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