WASATCH ADVISORS LP
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +1.1% per quarter versus +2.7% from simply owning every 13F stock — it beat that baseline in only 46.9% of quarters (excess t = -2.13). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 213 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| HQY | $602M | | ADD |
| ENSG | $415M | | TRIM |
| CAMT | $414M | | TRIM |
| MEDP | $372M | | ADD |
| NVMI | $370M | | TRIM |
| FN | $367M | | TRIM |
| ECG | $356M | | ADD |
| SXI | $336M | | TRIM |
| RBC | $313M | | TRIM |
| KAI | $304M | | ADD |
| SITE | $282M | | HOLD |
| OZK | $281M | | TRIM |
| OLLI | $275M | | TRIM |
| VVV | $269M | | HOLD |
| SAIA | $249M | | TRIM |
| FRPT | $244M | | ADD |
| BCPC | $241M | | ADD |
| NPO | $228M | | TRIM |
| CSW | $228M | | ADD |
| MC | $213M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.