Wasatch Emerging Markets Select Fund Q1 2025 Commentary

2025-05-21 10:11:00 ET

Summary

• The Wasatch Emerging Markets Select Fund—Investor Class trailed the benchmark with a quarterly decline of -2.49%.
• Indian financials and select e-commerce names like Sea Ltd. and MercadoLibre drove Fund outperformance versus the benchmark, aided by favorable monetary policy and strong results.
• We remain cautious on China due to intense competition and regulatory risks, preferring to focus on long-term, fundamentally strong businesses across emerging markets.
• Our disciplined underwriting process and field research guide portfolio adjustments, with a continued emphasis on AI, financials, and consumer growth opportunities.

Overview

Concerns that higher tariffs will slow the U.S. economy boosted the investment appeal of emerging markets during the first quarter. The benchmark MSCI Emerging Markets Index rose 2.93% on the back of its China component. The Wasatch Emerging Markets Select Fund—Investor Class trailed the benchmark with a quarterly decline of -2.49%....

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