February 18, 2016
VIA EDGAR
Securities and Exchange Commission
Investment Company Division
100 F. Street, N.E.
Washington, DC 20549
Attention: |
Office of Filings, Information & Consumer Services |
RE: |
Wasatch Funds Trust (the Trust) | |
File Nos. 33-010451, 811-04920 |
To the Commission:
The Supplement is being filed to submit exhibits containing interactive data format risk/return summary information that mirrors the risk/return summary information in the Prospectus dated January 31, 2016 for the Investor Class shares of the Wasatch Micro Cap Fund and Wasatch Micro Cap Value Fund, as filed electronically via EDGAR with the Securities and Exchange Commission on February 1, 2016 (Accession Number: 0001193125-16-445315).
If you have any questions concerning this filing, you may contact me at (617) 662-3969.
Very truly yours,
/s/ Francine S. Hayes
Francine S. Hayes
Vice President and Senior Counsel
cc: |
R. Biles |
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | Other |
Document Period End Date | dei_DocumentPeriodEndDate | Sep. 30, 2015 |
Registrant Name | dei_EntityRegistrantName | WASATCH FUNDS TRUST |
Central Index Key | dei_EntityCentralIndexKey | 0000806633 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Feb. 01, 2016 |
Document Effective Date | dei_DocumentEffectiveDate | Feb. 01, 2016 |
Prospectus Date | rr_ProspectusDate | Jan. 31, 2016 |
JJJJSI-]\S[X+@S756O7E6]>O6F.HRFZ[H.
M@B (@B ((B^(9%L!@B (@B (PC\H^",(@B (@L@C*/@C"((@"(+((RCX(PB"
M( B"R",H^",(@B (@L@C*/@C"((@"(+((RCX(PB"( B"R",H^",(@B (@L@C
M*/@C"((@"(+((RCX(PB"( B"R",H^",(@B (@L@C*/@C"((@"(+((PJRK8 ,
M\7@ KL\QIPDZBS?\=OT14P9'L%U_9+46B/J%
M78EUNDB^: ZQ^D!8GB7#;E\STJ7'V&U?)%DYSW_SQ CC"G#TM_(-)CU8\JWZ
M6Q8Z[4OD/%[&@S['F@1!$ 3A& K^B)S'YS/!!$$0!!%HPG?:%W9W6Y*E>*$
M*UVSR.]66&&6)2/;S?IS&[]VYW)W%U#5'MV>&^#(8]5C57=0YHVJGJK]X 35
ML0Q*GQ*YCQU[]'*M=E*O,[V '5=WZ9;-
MF#M],E9_]2,D2<*HH5?@O;=>QW\$15907&SY@# %CS[5>X?=C5>.^;G['^
MIQ^0%HQ M.=5")-U3U Q&CJT
M.*#% 134_8WHT"()W7?H<:7'V#0HJI?5MA+Y3#"^;!'Y"=WP01!$';08$01!
MY ,4_!$$D0=08$L$C6#LM!/Y2>A.^W)O^""(/,*;.C/R>
M1QV-[CT/1W7U=EQ_VSBT:M,6?_VV&.>&(6[GOR>?)J;I'+%R'E
9];+P+QGV;^&[,OP1RV>;^B_-!PCJ%J;SQH,S/BE[XOBBM#P<1/9FN98Q
M!1G@S7MS?QC?N.F+S#)9ODB@5YI
2/R(1POVU$1$3.P\D?A3Q.T(B(B*[CY(]"7B!_+X^_\T=$1$X31[X!08]4W0(@^1]U.P:JW+0GT1_KU/C>^+6B+
M_='*X]!H.=)G7YJMWT@Y=K1#,/:_$X\3LD=;ZX]VS FT:)U;S,;GN,F?G$ ^
MS\NJ
Wasatch Micro Cap Fund
WASATCH MICRO CAP FUND® — SUMMARY
INVESTMENT OBJECTIVE
The Fund’s primary investment objective is long-term growth of capital.
Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income.
FEES AND EXPENSES OF THE FUND
The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
2.00%
Exchange Fee
none
Maximum Account Fee
none
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Management Fee
1.75%
Distribution/Service (12b-1) Fee
none
Other Expenses
0.15%
Total Annual Fund Operating Expenses
1.90%
[1]
[1]
Wasatch Advisors, Inc. (Advisor), the Fund's investment advisor, has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% of average daily net assets until at least January 31, 2017 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of business). The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract's expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date.
EXAMPLE
This example is intended to help you compare the cost of investing in the Investor Class of the Fund with the cost of investing in other mutual funds. The example assumes that you invested $10,000 in the Investor Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return each year and that operating expenses (as a percentage of net assets) of the Fund’s Investor Class remained the same. This example reflects contractual fee waivers and reimbursements through January 31, 2017. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Wasatch Micro Cap Fund | Investor Class | USD ($)
193
597
1,026
2,222
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.
