Wasatch International Growth Fund's Top 3rd-Quarter Trades

Utah-based fund releases quarterly portfolio

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James Li
Dec 04, 2020
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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.

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Tsuruha

The fund sold 66,500 shares of Tsuruha, trimming the equity portfolio 1%. Shares averaged 14,667 yen ($141.04) during the third quarter.

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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.

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Webjet

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.

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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.

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JMDC

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.

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According to GuruFocus, JMDC's profit margins and returns are outperforming over 90% of global competitors.

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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.

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GuruFocus ranks the Indian medical research company's financial strength 9 out of 10, driven by a double-digit Altman Z-score and a cash-to-debt ratio that outperforms over 90% of global competitors.

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CyberArk

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.

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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.

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Other gurus with holdings in CyberArk include

PRIMECAP Management (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio).

Canada Goose

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.

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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.

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The

Signature Select Canadian Fund (Trades, Portfolio) also has a holding in Canada Goose.

Disclosure: No positions.

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I am an editorial researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!