaaS | Login |
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | OLLI | Ollie's Bargain Outlet Holdings, Inc. | Discount Stores | Specialty Stores | Bull | NASDAQ | Closeout Merchandise, consumer resilience, Defensive growth, Detractor, Discount Retailer, value proposition | Login |
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | FROG | JFrog Ltd. | Software - Application | Application Software | Bull | NASDAQ | AI Beneficiary, cloud revenue growth, Devops, SaaS, Security, Software Supply Chain, Top Contributor | Login |
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | ECG | Everus Construction Group, Inc. | Engineering & Construction | Construction & Engineering | Bull | NASDAQ | AI infrastructure, Data center infrastructure, Durable Growth, Electrical Contracting, Grid Upgrades, Power Transmission, Top Contributor | Login |
| Jul 22, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | AAON | AAON, Inc. | Building Products & Equipment | Building Products | Bull | NASDAQ | AI infrastructure, Building Products, Contributor, data center cooling, HVAC, Record Backlog, revenue acceleration | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | FOUR | Shift4 Payments, Inc. | Software - Infrastructure | Data Processing & Outsourced Services | Bull | New York Stock Exchange | Acquisitions, AI disruption, Competitive Moats, Fintech, Lodging, payment processing, Restaurant, Software | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Software - Application | Application Software | Bull | NASDAQ | AI integration, Contract Stickiness, Free Cash Flow, Hospitality Software, Marriott, niche expertise, Point of Sale, property management | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | VITL | Vital Farms, Inc. | Farm Products | Packaged Foods & Meats | Neutral | NASDAQ | Brand Positioning, Competitive pressure, consumer staples, market share, Organic, Pasture-Raised, Specialty-Foods, valuation | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Defect Reduction, Performance Optimization, semiconductor equipment, technology hardware | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | CAMT | Camtek Ltd. | Semiconductor Equipment & Materials | Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, Chip Manufacturing, Defect Reduction, Performance Optimization, semiconductor equipment, technology hardware | Login |
| Apr 25, 2026 | Fund Letters | Wasatch Small Cap Growth Strategy | ECG | Everus Construction Group, Inc. | Engineering & Construction | Construction & Engineering | Bull | New York Stock Exchange | AI infrastructure, backlog growth, Construction services, data centers, Electrical Contracting, Energy Capacity, Power Transmission | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FOUR | Shift4 Payments, Inc. | Financials | Transaction & Payment Processing Services | Bull | New York Stock Exchange | consumer, Fintech, growth, Payments, Sentiment | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | VITL | Vital Farms, Inc. | Consumer Staples | Agricultural Products | Bull | NASDAQ | agriculture, Consumerbrands, Loyalty, Margins, Pricing | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | TREX | Trex Company, Inc. | Industrials | Building Products | Bull | New York Stock Exchange | Buildingproducts, Cyclicals, Decking, Housing, Quality | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FROG | JFrog Ltd. | Information Technology | Application Software | Bull | NASDAQ | AI, cloud, Devops, Security, Software | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | FN | Fabrinet | Information Technology | Electronic Components | Bull | New York Stock Exchange | AI, datacenters, Networking, Optics, semiconductors | Login |
| Jan 22, 2026 | Fund Letters | JB Taylor | RBC | RBC Bearings Incorporated | Industrials | Industrial Machinery | Bull | New York Stock Exchange | Acquisitions, Aerospace, Defense, engineering, growth | Login |
| Jul 21, 2025 | Fund Letters | JB Taylor | GSHD | Goosehead Insurance, Inc. | Financials | Insurance | Bull | NASDAQ | Brokerage, franchise, Insurance, productivity, scaling, technology | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, consumer staples, Distribution Expansion, Nutrition, Protein Supplements, secular growth | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Information Technology | Application Software | Neutral | NASDAQ | acquisition integration, Asset Managers, Compliance, Investment Software, risk management, SaaS | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | GSHD | Goosehead Insurance, Inc. | Financials | Insurance Brokers | Bull | NASDAQ | franchise model, insurance brokerage, market share gains, operational efficiency, technology platform | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | FN | Fabrinet | Information Technology | Electronic Manufacturing Services | Bull | NYSE | Artificial Intelligence, data centers, Manufacturing Services, Optical-Components, technology infrastructure | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | Artificial Intelligence, Manufacturing Technology, Metrology systems, process control, semiconductor equipment | Login |
| Jun 30, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bull | NASDAQ | Digital transformation, Hospitality Software, market share gains, niche market, recurring revenue | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | GLNT | Globant SA | Information Technology | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, Digital transformation, Global, growth, It consulting, Software Development, Technology Services | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Application Software | Bull | NASDAQ | growth, Hardware, Hospitality Software, Point of Sale, recurring revenue, Software | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | FRPT | Freshpet, Inc. | Consumer Staples | Pet Products | Bull | NASDAQ | consumer staples, Fresh Food, gross margins, manufacturing, Pet Food, Refrigerated, scaling | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | BROS | Dutch Bros., Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | Beverages, Coffee, Customizable, Drive-Through, growth, Restaurant, store expansion | Login |
