The Wasatch International Growth (Trades, Portfolio) Fund (WAIGX, Financial) invests in small-cap, non-U.S. growth stocks and is managed by Roger Edgley and Linda Lasater. The fund has $1.66 billion in net assets as of June 4, 2014, and has returned 12.58% on average annuall since inception in 2004.
The managers titled their first quarter commentary for this year “The Universe of High Quality Japanese Small Companies Has Increased,” saying, “There are emerging growth companies in Japan that are world class, companies that are comparable to the best companies we see in Asia or Europe.”
Indeed, of the five new stocks the fund purchased during the quarter, the three largest are based in Japan. The new stocks are: Ryohin Keikaku Co. Ltd. (TSE:7453, Financial), Sugi Holdings Co. Ltd. (TSE:7649, Financial), Takeuchi Mfg. Co. (TSE:6432, Financial), Mincon Group Plc (LSE:MCON, Financial) and econtext Asia Ltd. (HKSE:01390).
Ryohin Keikaku Co. Ltd. (TSE:7453, Financial)
Wasatch purchased 204,928 shares of Ryohin Keikaku in the first quarter, composing 1.3% of the portfolio. The stock’s average price was 9,653 yen per share for the quarter.
Ryohin Keikaku Co. Ltd. is in the operation of exclusive stores of MUJI products. Ryohin Keikaku Co. Ltd. has a market cap of ¥305.76 billion; its shares were traded at around ¥11,650.00 with a P/E ratio of 17.20 and P/S ratio of 1.39. The dividend yield of Ryohin Keikaku Co. Ltd. stocks is 0.55%. Ryohin Keikaku Co. Ltd. had an annual average earnings growth of 17.70% over the past five years.
Sugi Holdings Co. Ltd. (TSE:7649, Financial)
Wasatch purchased 437,900 shares of Sugi Holdings, composing 1.2% of the portfolio. The stock’s price averaged 4,098 yen per share in the quarter.
Sugi Holdings Co. Ltd. is engaged in the retail of pharmaceutical products and related products. Sugi Holdings Co. Ltd. has a market cap of ¥317.84 billion; its shares were traded at around ¥5020.00 with a P/E ratio of 21.60 and P/S ratio of 0.87. The dividend yield of Sugi Holdings Co. Ltd. stocks is 0.67%.
Takeuchi Mfg. Co. (TSE:6432, Financial)
Wasatch purchased 271,598 shares of the company, composing 0.44% of the portfolio. The share price averaged 2,767 yen in the first quarter.
Takeuchi Mfg. Co. is an integrated manufacturer of construction machinery, such as compact excavators, hydraulic excavators, track loaders and industrial agitators. Takeuchi Mfg. Co. has a market cap of $51.04 billion; its shares were traded at around $3165.0 with a P/E ratio of 10.80 and P/S ratio of 0.95. The dividend yield of Takeuchi Mfg. Co. stocks is 0.33%.
Mincon Group Plc (LSE:MCON, Financial)
Wasatch purchased 2,962,970 shares of Mincon Group during the quarter, composing 0.27% of the portfolio. The average price of the stock in the quarter was 0.83 pence.
Mincon Group Plc has a market cap of $160.790 million; its shares were traded at around $0.79 with a P/E ratio of 20.30 and P/S ratio of 3.14.
econtext Asia Ltd. (HKSE:01390)
As its smallest new position, Wasatch added 5,657,607 shares of econtext Asia Ltd., making it 0.19% of the portfolio. The company’s share price average was $6.
Econtext Asia Ltd has a market cap of $2.04 billion; its shares were traded at around $4.08.
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