Wasatch Micro Cap Value Fund
WAMVX
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- Wasatch Micro Cap Value Fund (WAMVX) is an open-end mutual fund managed by Wasatch Global Investors that seeks long-term growth of capital by investing primarily in undervalued micro-cap companies with future growth potential and market capitalizations of less than $2 billion at the time of purchase; the fund employs a bottom-up, research-intensive approach targeting a blend of undiscovered growth stocks, value momentum plays, graduating class companies, and fallen angels across sectors such as financial services, industrials, technology, healthcare, and consumer cyclical. The fund offers Investor Class shares with a minimum initial investment of $2,000 and additional investments of $100, features a net expense ratio of approximately 1.71%, and maintains a portfolio turnover of around 59% with total net assets exceeding $317 million. It is available for sale in the United States, with pricing on a daily basis and a maximum redemption fee of 2.00%. Wasatch Global Investors, the fund's adviser, is a 100% employee-owned investment management firm founded in 1975 and headquartered at 505 Wakara Way in Salt Lake City, Utah; the firm specializes in active equity strategies focused on U.S. and international micro-, small-, and mid-cap companies, emphasizing collaboration, intellectual curiosity, and superior risk-adjusted returns, and is registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. The fund, launched on July 28, 2003, is led by portfolio manager Brian Bythrow since inception, with co-managers Thomas Bradley since January 31, 2022, and Gene Robin since January 31, 2025. In recent developments, Wasatch Global Investors hired Mark Madsen and Karson Schrader from Grandeur Peak Global Advisors early in 2025 to bolster its small-cap value capabilities, leading to the launch of the Wasatch Global Small Cap Value Fund (WACVX/WGCVX) and Wasatch International Small Cap Value Fund (WASVX/WGSVX) on October 1, 2025; these new funds align with the established process of the related Wasatch Small Cap Value Fund (WMCVX/WICVX), which has a 28-year track record, and expand the firm's offerings in growth-oriented value strategies for global and international small-cap markets. The Micro Cap Value Fund itself maintains a Morningstar Medalist Rating of Gold, underpinned by a sound investment process and strong management team, despite elevated fees in the highest quintile among peers. Top holdings as of recent data include Skyline Champion Corp, HCI Group Inc, EZCORP Inc, Veeco Instruments Inc, and Red Violet Inc, representing key positions in consumer cyclical, financial services, and technology sectors.