Wasatch International Growth

Wasatch International Growth Premium Guru

Last Update: 06-09-2015

Number of Stocks: 83
Number of New Stocks: 10

Total Value: $1,304 Mil
Q/Q Turnover: 14%

Countries: USA FIN SGP DNK GBR SWE JPN CAN DEU TWN KOR AUS IDN FRA ITA AUT IND ZAF NZL HKG TUR NOR MEX CHE COL PHL
Details: Top Buys | Top Sales | Top Holdings  Embed:

Wasatch International Growth' s Profile & Performance

Profile

Wasatch International Growth Fund (WAIGX) was established on 6/28/2002. The Fund seeks long-term growth of capital by investing primarily in foreign growth companies domiciled in developed and emerging markets. Wasatch International Growth Fund is managed by Roger Edgley since 1/31/2006.

Web Page:https://secure.wasatchfunds.com/Our-Funds/Management.aspx?fund=WAIGX

Investing Philosophy

“Portfolio Manager Roger Edgley is most interested in finding companies with following characteristics: Potential for significant and sustained revenue and earnings growth; experienced, proven management team; high return on capital; sustainable competitive advantage; market leadership and/or growing market share; ability to capitalize on favorable long-term trends; strong financial health and controls; reasonable use of debt; attractive valuation.”

“We use a bottom-up process of fundamental analysis to look for individual companies that we believe are high-quality, stable, and have the potential to grow earnings for long periods of time. To determine that a company has these characteristics, Roger takes the following approach:

(1) Screening
Using financial databases, he screens for companies demonstrating high-quality growth.

(2) Deep Due Diligence
We use a thorough and collaborative process to understand the companies in which we invest. We study the company, its competitors, and its industry. We talk with management to verify the quality of the leadership and gain deeper insight for the company’s prospects and risks. We call competitors, suppliers, and customers to make sure we have a complete picture of the landscape. Meanwhile, we are constantly talking with other Wasatch portfolio managers and analysts in order to leverage the knowledge, perspective, and insight of the broader Wasatch team in every investment decision.

(3) Earnings Models
We build proprietary earnings models in order to analyze a company’s key growth drivers.

(4) Valuation
We consider a variety of appropriate valuation metrics (e.g. Price to Earnings, Enterprise Value to EBITDA, Price to Book, etc.) to assess the potential return and the risk/reward trade-off of each stock.”

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of Wasatch International Growth F

YearReturn (%)S&P500 (%)Excess Gain (%)
2014-9.0513.69-22.7
201326.4232.39-6.0
201233.081617.1
3-Year Cumulative53 (15.2%/year)74.6 (20.4%/year)-21.6 (-5.2%/year)
2011-12.042.11-14.1
201034.2415.0619.2
5-Year Cumulative80.7 (12.6%/year)105.1 (15.5%/year)-24.4 (-2.9%/year)
200964.1926.4637.7
2008-53.93-37-16.9
200712.475.497.0
200623.7915.798.0
200518.374.9113.5
10-Year Cumulative125.2 (8.5%/year)109.4 (7.7%/year)15.8 (0.8%/year)
200422.9310.8812.1
200344.9628.6816.3

