Wasatch Advisors Inc Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

Wasatch Advisors Inc., a prominent player in the institutional investment landscape, has long been recognized for its disciplined approach to growth-oriented investing, particularly within the small- and micro-cap segments of the market. As of the first quarter of 2026, the institution manages a portfolio with a total reported market value of approximately $15.06 billion . This scale positions Wasatch as a significant "smart money" entity, capable of moving markets within its specialized niches while maintaining the agility required to navigate volatile economic cycles. The current portfolio snapshot, dated March 31, 2026, reveals a complex and highly active management strategy that balances long-term conviction with tactical reallocations.

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II. Sector Allocation Analysis

The top three sectors—Industrials, Technology, and Healthcare—collectively account for 61.31% of the total portfolio. This concentration level indicates a highly focused investment philosophy. Wasatch is not attempting to mirror the broad market; instead, it is making a definitive statement on where it believes long-term value is created. The dominance of Industrials (26.85%) is particularly noteworthy. In a market often obsessed with pure-play software, Wasatch’s preference for Industrials suggests a belief in the "physical-digital convergence"—the idea that the greatest gains will come from companies applying advanced technology to traditional industrial processes, infrastructure, and manufacturing.

From this allocation, we can infer that Wasatch Advisors is positioning for an environment characterized by moderate economic growth and persistent technological disruption. The significant weight in Financials (12.28%) suggests they are not overly fearful of a recession, as Financials typically require a stable or improving economic backdrop to thrive. However, the focus is likely on niche financial services and fintech rather than traditional money-center banks. The 13.50% in Consumer Discretionary indicates a belief in the resilience of the high-end consumer, though the institution remains selective, favoring brands with strong pricing power.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

HealthEquity stands as the undisputed crown jewel of the Wasatch portfolio, representing 4% of the total assets. This quarter, the institution increased its position by 9.31% , signaling a "conviction holding" status. HealthEquity operates as a leader in the Health Savings Account (HSA) space, a business model characterized by high recurring revenue and strong "sticky" customer relationships. The decision to add to this position despite its already large size suggests that Wasatch sees a fundamental breakout or a significant valuation tailwind. The increase in portfolio weight from 3.59% to 4.00% was driven by both active buying and price appreciation, indicating that the institution is willing to let its winners run while simultaneously providing more capital to fuel that growth. This is a classic "bet on the jockey and the horse" move, where the institution trusts the management's ability to consolidate the HSA market.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant move this quarter was the initiation of a new position in Repligen Corporation, valued at approximately $146.51 million . This is not a tentative "starter" position; it immediately became a top-50 holding with a 0.97% weight. Repligen is a powerhouse in the bioprocessing industry, providing the tools and technologies used to manufacture biological drugs. This move qualifies as "valuation trough mining." After a period of post-pandemic cooling in the life sciences sector, Wasatch likely sees Repligen as a high-quality asset trading at an attractive entry point. The fundamental driver here is the long-term growth of the biologics and gene therapy pipeline, which requires the specialized filtration and chromatography products that Repligen provides. By entering at this scale, Wasatch is signaling a major commitment to the "picks and shovels" of the biotech revolution.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The reduction in RBC Bearings is the most significant "cash-out" operation this quarter, with an estimated $232.06 million removed from the position. This represents a 42.59% decrease in share count. RBC Bearings has been a stellar performer in the industrial sector, but such a massive reduction suggests a "strategic retreat." Wasatch may believe that the valuation has finally outpaced the fundamental growth prospects, or they may be concerned about a cyclical peak in the aerospace and defense markets, which are key drivers for RBC. This move provides a massive pool of liquidity that was clearly used to fund the aggressive additions in Section IV. It is a classic example of "selling the old winners to fund the new leaders."

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This shift suggests a profound macro insight: in an era of higher capital costs and geopolitical complexity, the most valuable companies are those that solve physical-world problems through technological innovation. The massive bet on Champion Homes (SKY) is a bet on the "industrialization of housing," while the entry into Repligen (RGEN) is a bet on the "industrialization of biology." This is "Infrastructure Alpha"—finding growth in the foundational layers of the economy that are undergoing structural transformation.

Investors must be acutely aware that this analysis is based on a snapshot of holdings as of March 31, 2026. Under SEC regulations, 13F reports are disclosed with a 45-day delay. This means that by the time this report is being read, Wasatch Advisors may have already further adjusted its positions in response to new earnings data, economic shifts, or market volatility. The data reflects the end of a process, not the current state of the portfolio. For example, the aggressive buying in Champion Homes (SKY) may have already concluded or even reversed if the fundamental outlook changed in the subsequent weeks.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.