Sam Stewart and Josh Stewart to Join Seven Canyons Advisors, LLC
Seven Canyons Advisors, LLC announces that Sam Stewart, Chairman and Founder of Salt Lake City-based Wasatch Advisors and Josh Stewart, Portfolio Manager at Wasatch Advisors, plan to join Seven Canyons later this year.
In addition, the funds’ board of trustees and management at Wasatch Advisors has approved a plan to transfer the two Wasatch funds currently managed by Sam and Josh, the Wasatch World Innovators Fund (WAGTX) and the Wasatch Strategic Income Fund (WASIX), into two new funds managed by Seven Canyons where they will maintain current objectives and strategies.
Shareholders are not expected to experience a taxable transaction under the plan of merger that was approved.
During Sam Stewart’s 43-year tenure at Wasatch he helped build the company into an internationally known brand in global small-cap investing with assets of over $17 billion as of March 31, 2018. Sam Stewart manages the Wasatch Strategic Income Fund. Josh Stewart is the lead portfolio manager of the Wasatch World Innovators Fund, which recently won the Lipper Award for best global multi-cap growth fund over the last 10 years.
The funds’ reorganizations are anticipated to occur during the third quarter of 2018. Sam and Josh will remain employees of Wasatch Advisors and will manage the funds at Wasatch until commencing management of the reorganized funds at Seven Canyons.
In an announcement from Wasatch Advisors today, JB Taylor, CEO of Wasatch, said,
“We are pleased with the Wasatch Funds Board’s consideration of shareholder interests. We think transitioning the Wasatch Strategic Income and the Wasatch World Innovators Funds to the new funds managed by Sam and Josh will provide the highest possible level of management continuity with the same portfolio managers who built the funds’ solid track records.”
Spencer Stewart, Managing Partner and portfolio manager at Seven Canyons, said, “I am thrilled to welcome my father and brother to the team at Seven Canyons. Their accomplishments and wealth of experience round out our small, tight-knit team of time-tested investors. We would also like to thank our friends at Wasatch for their support of Sam and Josh in this transition.”
In addition to the two funds planned for reorganization and management at Seven Canyons, the firm plans to offer similar strategies in other public and private investment vehicles.
The Lipper Fund Awards program honors funds that have excelled in delivering consistently strong risk adjusted performance, relative to peers. Lipper designates award-winning funds in most individual classifications for the three-, five- and 10-year periods ending November 30th of the prior year. Lipper Award designations are not intended to constitute investment advice or predict future results and Lipper does not guarantee the accuracy of this information. In addition to periods of positive returns, the Wasatch/Seven Canyons fund that received a Lipper Award has experienced some periods of negative returns during the award time frame. Past performance is not indicative of future results.