Top Ranked Articles

Wasatch International Growth Small-Cap Fund New Buys
Wasatch International Growth is a new fund added to GuruFocus recently with the advent of the new global stock coverage. The Wasatch firm, founded in 1975 by Sam Stewart, pursues small cap stocks through fundamental, bottom-up research highlighting growth and market inefficiencies. The $1.06 billion international fund seeks these opportunities all over the world and received a Lipper Fund Award for the three-year period ended Dec. 31, 2012. Read more...
Wasatch International Growth Fund's Top 5 New Buys
Sam Stuart founded Wasatch Advisers in 1975, and has been the lead portfolio manager of the Strategic Income Fund since its inception in 2006 and the World Innovators Fund since 2008. Read more...
Wasatch International Growth Fund Buys 5 New Stocks
The Wasatch International Growth (Trades, Portfolio) Fund (WAIGX) 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. Read more...
Wasatch International Growth Fund Comments on Eurasia Drilling Co.
Eurasia Drilling Co. Ltd. (LSE:EDCL), a provider of drilling services to the oil and gas industry,is the Fund’s only Russia-related holding and was the largest detractor from performance for the quarter. Through our bottom-up due diligence process, we often find attractive companies like Eurasia Drilling that are generating excellent returns on capital through innovative approaches to their markets, paying generous dividends and looking confidently into the future. These are the kinds of companies we have a history of investing in. However, at some point even the best companies can become difficult investments when they must contend with a consistently depreciating currency on the back of a slowing macroeconomic environment. When the Russian economy slowed to near-zero growth in 2013, we began to see diminishing pricing power as the company struggled to offset cost inflation—a typical sign of an economy beginning to face challenges. Eurasia Drilling also lost its second largest customer, but management was able to redeploy all of those assets with minimal impact to earnings. We have adjusted our position accordingly, reducing our weight as we see an increasingly Read more...
Wasatch International Growth Fund Comments on Criteo SA
Criteo S.A. (CRTO) is based in France and provides web-advertising services. The company closely integrates with its clients, allowing Criteo to track a user’s interaction on the client’s site. This enables highly targeted advertising with effective results. As its client base grows, Criteo’s buying power increases, which allows for better pricing. In addition, as the service runs, Criteo collects a wealth of data that’s used to improve targeted advertising. Companies like Expedia, Macy’s and eBay are clients. Read more...
» More Wasatch International Growth Articles

Commentaries and Stories

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Wasatch International Growth Fund Comments on Patrizia Immobilien AG
Patrizia Immobilien AG (XTER:P1Z) has been transforming itself from a pure residential property owner in Germany to a pan European real-estate asset manager. Management is committed to deep research on the company’s markets, and has one of the strongest reputations in Europe. This transition is leading to an improvement in the quality and returns of Patrizia Immobilien’s business, which is now starting to be recognized by the market. More...

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Wasatch International Growth Fund Comments on KEPCO Plant Service & Engineering Co
KEPCO Plant Service & Engineering Co. (XKRX:051600) operates and maintains power plants. The contracts the company signs with the plant owners tend to be long term in nature, and are typically renewed upon completion, providing a long-term recurring revenue stream. KEPCO Plant Service has expanded outside of Korea, with the overseas portion comprising nearly 15% of revenues and providing a boost to growth over the long term. More...

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Wasatch International Growth Fund Comments on Medy-Tox
Medy-Tox, Inc. (XKRX:086900) has developed the next generation of Botox and has a strong supply partner in Allergan§§ to distribute it globally. Medy-Tox’s new product, Innotox, has a number of benefits over Botox such as greater stability, no animal by-products, and greater precision when mixing the final solution. The market applications for Innotox and Botox are increasing, both for cosmetic purposes and for therapeutic uses. The founder of Medy-Tox is a scientist and continues to drive new-product innovation at the company. More...

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Wasatch International Growth Fund Comments on ISC Co Ltd
Over the past nine months, we have added three Korean companies to the Fund. ISC Co. Ltd. (XKRX:095340) has a leading technology in the test socket market for semiconductors. The product is consumable, which we believe will generate strong recurring sales going forward. The company has high inside ownership and is still run by its founder. More...

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Wasatch International Growth Fund Comments on Pigeon Corp
Pigeon Corp. (TSE:7956) manufactures baby bottles and has over 80% of the market share in Japan. The company is aggressively taking its strong brand to overseas markets. The overseas business now contributes 74% of earnings, up from 49% four years ago. Sales to international markets have grown at an annualized 22% over the past four years. Pigeon is now leveraging its brand to expand its product line into diapers for the Chinese market. More...

