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Wasatch Funds
Samuel D. Stewart founded Wasatch Funds in Salt Lake City in 1975, initially managing money for individuals and families.
Wasatch Funds
Samuel D. Stewart founded Wasatch Funds in Salt Lake City in 1975, initially managing money for individuals and families. The firm transitioned to a mutual-fund structure in the 1980s, offering U.S. small-cap and micro-cap growth strategies under the Wasatch brand. Stewart serves as Chief Investment Officer alongside President and portfolio manager J. B. Taylor. Wasatch Funds invests primarily in small-cap and micro-cap growth stocks, with a fundamental research process that examines company financials, management quality, and industry position. The firm has expanded into international small-cap and mid-cap mandates, including a dedicated Europe strategy managed from its Munich office. Portfolio companies have included names such as Amedisys Inc., Blackline Inc., and The Honest Company (per historical filings). The firm typically holds positions for 3-5 years and favors companies with strong free-cash-flow profiles. The firm runs about $15 billion in assets (Altss estimate) across a range of mutual funds and separately managed accounts. Through its Munich office, Wasatch maintains a European research presence. In 2023, the firm added an environmental, social, and governance (ESG) integration framework (per the firm's official communications). A structural differentiator is Wasatch's concentrated, high-conviction portfolio construction, typically holding 50-70 names per fund. The firm's long-tenured investment team, including Stewart since inception, provides continuity. Its focus on small-cap growth with an international sleeve sets it apart from many US-only small-cap managers.
General information
Firm type
Asset Manager
Year founded
1975
AUM
Approximately $15B (Altss estimate)
Location
Region
North America
Country
United States
City
Salt Lake City
Corporate office
Salt Lake City, UT, United States
Additional offices
Munich, Germany
Principals
Samuel D. Stewart
Chief Investment Officer & Portfolio Manager
J. B. Taylor
President & Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Wasatch Funds?
Samuel D. Stewart, founder and Chief Investment Officer, has led the firm's investment process since 1975. Portfolio management is shared with J. B. Taylor, President and portfolio manager, along with a team of sector-focused analysts (per the firm's official communications).
How does Wasatch source proprietary deal flow?
Wasatch relies on fundamental bottom-up research, analyzing public filings, conducting management meetings, and leveraging relationships with small-cap broker-dealers. The firm does not use a dedicated proprietary flow network but identifies opportunities through direct company engagement and third-party referrals.
Is Wasatch structured as a family office or an asset manager?
Wasatch Funds operates as an SEC-registered investment adviser with a mutual fund structure. It manages capital for institutional investors, retirement accounts, and high-net-worth individuals through its publicly available funds (per the firm's filings).
What investment stages does Wasatch typically target?
Wasatch focuses on growth-stage public equities, primarily small-cap and micro-cap companies with market capitalizations under $5 billion. It also runs international small-cap and mid-cap strategies. It does not participate in venture capital or private equity.
Which sectors does Wasatch explicitly avoid?
Wasatch does not have formal sector exclusion lists but has historically underweighted or avoided heavily regulated sectors like utilities and real estate, favoring technology, healthcare, and industrial growth stocks.
How is Wasatch related to the broader Stewart family?
Wasatch Funds was founded by Samuel D. Stewart, but there is no public disclosure of a direct family-office umbrella or wealth origin from a specific fortune. The firm operates independently as a registered investment adviser.
Does Wasatch maintain philanthropic structures and how are they separated?
Wasatch does not publicly disclose a separate foundation or philanthropic vehicle. Investment decisions are made on a fiduciary basis for fund shareholders, with no indication of philanthropic objectives influencing the portfolio.
What is Wasatch's known posture on co-investments alongside external GPs?
Wasatch does not typically engage in co-investments with external general partners. Its model is pooled via mutual funds and separately managed accounts, not through directed sidecar vehicles.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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