| Mar 31, 2025 | Fund Letters | Wasatch Small Cap Growth Strategy | RBC | RBC Bearings, Inc. | Industrials | Industrial Machinery | Bull | NYSE | acquisition integration, Aerospace, Commercial Aviation, Defense, Engineered Components, Industrial, Precision Bearings | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | brand portfolio, consumer staples, earnings growth, growth, market share expansion, Nutritional Products, Protein Supplements | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Application Software | Bull | NASDAQ | HR Management, Payroll Software, recurring revenue, revenue stabilization, SaaS, Software, turnaround | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | ROAD | Construction Partners, Inc. | Industrials | Construction & Engineering | Bull | NASDAQ | Acquisitions, Civil Engineering, construction, infrastructure, Population growth, Revenue Growth, Southern States | Login |
| Dec 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | TMDX | TransMedics Group, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | Biomedical, Healthcare Equipment, life sciences, Medical devices, medical technology, Organ Transplant, Standard of Care | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Software & Services | Application Software | Bull | NASDAQ | asset management, Compliance Technology, Fintech, Investment Management Software, net revenue retention, recurring revenue, SaaS | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | ENSG | Ensign Group, Inc. | Health Care Equipment & Services | Health Care Facilities | Bull | NASDAQ | Acquisitions, Assisted Living, Demographics, Healthcare Facilities, Healthcare services, Skilled Nursing, turnaround | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | INSP | Inspire Medical Systems, Inc. | Health Care Equipment & Services | Health Care Equipment | Bull | NYSE | GLP-1, healthcare innovation, Medical devices, Minimally Invasive, Obesity, OSA Treatment, sleep apnea | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FROG | JFrog Ltd. | Software & Services | Systems Software | Neutral | NASDAQ | Artificial Intelligence, CI/CD, Code Management, Devops, Programming Tools, Repositories, Software Development | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical research, Clinical trials, Cro, drug development, life sciences, Pharmaceutical Outsourcing | Login |
| Sep 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Diversified Financials | Specialized Finance | Bull | NASDAQ | Consumer-Directed Healthcare, Custodial Services, Employee Benefits, Fintech, Health Savings Accounts, Healthcare Finance, HSA | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductor Equipment | Bull | NASDAQ | AI, Cyclical, Metrology, process control, semiconductor equipment, technology | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | BOOT | Boot Barn Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NYSE | debt-free, E-commerce resistant, same-store sales, Self-Funding, Specialty retail, Western Apparel | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | TMDX | TransMedics Group, Inc. | Health Care | Health Care Equipment | Bull | NASDAQ | healthcare innovation, life sciences, Logistics, market share gains, medical technology, Organ Transplant | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | growth runway, inflation impact, Lower-Income Consumer, Shrinkage, valuation opportunity, Value retail | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | SITE | SiteOne Landscape Supply, Inc. | Industrials | Trading Companies & Distributors | Neutral | NYSE | Distribution, Home Depot Competition, interest rate sensitivity, Landscape Supply, Professional Landscapers, Real estate exposure | Login |
| Jun 30, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | SPT | Sprout Social, Inc. | Information Technology | Application Software | Bull | NASDAQ | CEO transition, Cloud-Based Tools, Customer Engagement, SaaS, social media management, Software Sales Slowdown | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotech Services, Clinical development, contract research, Cro, defensive, growth, healthcare | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | NVMI | Nova Ltd. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, capital allocation, Cyclical, market share, Metrology Equipment, semiconductors | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Financials | Consumer Finance | Bull | NASDAQ | Benefits, contrarian, Custodian, growth, Health Savings, HSA, Interest rates | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Neutral | NYSE | Brand, Competition, Drinkware, international expansion, Outdoor Gear, Retail Stores | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | CWAN | Clearwater Analytics Holdings, Inc. | Information Technology | Software | Bull | NASDAQ | Cloud software, contrarian, Investment Accounting, Overdeliver, SaaS, Underpromise | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVN | Five9, Inc. | Information Technology | Software | Bull | NASDAQ | AI integration, Cloud software, contact centers, Customer Engagement, remote work, SaaS | Login |