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Wasatch International Growth Fund Comments on Calbee Inc
Calbee, Inc. (TSE:2229) dominates the snack-food market in Japan with market share of over 50%. The company has an enviable brand, though for many years Calbee was only able to generate single-digit margins, far lower than its global peers. The current CEO, Akira Matsumoto, previously worked at Johnson & Johnson‡ and has brought a focused discipline to margins and returns on capital. Mr. Matsumoto has also led an aggressive push into international markets, growing Calbee’s international business by an annualized 57% over the past four years. His leadership is one of the key reasons the company’s return on equity (ROE)‡‡ has nearly doubled over the same time frame. More...

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Wasatch International Growth Fund Comments on Misumi Group Inc
Misumi Group, Inc. (TSE:9962) manufactures machinery parts for industrial use. Management’s focus is to improve delivery times and expand its global footprint. It has done this through the introduction of a new enterprise resource planning (ERP) system, as well as through automation in its factories. For example, at the start of 2014, it took Misumi 13 days to process a large order in its China plant. Today, it can process the same order in five days. The company has strengthened the supply chain between Japan, China and Vietnam and is building efficiency that will be difficult for rivals to match. This has enabled the introduction of an online ordering site, which is rapidly gaining traction and expanding the customer base. More...

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Wasatch International Growth Fund Q1 2015 Commentary
Overview More...

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Wasatch International Growth Fund Comments on Rotork plc
We see Rotork plc (LSE:ROR) as a high-quality industrials company. Rotork provides control automation to pipelines, refineries, power plants, wastewater plants, etc. Less than half of its business is exposed to the oil and gas industry and that is primarily in the form of maintenance revenues, leaving the company less exposed to capital-spending cycles. However, during price meltdowns, the market doesn’t differentiate and Rotork was a detractor for the quarter. Once the dust settles, we believe investors will once again realize that Rotork is a global market leader with a large growth opportunity backed by strong cash flows, high returns, and a conservative and capable management team. (Current and future holdings are subject to risk.) More...

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Wasatch International Growth Fund Comments on ShawCor Ltd
ShawCor Ltd. (Canada) (TSX:SCL) was one of the largest detractors during the fourth quarter. The company is the global leader in oil and gas pipe coating solutions (think anti-corrosion, flow protection) with more than 30% global market share in an otherwise fragmented industry. Scale matters in this business and there is a continual need to innovate and fund research and development, which enables ShawCor to win larger and more complex projects. Given the company’s market-leading position, we believe it will emerge from the energy downturn in an even stronger position. More...

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Wasatch International Growth Fund Comments on Domino's Pizza Group PLC
Last quarter we highlighted Domino’s Pizza in Australia as a top contributor, and this quarter Domino’s Pizza U.K. (LSE:DOM) made it onto the podium. Similar to its Australian counterpart, domestic sales have been strong with double digit like-for-like sales‡‡ growth along with improved efficiency thanks to technological innovation. One key difference between these two Domino’s businesses is that international sales have been weak for Domino’s Pizza U.K. The company owns the master franchise for Germany, which has proven more challenging than expected. The good news is that expectations for a turnaround in the business have been removed from the stock and we continue to believe the long-term opportunity is tremendous. More...

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Wasatch International Growth Fund Comments on Medy-Tox
Medy-Tox (XKRX:086900) sells a product called Innotox, seen as an improved replacement for Botox. The treatment is mainly used for facial wrinkles, but the company is also marketing the product for body treatments and even medicinal purposes (for example, relaxing muscles after a stroke). The company signed a global distribution agreement with Allergan, while Medy-Tox retains distribution rights in Korea and Japan. One reason we like investing in companies in the health-care sector is that it’s very much a stock picker’s sector. South Korea was among the worst-performing markets in the fourth quarter, down nearly -9% according to the Index, yet Medy-Tox rallied strongly with a gain of over 36%. This is another example of a gem we discovered, completed our thorough due diligence, and then introduced to the portfolio in the third quarter. More...

