Wasatch Frontier Emerging Small Countries Fund
WAFMX
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- Wasatch Frontier Emerging Small Countries Fund (WAFMX) is an open-end mutual fund managed by Wasatch Global Investors that seeks long-term growth of capital through a bottom-up, fundamental investment process focused on equity securities of companies tied economically to frontier markets and small emerging market countries. The fund normally invests at least 80% of its assets in such equities across all market capitalizations, typically holding 30-70 positions with systematic coverage of high-quality, long-duration growth companies in sectors including financial services, consumer cyclical, healthcare, technology, and communication services; top holdings as of recent periods include FPT Corp, Bajaj Finance Ltd, Qualitas Controladora SAB de CV, Nu Holdings Ltd, and MercadoLibre Inc. It provides exposure to regions such as emerging Asia, Latin America, emerging Europe, Africa, and developed Asia, targeting less well-known opportunities often overlooked by larger investors, with a net expense ratio of 2.20% and minimum initial investment of $2,000 for investor shares. Launched on January 31, 2012, the fund is domiciled in the United States and available primarily to U.S. investors, with assets under management of approximately $35 million as of recent data. Wasatch Global Investors, the fund's investment adviser, is a 100% employee-owned firm founded in 1975 and headquartered in Salt Lake City, Utah. Scott Thomas, CFA, CPA, serves as lead portfolio manager since June 2016, supported by a collaborative team emphasizing on-the-ground company visits in frontier and emerging markets. In October 2024, Wasatch announced portfolio manager changes as part of a long-term succession plan, designating Scott Thomas as sole lead portfolio manager for the fund, with Jared Whatcott stepping away from his co-manager role while remaining active elsewhere in the firm. More recently, in early 2025, Wasatch hired Mark Madsen and Karson Schrader from Grandeur Peak Global Advisors, leading to the October 1, 2025 launch of two new small-cap value funds—the Wasatch Global Small Cap Value Fund (WACVX/WGCVX) and Wasatch International Small Cap Value Fund (WASVX/WGSVX)—bolstering the firm's small-cap offerings amid $26.7 billion in total assets under management as of August 31, 2025. These developments reflect Wasatch's ongoing strategic expansions and talent acquisitions to enhance its active management capabilities across growth and value strategies in micro-, small-, and mid-cap segments globally.