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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Wasatch Hoisington US Treasury Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight credit liquidity will push interest rates lower."
The Wasatch-Hoisington U.S. Treasury Fund returned 2.34% for Q3 2025, outperforming its benchmark due to a slight decline in long-term Treasury yields during the quarter. However, the Fund remains down -8.32% over the 12 months ended September 30, 2025, due to rising yields earlier in the year. The sub-advisor, HIMCo, defends its highly extended portfolio duration (~20 years) based on a macro outlook of slowing growth and disinflation. The managers identify three key drivers of this trend: global overcapacity ('idle plants'), the deflationary forces of AI automation (which unique to this tech cycle reduces the demand for labor, capital, and materials), and the liquidity-draining combination of tariffs and restrictive central bank policy. They support this view using Mark Skousen's Gross Output (GO) metric, which indicates a much weaker underlying economy than standard GDP suggests.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Growth Outlook
Market outlook remains low conviction: The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Risk Appetite
Risk appetite posture is very low conviction: The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Forward Guidance
Forward guidance signal: The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Language Signal
Tone analysis indicates high conviction language: The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Perceived Risk
Perceived risk level is evaluated as high conviction. The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Opportunity Density
Opportunity density index indicates low conviction actionable entry points. The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund remains resolutely committed to an extended long-duration Treasury strategy, betting that declining global capacity utilization, deflationary AI automation, and tight cred...
