Summary

• The Wasatch-Hoisington U.S. Treasury Fund declined -1.54% in the first quarter of 2026, compared to -0.05% for the Bloomberg US Aggregate Index.
• After the end of the quarter, the Wasatch-Hoisington U.S. Treasury Fund reduced the Fund's average maturity to about 4.5 years, which is similar to that of the Index.
• Supply shocks or energy market disruptions bring both increased price pressures and a contraction in economic performance.
• As job losses mount and incomes shrink, both households and businesses tighten their belts.
• Employment growth slowed sharply entering 2025, with the Quarterly Census of Employment and Wages revisions indicating almost no job gains between the third quarters of 2024 and 2025.

Details of the Quarter

The Wasatch-Hoisington U.S. Treasury Fund (WHOSX) declined -1.54% in the first quarter of 2026, compared to -0.05% for the Bloomberg US Aggregate Index. For the 12-month period, the Fund fell -3.14% while the Index gained 4.35%. Oil prices surged