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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Wasatch Micro Cap Fund returned 27.41% in Q2 2026, slightly trailing the benchmark's 28.98% as AI-driven concentration dominated micro-cap performance. Stock selection in infrastructure-related materials and industrials added value, led by semiconductor plays Ambiq Micro and Veeco Instruments."
The Wasatch Micro Cap Fund delivered a 27.41% return in Q2 2026, slightly below the Russell Microcap Growth Index's 28.98% gain. Major stock indices finished notably higher despite volatility driven by shifting outlooks on the U.S.-Iran conflict and inflation trajectory. Gains were largely concentrated in AI beneficiaries, though the quarter saw some softening in that trade and recovery in software stocks. Stock selection added meaningfully to relative performance, highlighted by infrastructure-related holdings in materials and industrials. Top contributors included Ambiq Micro, which benefited from AI implementation at the device level, Red Violet, which rebounded after AI-driven software sell-offs, Suncrete, which posted strong revenue growth, and Veeco Instruments, which participated in the semiconductor rally. Detractors included Suja Life, which disappointed on IPO guidance, TriSalus Life Sciences, which was exited due to addressable market concerns, Kura Sushi, which faced weaker consumer trends, and Vital Farms, which was exited due to insufficient brand equity. The June Russell reconstitution removed many elevated-cap AI stocks from the benchmark, potentially supporting relative performance as earnings-focused constituents regain attention.
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