Wasatch 2026Q1 13F: HealthEquity Led a Small and Mid-Cap Growth Book

WASATCH ADVISORS LP filed a 2026Q1 portfolio that gives investors a fresh read on manager positioning before the full filing season is complete. HealthEquity was the largest reported position, and the top ten showed far less mega-cap overlap than broad-market portfolios. The useful signal is not simply the largest dollar value. It is how the top holdings, concentration and share-count changes line up with the manager's style.

The visible stock set includes HQY, ENSG, MEDP, ECG, SXI, RBC, KAI. That list is a starting point for analysis, not a model portfolio. A 13F is delayed, long-only in most visible equity lines and incomplete where non-13F instruments matter.

Top Holdings Show the Portfolio Shape

The top-ten holdings in the fact pack were: HQY: $601.9M (4.00%) | NEW position, ENSG: $414.7M (2.75%) | NEW position, M20791105: $413.6M (2.75%) | NEW position, MEDP: $371.6M (2.47%) | NEW position, M7516K103: $370.3M (2.46%) | NEW position, G3323L100: $366.7M (2.44%) | NEW position, ECG: $356.2M (2.37%) | NEW position, SXI: $335.7M (2.23%) | NEW position, RBC: $312.8M (2.08%) | NEW position, KAI: $303.6M (2.02%) | NEW position. This is enough to identify the portfolio's center of gravity. It also shows whether the manager was leaning into broad mega-cap exposure, a value basket, small and mid-cap growth, or a more balanced mix.

Concentration Is the First Risk Check

WASATCH ADVISORS LP's top holdings should be read against the full reported value and the number of holdings. A concentrated top five makes each share-count change more important. A wider book makes the top names useful but less definitive. In either case, the next question is whether the reported shares changed or whether market prices did most of the work.

What to Compare Next

Use the full WASATCH ADVISORS LP filer page to compare this quarter with the next update. Then compare overlapping holdings with Pictet, Assenagon, Ninety One, Pzena and Wasatch. Peer comparison is what turns one filing into a signal.

The next anchor is the following 13F cycle. If the same top names remain large and share counts stay stable, the filing points to patient exposure. If the manager changes share counts sharply, the next article should focus on allocation rather than price movement.