| Mar 31, 2024 | Fund Letters | Wasatch Small Cap Growth Strategy | AGYS | Agilysys, Inc. | Information Technology | Software | Bull | NASDAQ | Cloud software, Hospitality Software, Marriott Partnership, Mobile Solutions, property management, Travel Recovery | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | BRBR | BellRing Brands, Inc. | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | asset-light model, consumer staples, Health-Conscious Consumers, Nutrition Products, Outsourced Production, Protein Supplements, Shelf-Stable Products | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Biotechnology Services, Clinical development, contract research organization, Cro, Free Cash Flow, Healthcare services, share repurchases | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | PNFP | Pinnacle Financial Partners, Inc. | Financials | Regional Banks | Bull | NASDAQ | Demographics, diversified customer base, Nashville, net interest margin, real estate market, regional bank, Responsible Banking | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | FOXF | Fox Factory Holding Corp. | Consumer Discretionary | Leisure Products | Neutral | NASDAQ | acquisition, capital allocation, Core Business, Cycling, Motorsports, strategic focus, Suspension Products | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | XPEL | XPEL, Inc. | Consumer Discretionary | Auto Parts & Equipment | Neutral | NASDAQ | aftermarket, Automotive Products, Customer concentration, OEM Relationships, Paint Protection Film, Tesla, Window Tints | Login |
| Dec 31, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Human Resources & Employment Services | Bull | NASDAQ | Client Funds, employment services, Human Resources, Payroll Software, recurring revenue, SaaS, Software-as-a-Service | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | OLLI | Ollie's Bargain Outlet Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | comparable-store sales, Consumer Discretionary, discount retail, inflation hedge, inventory management, Specialty retail, value proposition | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | YETI | YETI Holdings, Inc. | Consumer Discretionary | Leisure Products | Bull | NYSE | Consumer Discretionary, debt-free, high margins, Holiday Shopping, Outdoor Recreation, Premium Brand, Product Recall Recovery | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | HQY | HealthEquity, Inc. | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Cash management, Employer Benefits, financial services, Health Savings Accounts, interest rate sensitivity, Return to Office | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN | Inspire Medical Systems, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | GLP-1 Impact, Healthcare Equipment, medical technology, Minimally Invasive, Patient Throughput, sleep apnea, Surgical Procedures | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | SILK | Silk Road Medical, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NASDAQ | Carotid Artery, Clinical Outcomes, CMS reimbursement, Medical devices, Standard of Care, TCAR Procedure, Vascular Surgery | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | discount retail, Holiday Shopping, Specialty retail, store expansion, Teen Demographics, Theft Prevention, Value Pricing | Login |
| Sep 30, 2023 | Fund Letters | Wasatch Small Cap Growth Strategy | SHAK | Shake Shack, Inc. | Consumer Discretionary | Restaurants | Bull | NYSE | brand loyalty, Fast casual, international expansion, Management Turnaround, Post-Pandemic Recovery, Premium Burgers, Restaurant Chain | Login |
| Jan 1, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | FERG | Ferguson | Industrial Distribution | Trading Companies & Distributors | Bull | New York Stock Exchange | Acquisitions, construction, Distributor, dual listing, market share, organic growth, S&P 500 inclusion, Share Buyback, supply chain | Login |
| Jan 1, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | ATVI | Activision Blizzard | Other | Interactive Media & Services | Bear | NASDAQ | Creative Developers, Cultural Crisis, exit, Game Production, Gaming, Sexual Harassment, Talent Retention, Video games | Login |
| Jan 1, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | LEAT | Leatt Corporation | Leisure | Leisure Products | Bull | - | COVID Tailwinds, Downhill Biking, margin expansion, Motocross, Nano-cap, Niche Provider, Outdoor Recreation, Product Diversification, Revenue Growth, Safety Equipment | Login |
| Jan 1, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | LNSR | LENSAR | Medical Devices | Health Care Equipment & Supplies | Neutral | NASDAQ | ALLY System, Binary Outcome, Cataract Surgery, Femtosecond Laser, Medical Device, negative cash flow, product launch, small-cap | Login |
| Jan 1, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | RCKY | Rocky Brands | Footwear & Accessories | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | Boots, Demand Strength, Distribution Center, Facility Integration, Footwear, Largest Position, Operational Issues, order growth, supply chain | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | MEDP | Medpace Holdings, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Bull, Clinical trials, contract research organization, Guidance Raise, Healthcare services, life sciences, Outsourcing | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | ASIC|CWAN|INSP|KRMN|KTOS|MAC|MEG|RH|WYNN | Inspire Medical Systems, Inc. | Health Care | Health Care Equipment & Supplies | Bull | NYSE | Healthcare Technology, margin expansion, Medical devices, Minimally Invasive, Revenue Growth, sleep apnea, Unmet Medical Need | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | FIVE | Five Below, Inc. | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | Consumer Discretionary, debt-free, Format Innovation, Free Cash Flow, Specialty retail, store expansion, Value Retailer | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | GDYN | Grid Dynamics Holdings, Inc. | Information Technology | IT Services | Bull | NASDAQ | buying opportunity, Cloud computing, Digital transformation, geopolitical risk, IT services, Management Quality, Ukraine | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | PCTY | Paylocity Holding Corp. | Information Technology | Application Software | Bull | NASDAQ | Cloud software, Hr Technology, interest rate sensitivity, Payroll Software, SaaS, SMB market, Strong Fundamentals | Login |
