Summary

• The benchmark MSCI Emerging Markets Small Cap Index gave up its early gains, finishing down -0.74% for the period.
• The Wasatch Emerging Markets Small Cap Fund—Investor Class (WAEMX) surpassed the benchmark with a total return of 4.12%.
• Stock selection in Taiwan was the Fund's primary source of strength, driven by gains in long-held stalwarts as well as new names added last year.
• The Fund's largest source of weakness against the benchmark was its underweight in Korea, the highest-returning Index component in the quarter.

Overview

A rally in developing-nation stocks faltered during the first quarter of 2026 as the escalation of hostilities in the Middle East upended global markets. The benchmark MSCI Emerging Markets Small Cap Index gave up its