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Wasatch International Growth Fund Comments on Amara Raja Batteries
Amara Raja Batteries (NSE:AMARAJABAT) is the second-largest battery company in India with exposure to several vertical markets, such as telecommunications and automobiles. The company has managed to consistently grow by taking market share and by increasing sales to the aftermarket segment as India’s economy develops. Amara Raja has a 15-year relationship with U.S.-based Johnson Controls,‡ which supplies technology support and expertise. This gives Amara Raja Batteries a competitive advantage as it has developed a premium brand, which is especially helpful in the trade channel as it filters down to the consumer level and drives replacement volumes. Aftermarket sales constitute a higher-margin segment, further boosting profitability. The company should get an additional tailwind from the infrastructure and capital spending that we expect to occur in India in coming years. More...

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Wasatch International Growth Fund Comments on Patrizia Immobilien AG
Patrizia Immobilien AG (XTER:P1Z) is one such example and was introduced to the portfolio in the third quarter. Patrizia is transforming itself from a pure residential property owner in Germany to a Pan European real-estate manager. This transition will be mostly complete by 2016, resulting in a business model that is asset-light with largely recurring revenues. This change improves the quality, returns and cash flows of the company’s business. Patrizia is also operating a relatively unique business model, especially among publicly traded companies, and helps solve a problem for pension-fund clients in search of yield. More...

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Wasatch International Growth Fund Q4 2014 Commentary
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Wasatch International Growth Fund's Top 5 New Buys Wasatch International Growth - Wasatch International Growth Fund's Top 5 New Buys
Sam Stuart founded Wasatch Advisers in 1975, and has been the lead portfolio manager of the Strategic Income Fund since its inception in 2006 and the World Innovators Fund since 2008. More...

WASATCH INTERNATIONAL GROWTH FUND


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Wasatch International Growth Fund Comments on Computer Modelling Group
Computer Modelling Group (TSX:CMG) is the market leader in simulation software for complex or unconventional drilling. Over the long term, unconventional oil production will become an increasingly larger percentage of global production as the world’s conventional reservoirs are depleted. The company appears well-positioned to benefit from this trend. During the quarter, management reported weak numbers, and the company fell prey to weakness related to the overall capital-expenditures cycle in energy. (Current and future holdings are subject to risk.) More...

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Wasatch International Growth Fund Comments on AVEVA Group PLC
Aveva (LSE:AVV) is a leading provider of 3-D computer-aided design (CAD) and asset lifecycle management software for large infrastructure assets like refineries, naval ships, power plants, floating production storage and offloading vessels. The company’s software is vital to engineers to reduce completion times, procure materials effectively and design the layout of a project. However, weak end markets have impacted Aveva in the short term and the company reported weak interim results. The good news is that over 65% of Aveva’s revenues are stable and recurring, and with a rock-solid balance sheet the company can continue to invest in sales and research and development. We believe Aveva will take market share in the downturn and emerge a stronger and more profitable business. More...

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Wasatch International Growth Fund Comments on Cosmos Pharmaceutical
Cosmos Pharmaceutical (TSE:3349) is a Japanese company and the regional leader in the retail drug-store industry. The company has a larger average store size than competitors allowing it to provide a wider selection of products and maintain price leadership through economies of scale. The company is expanding into new regions. More...

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Wasatch International Growth Fund Comments on Domino's Pizza Enterprises
Domino’s Pizza Enterprises (ASX:DMP) is a master franchise license owner of the Domino’s Pizza brand. The company has a solid Australia franchise that is still seeing double-digit like-for-like sales‡ growth and unit store growth despite a very mature market. Technology and the Internet have been a driving force in improving efficiencies and strong like-for-like sales growth. Furthermore, the company recently acquired a controlling stake in Domino’s Pizza Japan, which has posted results that have far exceeded expectations. More...

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