| Dec 31, 2022 | Fund Letters | Wasatch Small Cap Growth Strategy | CYBR | CyberArk Software Ltd. | Information Technology | Systems Software | Neutral | NASDAQ | Cloud Competition, cybersecurity, M&A Speculation, Network Security, private equity, Privileged Access Management, Volatility | Login |
| Oct 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | BLDR | Builder's FirstSource | Building Products & Equipment | Building Products | Bull | NASDAQ | Building Products, consolidation, Cyclical, Digitization, Distribution, Lumber, M&A, residential construction, Software, Value | Login |
| Oct 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | RCKY | Rocky Brands | Footwear & Accessories | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | Authenticity, Brand, e-commerce, ERP, Footwear, inventory management, Operational Improvement, Outdoor, turnaround, Value | Login |
| Jul 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | CPRT | Copart Inc | Specialty Business Services | Commercial Services & Supplies | Bull | NASDAQ | Auto auctions, inflation hedge, International Recovery, margin expansion, Online Platform, Salvage Vehicles, volume growth | Login |
| Jul 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | TTWO | Take-Two Interactive Software Inc | Electronic Gaming & Multimedia | Interactive Media & Services | Bull | NASDAQ | Content-pipeline, Digital Entertainment, Gaming Franchises, IP monetization, recurring revenue, user engagement, Video games | Login |
| Jul 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | FLXS | Flexsteel Industries Inc | Furnishings, Fixtures & Appliances | Household Durables | Bull | NASDAQ | e-commerce expansion, furniture manufacturing, home improvement, Management Change, Operational Restructuring, Share Buybacks, turnaround story, valuation discount | Login |
| Apr 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | FNF | Fidelity National Financial | Insurance - Specialty | Insurance | Bull | New York Stock Exchange | Annuities, Automation, capital allocation, market leader, Mortgage, Real Estate, technology, title insurance | Login |
| Apr 1, 2021 | Fund Letters | Wasatch Small Cap Growth Strategy | RCKY | Rocky Brands | Footwear & Accessories | Textiles, Apparel & Luxury Goods | Bull | NASDAQ | acquisition, B2B Platform, capital allocation, direct-to-consumer, Footwear, Functional Products, turnaround, Work Boots | Login |
| TICKER | COMMENTARY |
|---|---|
| ENSG | The largest of those detractors 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 longtime holding in the portfolio, and we know the company's management team well. We spoke with the team after the report, and we continue to believe that Ensign is one of the most compliance-conscious firms in the health-care space and 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 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 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. |
| OLLI | Ollie's Bargain Outlet Holdings, Inc. (OLLI) also detracted. The retailer offers a continually changing selection of closeout items and brand-name merchandise at deeply discounted prices. Ollie's stock has been down due to concern about how rising oil prices may affect consumers' spending power. However, we believe tighter household budgets could make Ollie's value proposition more appealing, in turn making revenues more resilient than investors might expect. |
| FROG | The top contributor to strategy 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 a broader selloff of software stocks due to concerns about how AI might affect the industry. Our feeling at the time was that there are moats around JFrog's business model that make it quite defensible. And we continue to feel that way—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 month, JFrog provided more evidence that its business remains strong as the company reported quarterly earnings and revenue that topped consensus estimates and as 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 strong, and Everus continues to benefit from strong demand across its data-center, high-tech, hospitality and utility markets. Everus serves as an example of our approach of finding high-quality companies that benefit from the AI build-out. Generally, we're seeking companies that are growing due to AI-related demand but that have durability of growth that is clear. 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. |
| AAON | AAON, Inc. (AAON) also contributed. The company is a leading manufacturer of heating, ventilation and air-conditioning (HVAC) systems for commercial and industrial environments. Data-center cooling demand amid the AI infrastructure build-out has led to accelerated growth for the company, whose commercial HVAC business had already experienced steady growth before the advent of AI. But AI has been a demand accelerant. In AAON's latest quarterly results, year-over-year net sales grew more than 50% and the company's total backlog increased 107.4% to a record $2.1 billion. |
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