Fund Evaluator:
Wasatch Long/Short Alpha Institutional (WGLSX)
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Best Performing in Long-Short Equity Over the Last Year
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Fund Details
Wasatch Long/Short Alpha Institutional Overview
Wasatch Long/Short Alpha Institutional (WGLSX) is an actively managed Nontraditional Equity Long-Short Equity fund. Wasatch launched the fund in 2021.
The investment seeks long-term growth of capital. The fund adviser seeks to provide higher risk-adjusted returns with lower volatility compared to domestic equity markets. The adviser will establish long and short positions in a portfolio of equity securities of companies of all market capitalizations. Under normal market conditions, the advisor expects to invest the fund’s assets primarily (greater than 65%) in companies domiciled in the U.S. or listed on a U.S. exchange.
About Wasatch Long/Short Alpha Institutional (WGLSX)
There are 1 members of the management team with an average tenure of 4.83 years: Mick Rasmussen (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2500 TR USD index with a weighting of 100%. Wasatch Long/Short Alpha Institutional has 111 securities in its portfolio. The top 10 holdings constitute 43.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Wasatch Long/Short Alpha Institutional is part of the Equity global asset class and is within the Nontraditional Equity fund group. Wasatch Long/Short Alpha Institutional has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 82.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Wasatch Long/Short Alpha Institutional has 18.0% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below the $352 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
WGLSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Wasatch Long/Short Alpha Institutional expense ratio is high compared to funds in the Long-Short Equity category. Wasatch Long/Short Alpha Institutional has an expense ratio of 2.01%, which is 8% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Wasatch Long/Short Alpha Institutional has a portfolio turnover rate of 39%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 287% for the Long-Short Equity category.
Recently, in the month of July 2026, Wasatch Long/Short Alpha Institutional returned 0.3%, which earned it a grade of D, as the Long-Short Equity category had an average return of 2.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Wasatch Long/Short Alpha Institutional has a trailing yield of 0.00%, which is below the 1.15% category average. The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Wasatch Long/Short Alpha Institutional Grades
Year to date, the fund has returned 13.3%, 5.8 percentage points better than the category, which translates into a grade of A. The fund has returned 7.6% over the past year (grade of D) and 7.4% over the past three years (grade of F).
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WGLSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WGLSX Return (NAV) | 0.3% | 7.0% | 7.6% | 7.4% | na | na |
| WGLSX Grade | D | A | D | F | na | na |
| +/- Category | -2.3% | 3.4% | -6.5% | -4.5% | na | na |
| Long-Short Equity Avg | 2.6% | 3.6% | 14.1% | 11.9% | 8.8% | 7.9% |
| WGLSX Tax Cost Ratio | na | na | 0.0% | 0.0% | na | na |
WGLSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WGLSX Return (NAV) | 13.3% | -12.7% | 7.4% | 28.0% | -8.2% | na | na | na | na | na | na |
| WGLSX Grade | A | F | D | A | C | na | na | na | na | na | na |
| +/- Category | 5.8% | -24.2% | -6.0% | 14.9% | -4.4% | na | na | na | na | na | na |
| Long-Short Equity Avg | 7.5% | 11.4% | 13.4% | 13.0% | -3.8% | 21.2% | 5.8% | 13.3% | -7.9% | 11.6% | 7.3% |
| Risk Measures | |
| Standard Deviation: | 16.2% |
| Total Risk Index: | 1.32 - Above Average |
| Category Risk Index: | 1.52 - High |
| Category Risk Grade: | F (91% Rank) |
| Beta: | 0.57 |
| R-Squared: | 21% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $38 Mil |
| Fund Total Assets: | $ 16 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 39% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 4.8 years | |||
| Managers (Year): Rasmussen Mick (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 111 |
| % in Top 10 Holdings: | 43.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 82.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 18.0% |
Purchase Information
| Fund Family: | Wasatch |
| Phone Number: | 800-551-1700 |
| Website: | www.wasatchfunds.com |
| Status: | Open |
| Inception Date: | October 1, 2021 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 2.01% ( Rating : High ) |
| Category Average Expense Ratio (%): | 2.19% |
| Share Class: | Wasatch Long/Short Alpha Institutional |
| Min. Subsequent Purchase: | $5,000 |
| Min. Subsequent IRA Purchase: | $ 0 |
