Wasatch Names David Powers Lead Portfolio Manager of Large Cap Value Fund(August 05, 2013)
Salt Lake City, Utah, August 5, 2013 – Wasatch Advisors has announced that, effective August 19, 2013, David R. Powers will become Lead Portfolio Manager of the Wasatch Large Cap Value Fund (FMIEX). The Fund is currently managed by Lead Portfolio Manager Ralph Shive and Portfolio Manager Michael Shinnick. To assist Mr. Powers in the transition of portfolio management duties, Mr. Shive will remain as a Portfolio Manager of the Fund until September 30, 2013.
Mr. Shinnick will continue as Lead Portfolio Manager of the Wasatch Long/Short Fund (FMLSX). Mr. Shive will continue as a Portfolio Manager of the Long/Short Fund and will support Wasatch Advisors with macroeconomic and sector research.
Mr. Powers has 18 years of investment experience, most recently as a portfolio manager with Eagle Asset Management. Prior to joining Eagle, he worked as a portfolio manager with ING Investment Management, where he was responsible for the ING Large Cap Value Fund. While at ING, Mr. Powers also worked as a senior sector analyst covering energy, telecommunications, utilities and materials. His experience includes several senior investment positions, including as a portfolio manager with Federated Investors. Mr. Powers began his investment career at the State Teachers Retirement System of Ohio. He holds a BS in accounting from Fairleigh Dickinson University and both an MS in accounting and an MBA from Kent State University. Mr. Powers is also a CFA charterholder.
“Dave brings a proven track record in large cap value investing to Wasatch,” said Jeff Cardon, Chief Executive Officer of Wasatch Advisors. “He will add depth to an important part of our investment capability. Dave’s intensive fundamental research process is a perfect fit with our investment culture, and reflects our commitment to delivering long-term results for Wasatch’s mutual fund shareholders and clients.”
About Wasatch Funds®
The Wasatch Funds, a family of no-load mutual funds, had $11.9 billion in assets under management as of June 30, 2013. The Wasatch Large Cap Value Fund, with $1.2 billion in assets, seeks to provide capital appreciation and income. The Wasatch Long/Short Fund, with $2.1 billion in assets, seeks to provide capital appreciation over the long term, and takes a conservative approach to positions in companies Wasatch believes are undervalued (“long” equity positions) and to sell short the stocks that it believes are overvalued (“short” equity positions).
About Wasatch Advisors®
Wasatch Advisors is the investment manager to the Wasatch Funds as well as separately managed institutional and individual portfolios. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis to develop a deep understanding of the investment potential of individual companies. The portfolio managers employ a uniquely collaborative process to leverage the knowledge and skill of the entire Wasatch Advisors research team in making investment decisions.
Wasatch Advisors is an employee-owned investment advisor founded in 1975 and headquartered in Salt Lake City, Utah. The firm had $16.5 billion in assets under management as of June 30, 2013. Wasatch Advisors, Inc. is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940.
Jody Lowe: 414.322.9311 / firstname.lastname@example.org
Gene Podsiadlo, Director of Mutual Funds: 801.983.4169 / email@example.com
RISKS AND DISCLOSURES:
Mutual fund investing involves risks and loss of principal is possible. Investments in value stocks can perform differently from other types of stocks and from the market as a whole and can continue to be undervalued by the market for long periods of time.
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit www.WasatchFunds.com or call 800.551.1700. Please read it carefully before investing.
CFA® is a trademark owned by CFA Institute.
Separately managed accounts and related investment advisory services are provided by Wasatch Advisors, Inc., a federally regulated investment advisor.
© 2013 Wasatch Funds. All rights reserved. Wasatch Funds are distributed by ALPS Distributors, Inc. (ADI). Gene Podsiadlo is a registered principal of ADI. ADI is not affiliated with Wasatch Advisors, Inc.