PRINCIPAL STRATEGIES
The Fund invests primarily in growing micro cap companies.
Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in the equity securities of micro-capitalization companies. The Fund considers a company to be a micro-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $1.5 billion or the market capitalization of the largest company in the Russell Microcap Index as of its most recent reconstitution date. Equity securities include common stock, preferred stock and securities convertible into common stock, warrants and rights, and other securities with equity characteristics (for example, participatory notes or derivatives linked to a basket of underlying equity securities, certain options on common stock, and exchange-traded funds). The Russell Microcap Index reconstitution date is typically each year on or around July 1. As of the 2015 reconstitution date, the market capitalization of the largest company in the Russell Microcap Index was $1.33 billion. The market capitalization of the largest company in the Russell Microcap Index is subject to change at its next reconstitution date.
The Fund may invest up to 30% of its total assets at the time of purchase in securities issued by foreign companies in developed or emerging markets. Securities issued by companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies and are not subject to this limitation.
We focus on companies that we consider to be high quality, and we use a process of “bottom-up” fundamental analysis to look for companies that we believe have the potential to grow faster than the domestic gross domestic product (GDP) of the United States. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.
The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund’s secondary objective of income is achieved when fast growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth targets.
The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, health care, industrials and information technology.
The Fund may invest in initial public offerings (IPOs).
PRINCIPAL RISKS
All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
The Fund is subject to the following principal investment risks:
Stock Market Risk. The Fund’s investments may decline in value due to movements in the overall stock market.
Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline.
Foreign Securities Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant effect on the value of a foreign security.
Emerging Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.
Micro Cap Company Stock Risk. Micro cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.
Growth Stock Risk. Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets.
Sector Weightings Risk. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors.
Consumer Discretionary Sector Risk. Industries in the consumer discretionary sector, such as consumer durables, hotels, restaurants, media, retailing, and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.
Financials Sector Risk. The financials sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.
Health Care Sector Risk. Health care companies are strongly affected by worldwide scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.
Industrials Sector Risk. Industries in the industrials sector include companies engaged in the production, distribution or service of products or equipment for manufacturing, agriculture, forestry, mining, and construction, and can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Sector Risk. Stocks of information technology companies may be volatile because issuers are sensitive to rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. Information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.
HISTORICAL PERFORMANCE
The following tables provide information on how the Investor Class of the Fund has performed over time. The past performance, before and after taxes, of the Fund’s Investor Class is not necessarily an indication of how these shares will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund’s performance over the time periods indicated to that of a broad-based market index composed of securities similar to those held by the Fund. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com.
WASATCH MICRO CAP FUND — INVESTOR CLASS
Year by Year Total Returns
Best and Worst Quarterly Returns Best — 6/30/2009 27.00% Worst — 12/31/2008 -31.16% Average Annual Total Returns — (as of 12/31/15)
Investor Class
(1.12%)
8.46%
5.49%
Investor Class | Return After Taxes on Distributions
(4.43%)
7.49%
4.53%
Investor Class | Return After Taxes on Distributions and Sale of Fund Shares
2.15%
6.69%
4.45%
Russell Microcap® Index (reflects no deductions for fees, expenses or taxes)
(5.16%)
9.23%
5.13%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from the capital losses that would have been incurred.
Label
Element
Value
Risk/Return:
rr_RiskReturnAbstract
Registrant Name
dei_EntityRegistrantName
WASATCH FUNDS TRUST
Prospectus Date
rr_ProspectusDate
Jan. 31, 2016
Wasatch Micro Cap Fund
Risk/Return:
rr_RiskReturnAbstract
Risk/Return [Heading]
rr_RiskReturnHeading
WASATCH MICRO CAP FUND® — SUMMARY
Objective [Heading]
rr_ObjectiveHeading
INVESTMENT OBJECTIVE
Objective, Primary [Text Block]
rr_ObjectivePrimaryTextBlock
The Fund’s primary investment objective is long-term growth of capital.
Objective, Secondary [Text Block]
rr_ObjectiveSecondaryTextBlock
Income is a secondary objective, but only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income.
Expense [Heading]
rr_ExpenseHeading
FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block]
rr_ExpenseNarrativeTextBlock
The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund.
Shareholder Fees Caption [Text]
rr_ShareholderFeesCaption
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
Operating Expenses Caption [Text]
rr_OperatingExpensesCaption
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)
Fee Waiver or Reimbursement over Assets, Date of Termination
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination
January 31, 2017
Portfolio Turnover [Heading]
rr_PortfolioTurnoverHeading
PORTFOLIO TURNOVER
Portfolio Turnover [Text Block]
rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.
