Core Insights - The Wasatch Micro-Cap Fund reported a return of 9.52% in Q3 2025, underperforming the benchmark Russell Microcap® Growth Index, which returned 19.93% [1] - Microcap stocks showed strong performance due to a consistent risk appetite among investors [1] Company Highlights - Impinj, Inc. (NASDAQ:PI) is highlighted as a key stock in the Wasatch Micro-Cap Fund's Q3 2025 investor letter, with a one-month return of 12.54% and a 52-week gain of 16.73% [2] - As of December 17, 2025, Impinj, Inc. had a market capitalization of $5.013 billion, with shares closing at $166.49 [2] - Impinj's RFID technology is noted for its superior reading ability and range, with significant applications in inventory tracking and supply-chain logistics, particularly with major clients like Walmart, UPS, and FedEx [3] Investment Strategy - The fund purchased Impinj shares earlier in the year due to tariff-related weaknesses but exited the position in Q3 2025 as the valuation became less favorable and inconsistent with the fund's micro-cap focus [3] - Impinj's revenue for Q2 was reported at $96.1 million, reflecting a 2% sequential increase and a 1% year-over-year increase [4] - While Impinj is recognized for its potential, the fund suggests that certain AI stocks may offer greater upside potential with less downside risk [4]