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Wasatch Global Investors
Wasatch Global Investors: employee-owned small-cap equity specialist in Salt Lake City, founded 1975. Led by CIO J.B. Taylor.
Wasatch Global Investors
Wasatch Global Investors was founded in 1975 by Sam Stewart, a Federal Reserve economist who saw inefficiency in small-cap equities. The firm remains independent and employee-owned, operating from Salt Lake City with an additional office in Los Angeles. Its wealth origin is internal -- Stewart seeded the firm with his own capital, and ownership has since broadened to senior investment staff. The strategy is long-biased equity in micro-, small-, and mid-cap growth, with no private or alternative allocation. Portfolio managers hold concentrated positions -- typically 40-60 names per fund -- generated by bottom-up fundamental research. Wasatch runs nine US-domiciled mutual funds and a suite of separately managed accounts. Known portfolio holdings have included Cara Therapeutics, Evolent Health, and iRhythm Technologies (per Morningstar, 2024). Geographically, the firm covers US, international developed, and emerging markets. The firm employs roughly 80 professionals and manages over $20B in assets as of mid-2025 (per industry estimates, 2025). J.B. Taylor, CEO and CIO since 2018, succeeded long-time leader Ken Corcell as the head of investments. The firm has not disclosed any plans for private investments or expansion into alternatives. Wasatch's core structural differentiator is independence and patience. It has never taken outside capital or sold a stake to a financial sponsor, allowing it to hold names through multi-year cycles. Its founder-to-employee transfer of ownership is rare in the asset management industry, where most small-cap specialists get acquired within a generation.
General information
Firm type
RIA
Year founded
1975
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Salt Lake City
Corporate office
Salt Lake City, UT, United States
Additional offices
Los Angeles, CA, United States
Principals
J.B. Taylor
CEO & Chief Investment Officer
Ken Corcell
President & Chief Operating Officer
Ralph Shive
Senior Portfolio Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Wasatch Global Investors?
J.B. Taylor has served as CEO and Chief Investment Officer since 2018, succeeding Ken Corcell. Taylor joined the firm in 2006 as a portfolio manager. The firm uses a team-based approach with sector-specialist analysts and a central investment committee for final buy/sell decisions (per the firm's proxy statements, 2024).
How does Wasatch source its investment ideas?
Wasatch invests purely via bottom-up fundamental research by its own analysts. The firm does not use external consultants, broker-sponsored research, or quantitative screening as primary sources. Analysts typically meet with management teams and competitors of each portfolio company at least annually (per the firm's published strategy documents).
Does Wasatch make private or alternative investments?
No. Wasatch is a pure long-only equity manager focused on public markets. It does not invest in private equity, venture capital, real estate, infrastructure, credit, or hedge funds. Its funds and SMAs are exclusively long-dated equity positions (per SEC filings).
What investment stages does Wasatch typically target?
Wasatch targets growth-stage public companies, generally with market capitalizations between $200M and $15B. Its funds span micro-cap (under $2B) and small-cap ($2B-$10B) ranges. It does not invest in IPOs or pre-IPO companies, but may buy post-IPO after a liquidity track is established (per the firm's fact sheets).
What sectors does Wasatch explicitly avoid?
Wasatch has no formal sector bans, but its track record shows limited exposure to energy, utilities, and basic materials. The firm focuses on high-growth sectors such as healthcare, technology, and consumer discretionary. Its funds typically have zero or negative allocation to commodities-linked stocks (per Morningstar portfolio analysis).
How is Wasatch's ownership structured compared to other independent asset managers?
Wasatch is employee-owned, having transitioned ownership from founder Sam Stewart to firm-wide senior staff over the past two decades. The firm remains independent with no financial sponsoring or minority-stake sale to a large bank or private equity group. This structure is rare among small-cap specialists, many of which have been acquired (e.g., FPA by Semper, Royce by Guardian).
What is the typical fees structure for Wasatch's funds?
Wasatch's mutual funds carry net expense ratios ranging from 0.80% to 1.75% annually, with most in the 1.00%-1.25% range for institutional share classes (per Morningstar, 2025). SMAs are separately priced and typically fee-based on assets under management.
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