The Wasatch International Growth (Trades, Portfolio) Fund, part of Salt Lake City-based Wasatch Global Advisors, disclosed this week that it top trades for the third quarter included the closure of its Tsuruha Holdings Inc. (TSE:3391, Financial) and Webjet Ltd. (ASX:WEB, Financial) holdings, increased bets on its JMDC Inc. (TSE:4483, Financial) and Dr. Lal PathLabs Ltd. (NSE:LALPATHLAB) positions and new holdings in CyberArk Software Ltd. (CYBR, Financial) and Canada Goose Holdings Inc. (TSX:GOOS, Financial).
Managed by Ken Applegate, Linda Lasater and Derek Tzau, the fund seeks long-term growth capitalization by investing primarily in growth companies domiciled in developed and emerging markets outside of the U.S. The fund mangers look for companies with strong financials, a sustainable competitive advantage, industry-best management teams and high earnings growth.
As of third quarter-end, the fund's $1.03 billion equity portfolio contains 88 stocks, with four new positions and a turnover ratio of 11%. The top four sectors in terms of weight are technology, health care, industrials and financial services, representing 21.89%, 21.57%, 17.84% and 13.22% of the equity portfolio.
The fund sold 66,500 shares of Tsuruha, trimming the equity portfolio 1%. Shares averaged 14,667 yen ($141.04) during the third quarter.
GuruFocus ranks the Japanese drugstore company's profitability 8 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank and returns that are outperforming over 70% of global competitors.
The fund sold 3,775,013 shares of Webjet, trimming the equity portfolio 0.96%. Shares averaged 3.42 Australian dollars ($2.54) during the third quarter.
GuruFocus ranks the Australian online travel company's financial strength 6 out of 10: Even though the company has low Piotroski F- and Altman Z-scores, debt ratios are outperforming over 63% of global competitors.
The fund added 236,053 shares of JMDC, increasing the position 165.77% and the equity portfolio 1%. Shares averaged 3,857.50 yen during the third quarter.
Dr. Lal PathLabs
The fund added 401,652 shares of Dr. Lal PathLabs, increasing the position 192.09% and the equity portfolio 0.99%. Shares averaged 1,850.71 Indian rupees ($25.09) during the third quarter.
The fund purchased 95,045 shares of CyberArk, giving the position 0.95% weight in the equity portfolio. Shares averaged $107.57 during the third quarter; the stock is fairly valued based on its current price-to-GF Value ratio of 1.07.
GuruFocus ranks the Israeli information technology solutions company's profitability 8 out of 10 on the back of a Joel Greenblatt return on capital and three-year revenue growth rate that outperform 81.84% of global competitors.
The fund purchased 273,829 shares of Canada Goose, giving the position 0.85% weight in the equity portfolio. Shares averaged 32.82 Canadian dollars ($25.64) during the third quarter; the stock is significantly undervalued based on its current price-to-GF Value ratio of 0.62.
The Canadian apparel manufacturer's profitability was rated 7 out of 10, driven by profit margins and returns outperforming over 85% of global competitors despite trending below the 10-year average margin and return.
Disclosure: No positions.
Read more here:
- IVA International Fund's Top Trades in the 3rd Quarter
- Bill Nygren's Top 6 Trades in the 3rd Quarter
- David Herro's Top 4 Trades in the 3rd Quarter
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