Mutual Fund Summary Prospectus (497k)
01 2월 2014 - 4:00AM
Edgar (US Regulatory)
W
ASATCH
C
ORE
G
ROWTH
F
UND®
(Institutional Class Shares)
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Summary Prospectus
January 31, 2014
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T
ICKER
:
WIGRX
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Before you invest, you may want to review the Funds Institutional Class prospectus, which contains
more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at
www.WasatchFunds.com
. You can also get this information at no cost by calling
800.551.1700
or by
sending an email to shareholderservice@wasatchfunds.com. The Funds prospectus and statement of additional information, each dated January 31, 2014, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVE
The Funds primary investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent
with long-term growth of capital.
Currently, we do not expect the Funds investments to generate substantial income.
F
EES
AND
E
XPENSES
OF
THE
F
UND
The tables below describe the fees and expenses that you may pay if you buy, sell or hold
Institutional Class shares of the Fund.
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S
HAREHOLDER
F
EES
(fees paid directly from your investment)
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Institutional Class Shares
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
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2.00%
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Exchange Fee
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None
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Maximum Account Fee
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None
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A
NNUAL
F
UND
O
PERATING
E
XPENSES
(expenses that you pay each year as a percentage of the value of your investment)
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Institutional Class Shares
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Management Fee
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1.00%
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Distribution/Service
(12b-1)
Fee
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None
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Other Expenses
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0.32%
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Total Annual Fund Operating Expenses
1
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1.32%
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Expense Reimbursement
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(0.20)%
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Total Annual Fund Operating Expenses After Expense Reimbursement
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1.12%
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1
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The Advisor has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of
1.12% of average daily net assets until at least January 31, 2015 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Board of
Trustees is the only party that can terminate the contractual limitation prior to the contracts expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date.
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E
XAMPLE
This example is intended to help you compare the cost of investing in the Institutional Class of the Fund with the cost of investing in
other mutual funds. The example assumes that you invested $10,000 in the Institutional Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment
had a 5% return each year and that operating expenses (as a percentage of net assets) of the Funds Institutional Class remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Core Growth Fund Institutional Class
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$
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114
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$
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399
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$
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705
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$
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1,572
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1
P
ORTFOLIO
T
URNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). Higher
portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 16% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in smaller growing companies at reasonable prices.
Under normal market conditions, we will invest at least 65% of the Funds net assets in the equity securities of growing companies. Equity securities include common stock, preferred stock and
securities convertible into common stock, warrants and rights, and other securities with equity characteristics (which include any instrument tied to a specific security or basket of securities, such as equity-linked derivatives and notes, certain
options on common stock, and exchange traded funds). These companies are usually small to
mid-size
with market capitalizations of less than $5 billion at the time of purchase.
The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies in developed or
emerging markets. Securities issued by companies incorporated outside the United States whose securities are publicly traded in the United States are not defined as foreign companies and are not subject to this limitation.
We focus on companies that we consider to be high quality. We use a process of
bottom-up
fundamental analysis to look for individual companies that we believe are stable and have the potential to grow steadily for long periods of time. Our analysis may include studying a
companys financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.
The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a companys long term earnings growth rate. The secondary objective of income is achieved when fast
growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth targets.
The Fund may
invest a large percentage of its assets in a few sectors, including industrials, financials, consumer discretionary, information technology and health care.
P
RINCIPAL
R
ISKS
All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares.
As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
The Fund is subject to the following principal investment risks:
Stock Market Risk.
The Funds investments may decline in value due to movements in the overall stock market.
Stock Selection Risk.
The Funds investments may decline in value even when the overall stock market is not in a general decline.
Foreign Securities Risk.
Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign
securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial
reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.
Emerging Markets Risk.
In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include
increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for
investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.
Smaller Company Stock Risk.
Small and mid cap stocks may be very sensitive to changing economic conditions and market downturns. In particular, the issuers of small company stocks often have more
narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of small companies may therefore be more volatile and the ability to sell these stocks at a
desirable time or price may be more limited.
Growth Stock Risk.
Growth stock prices may be more sensitive to changes in
current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets.
Sector Weightings Risk.
To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that
sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have
increased exposure to the price movements of those sectors.
Financials Sector Risk.
The financials sector is subject to
extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates,
the rate of corporate and consumer debt defaults, and price competition.
Consumer Discretionary Sector Risk.
Industries
in the consumer discretionary sector, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and
spending, and changes in demographics and consumer tastes.
2
Health Care Sector Risk.
Health care companies are strongly affected by worldwide
scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.
