Wasatch Long/Short Alpha Fund’s Short Position in Asana (ASAN) Paid Off

1 hour ago 2

Soumya Eswaran

Wed, June 3, 2026 astatine 9:18 AM CDT 3 min read

The Wasatch Long/Short Alpha Fund, managed by Wasatch Global Advisors, has precocious published its Q1 2026 capitalist letter, which is disposable to download here. A displacement successful capitalist sentiment led to a marketplace correction and accrued volatility successful U.S. small- and mid-cap stocks during the archetypal quarter. Despite this, enthusiasm for AI continued to enactment companies progressive successful infrastructure development. The concern intensified successful the 4th owed to the struggle successful Iran, causing investors to see the imaginable for rising lipid prices and their wider implications connected the planetary economy. In this context, the Russell 2500 Index returned 2.04% successful the quarter, portion the Wasatch Long/Short Alpha Fund—Investor Class surpassed this show with a emergence of 4.16%, supported by the outperformance of its abbreviated positions. In addition, delight cheque the firm’s apical 5 holdings to cognize its champion picks successful 2026.

In its first-quarter 2026 capitalist letter, Wasatch Long/Short Alpha Fund highlighted Asana, Inc. (NYSE:ASAN). Asana, Inc. (NYSE:ASAN) is simply a starring cloud-based enactment absorption bundle solutions supplier that enables teams to organize, track, and negociate projects. On June 2, 2026, Asana, Inc. (NYSE:ASAN) closed astatine $8.68 per share. One-month instrumentality of Asana, Inc. (NYSE:ASAN) was 16.69%, and its shares mislaid 47.25% implicit the past 52 weeks. Asana, Inc. (NYSE:ASAN) has a marketplace capitalization of $1.84 billion.

Wasatch Long/Short Alpha Fund stated the pursuing regarding Asana, Inc. (NYSE:ASAN) successful its Q1 2026 capitalist letter:

"Among abbreviated positions, contributors to Fund show were those stocks that declined successful price. The largest contributor connected the abbreviated broadside was Asana, Inc. (NYSE:ASAN). The institution is champion known for its cloud-based enactment absorption platform, which helps teams organize, track, and negociate projects, tasks and workflows. Software stocks specified arsenic Asana’s sold disconnected broadly successful the archetypal 4th owed to concerns that AI could displace immoderate bundle services. When it comes to Asana, we judge it would beryllium reasonably casual for AI oregon a rival to replicate its services. While we maintained a abbreviated position, we reduced it during the 4th aft the banal sold off."

Why Asana, Inc. (ASAN) Crashed On Wednesday

Asana, Inc. (NYSE:ASAN) is not connected our database of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 36 hedge money portfolios held Asana, Inc. (NYSE:ASAN) astatine the extremity of the archetypal quarter, up from 34 successful the erstwhile quarter. While we admit the imaginable of Asana, Inc. (NYSE:ASAN) arsenic an investment, we judge definite AI stocks connection greater upside imaginable and transportation little downside risk. If you're looking for an highly undervalued AI banal that besides stands to payment importantly from Trump-era tariffs and the onshoring trend, spot our escaped study connected the best short-term AI stock.

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