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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q3 | Oct 20, 2025 | Wasatch Micro Cap Fund | 9.5% | - | LMB, PAR, PI, PNTG, VITL | digital transformation, Energy Infrastructure, High Growth, Micro Caps, Sustainable Food | The fund benefited from holdings in Vital Farms and Willdan Group as consumer demand for ethical food and energy infrastructure rose. Managers favor high-growth companies with durable business models in sustainability, logistics, and digital transformation. Despite near-term underperformance versus speculative biotech, they expect strong upside as fundamentals reassert. | PNTG LMB VITL PI WLDN |
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| 2025 Q4 | Jan 22, 2026 | Wasatch Micro Cap Fund | 1.9% | 4.8% | ADUS, AXGN, BLZE, CLMB, COCO, CSTL, ESQR, EZPW, MAMA, RDVT, SXI, TATT, VECO, VITL | Biotechnology, growth, healthcare, Microcap, profitability, Quality, underperformance | The fund focuses on high-growth, high-quality companies with differentiated business models, avoiding the low-quality market rally that dominated 2025. The managers emphasize companies with strong fundamentals gauged by cash flow and earnings, believing these will ultimately be rewarded as the market returns to favoring profitability. Healthcare sector, particularly biotechnology and pharmaceutical companies in early research and development stages, dominated benchmark returns. The fund had no exposure to this area due to focus on profitable companies, which weighed on relative performance as many biotech companies are years away from turning a profit. | CLMB CSTL MAMA AXGN |
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| 2025 Q4 | Jan 22, 2026 | Wasatch Small Cap Growth Strategy | 0.0% | 0.0% | FN, FOUR, FROG, RBC, TREX, VITL | AI, Biotechnology, growth, healthcare, Quality, small cap, technology, value | The strategy focuses on high-quality businesses with high ROAs and ROEs, and track records of durable earnings growth. Portfolio fundamentals remain solid with ROA and ROE well ahead of benchmark metrics. The managers avoid speculative companies and prefer proven earnings track records. The strategy's lack of exposure to biotechnology stocks was the primary driver of underperformance, as biotech soared nearly 27% in Q4. Managers avoid nascent biotech companies due to binary outcomes based on clinical trials, preferring healthcare companies with proven track records. Artificial intelligence was mentioned as one of the popular investment themes driving speculative small cap companies that the strategy avoided. AI workloads are driving demand for data center upgrades and faster communication standards. | RBC FN FROG TREX VITL FOUR |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 24, 2026 | Fund Letters | JB Taylor | Vital Farms, Inc. | Consumer Staples | Agricultural Products | Bull | NASDAQ | agriculture, Consumerbrands, Loyalty, Margins, Pricing | View Pitch |
| Nov 29, 2025 | Fund Letters | Ken Korngiebel | Vital Farms Inc. | Consumer Staples | Food Products | Bull | NASDAQ | Branding, consumer trends, Eggs, Ethical sourcing, Food, growth, Margins, Sustainability, Transparency | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||