Portfolio Turnover, Rate
rr_PortfolioTurnoverRate
31.00%
Expense Example [Heading]
rr_ExpenseExampleHeading
EXAMPLE
Expense Example Narrative [Text Block]
rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the Investor Class of the Fund with the cost of investing in other mutual funds. The example assumes that you invested $10,000 in the Investor Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5% return each year and that operating expenses (as a percentage of net assets) of the Fund’s Investor Class remained the same. This example reflects contractual fee waivers and reimbursements through January 31, 2017. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading]
rr_StrategyHeading
PRINCIPAL STRATEGIES
Strategy Narrative [Text Block]
rr_StrategyNarrativeTextBlock
The Fund invests primarily in growing micro cap companies.
Under normal market conditions, we will invest at least 80% of the Fund’s net assets (plus borrowings for investment purposes) in the equity securities of micro-capitalization companies. The Fund considers a company to be a micro-capitalization company if its market capitalization, at the time of purchase, is less than the larger of $1.5 billion or the market capitalization of the largest company in the Russell Microcap Index as of its most recent reconstitution date. Equity securities include common stock, preferred stock and securities convertible into common stock, warrants and rights, and other securities with equity characteristics (for example, participatory notes or derivatives linked to a basket of underlying equity securities, certain options on common stock, and exchange-traded funds). The Russell Microcap Index reconstitution date is typically each year on or around July 1. As of the 2015 reconstitution date, the market capitalization of the largest company in the Russell Microcap Index was $1.33 billion. The market capitalization of the largest company in the Russell Microcap Index is subject to change at its next reconstitution date.
The Fund may invest up to 30% of its total assets at the time of purchase in securities issued by foreign companies in developed or emerging markets. Securities issued by companies incorporated outside the United States whose securities are principally traded in the United States are not defined as foreign companies and are not subject to this limitation.
We focus on companies that we consider to be high quality, and we use a process of “bottom-up” fundamental analysis to look for companies that we believe have the potential to grow faster than the domestic gross domestic product (GDP) of the United States. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.
The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund’s secondary objective of income is achieved when fast growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth targets.
The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, health care, industrials and information technology.
The Fund may invest in initial public offerings (IPOs).
Strategy Portfolio Concentration [Text]
rr_StrategyPortfolioConcentration
The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, health care, industrials and information technology.
Risk [Heading]
rr_RiskHeading
PRINCIPAL RISKS
Risk Narrative [Text Block]
rr_RiskNarrativeTextBlock
All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
The Fund is subject to the following principal investment risks:
Stock Market Risk. The Fund’s investments may decline in value due to movements in the overall stock market.
Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline.
Foreign Securities Risk. Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign securities may be subject to additional risks not associated with investments in U.S. securities. Differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates, can have a significant effect on the value of a foreign security.
Emerging Markets Risk. In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.
Micro Cap Company Stock Risk. Micro cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products and services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro cap companies may therefore be more volatile and the ability to sell these stocks at a desirable time or price may be more limited.
Growth Stock Risk. Growth stock prices may be more sensitive to changes in companies’ current or expected earnings than the prices of other stocks, and growth stock prices may fall or may not appreciate in step with the broader securities markets.
Sector Weightings Risk. To the extent the Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors, it may have increased exposure to the price movements of those sectors.
Consumer Discretionary Sector Risk. Industries in the consumer discretionary sector, such as consumer durables, hotels, restaurants, media, retailing, and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes.
Financials Sector Risk. The financials sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.
Health Care Sector Risk. Health care companies are strongly affected by worldwide scientific or technological developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.
Industrials Sector Risk. Industries in the industrials sector include companies engaged in the production, distribution or service of products or equipment for manufacturing, agriculture, forestry, mining, and construction, and can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Sector Risk. Stocks of information technology companies may be volatile because issuers are sensitive to rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. Information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information.
Risk Lose Money [Text]
rr_RiskLoseMoney
All investments carry some degree of risk that will affect the value of the Fund, its investment performance and the price of its shares. As a result, you may lose money if you invest in the Fund.
Risk Not Insured Depository Institution [Text]
rr_RiskNotInsuredDepositoryInstitution
An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
Bar Chart and Performance Table [Heading]
rr_BarChartAndPerformanceTableHeading
HISTORICAL PERFORMANCE
Performance Narrative [Text Block]
rr_PerformanceNarrativeTextBlock
The following tables provide information on how the Investor Class of the Fund has performed over time. The past performance, before and after taxes, of the Fund’s Investor Class is not necessarily an indication of how these shares will perform in the future. The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance of the Fund’s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund’s performance over the time periods indicated to that of a broad-based market index composed of securities similar to those held by the Fund. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com.