Industrials Sector Risk.
Industries in the industrials sector, such as companies engaged in the production, distribution or service
of products or equipment for manufacturing, agriculture, forestry, mining and construction, can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes in
consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Sector Risk.
Stocks of information technology companies may be volatile because issuers are sensitive to rapid obsolescence of existing technology, short product cycles,
falling prices and profits, competition from new market entrants, and general economic conditions. Information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
H
ISTORICAL
P
ERFORMANCE
The following tables provide information on how the Institutional Class of the Fund has performed over time. The Funds past performance, before and after taxes, is not necessarily an indication of
how the Institutional Class of the Fund will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing the Funds performance as represented by the Institutional
Class of the Fund
. The table below is designed to help you
evaluate your risk tolerance by showing the best and worst quarterly performance of the Funds Institutional Class for the past year shown in the bar chart. The average annual total returns table below allows you to compare the Funds
performance over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. Performance information is updated regularly and is available on the Funds
website
www.WasatchFunds.com
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W
ASATCH
C
ORE
G
ROWTH
F
UND
I
NSTITUTIONAL
C
LASS
Calendar Year Total Return
Best and Worst Quarterly Returns
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Best 9/30/13
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7.81%
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Worst 6/30/13
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5.04%
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Average Annual Total Returns (as of 12/31/13)
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1 Year
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Since Inception
(1/31/12)
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Wasatch Core Growth Fund Institutional Class
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Return before taxes
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30.27%
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22.10%
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Return after taxes on distributions
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29.84%
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21.89%
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Return after taxes on distributions and sale of Fund shares
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17.48%
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17.19%
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Russell 2000
®
Index
(reflects no
deductions for fees, expenses
or taxes)
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38.82%
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23.93%
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Russell
2000
®
Growth Index
(reflects no deductions for fees, expenses or
taxes)
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43.30%
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24.75%
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After-tax
returns are calculated using the historical highest individual
federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual
after-tax
returns depend on the investors tax situation and may differ from those shown. The
after-tax
returns are not relevant to investors who hold Fund shares through
tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
3
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Managers
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JB Taylor
Lead Portfolio Manager
Since 2000
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Paul Lambert
Portfolio Manager
Since 2005
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P
URCHASE
AND
S
ALE
OF
F
UND
S
HARES
Institutional Class shares are offered to all types of investors, provided that the investor meets
the minimum investment threshold for Institutional Class shares. The minimum initial investment for Institutional Class shares, including Individual Retirement Accounts (IRAs), is $500,000. There is a $5,000 minimum for subsequent purchases. These
minimums may be waived for accounts held in qualified retirement or profit sharing plans opened through a third party service provider or record keeper, and/or omnibus accounts established by financial intermediaries where the investment in the Fund
is expected to meet the minimum investment amount within a reasonable time period as determined by the Advisor. Investors and/or Registered Investment Advisors (RIAs) and Broker-Dealers may generally meet the minimum investment amount by aggregating
multiple accounts with common ownership or discretionary control within the Fund.
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You may purchase, redeem or exchange Fund shares on any day the New York Stock Exchange is open for business.
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You may sell shares online at
www.WasatchFunds.com
or by calling 800.551.1700 if you did not decline the telephone redemption privilege when
establishing your account.
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You may write to: Wasatch Funds, P.O. Box 2172, Milwaukee, WI 53201-2172 or via overnight delivery to: Wasatch Funds, 803 West Michigan Street, Suite
A, Milwaukee, WI 53233-2301. The letter should include your name, Fund Name, Class of shares (i.e., Institutional Class), account number, dollar amount of shares to be bought or sold, your daytime telephone number, signature(s) of account owners
(sign exactly as the account is registered) and Medallion signature guarantee (if required). For IRA accounts, please obtain an IRA Distribution Form from
www.WasatchFunds.com
or by calling a shareholder services representative.
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You may buy or sell shares of the Fund through banks or investment professionals, including brokers, and they may charge you a transaction fee for this
service.
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T
AX
I
NFORMATION
The Fund intends to make distributions. You will generally have to pay federal income taxes, and any applicable state or local taxes, on
the distributions you receive from the Fund as ordinary income or capital gains unless you are investing through a tax exempt account such as a qualified retirement plan. Distributions on investments made through tax-deferred vehicles, such as
401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those plans or accounts.
P
AYMENTS
TO
B
ROKER
-D
EALERS
AND
O
THER
F
INANCIAL
I
NTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its affiliates may pay the intermediary for the sale of shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary or your individual financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit your
financial intermediarys website for more information.
WIGRX
4
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