Performance Information Illustrates Variability of Returns [Text]
rr_PerformanceInformationIllustratesVariabilityOfReturns
The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year, as represented by the Investor Class of the Fund. The average annual total return table below allows you to compare the Fund’s performance over the time periods indicated to that of a broad-based market index composed of securities similar to those held by the Fund.
Performance Availability Website Address [Text]
rr_PerformanceAvailabilityWebSiteAddress
www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text]
rr_PerformancePastDoesNotIndicateFuture
The past performance, before and after taxes, of the Funds Investor Class is not necessarily an indication of how these shares will perform in the future.
Bar Chart [Heading]
rr_BarChartHeading
WASATCH MICRO CAP FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block]
rr_BarChartClosingTextBlock
Best and Worst Quarterly Returns
Best — 6/30/2009 27.00% Worst — 12/31/2008 -31.16%
Performance Table Heading
rr_PerformanceTableHeading
Average Annual Total Returns — (as of 12/31/15)
Performance Table Uses Highest Federal Rate
rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred
rr_PerformanceTableNotRelevantToTaxDeferred
The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Explanation after Tax Higher
rr_PerformanceTableExplanationAfterTaxHigher
The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from the capital losses that would have been incurred.
Performance Table Narrative
rr_PerformanceTableNarrativeTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes and after taxes on distributions because they include the effect of a tax benefit an investor may receive from the capital losses that would have been incurred.
Wasatch Micro Cap Fund | Investor Class Shares
Risk/Return:
rr_RiskReturnAbstract
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice
none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
rr_RedemptionFeeOverRedemption
2.00%
Exchange Fee
rr_ExchangeFeeOverRedemption
none
Maximum Account Fee
rr_MaximumAccountFeeOverAssets
none
Management Fee
rr_ManagementFeesOverAssets
1.75%
Distribution/Service (12b-1) Fee
rr_DistributionAndService12b1FeesOverAssets
none
Other Expenses
rr_OtherExpensesOverAssets
0.15%
Total Annual Fund Operating Expenses
rr_ExpensesOverAssets
1.90%
[1]
1 Year
rr_ExpenseExampleYear01
$ 193
3 Years
rr_ExpenseExampleYear03
597
5 Years
rr_ExpenseExampleYear05
1,026
10 Years
rr_ExpenseExampleYear10
$ 2,222
2006
rr_AnnualReturn2006
17.05%
2007
rr_AnnualReturn2007
2.23%
2008
rr_AnnualReturn2008
(49.29%)
2009
rr_AnnualReturn2009
44.37%
2010
rr_AnnualReturn2010
29.76%
2011
rr_AnnualReturn2011
(6.39%)
2012
rr_AnnualReturn2012
11.85%
2013
rr_AnnualReturn2013
44.70%
2014
rr_AnnualReturn2014
0.17%
2015
rr_AnnualReturn2015
(1.12%)
Highest Quarterly Return, Label
rr_HighestQuarterlyReturnLabel
Best
Highest Quarterly Return, Date
rr_BarChartHighestQuarterlyReturnDate
Jun. 30, 2009
Highest Quarterly Return
rr_BarChartHighestQuarterlyReturn
27.00%
Lowest Quarterly Return, Label
rr_LowestQuarterlyReturnLabel
Worst
Lowest Quarterly Return, Date
rr_BarChartLowestQuarterlyReturnDate
Dec. 31, 2008
Lowest Quarterly Return
rr_BarChartLowestQuarterlyReturn
(31.16%)
1 Year
rr_AverageAnnualReturnYear01
(1.12%)
5 Years
rr_AverageAnnualReturnYear05
8.46%
10 Years
rr_AverageAnnualReturnYear10
5.49%
Wasatch Micro Cap Fund | Return After Taxes on Distributions | Investor Class Shares
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(4.43%)
5 Years
rr_AverageAnnualReturnYear05
7.49%
10 Years
rr_AverageAnnualReturnYear10
4.53%
Wasatch Micro Cap Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Class Shares
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
2.15%
5 Years
rr_AverageAnnualReturnYear05
6.69%
10 Years
rr_AverageAnnualReturnYear10
4.45%
Wasatch Micro Cap Fund | Russell Microcap® Index (reflects no deductions for fees, expenses or taxes)
Risk/Return:
rr_RiskReturnAbstract
1 Year
rr_AverageAnnualReturnYear01
(5.16%)
5 Years
rr_AverageAnnualReturnYear05
9.23%
10 Years
rr_AverageAnnualReturnYear10
5.13%
[1]
Wasatch Advisors, Inc. (Advisor), the Fund's investment advisor, has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% of average daily net assets until at least January 31, 2017 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of business). The Board of Trustees is the only party that can terminate the contractual limitation prior to the contract's expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date.